Learn to Rise

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A mme ke sure cre Molapise ke ene a kwafileng a i distance from the syggestion of a postponement? A cde o sure ga a ise a dumalane le postponement ebole o ka ntsha bosupi and noone can sure evidence in the contrary?

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The Big Millennial Money Mistake What’s the big millennial money mistake parents are making that they must unlearn?

Tip 9
Entrepreneurship

The innovation and often sheer genius of many small business owners and entrepreneurs during the Covid-19 pandemic and lockdown has been exciting to watch. While our education system largely seeks to turn-out ‘employable’ young adults, we need to include a healthy dose of entrepreneurship in our parenting plan. Talk to your children about what it means to work for someone as opposed to working for yourself, what characteristics are required to be a successful entrepreneur, and let them share their business ideas with you, no matter how crazy they may seem to you. Allow them to practice ‘imagining’ without fear of being ridiculed

Tip no. 8

Consequences of decision-making

If you’re going to allow your children to make financial decisions, it’s just as important to let them live with the consequences of their decisions without being bailed out by mom and dad. For every action taken there is a corresponding consequence, and there’s no point shielding our children from this harsh reality. Learning financial responsibility starts with taking charge of your money as well as owning the consequences of your poor financial decisions – without blaming others for your circumstances. If your child spent all their pocket money on a new pair of sneakers and has no money left for this weekend’s music festival, that is a consequence of their decision-making that needs to be borne.

Tip no 7

Decision-making

As much as we try to encourage our children to make smart money decisions, it’s important that we allow our kids to feel in control of their financial decisions. While they are relatively young and the damage can be limited to the extent of their pocket money, let them know what it feels like to make purchasing decisions with their own money. Not only does this develop financial responsibility, it also helps them understand all that is involved in the decision-making process such as price comparisons, market research, cost-benefit analyses, peer pressure, their own emotions (how they feel about parting with their money), and freedom of choice

Tip no 6

Financial literacy in a digital world

As we head towards an increasingly cashless society, teaching financial literacy takes on a whole new meaning – especially for parents who are less tech-savvy. We need to teach our children to transact safely and responsibly in a digital world, which is something most of us didn’t have to do. Over and above basic concepts such as debt, compound interest, budgeting and saving, it is our responsibility to make sure our children can navigate online banking, shopping and share trading, while at the same time educating them about online scams and fraud

TIP no 5

Walking the talk

Conversations will have little effect if we, as parents, don’t ‘walk the talk’. Our attitude to money will help shape that of our children so we need to check ourselves when talking about money and make sure we demonstrate healthy financial habits to our kids.

Do you ever ask your children to account for the money you give them?

Tip no 4.

The concept of having enough

This generation of children are strong social and environmental activists and, through the power of social media, are acutely aware that many wealthy people (sports stars, film stars, owners of large corporations) regularly donate sizeable portions of their wealth to good causes. The reason ? It turns out that money can only make you happy to a point. While research shows that those earning higher incomes are generally happier, it also shows that there is a satiation point: a point at which having more income will no longer increase one’s happiness. It goes without saying that most of us want enough money to cover our basic needs, live a comfortable life, drive safe cars, pay for our children’s education and enjoy some overseas travel, but how much is enough? Talk to your children about what it means to have enough, what they consider financial freedom to look like, and what a comfortable life means to them

Tip 3

NEEDS VS WANTS

We all know that it’s important for children to understand the difference between ‘wants’ and ‘needs’, but when children are young everything they desire might feel like a ‘need’. A powerful way of broaching this topic is to talk about what you want ‘now’ versus what you want ‘most’. Not only does this teach children to start thinking about the effects of delaying gratification, it gives them the power to make choices regarding their purchases by considering the consequences. You can either buy that toy now or we can save the money for a beach holiday in December. What would you prefer?

Tip No 2

BUDGETING IS A LIFELONG HABIT

Rather than a once-off exercise, help your children to make budgeting a normal part of everyday life. Like booking a dentist appointment only once our tooth is badly decayed, many of us put off doing our budgets until we find ourselves cash-strapped or in a financial crisis. Unfortunately, by doing so, we inadvertently teach our children that budgeting is a source of stress that should rather be avoided. Make a concerted effort to demonstrate the positive effects of proactive budgeting (telling your money where to go each month in advance) rather than allowing your children to witness the anxiety that flows from a neglected budget.

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