Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.
Scenario 2
Not giving them enough money, so they can work for their own money.
Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.
Both scenarios need to be applied if you really want to see the success of your child, but you need to apply the second scenario before the first, as the second scenario is all about practical teaching, which will make the child know the value of money and how they will be able to utilise the money and also the business they will be able to invest the money in to get a good profit. Before you can give them the money for them to try and see if it works or not, the best part is to make sure your child knows about finances in his early age before it’s too late, just like the quote that says, “Let your child know how to catch a fish before he knows how to cook the fish.”