Quote from: Cityhunter34 on April 23, 2025, 07:43:44 PM

Quote from: Queentoshi on April 14, 2025, 08:06:57 PM

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.

It's quite obvious that the scenario 2 is the best for a child to grow in a right way, and understand that money is not that easy to get. Because once you train up your children by giving them money everytime it would going to be very hard for them to have a self control whenever they are being given a huge amount of money, due to the fact that it have became a habits to them. However, unless is those types that understand the value of money, and even though they are just few.

As long as you teach your children to manage their money, they will not lose control using that money. They will know that getting money is not easy and they must work to earn money. They will not waste money for something they don't need but they will split the money based on their needs.

Perhaps, saving will be the first thing you can teach to your children as many parents do to their children. They also teach their children that they need to earn more money to fill their needs. So parents need to tell them that money is something they can use to fill their need but they should save their money for their future.

As their parents, we will give the lesson so they will not make a mistake related to managing the money. We know that they can lose control so we teach them to manage themselves. Every parents want to give the best for them so they will prepare many things for their children.