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| Soft Sell Publisher & Owner of City People Magazine, Dr. Seye Kehinde with some Female Admirers |
Look, if you’re
about to ask your parents for a really big loan (gift?) then you’d better buy
up every copy of this book you can and burn the lot of them because you’re not
going to like what I have to say next.
about to ask your parents for a really big loan (gift?) then you’d better buy
up every copy of this book you can and burn the lot of them because you’re not
going to like what I have to say next.
Parents, if you
are reading this then don’t give them that loan (gift). It is OK not to
mollycoddle them, to make them learn the value of money, to make them treat
money with respect right from the word goes. And just because you have lots
doesn’t mean they are entitled to stand there with their hand out right from
the day they get out of nappies.
are reading this then don’t give them that loan (gift). It is OK not to
mollycoddle them, to make them learn the value of money, to make them treat
money with respect right from the word goes. And just because you have lots
doesn’t mean they are entitled to stand there with their hand out right from
the day they get out of nappies.
I’m the world’s
worst at this one but I am learning. There are various ways you can go from being
utterly mean and not giving them a bean to being overly generous and giving
them every- thing. Now, I was going to talk about setting budgets for children
and setting up trust funds for them.
worst at this one but I am learning. There are various ways you can go from being
utterly mean and not giving them a bean to being overly generous and giving
them every- thing. Now, I was going to talk about setting budgets for children
and setting up trust funds for them.
“When they first go off to uni is probably the best
time to do this as they are also learning a whole new batch of things about
being grown up – sex, drugs, staying out late, wrong sort of friends, binge
drinking”
A monthly
allowance is always a good idea as they then have to live within their means.
It teaches them to budget and to scrimp and save at the end of the month – or
halfway through it in most cases. When they first go off to uni is probably the best time to do this
as they are also learning a whole new batch of things about being grown up –
sex, drugs, staying out late, wrong sort of friends, binge drinking. Learning
to balance their own books at the same time is good for them.
allowance is always a good idea as they then have to live within their means.
It teaches them to budget and to scrimp and save at the end of the month – or
halfway through it in most cases. When they first go off to uni is probably the best time to do this
as they are also learning a whole new batch of things about being grown up –
sex, drugs, staying out late, wrong sort of friends, binge drinking. Learning
to balance their own books at the same time is good for them.
You can set
aside lump sums for them as well so they can buy a house, business, decent car,
If you administer it, then they can’t blow it on a plasma TV or a £600 designer
handbag but only a sensible thing that they have to explain to you in some
detail.
aside lump sums for them as well so they can buy a house, business, decent car,
If you administer it, then they can’t blow it on a plasma TV or a £600 designer
handbag but only a sensible thing that they have to explain to you in some
detail.
And of course a
trust fund for when you have shuffled off. Or of course let them have such a
fund when they are of an age sensible enough to enjoy it without it diverting
them from their education. Personally I would give it to them after it would
make any real difference to them; in effect after they have started to earn
their own money in worthwhile amounts.
trust fund for when you have shuffled off. Or of course let them have such a
fund when they are of an age sensible enough to enjoy it without it diverting
them from their education. Personally I would give it to them after it would
make any real difference to them; in effect after they have started to earn
their own money in worthwhile amounts.
And for
goodness’ sake don’t ever tell them they are getting a lump sum aged 25 or
whatever you decide. Nothing demotivates a child more than thinking they’re
coming into money. They’ll think they don’t have to make any effort. Let them
think they’ll always be poor and watch them go.
goodness’ sake don’t ever tell them they are getting a lump sum aged 25 or
whatever you decide. Nothing demotivates a child more than thinking they’re
coming into money. They’ll think they don’t have to make any effort. Let them
think they’ll always be poor and watch them go.
And how do you
set a good allowance figure? Only you can work it out for your child and it
obviously varies depending on age but once they reach their teens it’s as well
to thrash it out with them – a process sometimes of painful discussion (who
said rows). But make them argue every penny and justify it. It’ll make them
value it when they get to spend it.
set a good allowance figure? Only you can work it out for your child and it
obviously varies depending on age but once they reach their teens it’s as well
to thrash it out with them – a process sometimes of painful discussion (who
said rows). But make them argue every penny and justify it. It’ll make them
value it when they get to spend it.
From The Book; The Rules of Wealth by
Richard Templar
Richard Templar
(Read Rule
96 of Rule of Wealth tomorrow on Asabeafrika)
96 of Rule of Wealth tomorrow on Asabeafrika)
Read-to-Wealth Series
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