The Role of Parents in molding the Children! Teach them Young !
We, Parents, seldom fail to teach our Children to do this and not do that etc., We always try to impose our views on the children. The kids are forced to listen to us till they are able to think and take independent decisions. We teach them our mother tongue, how to behave, what to eat, what to study, what to wear etc., They listen to us and act till they are children. Once they grow up they tend behave independently on their own, mostly influenced by their friends and peers. All Parents without an exception expect their Children to study well, get high marks, land in good and remunerative jobs having a lot of potential to earn and create wealth, get married, buy a home, Car etc.,
But one thing I fail to understand is that when we teach so many things to the children, we never teach them how to plan to invest their money, how to and where to spend their hard- earned money, how to create wealth over a period of time and safeguard and secure the money earned. It is rather imperative for the Parents to teach them at an young age the art of making more money out of the existing money and preserve it for generations and for the rainy days. If the basic principles of managing money are effortlessly taught to the children at the early days, it will have saluting impact on their comfortable living for long.
The following may be taught to the children: For that we need to do all these first.
- Tell them to plan for all their income and expenditures. Prepare a small mini budget every month
- Teach them to save regularly. In fact the first item of cash outflow should be for investment
- Even small investment of Rs 500 p.m. would lead to a substantial corpus over a period of time.
- For that the parents should first be role model to save every month some amount
- Investments should be in diverse portfolio-both physical and financial assets
- The saving should be consistent and regular and no excuses for not continuing it.
- Bank R.D, SIP, Insurance premium for health, Medical, Life and vehicle insurance are must
- Create an emergency Fund for unforeseen expenses like Medical, legal, natural calamity, loss of life by investing in Liquid Mutual Funds.
- We must maintain daily expenses in a note book and evaluate the total amount at the end of every month. This will be eventually followed by your children
- Teach them to maintain minimum cash at home but keep in Bank Savings account as now a days ATMs are there to draw money any time.
Wish you all good and profitable investment.
For all your investment needs, Goodwill is just a call away.