March serves as a reminder of certain South African rights – Human Rights as well as Consumer Rights. But, what about your children’s right to become money-savvy individuals? Don’t you think it is time to start building a legacy for your kids? And, what do you think is the best financial legacy to leave behind for your children?
According to Carla Oberholzer, spokesperson at Zeeva, you have to encourage your children to create their own destinies and eventually, their own legacies. One of the key things is to teach your children important money-savvy principles that will leave a solid foundation for generations to come.
Here are seven principles that can open the way for your financial legacy:
- The biggest gift you can give your children = TIME. Continually talk to your kids and spend time with them – teaching them about money. They will not necessarily learn these skills (needed in the long run) from their current school system.
- Lead by example by starting investments for your children and saving for their tertiary education. They are surely going to need it in the long run. Keep them updated about the fund’s progress.
- In terms of material gifts, explain to your kids that gifts are acts of appreciation of some kind BUT receiving cash (as a gift) is not only a privilege, it’s also a good idea to save it and get those savings going.
- Lend them your ears – Start reading books with your kids (from a young age) about financial principals. You can even do your own bit of reading and explain certain topics (in the form of a story) to your youngsters. You can furthermore get their attention by showing them financial blogs or online and print articles. And, what about listening to interesting podcasts?
- Don’t let them fear financial teachings – Allow your kids to attend short courses or talks about finances. It is meaningful for teens to get involved with finances.
- Let your children start gaining entrepreneurship skills. Teach your kids some work ethics. Let them work for their pocket money (odd jobs in and around the house). They will not only receive an award, but this principle will also get their creative juices going on how to create extra money for themselves.
- The best learning curve is when they make mistakes – don’t dampen or discourage your kids’ spirits when they make mistakes. Money-wise lessons learnt, make them prudent.
Don’t you think it’s about time that you leave a financial legacy for your children – one that money can’t buy and that really matters? Teach your children important fiscal principles – a money-savvy legacy for generations to come.