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Print versus digital reading

How to Depolarized Society by Simon Sinek

Difficult conversations are challenging for a reason; they require skill and hard work to effectively navigate. We have an opportunity to step up and systematically impart these skills to our people so they can flourish at work and also in their personal lives. 

How To Depolarize Society

Difficult conversations are challenging for a reason; they require skill and hard work to effectively navigate. We have an opportunity to step up and systematically impart these skills to our people so they can flourish at work and also in their personal lives.

Posted by Simon Sinek on Thursday, February 4, 2021

Teach Your Kids to Spend, Save and Share

Great article on parenting, to teach your children about financial literacy.
#1 Spend
Buy things that you need and want now.

#2 Save
Set money aside to buy things in the future.

#3 Share
Donate money to help people or buy something to share with your siblings or friends.

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5 Tips to Raise Financially Savvy Kids

Very useful article from Dr Wealth.

It is more important than ever to teach kids how to be financially savvy from a year age. Unlike the previous generations who were not as wealthy, the younger generation these days do not need to worry about money thanks to the wealth built by their parents. Given the tougher economic times, the previous generations learnt about the value of money the hard way.

While Asian economies are generally doing much better and households are becoming wealthier, there is also an alarming trend where many of the young people do not have much savings despite working for a couple of years. Worse still, many have racked up credit card debt and personal loans. How do you ensure that your children do not fall in the same trap?

1. Teach Them That Money Does Not Grow on Trees

The most important lesson these days which many kids don’t seem to understand is that money does not grow on trees. They seem to think that money just appears magically, which is why they kick up a fuss when the parents do not buy them new toys. Teach them that money is finite and that parents need to work to earn the money.

2. Make Them Work For Money

There is no better way to teach kids the value of money other than working for money. Let them earn money through jobs like helping out at work especially if you have a family business or running errands. Be careful though not to offer monetary rewards for housework chores, as that should be something where everybody in the household contributes.

3. Show Them How to Budget

Even if you are unable to get the kids started on earning money, you can certainly still introduce them tobudgeting. You should first understand the expenses involved, such as buying food and drinks at school before giving them daily pocket money. After some time, gradually move to weekly pocket money instead. Explain to them that the money is to be used for the whole week, so they need to budget how they want to spend daily to make sure that they do not use all the money at the end of the week. By the time they become teenagers, moving to a monthly budget might make sense as well.

4. Get Them Involved In Outdoor Activities and Sports

Kids these days spend too much time on the Ipad/Iphone and video games. Get the kids involved in outdoor activities such as hiking and sports such as soccer and stuff. Not only are these activities low cost or free, they help to keep the kids healthy and build up social skills as well as family bonding especially if you make them a family activity.

5. Get Them Started on Investing

What happens to the money which they save? The idea of keeping them in a piggy bank is outdated. You need to teach them aboutinvesting concepts and perhaps even help to pay interest on their savings so that they can watch their money grow. As they grow their money, it will motivate them to save even more. When they are ready, you can begin to teach them more advanced financial concepts like running a business, investing in dividend stocks etc. In fact, a good way is to help them start investing using a regular investment plan.

If you are able to do all of the above, you can be sure that your child will have a head start in their personal finances and the financial discipline instilled would carry them through life, turning them into a financially responsible and savvy adult.

Parenting in Wants or Needs

A very good and meaning article piece from 1 of my mentors, Ken Chee

I over heard these conversations while walking behind 2 parents who were telling their kids,

"I have no money to buy these for you. Money don't drop from the sky"

And they carry on when they saw their young daughters kept quiet with a disappointed look, "Do you have money? If no, then walk away"

I have no business in other family affair and I'm also not an early childhood education expert.

However, I can share with you how I will converse differently to my muses soon regarding financial matters,

"Papa and mama have money. And we choose not to buy this item for you unless you can share why you need it".

This come from the space of abundance and choice rather than scarcity and limitation.

And if they can prove that it is a need and not want, I would want them to sleep over this idea for at least 7 days. This allow them to practice delay instant gratification. And after 7 days, if they still need it, then we might take action. The days of delay will get longer when they grow older.

If it is a want, the conversation will goes like this,

"Great that you have something you fancy. However, papa and mama money is not your money. Hence, if you want to get something, you need money. And in order for you to have money, you must exchange something of similar value legally, morally and ethically to get it. How about helping papa to wash the car for a month?"

Get them to work for their want since young. This foster self reliance and come from a space of creation rather than dependence and limitation mindset.

Most importantly, the root source come from parents, care givers and educators. Most people condition their children with bad financial beliefs without even realizing it. For example, "Money is the root of all evil", "We don't have enough, so stop asking", "Be grateful if you have food on the table, African children are dying of hunger" etc. Or the other extreme is buying tons of toys and saying 'Yes' to all their children whims and fancy, thus creating a raspberry generation who expect 'entitlement' with shallow values in life. I have little respect for young people like them.

And this form a vicious cycle because they will keep doing the same thing (learnt from their unaware parents, care givers and educators) to their children and their children to their children until one generation decided to educate themselves voluntarily (not from school but learn from people who are successful financially) because of financial struggle or a major personal crisis such as bankruptcy.

How are you teaching your children? Are you setting a good role model for them?

You can start here at www.valueinvestingsummit.com

Share if you like it.

P/S: By the way, don't expect your children to take care of you and your spouse during your winter years because most of them (with the same old mindset about money) can't even take care of themselves and their own families financially due to raising cost of living and inflation!