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Save Money What Your Parents Never Told You.
Save Money - What Your Parents Never Told You
Money management requires maturity. Just because you are 45 years old (with a pouch belly) doesn’t necessarily mean that you are a mature person. One of the main problems why people are not able to save money is because of their PARENTS.
(Dad, I broke my toy… Don’t worry Son I’ll BUY you a new one) Some parents tend to spoil their children, but the worst thing a parent can do is to fail to teach their kids FINANCIAL LITERACY. NOTE: for more details about financial literacy, go and read Rich Dad, Poor Dad by Robert Kiyosaki.
I understand that sometimes, even the parents are not to blame because they don’t know any better and they pass this ‘defect’ Research for the Department for Education and Skills made a discovery that more a third of 16 to 21-year-olds do not know what APR means, while 31 per cent have never heard of an individual voluntary arrangement. Yes, the fault is with the parents who fail to convey the importance of basic financial knowledge because they feel that it is a subject too heavy for the kids to handle (never EVER underestimate your kids). Something needs to be done. Here are 2 things you need to do immediately to break the horrible cycle of financial illiteracy: - Grab a book (like Rich Dad, Poor Dad or Cash Flow Quadrant) or on financial literacy (or Donald Trump’s books) and study the concepts thoroughly. Don’t deceive yourselves. What you DON’T KNOW today will harm you in the long run. By reading books like these, you will win half the battle.
- Stop teaching your kids about the old-fashioned, study hard, get good grades, get into a good college, get a degree, get a good job, let your company take care of you until you retire and let the government take good care of you (pension) until you die
This doesn’t work anymore. I’m not asking you to play down the importance of education and employment, but there is more than that.
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