Is Money A Taboo-Do You Teach Your Kids About Money-UAE-Dubai
One of the ways to ensure your kid’s success is to teach them good money habits. In a country like UAE, it is easy to lose sight of future and we tend to live for the day. We teach our kids good values, try to make them understand the importance of education and we also provide advice on all walks of life. But hardly do we try to teach them about money and good financial decisions.
Even schools and colleges do not teach about money and personal finance. In my 20 years of academic life, never once was I taught or told about spending, saving and earning. But it is time to break the taboo and help our kids to learn good finance habits which can have long-term positive effect on their lives. It is important that we instill good financial acumen in our children.
The Money Taboo Cycle:
. Kids are hardly spoken to about money in homes
. Kids learn by observing parents
. Parents’ money fears and failures are passed on to kids
. The same cycle repeats with kids future children
Consequences of Money Taboo Cycle:
#1. Money comes easy
We provide for our kids and fulfill all their wishes. That can make them think that money grows on trees. Giving our kids a good life and all the comforts is a good thing but once-in-a-while it is important to teach what parents go through to earn that money.
Giving money in your kids’ hands and allowing them to spend is not wrong. But it is important to give within limits.
Teach them a lesson about budgeting and the importance of prioritizing expenses. This will give them much needed understanding about controlling expenses and spending within budgets.
#4. Wrong Attitude Towards Money
When parents fail to make money and enjoy the benefits of it, they brand money as bad and evil. Kids in their innocence believe what parents teach and advice.
Now the important question is how to break this taboo money cycle:
This infographic ‘The Money Taboo Cycle‘ will teach you how to break this taboo which in turn will help your kids to become good money managers.
Do you teach your kids about money? What are you kids money habits? Let me know in comments.