Rich people give these 3 mantras of money management to their children, you too can change your luck by following
Money Management Tips: India is a developing country. Most of the population here is still associated with agriculture. On the other hand, if we look at it, there is such a class which has immeasurable wealth. There is happiness, there is convenience, everything needed is available. If we look at an Oxfam report, it is found that 10 percent of India’s population owns 77% of the wealth. The remaining 90 percent of the people are forced to live in only 23% of the property. After all, why even the children of these 10 percent rich households grow up to be rich. Why does he become a good businessman and a good investor?
Rich parents give training to their child from the beginning
Keep in mind that we do not mean to say that the remaining 90% of the population does not become rich! Those people also become rich but their number is very less. Rich people teach their child about money management right from his childhood. So that they can get to know about earning money, saving and investing in the right place from an early age.
Usually, the parents who are middle income, who have a little good income, they give pocket money to their children. If they give basic training along with pocket money, then it will be very good for the future of their child.
These three tips decide how your child’s future will be
- When your child is between 5 to 8 years of age, then along with giving him pocket money, also tell him what is saving and you can easily buy what you need by saving your pocket money. With this, he will be able to know about saving in the very beginning.
- Tell him about the earnings when he is more than 8 years old. Give him a small task, after completing which you gift him chocolate and something of his choice as a reward. Small task means that if today you memorize a poem throughout the day, wake up at 5 in the morning for a week or sit down to read every night at 7 in the night, then we will take you out for dinner, show pictures etc.
- The third and most important tip is that when your child is more than 12 years old and becomes a little wiser, then explain to him about investing in addition to saving earnings. Here investment means that when you are giving him a gift or money on completion of a task, then encourage him to invest it. What are the types of investments as he gets older? Which type of investment has the most benefits? Keep in mind that telling about our investment does not mean that you should make him invest, but you should train him about investing and tell where you can get the details information.