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Financial Planning And Kids - How To Teach Them?

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Hope don't mind i put this topic here than the parenting section cos there's more traffic here.

How do you teach your kids financial planning/management and at what age?

My kids are in kindergarten and they more or less grasp the concepts of interest, foreign exchange, opportunity cost. When i check out news articles on markets or economic news, i try to explain to them what it's about and i explain to them why we've invested in certain things, etc etc. I also let them manage some of their own pocket money and we talk through expenses and expenditures.

Could you share what you do to teach your kids so i can learn from you. thanks :)

 

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Hope don't mind i put this topic here than the parenting section cos there's more traffic here.

How do you teach your kids financial planning/management and at what age?

My kids are in kindergarten and they more or less grasp the concepts of interest, foreign exchange, opportunity cost. When i check out news articles on markets or economic news, i try to explain to them what it's about and i explain to them why we've invested in certain things, etc etc. I also let them manage some of their own pocket money and we talk through expenses and expenditures.

Could you share what you do to teach your kids so i can learn from you. thanks :)

You very tokong, at kindergarden already know all these concepts, bright future economist or banker!Can teach them supply/demand/substitution/monetory & fiscal policies/capital budgeting/future value of money/cpi/GDP/liquidity/financial rations/integration/differentiation/Fourier series/interpolation/moving average/probability/statistic/bell-shape/FIFO/LIFO/ledger/income statement/balance sheet/dividend/buy low sell high/high tide/low tide....all these are just appeared in minds when I read this.

Not like ppls copy and paste, leh :sport-smiley-018:

Edited by bepgof
 

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You very tokong, at kindergarden already know all these concepts, bright future economist or banker!Can teach them supply/demand/substitution/monetory & fiscal policies/capital budgeting/future value of money/cpi/GDP/liquidity/financial rations/integration/differentiation/Fourier series/interpolation/moving average/probability/statistic/bell-shape/FIFO/LIFO/ledger/income statement/balance sheet/dividend/buy low sell high/high tide/low tide....all these are just appeared in minds when I read this.

Not like ppls copy and paste, leh :sport-smiley-018:

Bro, old habit dies hard. tertiary edu time, lifes hard. Gotta give tuition, same time attend class.

Not time to do tutorial, always borrow tutorial from friend to read nia..

Exam results, I score better, subsequentlyu, he stop lending me liao. Haizz.... :(

 

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I have this series at home. I use them sometimes, give me peace of heart and mind

Hey..... but this is completely the opposite of financial planning/management

http://vip.book.sina.com.cn/book/index_41913.html

于丹《庄子》心得

Must know how to be a "man" first before handling $$, otherwise, all the $$ face, even the eyes also paste with $$ stamps, tio bo?.

Edited by bepgof
 

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Ha ha ha .. at this age.. I think it’s more important to teach them 仁孝忠义So that they will know how to use their $$ for the right purpose. Let wealth work for your ambition, not make wealth your ambition.

 

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Bro, old habit dies hard. tertiary edu time, lifes hard. Gotta give tuition, same time attend class.

Not time to do tutorial, always borrow tutorial from friend to read nia..

Exam results, I score better, subsequentlyu, he stop lending me liao. Haizz.... :(

Cannot teach old dog new tricks, see lamp pole, its leg must up and shsss. :sport-smiley-004:

Edited by bepgof
 

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Seriously:

- at this age, if they can get back the corect change in tuckshop, you can hide at one corner and smile aready.

- Languages foundation are more crucial at this stage of time.

- My 15yr old boy can speak Teochew, mandarine, english, japanese, and understand cantonese.

- 13 yr old girl the same except for japanese.

- Intend to open a CDP & stock broking account for boy when he reaches 16. Must teach him how to fish.

Edited by bepgof
 

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Ha ha ha .. at this age.. I think it’s more important to teach them 仁孝忠义So that they will know how to use their $$ for the right purpose. Let wealth work for your ambition, not make wealth your ambition.

Yap, I think Singapore is more towards this 仁孝忠义 ... follow 孔子 ....

like grant given if stay near parents .

 

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Hope don't mind i put this topic here than the parenting section cos there's more traffic here.

How do you teach your kids financial planning/management and at what age?

My kids are in kindergarten and they more or less grasp the concepts of interest, foreign exchange, opportunity cost. When i check out news articles on markets or economic news, i try to explain to them what it's about and i explain to them why we've invested in certain things, etc etc. I also let them manage some of their own pocket money and we talk through expenses and expenditures.

Could you share what you do to teach your kids so i can learn from you. thanks :)

OMG! they must really be smart... i couldnt understand the concept of value as a kid. i.e. how come a $1 candy is expensive and a $100 hard liquor is cheap.

btw, kindergarten already get pocket money?

I think the lessons of financial planning is best explained in the book "Richest man in babylon".

:)

 

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仁孝忠义 is theme for almost all the religions.

maybe along the way , worshipers put religious ritual above them..because they dont understand their religion well enuff.

Chirstianity , teaches LOVE .. an

- love your parents is after loving God

- love your neighbours is next

"Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It is not rude, it is not self-seeking, it is not easily angered, it keeps no record of wrongs. Love does not delight in evil but rejoices with the truth. It always protects, always trusts, always hopes, always preserves."

-- 1 Corinthians 13:4-7

As for taoism , Buddhism , Islam .. I believe they also promotes these virtues.

 

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Was driving past punggol, told my son, next time, you will buy this kind of new HDB first.

He replied " why must buy new one? "

I reply " then what you expect to stay with me ah..."

He replied "Buy old one la, cheaper right" :bangwall:

No lah son, resale HDB is more expensive :)

 

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I think the lessons of financial planning is best explained in the book "Richest man in babylon".

:)

Read some reviews, seems interesting, will get a copy to read :)

 

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Thank you, aunties and uncles, for your advice :) Hope to hear from more people too.

My kids are handling ordering, paying and handling change quite well. As for pocket money, it's earned from doing certain assigned tasks or chores and the pocket money is a reward agreed beforehand. It's amazing, but even at this young age, can already see who is the saver and who is the spender between my kids. My older one, for instance, has worked out how much he has to save for his next electronic gadget and though i've offered to buy it for him, he wants us (the family) to keep the money in case we need it for the future to pay for food (have i been too alarmist?)

I agree about languages - they are in the process of picking up more than 2, and again, can see quite visibly the different aptitude for languages between them. I'm trying have the learning here a bit more structured and formal cos it's a bit haphazard at the moment ... see how it works out ...

As for the point of having/spending money, i suppose they will make up their minds along the way, through observing us and their surroundings. For one thing, their father and i will not be expecting them to help out along the way so our retirement and future plans cater for our own self sufficiency.

Would love to hear more views and seek more guidance. Thanks much! :)

Edited by random_username
 

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You very tokong, at kindergarden already know all these concepts, bright future economist or banker!Can teach them supply/demand/substitution/monetory & fiscal policies/capital budgeting/future value of money/cpi/GDP/liquidity/financial rations/integration/differentiation/Fourier series/interpolation/moving average/probability/statistic/bell-shape/FIFO/LIFO/ledger/income statement/balance sheet/dividend/buy low sell high/high tide/low tide....all these are just appeared in minds when I read this.

Not like ppls copy and paste, leh :sport-smiley-018:

Bro, know why Sony walkman was a flop in those days. Their hardware was not ready when they launch em. Soon, may copied,clone version surface in the market. Chinese mah ... we are the master of copy. Em... without Sony ... wonder where go MP3.

 

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