Why Financial Literacy is a Must for Our Kids?

We are all aware of the bitter truth that without money we can't survive in this fast global world. That is why teaching our kids how to earn money has become so crucial these days.

20 years ago, there wasn't so much competition in the market. No one has enough information or knowledge about a particular field. But now the internet has changed everything.

By teaching these skills, we can help them in their personal growth and lead them towards financial independence. Thus they will know the importance of being financially independent. This will be their lifetime achievement and pave the way towards freedom.

Let's be honest with ourselves. "Earning money can be hard and it becomes harder when you are new in the market." There's always a space to learn and thrive. It's really hard for many families to set a household budget and plan capital for investing.

But here's a key point. The earlier we learn these skills ourselves and teach our children, the better it will be for all of us. Thus it will prepare our children how to be successful in their lives.

Think about it. It would be nice if we knew a bit more about how to handle money earlier in our lives!

Robert Kiyosaki, author of the bestselling book "Rich Dad, Poor Dad" said it best:

"The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth."

When we teach our children about financial literacy, we are teaching their minds to create that wealth.

And it's not all about money either. It is about realizing its worth and how you can utilize it prudently. This helps kids learn about budgeting and applying more thought when making purchases.They in time learn the importance of patience and saving. These can be considered life skills, far more than just finances.

Another critical lesson is one of Financial Independence. We want our children to be self-reliant, correct? And one way of doing just that is by teaching them the value of money. They then discover how to strategize their finances, learn the effects of setting appropriate plans and execute them for their financial well-being.

Wait a minute, you must be wondering, "Good for me, but how do I get started?" So the answer to that secret is simpler than that you may have envisioned Understand the basics - Explain what money is, and how it is earned.

Take opportunities like grocery shopping to learn about budgeting in everyday situations. Create a piggy bank or savings account to foster the habits of saving. Once they are older, start to bring up more advanced concepts like investing for the long term or compounding interest.

And remember, it doesn't have to be turning your kids into little accountants. It is providing your children with what they need to be able to comfortably move in the financial world.

As another famous financial expert, Dave Ramsey, says in his book Smart Money Smart Kids "More is caught than taught." Your own financial habits will have a great impact on other lives. So lead it by practical example.

To sum up the whole I would say teaching financial literacy and independence fundamental concepts to our children is one of the most valuable gifts that we can give to them. It's the precious gift they will remember to the last.

Make sure to teach your kids these concepts little by little on a regular basis. And in this way, we will pave their way to success.

I hope you'll find this story "Interesting and Surprising". Subscribe to my newsletter for such interesting and lovely poems and stories. Visit my website here.