Teaching kids about financial freedom is crucial for their future. Set financial goals and make informed spending choices. Lead by example and involve them in financial discussions to build their financial literacy.
Start Early:
Introduce basic financial concepts as soon as they can understand money. Use real-life examples to explain saving, spending, and sharing.
I just want to tell all the young men and women here that no matter what you do in life, start early to find a good way to make money. While you still have little or no responsibility even as a secondary school and university student. Start looking around for anything you can do to make money. It will serve you well in life.
Parents help push your children. When I was a teenager, I loved to cook and learned to bake from my grandmother. My mother encouraged me by signing me up for any catering class I wanted to take. After secondary school, while waiting for Jamb, I learned hairdressing, increased my cooking and baking skills, and took computer classes because I wanted to study Computer Engineering that time 😅.
Earning Opportunities:
Encourage them to earn extra money through age-appropriate jobs.
Even as a child, when I came home from boarding school and my poor parents could not even think of giving me pocket money wile at home 😅, I will gather my little ones and start directing them to do play and musicals and put together social night at home so that we can use it to get money from our uncles and aunties that always pass our house to travel to and from the abroad cos na only my mama dey live for Lagos and all her brothers and some of my dad’s brothers were abroadians.
I even sold books for one aunty like that when I was 14 😅! They use me do child labor o! Choi! Last last, all this skills I acquired back then, I did not use it to make shishi 😅, but that Hustle spirit is serving me well in my 40s. Yes, I still dey find money, because money no dey ever dey enough, but I am very far from hungry and will never see hunger again even if I live to 100 which I don’t want to, but that is story for another day.
Introduce them to the idea of saving and investing their money.
Teach them about different investment options and risk management.
Now, after you have learned to make money, learn to save, and then learn to invest. Before, I had the wrong mindset that because I have conquered poverty, my children will not work until they graduate from University. Now my 19 year old son have been working for almost a year while he is still in University and the joy it gives me that my son can use his hard earned money to buy me something is out of this world. The other day, our heater needed to be replaced and I was crying for the thousands of dollars they were calling to replace it. My own 19 year old King offered to chip in 🥺. He said mommy how much did they finally charge you. He said, I have been saving, do you want me to chip in. I begin cry tears of joy because na single mother I be o😭😭!
Allowance and Budgeting: Give them an allowance and encourage them to create a budget. Teach them to allocate money for different purposes like saving, spending, and giving.
I taught him to start saving up to 50% of his earnings from day one as he had no bills then. Right now, he is responsible for paying for his own University education so I no gree collect money from am for water heater because school will soon start so school fees needs to be paid and books need to be bought. I do help him with school expenses as is needed as long as he is doing very well. That is our agreement. He also recently took over paying our electric bill and his car insurance bill. Yet he still has money to be buying himself video games 🎮 and computers and orishirishi 😩! Life is really good when you don’t need to pay rent 😅! Hence making money while you are young with fewer responsibilities can really help give you a leg up in life.
Finally, remember patience is the key. Teaching financial freedom to your kids requires consistent reinforcement and life lessons tailored to their understanding.