Nama utai "Money Education"?
One of the most important elements in education that most Dayaks may have overlooked or missed is “Money Education”.
So what is “Money Education” and it purpose?
Money Education is to understand money from a spiritual/practical perspective:
One of the most important elements in education that most Dayaks may have overlooked or missed is “Money Education”.
So what is “Money Education” and it purpose?
Money Education is to understand money from a spiritual/practical perspective:
- To encourage people to talk freely about what money means to them.
- To enlighten the purpose of life and money; budget, saving, investing, debt, borrowing and giving.
- To bring new thinking about money into yourself, your family and the wider communities.
- To create a “Money Management Education Plan”.
Whatever angle you approach it from, I hope that this topic will give you some refreshing ideas and resources to explore.
Every parent and/or grandparent knows that we need to talk to our children/grand children about 'job', 'drinking' and other bad habits, and maybe about ‘sex’ too. Opening up the lines of communication will help many make better decisions.
One area that is still not talked about enough is “MONEY-MONEY-MONEY”!
Take a look around us and you will see 10, 13 or 15 year olds and young adults walking around with cell phones, iPods, Prada bags and other branded clothing or personal accessories. Underlying this is, I believe, our desire to provide our children with a better life.
We all seem to want for our children what we could not have, ourselves, as kids.
Every parent and/or grandparent knows that we need to talk to our children/grand children about 'job', 'drinking' and other bad habits, and maybe about ‘sex’ too. Opening up the lines of communication will help many make better decisions.
One area that is still not talked about enough is “MONEY-MONEY-MONEY”!
Take a look around us and you will see 10, 13 or 15 year olds and young adults walking around with cell phones, iPods, Prada bags and other branded clothing or personal accessories. Underlying this is, I believe, our desire to provide our children with a better life.
We all seem to want for our children what we could not have, ourselves, as kids.
- But where does this leave our children?
- Will they grow up being spoiled and self-indulgent, expecting from society rather than being grateful for what society has given them?
- Is our parental need to make up for what we lacked in our adolescent lives going to hurt our children, and if so, how do we mitigate this?
- You wouldn't give your 18’s old the key to your car without driving license/training; so don't let them move out without a practical money education?
- You give your son/daughter a supplementary credit card because you want to please them and make them happy; do they understand expenses, debts and/or budget?
These 21st century scenarios could devastate your child's financial situation for years if not handle well from the very beginning.
Everyday we send our children out in the 'real world' with dangerously little preparation for the financial realities of life. Tiny errors can mess up your child’s financial future for a lifetime.
Just one simple missed credit card payment will blemish their credit report for years. These mistakes lower their confidence; which can result in a downward spiral of financial blunders.
Most parents are already aware that school/college does not provide children and young adults with a practical financial education. And these parents or guardians already know how important financial literacy (money talk – money good – money problem) is for their kids stress levels, health and overall lifestyle.
So parents it's up to you to provide your children/young adults with the financial skills they need to make it in today's society.
There are important financial lessons you can teach your children. But before you do, it's important you recognize your teaching beliefs and style.
There are three (3) common parenting styles that affect the way your children lean about money.
PARENTS THAT DON’T FEEL QUALIFIED
This is the most common parenting problem when it comes to providing children a practical financial education. These parents often feel stressed out because they realize how important receiving financial education is; however they just don't know where to start.
They may not feel confident instructing their children because they don't fully understand financial matters themselves. When their children start making the same financial mistakes that they made themselves, they often feel guilty.
If you relate to this situation, eliminate those negative feelings because it's not your fault. If you are like most people you were never taught this information either. So use this opportunity to learn about money and grow with your children.
PARENTS THAT ARE UNCOMFORTABLE ON TEACHING
Many parents out there have a general understanding of money matters however they don't know how to go about teaching this information to their children. They're not sure what they should teach, how to teach them and question if their children will actually listen to their advice.
They also realize, during the teen years, their children may respond better to other people passing on practical financial lessons to them. As a parent, you don't teach them biology or geometry so why put pressure on yourself to teach them a subject as important as money?
PARENTS THAT ENROLL THEIR CHILD IN THE ‘SCHOOL OF HARDSHIP’
Many of us have learned about money the hard way. Often errors are made then we have to work that much harder to fix it. Parents that are believers in this learning style are taking a big gamble with their children's lives that can have serious long-term consequences.
The lessons you learn in the ‘school of hardship’ often do last a lifetime. However often times these mistakes can undermine the confidence and eliminate all hope of your child ever achieving financial freedom.
There are resources available that will give your child a financial head start; so use them!
Every young adult needs a professional course on money education so they are able to avoid the financial pitfalls that plaque so many people. Here are three tips that will help you prepare your child for a structured financial education course.
1) Lifestyle.
Children, teenagers and young adults don't really care about money. It's what money brings them that motivates them learn.
Relating money to time, freedom and lifestyle will inspire them to learn about money. Once they understand the personal freedom having money will afford them, you'll find your children excited and wanting to receive a practical financial education.
Relating money to lifestyle is a great opportunity to get to know your children better plus it's the first step toward helping them develop a healthy relationship with money. Take some time out and talk to them about their dreams.
No matter how far fetched their financial dreams may seem to you; make sure to acknowledge them and use that to motivate them to learn all they can about financial matters.
For instance, if your 16 year old dreams one day owning a restaurant make sure you encourage that goal. Now, instead of teaching them to save money for no particular reason, you can use their goal as the reason to learn about money matters.
2) Accounts.
Open their checking, savings and investment accounts early. It doesn't matter if they are in kindergarten, schools or colleges by getting these account setup early they will have and advantage that will last a lifetime.
The longer relationship you have established with a bank or financial institution the more benefits your child may receive. Most banks offer clients that have been with them a longer period benefits that new customer won't receive.
They offer their preferred clients benefits such as: better rates, better terms, additional services and they often are able to qualify for loans easier.
In addition to the financial benefits, children/teenagers also feel an added sense of responsibility for their financial future when they have the proper accounts open. This sense of responsibility is a vital part of giving your child adequate preparation before they move out to live on their own.
3) Invest early.
Encourage your children/young adult to begin investing once they have money saved up. The stock market is a great place for them to start; however do not go out and buy individual stocks or mutual funds. Both are too risky unless you have specialized investment training. Instead you may opt to invest in the overall market.
There are several investment vehicles available that allow you to invest in the overall market that are just as easy as buying a stock or mutual fund. Making a simple investment in the overall market may give your child lower risk, more consistent returns and greater diversification.
The best part is this strategy is dead simple to do. Once they set up their investment account they can automate it so each and every month the investment is made for them automatically.
Getting our next generations prepared for the realities of the 21st century is an important part of responsible parenting.
Giving them practical financial education before they move out on their own will continue to benefit them throughout their entire life. You would never give your child a car without drivers training; so make sure you give them a practical financial education before they move out.
RECOMMENDATION: If there is an opportunity it would be good if Dayak can setup the proposed “Native Financial Educators Council (NFEC)”; an organization dedicated to increasing financial literacy and provides complimentary financial education resources.
Thank you.
Everyday we send our children out in the 'real world' with dangerously little preparation for the financial realities of life. Tiny errors can mess up your child’s financial future for a lifetime.
Just one simple missed credit card payment will blemish their credit report for years. These mistakes lower their confidence; which can result in a downward spiral of financial blunders.
Most parents are already aware that school/college does not provide children and young adults with a practical financial education. And these parents or guardians already know how important financial literacy (money talk – money good – money problem) is for their kids stress levels, health and overall lifestyle.
So parents it's up to you to provide your children/young adults with the financial skills they need to make it in today's society.
There are important financial lessons you can teach your children. But before you do, it's important you recognize your teaching beliefs and style.
There are three (3) common parenting styles that affect the way your children lean about money.
PARENTS THAT DON’T FEEL QUALIFIED
This is the most common parenting problem when it comes to providing children a practical financial education. These parents often feel stressed out because they realize how important receiving financial education is; however they just don't know where to start.
They may not feel confident instructing their children because they don't fully understand financial matters themselves. When their children start making the same financial mistakes that they made themselves, they often feel guilty.
If you relate to this situation, eliminate those negative feelings because it's not your fault. If you are like most people you were never taught this information either. So use this opportunity to learn about money and grow with your children.
PARENTS THAT ARE UNCOMFORTABLE ON TEACHING
Many parents out there have a general understanding of money matters however they don't know how to go about teaching this information to their children. They're not sure what they should teach, how to teach them and question if their children will actually listen to their advice.
They also realize, during the teen years, their children may respond better to other people passing on practical financial lessons to them. As a parent, you don't teach them biology or geometry so why put pressure on yourself to teach them a subject as important as money?
PARENTS THAT ENROLL THEIR CHILD IN THE ‘SCHOOL OF HARDSHIP’
Many of us have learned about money the hard way. Often errors are made then we have to work that much harder to fix it. Parents that are believers in this learning style are taking a big gamble with their children's lives that can have serious long-term consequences.
The lessons you learn in the ‘school of hardship’ often do last a lifetime. However often times these mistakes can undermine the confidence and eliminate all hope of your child ever achieving financial freedom.
There are resources available that will give your child a financial head start; so use them!
Every young adult needs a professional course on money education so they are able to avoid the financial pitfalls that plaque so many people. Here are three tips that will help you prepare your child for a structured financial education course.
1) Lifestyle.
Children, teenagers and young adults don't really care about money. It's what money brings them that motivates them learn.
Relating money to time, freedom and lifestyle will inspire them to learn about money. Once they understand the personal freedom having money will afford them, you'll find your children excited and wanting to receive a practical financial education.
Relating money to lifestyle is a great opportunity to get to know your children better plus it's the first step toward helping them develop a healthy relationship with money. Take some time out and talk to them about their dreams.
No matter how far fetched their financial dreams may seem to you; make sure to acknowledge them and use that to motivate them to learn all they can about financial matters.
For instance, if your 16 year old dreams one day owning a restaurant make sure you encourage that goal. Now, instead of teaching them to save money for no particular reason, you can use their goal as the reason to learn about money matters.
2) Accounts.
Open their checking, savings and investment accounts early. It doesn't matter if they are in kindergarten, schools or colleges by getting these account setup early they will have and advantage that will last a lifetime.
The longer relationship you have established with a bank or financial institution the more benefits your child may receive. Most banks offer clients that have been with them a longer period benefits that new customer won't receive.
They offer their preferred clients benefits such as: better rates, better terms, additional services and they often are able to qualify for loans easier.
In addition to the financial benefits, children/teenagers also feel an added sense of responsibility for their financial future when they have the proper accounts open. This sense of responsibility is a vital part of giving your child adequate preparation before they move out to live on their own.
3) Invest early.
Encourage your children/young adult to begin investing once they have money saved up. The stock market is a great place for them to start; however do not go out and buy individual stocks or mutual funds. Both are too risky unless you have specialized investment training. Instead you may opt to invest in the overall market.
There are several investment vehicles available that allow you to invest in the overall market that are just as easy as buying a stock or mutual fund. Making a simple investment in the overall market may give your child lower risk, more consistent returns and greater diversification.
The best part is this strategy is dead simple to do. Once they set up their investment account they can automate it so each and every month the investment is made for them automatically.
Getting our next generations prepared for the realities of the 21st century is an important part of responsible parenting.
Giving them practical financial education before they move out on their own will continue to benefit them throughout their entire life. You would never give your child a car without drivers training; so make sure you give them a practical financial education before they move out.
RECOMMENDATION: If there is an opportunity it would be good if Dayak can setup the proposed “Native Financial Educators Council (NFEC)”; an organization dedicated to increasing financial literacy and provides complimentary financial education resources.
Thank you.
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