Educating your youngster concerning the worth of cash and wealth administration

Growing up in a family with significant wealth can be extraordinary. Wonderful vacations, splendid houses, luxury cars and education in the best schools. It can also color your world with unrealistic expectations. Children from wealthy families are always the most privileged people because they have access to almost the best things in life.

Sometimes it is they who decide for their parents which country to spend summer, Thanksgiving, and New Years in. You always get the best of everything – clothes, shoes, books, phones, cars, and other things. These children typically don’t stress after school about their connections with their parents. But you can also fall back on the family business if you decide to work there.

Wealthy parents make it so easy and convenient for their children – from the chauffeur to the employment of a cook, a lawyer, a domestic help to the administrator of their estate. These children will never feel intimidated by anyone or anything because of their parents’ wealth. Sometimes children from wealthy families can be arrogant and proud.

Most of the time, these children are overwhelmed by their parents’ wealth and luxury lifestyle that goes with it, and neglect to understand the basic principles of wealth management, corporate governance, and financial management. The inability to understand the basic principles of wealth management will jeopardize everything their parents worked for. Children from wealthy families should learn wealth management from their parents, otherwise they will waste everything their parents worked for.

A father can choose to give N1 1 million to his children every week for the next 15 years and he will not mean anything because he is so rich. But he will be scared. Why? Since his children do not understand the principles of wealth management and the value of money, his hard work is at stake.

Growing up, I have seen children from wealthy families mishandle their parents’ wealth simply because they did not understand the principles of wealth management and the value of money.

I have also seen families mortgage their property in orphanages simply because their children did not understand the principles of asset management and the value of money and they were unwilling to do so.

Each parent has the task of teaching their children the value of money and the principles of asset management.

The essence of this luxurious lifestyle is to expose children to the world to change their thought patterns and refine them for tomorrow. A luxurious lifestyle is no excuse for being useless and casual with money.

Even children who do not come from wealthy families should endeavor to learn the basic principles of wealth management from rich and successful friends and relatives.

Children need a lot of support, but there has to be a balance. Parents should not apologize if they refuse a request from their children. When they deliberately refuse to meet their needs, they realize that they cannot always have it all. It can be painful and difficult to try, but over time you will get used to it, and your children will get used to it too.

“If you want your children to keep their feet on the ground, you have some responsibility on their shoulders” – Abigail Van Buren

Parents should also strive to teach their children the basic principles of financial management such as saving, budgeting, risk management, investing, and insurance. When saving, parents should start by buying a piggy bank for their children and rewarding them for saving to encourage them to save more. Parents should also open an account for their children and teach them how to save in the bank and how to save with some financial applications like Piggybank, Cowrywise, etc.

Parents should also teach their children the basics of entrepreneur families running a business, should also teach the kids the business, and also make sure they run the business when they are home during the summer, Christmas, or other holidays. This will add to the continuity of the legacy they have bequeathed to their children.

Parents should also encourage their children to read books on business and finance, and also attend conferences and seminars that will refine their thought patterns and contribute to their personal development.

Parents should also encourage too much discipline and disdain in their children when making some decisions for themselves.

Parents are also expected to encourage their children to connect with people who inspire them to become the best version of themselves – friends whose value systems do not contradict the value systems that parents have built for their children.

Parents should be sensitive to realizing their children’s abilities, they should encourage them to hone those abilities, and they should also encourage their children to maximize, use, and monetize those abilities.

Parents should also ensure that the type of education and school they choose for their children should be based on the same value system that they used to raise those children. Education plays a vital role in refining a child through experience and exposure.

Parents should also encourage their children to apply for internships during the school holidays.

In raising a child, parents should allow their children to make mistakes and face the consequences of their mistakes. That way they’ll be very careful next time. Parents should allow their children to apply for jobs without calling or using their parents’ position. This will motivate them to be so diligent and they will take these duties very seriously.

We are committed to giving love, care, and care to our children against or against the fear of spoiling them.

We want to give them the best of everything

We want to give them a better life than we ever had.

Children need support, but there has to be a balance.

The dangers of over-indulgence by children, however, are;

1. You will not appreciate the value of money and will spend all of your money – undermines self-discipline.
2. It decreases their ability to be selfless. They will see their own needs before others.
3. It robs them of any opportunity to be independent.
4. It makes it difficult for them to learn to deal with and respond to disappointment.