We are (at least partly) a product of our upbringing. Our attitudes towards money often can be traced back to our childhood. It might sound psycho-babble to blame everything on how our parents brought us up, but there is certainly a little truth in that.
For me, some of my values about money have a lot to do with how my parents raised me and my siblings. These are the same lessons I want to teach our daughters, along with some new things I learned on my own. Perhaps you can pick up a thing or two as you raise your own kids.
- Let them enjoy the good life
I’ve been blessed to grow up quite comfortably and well provided for. My dad, especially, introduced us to the good things in life: great food, travel, tennis, great food, gadgets, hotels, toys (and did I mention great food?). My parents wanted us to experience the good life not just because they wanted to provide well for us but also to motivate us to strive on our own to enjoy the same lifestyle. Now, I share the same reasons when it comes to my children.
- Don’t give them everything
We certainly did not get everything we wanted, and that’s the way my parents liked it. And by that I mean material things. Not being spoiled with too much stuff, getting by with enough, learning they can’t get everything they want, not depending on you for their financial future – these are things that can help develop our children’s character (and determine their success) in the long run.
- Invest in their education
If there’s one thing my parents never said no to, it’s education – whether it’s further studies or extra-curricular lessons. They encouraged us to excel in school, enrolled us in different extra-curricular classes, bought us a lot of books and educational materials, and developed in us a love for learning. It’s true our children’s education is an investment that will pay off.
- Guide them to make the right choices
There’s never been a lack of parental advice in my family on every issue, from mundane to life-changing. A lot of it is based on the right values they want to pass on to us. With dual-income couples and OFW families, that’s getting a lot tougher. That’s why a growing number of parents are homeschooling their children – they want to take a much bigger and direct part in teaching their kids.
- Let them make mistakes
My parents allowed us to make our own decisions on many things –what course to take, which companies to work for, what career to pursue, which person to marry, which weight loss program to experiment on. Allowing our own kids to make mistakes will help them discover who they really are, take risks, and be more discerning.
- Teach them to be entrepreneurial
Ironically, though both life-long entrepreneurs, my parents guided us (“brainwashed” is too strong a word) to become professionals instead. That’s why we have a doctor, a lawyer, and an accountant (me), plus two management graduates. Interestingly, we all ended up putting up our own businesses. I strongly believe we should train our kids to think like entrepreneurs (even if they decide to work as employed professionals).
- Be a good role model of stewardship
If we want to teach our kids how to handle money, we have to show them, not just tell them. How we earn, save, spend, invest, borrow, and give are going to affect our children’s views about money (no amount of sermonizing will change that). But of course, teaching them is just as important.
Photo by pan xiaozhen on Unsplash
