What Parents Forget

If you want your children to inherit true wealth, make them financially literate.

"Teaching kids to count is fine but teaching them what counts is best." The quote is pithy but it gets to the core of teaching fiscal responsibility.

Education is journey not destiny.

What Parents Forget

If you look around, parents and teachers focus a lot on teaching mathematics—they send kids to Vedic Maths and Abacus classes to enable them to have numbers at their fingertips from a young age.

Parents also enroll their kids in drama, dance, singing, karate and other classes. But how many of us actually remember that when our kids enter the real world, the first thing they will confront is money?

Amidst all the classes, we forget an important life skill—financial literacy. Many of us probably pay our children pocket money but we don't realise that this is not teaching them about the value of money or how to manage it. Some schools touch upon economics or basic finance courses, however, no school is equipped to analytically teach financial literacy to your kids.

What Exactly Is Financial Literacy?

It means understanding:

·          Income, expenses and savings

·          Budgets

·          Assets—real and financial—and liabilities

·          Risk management, insurance and its purpose

·          Investments and how to make money work for you

·          Taxation

·          How to handle situations such as disability, starting a business, inheritance

·          Wills, trusts, and intergenerational wealth transfer.