Teaching kids about money

EDUCATING CHILDREN ON THE VALUE OF DOING SOMETHING GOOD FOR OTHERS

- Craig Torr

Preparing one's children for the responsibilities that come with adulthood is no easy task, especially when it comes to money management and personal finances.

There is no doubt that a solid foundation in financial literacy is needed to ensure that our children are equipped to manage a budget, calculate interest and be fiscally responsible.

Patience is a virtue

In an age of instant everything, there is precious little we have to wait for. We are permanently connecting, searching, checking in, adding to our stories and updating statuses. Every action is aimed at the same result: instant gratification.

The touch of a button will provide us with answers to almost any question. How do I get there? How much does it cost? Where can I buy it? When will it be delivered?

Everything that technology provides us is antithetical to long-term investing and wealth creation - which at its heart is all about delaying gratification.

As with anything in life, the ability to delay gratification gets better with practice - although with each technological advancement, the day-to-day opportunities to practice delaying gratification become fewer and fewer.

Be a decent human being