HOW IS OUR UPBRINGING RELATED TO MONEY?

 Did we know that we obtain a lot of our money habits from our family interactions? It may be a casual talk but it is serious. If in our families the issues of money were not talked about during our childhood we may find it tough to handle finances in our adulthood. If a child is beaten to death for stealing 200/= then when they grow up what do you expect them to be? I once saw an Indian bring their son to the bank to deposit money. This parent was mentoring their son about money issues from a young age. However I have met school going children who have been defrauded of their school fees near their banking halls. If a child heard statements like "life is very tough, money is a curse" from their parents such words many curtail their efforts while growing up. 

The key issue here for parents is to make an intentional effort to mentor their children about money at a young age. This helps them to develop a healthy view about wealth creation and money management. Iam happy to note that there are very many parents who are teaching their children about money so that by the time they are old enough they are confident about handling finances. It is not news to us that we have witnessed situations where if a certain tycoon dies the children sell off property . What leads to such situations? It could be that efforts were not made to discuss about money among the siblings. The other issue is that it seems that financial management is a personal issue in our society. People prefer to discuss other social issues such as relationships and football rather than money. This explains why matters relating finances become rather emotional when discussed about. But should this be the case?

HOW TO ENHANCE FINANCIAL KNOWLEDGE 

1.Invest in personal development

2.Children should be taught to work and earn at a young age

3.Children should be taught to live within their means

4. Children should be exposed to banks at a young age

5. Money should be discussed in families

6.Even when children make mistakes regarding money parents should ask them which lessons they learnt.

Our social conditioning matters when it comes to financial matters. We have seen people who are confident about their money issues even at a young age. However we have also witnessed adults who struggle in handling financial matters. 

Phillip Kiryowa

Personal Finance Coach

Advanced Empowerment Link

+256752615916

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