FINANCIAL LITERACY FOR KIDS
TEACH YOUR KIDS:
THERE ARE ONLY THREE THINGS THEY CAN DO WITH MONEY.
THEY CAN SPEND IT
THEY CAN SAVE IT
THEY CAN GIVE IT AWAY
BUDGETING:
TEACH YOUR KIDS, IF THEY CAN ADD AND SUBTRACT, THEN THEY CAN MAKE A SUCCESSFUL BUDGET.
GIVE YOUR CHILD WEEKLY POCKET MONEY. THEN ASK THEM TO WRITE DOWN ALL THE THINGS THEY HAVE SPENT IT ON.
50-30-20 RULE:
TEACH YOUR KIDS THIS RULE AS SOON AS POSSIBLE SO THAT THEY CAN CONTROL THEIR FINANCES IN LATER STAGES.
50% NEEDS
30% WANTS
20% SAVINGS AND INVESTMENTS
BASIC BANKING:
TEACH YOUR CHILD THE BASICS OF BANKING SERVICES LIKE A SAVINGS ACCOUNT, CURRENT ACCOUNT, FIXED DEPOSITS, RECURRING DEPOSITS, ETC.
POWER OF COMPOUNDING:
THEY DON’T NEED TO BE ROCKET SCIENTIST TO UNDERSTAND THIS. COMPOUND INTEREST IS THE EIGHTH WONDER OF THE WORLD. HE WHO UNDERSTANDS IT, EARNS IT; HE WHO DOESN’T PAYS IT.
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