Rich people give money management 3 spells to their children
Money management tips: India is a developing country. Most of the population here is still associated with agriculture. On the other hand, if we look other than this, there is a class that has infinite wealth. There is happiness, there is comfort, and everything that is needed is available. If we look at the Oxfam report, we find that 10 percent of India’s population owns 77 percent of the wealth. The remaining 90 percent of the population is forced to live on only 23 percent of the property. After all, why would even the children of these 10 percent rich families grow up to be rich? Why become a good entrepreneur and a good investor?
Rich people have been teaching their children
Keep in mind that we do not mean that the remaining 90% of the population does not become rich! These people also get rich but their number is much less. Rich people have been teaching their children money management since childhood. So that they can learn how to make money, save and invest in the right place from an early age.
Usually, middle-income parents, who have little to no good income, give their children their pocket money. If they provide basic training besides pocket money, it will be very good for their child’s future.
These three tips determine what your child’s future will be like
- When your child is between 5 to 8 years old then by giving him pocket money also tell him what he saves and you can easily buy what you need by saving pocket money. With this, he will be able to learn more about saving at first.
- Tell him about his earnings when he is over 8 years old. Give him a small task, after that’s done, and gift him chocolates and something of his choice as a reward. The little task means that if you memorize a poem for the day, get up at five in the morning for a week or sit down to read every night at seven in the evening, we’ll take you to dinner, show Movie, etc.
- The third and most important piece of advice is that when your child is over 12 years old and becomes wiser, explain to him how to invest in addition to saving profits. Here investing means that when you give him a gift or money when completing a task, encourage him to invest it. What are the types of investments as he gets older? What type of investment has the most benefits? Keep in mind that talking about our investment does not mean that you should make him invest, but that you should train him in investing and know where you can get the detailed information.
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