Thursday, March 5, 2009

Recession and Kids

“Rich dad Poor dad” the phenomenal book by Robert Kiyosaki has left many impressions on my mind. Among the many lessons, one that struck me most was that kids need to be groomed early in life about money in the real sense. All parents wish their children to do well and grow financially independent. However, with the changing economic scenario and the increasing uncertainties in the world today, the parents need to worry about their own financial security and to ensure for the provision of basic education and training to the kids. And as we talk about the basic education, the kids need to be educated on money matters rather early today. They are exposed to the comforts of money at a very early age. Unfortunately they have conceived money to be a very easily available commodity. We parents are to be blamed to a large extent. However, it is more important to work on how to sensitize them to the changing economic scenario, the current recession and the impending depression? They have not learned to think before asking and it is painful for a parent to refuse anything to the apple of their eyes. How does one strike a balance? We have to gear up for lot more than the eyes can see and none knows for how long. Unless the entire family is in sync it would be difficult to tide through this. Our kids are important part of our family budget and unless they gain at least some understanding of what has hit the world today, it may go on to become a daily source of discontent in the family.
I propose mass training for kids above 10 yrs at educational institutes and on open forums in a friendly and fun way method, to increase their acceptability and sensitivity of the constrained economy today. Such mass approach would decrease their antipathy towards the parents and perhaps open them towards active financial planning with the parents.

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