How Parents should help Kids deal with inherited Wealth

Kids wealth Inheritance

If you are thinking a year ahead, plant a seed…If you are thinking a decade ahead, plant a tree…but if you are thinking a century ahead, educate the people.A famous adage in Hindi goes like this. Poot sapoot to kyun dhan sanchay? Poot kapoot to kyun dhan sanchay? Simply put, it means, if your offspring is good, what is the need of hoarding money for them, because they would be capable enough to earn and save for themselves. On the other hand, if the offspring is bad, even then what is the need of hoarding money, as whatever is saved by parents, making sacrifices, would anyway be squandered by them.

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Sowing the seeds of Entrepreneurship in Children at Early Age

Last week, I watched the movie “The Boss Baby”- a computer animated comedy film, in which the cute little baby is clad in a black suit, a tie and wears shining shoes – a corporate baby from Baby Corp. The movie, definitely hilarious, and the concept fairly new and unique, triggered off a few thoughts in me – kids are smart, kids of this generation are much smarter, so why limit their knowledge – why can not we as parents and adults try to enlarge their scope and broaden their perspective to challenging realms towards expansion of knowledge paving way for independence and power. Yes, these are the Gen Z kids, multifaceted and multitalented with wider vistas and enriching paths.

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Role of Pocket Money in Financial Learning

Talking of money reminds me of this famous song by ABBA:“I work all night, I work all day, to pay the bills I have to pay
Ain’t it sad And still there never seems to be a single penny left for meThat’s too bad Money, Money, Money, ain’t it funny? It’s a rich man’s world.”
Yes, money is important, as equally as money management is!Pocket Money, as the name suggests, is nothing but money for the pocket…the dictionary meaning – a small amount of money given to a child by the parents, typically on a regular basis, suitable for minor expenses.
There were days, when kids were given piggy/kiddy banks with a hole to drop in coins and save money.

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Parenting and Understanding Behavioral Learning

Children are a bundle of joy, not future investments. Every child is blessed with an innate faculty – an inborn instinct to behave in a particular way. The behavior patterns displayed are both inborn as well as learnt. There are many external factors that carve out a childs behavior and are great influencers in shaping a childs personality.What is parenting?That method of raising a child in terms of physical, emotional, social, financial, and intellectual development right from birth to adulthood, apart from the biological aspect, is called parenting.

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Shopping and Teen Trends

Who does not like shopping? Everyone does! A new addition to the wardrobe, a new pair of shoes, a new mobile – anything new is always welcome. People of almost every age group love to make purchases. How can teens be left behind? Let is have a look at the teen shopping sprees…Any young person between the age group thirteen to nineteen, is considered a teen. Teenage is that transitional age from childhood to adulthood. It is a time of disorientation and discovery, an age where teenagers crave for independence and self-identity.

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Raising Responsible Kids

Responsibility refers to the act of being accountable for one’s actions.Social responsibility refers to and obligation towards the society at large.Parents have the onus of raising not only responsible, but also socially responsible children.How to teach responsible behavior?Children learn responsibility with every act that they do – doing their homework, keeping their clothes, taking care of the little ones, etc., At a higher level, saying no to bad habits, or helping get grocery, paying bills and the like. Every little act / activity that improves them makes them responsible.Humble beginnings:Parents can give children small chores, and help them learn the art of meeting trivial responsibilities. Children can be taught responsibility starting from self-care. From small beginnings – regular practices like brushing, bathing, dressing up, doing the hair, aligning their

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