Did you know that one of the most prominent causes for depression is thinking about the future in terms of how you will afford to live and how to save up for retirement funds? Moreover, people do try to save up for their future, but they fail at it because they weren’t taught or trained early how to plan ahead financially.
SO how do you prepare your kids for the future with a businessman’s mentality?
1- Start as early as your kids could get the concepts “saving up” and “the future”. This means you could start this with your kids when they are four or five, but it may be before or after these ages for many others. Instead of just buying whatever it is they want to buy, suggest they save up their allowance until they buy what they desire by the end of the week.
2- Try to enhance your kids’ love for delayed gratification. Why? Because it is one of the skills you need most to be a good businessman. This will teach your kids that they could save money by preparing their lunches at home, instead of spending their lunch money on food.
3- Tell your kids some things about the ins and outs of the market. Kids usually want the newest toys advertised on TV. These toys could be pricy, or at least too pricy for what they are worth anyway. Tell your kids that these things are usually very expensive when they are first released into the market, and then their prices drop with time. And when they do, your kids can buy them along with many other things.
4- Involve them in your budget planning sessions. This makes budgeting and planning for the future closer to reality for your kids. They might even cut you some slack when they think about what they want to buy or have.