If you have answered in the negative for all the above questions, be warned, your child is in for trouble. And so are you. He or she may just fritter away all the wealth that you have earned. However, don t scrounge where spending on education is concerned. Studies have shown that parents spending significant amounts on their children s education are the most successful in making their children financially independent.
Children are little human beings with an open mind.
They are ready to learn, absorb and grasp new things. They don t have preconceived notions about anything. Instilling habits such as living within one s means, saving for a rainy day and budgeting are not difficult. Don t underestimate the child and assume that he or she will be unable to understand these things. Inc. PageWise makes no representations about the content published on this site.