John Lockes 3 tips on the upbringing of financially independent children

Compared to general life expectancy standards, my grandfather died on his father's side at a young age. I was only four years old when cancer took him out in a few weeks, so I don't remember much of him.

Despite this limited time, he did one thing that was afterwards influenced in my life. He opened a savings account in my name and put something in to switch off. I would not say that he turned me to a saver alone, but his gift has certainly contributed to arguing for the advantages of practice in my early years.

But my experience is not the only thing that indicates that early introduction to money is more powerful than many recognize. Accordingly The guardianPresent A study recently published by Cambridge University showed that “money habits for adults are usually set up to the age of seven”. This is how the habits of families – whether in expenses or savings – probably continue to model or teach them to every generation, regardless of whether they are clever or not.

At the same time, Cambridge's study found that many parents train their children uncomfortably in terms of wise money management. In fact, “more than every fourth parent believes that children should take responsibility to understand money themselves.”

The philosopher John Locke could agree – but only to a certain extent.

During writing His treatise In the upbringing of children, Locke recommended that children take responsibility in financial matters, but only after they were properly trained. Therefore, Locke would probably recommend the parents to watch the following three steps if they teach their children financial management:

1. Teach them to the budget – According to Locke, it is a question of “reason as arithmetics” to know what money comes in and what money comes from. Children should learn to manage financial accounts regardless of the financial reputation of a family, Locke realizes that those who keep an eye on these affairs rarely “run to ruin”.

2. Do not require accuracy – For many children, it may seem an overwhelming task to keep precise records that could serve in the long run to dissuade them from wise habits instead of counteracting them. For this reason, Locke may ask careful management of funds and at the same time make the following qualifications:

“Not that I would let him play every pint wine or that costs him money. The general name of the expenses will serve well enough for such things … ”.

3. Let them make mistakes – As Locke recognizes, children want to use their money for many things that seem lightly or unnecessary in their parents' eyes. But as soon as children have been taught to successfully manage their money, Locke advises parents to criticize a child's money decisions and simply remember what it was like to be a child.

This admonition to undermine is the implication that responsibility is received with freedom. When parents have given their children the tools to make clever financial decisions, they also have to step back and resist the temptation to save them when they make arms.

The recent generations have tried to win in life Crippled debts. Would the parents of today help their children to avoid such pitfalls if they taught them early in life, with careful and healthy money to manage?

Annie Holmquist is the cultural and opinion editor for 1819 News. Your letter can be found The Epoch Times, American Essence Magazineand your substance, Annie's attic.

The publication of this cultural article was made possible by The Fred & Rheta Skelton Center for Cultural RenewalA project of 1819 news. To comment on this article, please send an e -mail [email protected].

The views and opinions expressed here are those of the author and do not necessarily reflect politics or position of 1819 messages.

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