Leaving a Legacy – Should it be our Goal?
As parents, should we focus on creating a legacy for our children (or) should we focus on building the values, skill sets, talents including managing their own finances? I feel it should be the later. Because if they are skilled, talented and have money skills, they can build their own legacy and be the custodian of the existing legacy. On the contrary, if we leave them a legacy and they don’t know how to manage personal finances, they will deplete the capital in no time.
If you look at school curriculum it covers almost everything from World War to Computer Programming but unfortunately they forget to teach a very important & useful topic – Money & Personal Finance.
It’s a myth that kids can’t understand personal finance. When kids can solve complicated maths problems, Personal finance is relatively a very simple topic. Most lessons which kids gather about money is through society and are generally wrong. It’s important for kids to understand the value and principles of money at a younger age before their minds gets hijacked by wrong principles of money and investing.
For some parents its difficult to talk to kids about money, so it makes sense if they are taught the principles of personal finance in a classroom environment with children their age.
Kids these days are playing a big role in spending. Right from deciding which mobile to buy or car to buy for the family to planning the next vacation. Besides spending, we want the kids to also take part in saving and investment decisions.
Kids get bored if they are preached. They like stories and engagement. Keeping this in mind the program is game based with teams, challenges, videos and discussions. 1.5 to 2 hrs is an optimum time to keep any audience engaged and we have designed a webex program, keeping that in mind.
In “The Jungle Trail – Life is a Jungle”, kids have to manage water (substitute of money) and principles of money are discussed.
The program is designed to cover the principle of Planning, Saving & Investing.
Don’t be surprised if your child comes to you asking – “Dad, I hope you have an adequate Insurance?” or “Mom, I hope you have a SIP for my higher education?” or “Why do you watch CNBC so much when the investment is for long term?”.
Money is ONE of the biggest source of stress for most individuals. Through this program we want the seeds of Right Investment Principles to be sowed at the right age.
Warren Buffet started investing at the age of 11 and if you want our children to create wealth and manage money in a logical way it’s important to teach the principles at the right age.
Happy that DSP Mutual Fund and R CUBE Prosperity are planning to do a program this Sunday for children aged 10 to 17 years, between 11 AM and 1 PM. R CUBE Prosperity focusses on Generating Real Rate of Return, after taking into account both Inflation and Taxes.
We are also planning to repeat the program again around 7 PM IST during July 2020, so that children from US, UK, Europe, UAE can participate.
Registration (Must): https://bit.ly/rcubejungle (https://docs.google.com/forms/d/e/1FAIpQLSdWdVFTGfALnVBUgDlAq0sQJ5lGkxLseB0iD9T2ywHbhSEjKA/viewform)
For any further questions, you can send a WhatsApp to +91 98416 71678 (or) email r3prosperity@gmail.com.
This was posted in LinkedIn on 25th June 2020 – https://www.linkedin.com/pulse/leaving-legacy-should-our-goal-av-senthil-phd
