6.5 Must-Read Articles to Raise Financially-Savvy Kids
Thanks for coming over! Right off the bat, you may be wondering
why 6.5 must-read articles, right? I’ll get into that a little bit later so
hang on tight.
First! my little one wants to welcome you to the blog
I’m a first-time father to that cute little baby girl, Astrid.
As of this writing, she’s approaching her first month. And being
an advocate of investing early & often, I’ve already opened her
a stock broker account… a week ago!
I want compounding to work for her VERY EARLY & give
her the best possible opportunities in the future. But there is only
so much money can do. The real gift that we can give them is
to teach them the knowledge & discipline in handling money
ON THEIR OWN.
So I searched for helpful materials on how to manage money
for new parents, mistakes to avoid & creating smart money-habits
for children. To save you a bit of time (& learn a ton) in the process,
I’ve compiled the best ones I’ve seen so far below.
1.) 3 dads, 7 financial lessons (by Rappler)
Description: This article goes throught the evolving financial conditions & challenges that 3 generations of dads – Baby boomer, Gen X & Gen Y. A very interesting & revealing angle
Favorite tip: If you cannot pay it on cash, do not buy it. Instant gratification equals instant headache,
Description: How to teach kids about money
Favorite tip: Significance of priorities. I remember when my kids were younger, my girls used to compare themselves with cousins and friends asking, “Bakit si ganoon ganito, ganyan”. They had to understand that we had our own priorities, and these priorities were roof over our heads, food on the table, clothing on our backs, and for us to be able to send our children school.
Description: Tactical steps to protect & grow your finances for new dads. American-based but the principles are applicable universally
Favorite Tip: Life insurance. Depending on your family’s size and ages, you’ll probably want coverage worth at least five to 10 times your annual pay; more, if you want to cover college costs. And don’t forget to insure your spouse so you’ll be protected as well.
4.) David and Miguel Leechiu: It’s never too early to invest in stocks (by COL Financial via Rappler)
Description: This is an interesting article. It’s a view of how the affluent teach the younger generation about building wealth & taking responsibility about their own future. This is a sponsored article at Rappler but it’s definitely a well-written one.
Favorite Tip: “He’s showing us that it’s not easy to get money. That we have to go to work for it,” Miguel answers. “My friends are like, ‘Oh, I’ll get my money on this day.’ It’s that easy. They just wait.”
Description: How to develop positive financial habits in your kids
Favorite Tip: Help your kids form good savings habits by taking 50% of money gifts from your child after they receive the gift. Then put this 50% in a savings account for your kids. What the kids do with their 50% is up to them.
Description: A must-read for new parents to avoid subtle (but critical) mistakes that you may pay for LOOONG into the future.
Favorite Tip: Thinking Spending Equals Love I think it could be argued you love them more by using teachable moments to show them how to respect money and use it as the tool it is, not to mindlessly spend it.
So where is the 0.5 article?
Glad you asked, well, learning is a non-stop process. Reading
articles is a good start but we must have continuity both with our
peers & with our children. So 0.5 article is my bonus section of resources
for you to take financial education to another level.
These children friendly books will not only help make your children
smarter about money but it’ll also be a good bonding experience with
The Retelling of the Richest Man in Babylon by Rose Fausto
This is a story and activity book for kids from 1 to 92. It is my take on the George Samuel Clason classic The Richest Man in Babylon narrated in easy to understand language. It also encourages conversation between parent and child on that important, yet oftentimes neglected, life lesson of healthy money management.
The Adventures of Pepot Kuripot & Dora Gastadora by Burn Gutierrez & Des Feliciano
A fresh new twist to financial literacy. Taking out love of komiks & injecting
it with our need for smart (& entertaining) money lessons
Truly Rich Club
A stock investing membership club headed by Bro Bo Sanchez that aims to guide new Filipino investors step-by-step towards creating wealth in the stock market.
The Global Filipino Investors
A financial-literacy advocacy group headed by Floi Wycoco aimed to empower Filipinos to change their lives by increasing their knowledge of money & taking an “ako ang bahala” approach. One of the most active & intelligent Facebook groups out there.
Stock Market Success with Truly Rich Club by Allan Ngo
This is a free online-based training I give to show beginners (with ZERO knowledge) how to invest in the stock market using the guidance of the Truly Rich Club (I’m a paying member too).
There you go! All 6.5 articles for you. I hope you put this in good use.
Please do share it to your friends & family.
Did I miss something?
Do you have a financial tip for new parents? Post them in the comments