Teach Children Personal Finance

Video Transcript

"This is financial advisor Patrick Munro discussing a very important term, teaching children about the importance of personal finance. It seems as the society evolves, the children in the society should pick up the mistakes of the elder generation before it. I think it's very important for individual to pass on nuggets of financial knowledge to their children because it's not being taught in today's educational system. Any conversation that you can have with your kids over the value of money, the value of savings, the avoidance of risk, the lowering of expenses, the delaying of immediate gratification can definitely have an impact on your child and in fact can ingrained that child to become responsible later in life. If you model those previously mentioned activities in front of your children, they will emerge themselves and become just like you. On the other hand, if you are conspicuous consumption person and involve in excess expense and of course do not handle your credit affairs in a responsible manner, there's a very good chance that you will have children just like you. So teaching children is a very important factor about financial affairs. This is Patrick Munro discussing the importance of teaching your children about financial matters."