Yes, financial literacy and financial planning should begin at home. Parents should teach their children not only to save and be thrift but also to be financially independent and prepare for life's eventualities.
Lets take the story of Mary Rose Fausto, a former investment banker and now a Personal Finance Guru. Mary Rose Fausto started training her three sons to develop financial skills at an early age. In fact her sons were already making balance sheets for their allowance while still in grade school. Being a "mommy-ger" she taught her sons that balance sheet though a very simple tool, does wonders.
She told her sons that “the balance sheet is just your assets minus liabilities equal to your total net asset value,”. He said that by raising his children with good financial values, she is actually arming them with economic self-defense against the harsh realities and uncertainties in life.
She also taught her sons that money and values are not mutually exclusive. That financial goals should be aligned with core values. By instilling them good money values, she's confident that his sons will never be hungry ever.
Today her sons are all financially independent and they are investing their own money wisely.
So if you did not learn financial planning at home, it is important to take the first step towards learning financial literacy now. And as you start learning, teach your children as well. Because like an investment, the basic foundations of financial knowledge can grow exponentially over time. Soon they will become financially smart and they will learn to place their money in smart investments and you will be confident that no matter what, they will never be hungry ever.
At the end of the day this will give you and them peace of mind and the satisfaction that comes with financial security.
Note:
You can read Mary Rose Fausto's story written and published by Shadz Loresco at rappler entitle: "Motherhood and money: Rose Fausto on raising high-FQ kids"
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