Archive for June 27, 2011

When should you start talking about money to your kids?

Financial Literacy for ChildrenPublication: The Economic Times Mumbai; Date: Jun 27, 2011;Section: ET Wealth Page: 34

“Teaching kids to count is fine but teaching them what counts is best.” —Bob Talbert, American columnist

This quote lies at the core of the philosophy behind teaching fiscal responsibility to children. Parents and teachers focus on math and other artistic skills, with kids as young as four years old being enrolled in esoteric classes to get a head start in life. But amid all these classes, we forget to impart an important life skill—financial literacy. How many of us realise that when our kids enter the real world, the first thing they confront is money? As a wealth adviser, I have seen that when it comes to money, smart people commit blunders, whether it is in dealing with banks, taking loans or making investments. » Read more..