Japanese-American businessman Robert Kiyosaki, author of 'Rich Dad, Poor Dad' said: "If you cannot teach your children about money, someone else will replace you later, such as creditors, police and even scammers. If you let these people educate your children about finance, I'm afraid you and your children will pay a higher price."
However, most Eastern parents often raise their children with the view that young children only need to worry about studying, money is the responsibility of adults. Therefore, they rarely teach their children how to make money. While money is a major means of life. Then when the children grow up, parents expect and pressure their children to become successful early, earn a lot of money to take care of life and show filial piety to their parents.
Jews have always believed that parents should teach their children how to make money from "an early age".
According to the Jews, the principle of "what you do, what you get" will train children's survival skills, especially asset management skills. They have never considered earning money as a need that must wait until a certain age to start cultivating. Similar to the concept of "teaching children from a young age", they always believe that "managing assets from a young age" is the best educational method.
Jews often teach their children financial thinking and how to make money from a young age. Illustrative photo
Children are taught about money from the age of 3.
In fact, Jews not only leave behind material wealth, but also pass on the qualities and skills to create wealth to their children, which are more valuable than money. And that value does not come from inheritance but from the educational method, specifically the skills of asset management that Jews grasp and apply from a young age.
Mark is 3 years old this year, his parents are both Jewish, currently his whole family lives in America. One day, when he was playing with a rock, his father stood next to him and asked: "Mark, is that rock interesting?".
"Oh, that's great, Dad," Mark replied.
"Mark, I have some coins, I think playing with coins is better than those rocks, do you want to try?" Dad smiled at Mark.
"Okay, okay, but is playing with coins really fun, Dad?" Mark looked up and asked.
"Of course, look, here is a penny, here is a dime, here is a quarter. You can use it to buy the toys you like. For example, if you like a toy truck, you can use two quarters to buy it." Dad patiently explained.
"Oh, that sounds good. But I still can't tell the difference between the denominations, can you tell me again?", Mark politely asked his father.
"Of course, Mark, look, here's a penny, here's a dime, here's a nickel - the biggest one," Dad replied, handing each coin to Mark.
Mark received the coin, carefully observed it for a long time, then happily exclaimed: "Wow, the 50 cent coin is so big, now I know it. But I still can't tell the difference between a 1 cent and a 10 cent coin."
Dad patted Mark's head and praised him: "My Mark is so good, he can distinguish 50 cent coins in such a short time. I think you will be able to distinguish 1 cent and 10 cent coins soon too."
In addition to understanding the value of money, Jews also teach that knowledge to their children, so that the next generation understands its value. Today, in Israel, financial education for children is a shared responsibility of the family, school and society. Below are some financial management skills goals that Jewish parents require of their children:
3 years old: Distinguish between paper money and metal money, recognize denominations.
4 years old: Knows that it is impossible to buy all the items, so choices need to be made.
5 years old: Understand that money is a reward for labor, so it must be spent wisely.
6 years old: Can count large amounts of money, start learning to save money, cultivate a sense of asset management.
7 years old: Compare the amount of money you have with the prices of goods, confirm whether you can afford to buy the goods or not.
8 years old: Knows how to open a bank account, thinks of ways to earn pocket money.
9 years old: Plan spending, know how to bargain with stores, know how to make transactions.
10 years old: Knows how to save money in daily life to use for bigger expenses like buying ice skates and skateboards.
Age 11: Learn to recognize advertising and have an idea of discounts and deals.
12 years old: Knows the value of money, knows money is not easy to earn, has the concept of saving.
From 12 years old and up: Can fully participate in asset management activities with adults in society.
Teach children the value and uses of money
When their children enter their final year of primary school, Jewish parents will open an independent bank account for them, depositing a sum of money into it, an amount that can be considered as a monthly salary that the parents pay to the child. They are eager to open an account for their children not so that they can spend money freely, nor because they are too indulgent or avoid having to give them money at a time, but the bigger goal is to manage assets.
Whenever children use money inappropriately, parents will not easily forgive them. They explain to children that if they want to have something more valuable in the future, they must only buy a few less expensive things at this time. Only then can children know the serious consequences of overspending and take responsibility for their spending.
In Jewish families, most 10-year-old children understand the importance of saving money. At the same time, parents also encourage children to save a portion of their income to buy things they like. When children save a certain amount of money, parents also guide them to use that money to invest and introduce safe investment methods to children.
In addition, when Jewish parents go shopping, they often let their children compare the prices of different products to cultivate their spending ability. In addition, we all know that Jewish people attach great importance to reading. Parents not only let their children read orthodox economic books, but also buy them a lot of advertising materials, helping them understand the secret behind the advertisement and avoid wasteful spending.
5 stages of Jewish wealth management education
Phase 1: Money Awareness
When they are still learning to talk, Jewish parents will teach their children to distinguish between coins and paper money, understand that money can buy anything they want, and where money comes from. After the concept and initial interest in money, they delve into asset management using money to exchange for things.
Phase 2: Money handling skills
They set rules for their children when spending money, forcing them to take responsibility for their unreasonable spending. This helps children learn to live within their means from an early age, consider upcoming expenses, and plan long-term spending.
Phase 3: Money Making Skills
Besides promoting thrift, Jews also teach their children that increasing income is equally important. They teach their children to understand the rules of earning money, capital turnover, and simple principles of reward and remuneration through practical examples in work.
Phase 4: Asset Management Knowledge
After teaching children how to spend wisely and earn money effectively, parents can teach them basic knowledge of asset management and guide them in making some small investments.
Phase 5: Asset Management Axioms
The Jews do not aim to teach their children asset management skills with the aim of turning them into money-making machines or guardians of wealth. On the contrary, they consider asset management education as a way to teach ethics or character. The purpose is to help children understand work ethics, know how to invest and manage assets, not simply to impart knowledge and practice survival skills, but the deeper meaning is to help children equip themselves with the necessary knowledge and correct values of life.
Source: https://giadinh.suckhoedoisong.vn/cach-cha-me-do-thai-day-con-ve-tu-duy-tai-chinh-va-ky-nang-kiem-tien-tu-3-tuoi-172240928205441406.htm
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