Why Money Lessons are important for your kid in changing markets.
Money lesson for your kid aged 11:
Keep pointing out advertisements of different brands to your kid. Explain how they try to manipulate consumer’s emotions by making their products look cool through paid advertisements.
Money lesson for your kid aged 12:
While shopping, point out a cheaply-made product & a higher quality alternative, explain the difference (the feel of fabric, brand etc.) and how to choose between the two. If you buy eco-friendly product, explain why you’re willing to spend more on it. She should learn smart purchases rather than just the cheapest.
Money lesson for your kid aged 13:
Get in the habit of clarifying financial concepts. Tell your kid, ‘I invest in Mutual funds, Bonds, Stock Market etc to make money grow’. Show the ups & downs of Nifty (just call it ‘the market’) and explain why people invest in it.
Money lesson for your kid aged 14:
Make your teen work for extra allowance, e.g. chopping vegetables etc. Let her feel the power & freedom of making & spending money. E.g. if she wants a Rs 1200 jacket, explain that she’d have to babysit for 12 hours at Rs 100 per hour to afford it. Convey that she has to work in order to get what she wants.