Are you raising financially smart kids? Here are some tips for moms from financial experts.

Are you raising financially smart kids? Here are some tips for moms from financial experts.

Last October 22, my daughter and I attended Smart Parenting’s Money Strategies for Smart Moms, a seminar on how to better handle your finances and pass on the money smarts to your children. Aside from securing the minis’ future by saving up and investing for them, my husband and I are also working on raising financially smart kids – so this seminar by Smart Parenting was very helpful!

“The minute you become a parent, you’ve got to upgrade your money management skills, so to speak – and that isn’t always easy,” said Leah Nemil-San Jose, Smart Parenting’s editor in chief. “Hopefully, the moms found the lineup of topics from our financial experts invaluable.”

Leading the speaker lineup during Money Strategies for Smart Moms is Aya Laraya, an investment advocate with over 25 years of experience in different financial industries and a TV show host of Pesos and Sense. I love that he shared finance mistakes and tips that are relatable for Filipinos. I found myself nodding the whole time he was talking because everything he shared are so true for me.

What struck me the most is what he said about the attitude of Filipinos when it comes to finances. When Filipinos notice a person becoming financially stable, what do they immediately assume? That the wealth was ill-gotten and that they have every right to borrow ask for your money. And when you don’t give in? They say you’re selfish and arrogant. Somehow, for Filipinos, being wealthy is a bad thing – even if we all secretly want to be wealthy.

Mr. Aya Laraya said that this is the case because of the society we grew up in. If you notice in our teleseryes, the main character is a poor and lowly person while the oppressor is a filthy rich person or a person in power. I guess this is also the case because of our country’s history of corruption, which has led Filipinos to generalize that the rich and powerful are bad people.

To put an end to this idea of wealth, we need to start raising children who don’t see wealth as a bad thing, but rather something that they can use to not only provide for themselves, but also to help others. I’m grateful because the school I grew up in taught us this – that we can use what we have to be of service to others. Imagine acquiring enough wealth to build schools, or even sponsor one student?

So, the question now is, how do you raise financially smart kids? To tackle this topic, Smart Parenting tapped Rose Fres Fausto, an investment banker turned full-time homemaker, author, and newspaper columnist. She is known for her talks on purposeful parenting and financial literacy. She coined the term “Financial Intelligence Quotient” or FQ, which she talks about at FQmom.com.

During her segment at Money Strategies for Money Smart Moms, she shared with us some tips on how she raised her three financially smart boys. One that struck me is “cutting your child’s financial umbilical cord” after college graduation. While we want to keep our children close to us, we also need to let them spread their wings and navigate adulthood on their own. To encourage this, it just makes sense to cut financial support as soon as the child finishes school.

To end her talk, Mrs. Rose Fres Fausto also shared with us The Retelling of the Story of the Richest Man in Babylon where we learned about the three basic laws of money.

The three basic laws of money:

  1. Pay yourself first.
  2. Get only into a business you understand. Seek advice only from competent people.
  3. Make your gold work for you. Make an army of golden slaves before you buy luxury.

Arjay and I learned the second law the hard way (haha), but that’s all in the past and we’ve moved forward. As they say, if you want to prosper, you have to let go of negative vibes and let God do magic on your life. We are now focusing on the business we understand, truly love, and enjoy working on, EKR Business Solutions.

To cap off Money Strategies for Smart Moms, Celine Choa, Lancaster New City brand manager, discussed home financing tips. We already bought our own home, but for those who haven’t invested on a house, here are some valuable tips for you:

  1. Ask yourself, “Do you plan to stay in the house for the next five years?” Before purchasing a home, think long-term. If you’re planning to migrate or move to a different town anyway, then it’s not wise to purchase a home.
  2. Think about the location of the house you’re planning to buy. What is the proximity of your house to your child’s school? Is your work place near enough?
  3. Check the neighborhood. Is it safe? Is it family-friendly?
  4. Ask yourself, “Am I financially ready?” The financial side of purchasing a house doesn’t end with your downpayment. You have to think about your monthly mortgage, your bills, and any incidental costs that may pop up somewhere.

Honestly, this talk was a bit bitin. There is really still so much to learn about personal finance that half a day is not enough. If you want to learn more about raising financially smart kids or need other vital parenting information, visit www.smartparenting.com.ph or follow Smart Parenting on Facebook, Instagram, and Twitter.

 

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About Admin

Kimberley Reyes is a fire wife and mom. She provides virtual support for women entrepreneurs and bloggers and writes about finding the right balance between homemaking and working in freedom.

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4 Comments

  1. This is very timely as I am planning ot put up a business and to open junior savers account for my kid. Young as he is he needs to be financially smart and it’s my responsibility to raise him as such …having said that i need to be financially smarter! I’m scheduled to attend a seminar like this – don’t know if you’ve heard fmda… thanks for the pointers kim!

    1. Go, go, go Kang! We’ve been working on the kids’ FQ since they were much younger and we’re happy to say that they’re really wise when it comes to money matters already. We can sense that these two will surpass our financial efforts. Haha!

  2. Earning money by working from home for a mom is as good as saving them. What smart moms do is that they also raise their children to be financially smart. It’s a very informative post for working moms with tips to raise financially smart children.

    1. Thank you for dropping by, Mahesh. :)

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