Wednesday, August 27, 2008

Money Tree Singapore - Financial Education Importance

Money Tree Singapore - a financial education program that's taking root in Singapore scene, and making an impact to many kids (9 to 22 years old).

Some parents asked if their kids (usually age 12 yrs & below) are too young to learn about Money.

Here are some questions you might want to ask yourself & your kids :-

1) What is your Money Habits? What's your child's
Money Habits?
-- (E.g. Are you the type who worried that money is not enough and you are ever watchful of your spending? or You are able to make the money that you will spend,
and usually don't think too much about what you spend - as long as it is not above a certain amount (limit)?)

2) Does your child has the habit of putting aside money before spending?
-- Or he/she will only save if there are leftovers from their pocket money?

3) Does your child bother about how much price differences between different places of the common items they usually buy - Like the cost of a packet of Potato Chips, Drinks, Sweets, stationary, etc..... if they are purchasing it at the School Canteen or Bookshops, Departmental Stores, Convenient stores (7-Eleven or Cheers), shops at their housing estates, restaurants, etc.

Or when they want it, they just "insists" you buy for them or they'll pay for it themselves?

4) Do you show your child your credit cards bills, utility bills, phone bills, and other bills every month?

5) Do you talk to your child about Money?

If the answers to most of the answers are NO, then it's time that you may want to know more about the reasons behind the above questions raised.

My 8yr old daughter, Michelle, saves up
and brought her money to church to donate every week. She asked regularly when she's going for the next MoneyTree Workshops.

She learned about Demand & Supply during the MoneyTree Workshop, and asked when do other people learned about these concepts.

For the older kids (especially the teens), ask them the following questions :-

1) Do they understand what are Assets & Liabilities?
-- Are they able to give examples?

2) Do they know what's the different ways that wealth can be generated?

3) Are they too young to have a good business idea?
If they do have, how would they go about to develop it further and to test out if there's a real need for them for their Products or Services?

4) Do they know the differences between the different investment tools, ie Stocks & Shares, Forex, Options and Mutual funds?

5) Do they know the difference between Unit Trusts & Mutual Funds?

6) What's the thing they got more than other working adults, especially those above their 40s?

7) Define Financial Freedom and Passive Income?

If your kids don't know most of these, it's important that you should consider to let them get started with a Financial Education or Financial Literacy lessons.

Don't leave it to chance for your kids, request for a Test Kit for your child, to test them on Financial Literacy.

Send an email request to me, and I'll rush you this TEST KIT, and also a Recommended Book List for Parents on how to you can get your Kids started on their road in Financial Literacy.

Give them a Head Start .....

Email the following information to :

Subject : MoneyTree Singapore - TEST KIT
Your Name, Contact & Email Address.
Number of Children :
>>>>> For Each Child : their Name, Sex & Age

Martin Lee
MoneyTree Singapore

1 comment:

eyeDeaList said...

You did mention that 12 is too young to know about money so is my 9 years old son illegible to apply? Holiday Programs for Kids in Singapore. I think it's great to make them aware of the pros and cons of money and everything related to it in the early age.