delayed gratification
Having a university degree provides no guarantee that you will be wealthy or successful. Some of the world’s wealthiest people dropped out of university to start their own businesses.
Present bias may convince us to pay more for a product in return for same-day delivery, for instance, or choosing a motor plan with a large balloon payment because the monthly instalments are lower.
Until your child has traded a day of his or her life for a pay cheque it’s unlikely they’ll fully appreciate the value of money. Whether in the form of a holiday waiting job, babysitting, tutoring, coaching or pet-sitting, the
As much as we try to encourage our children to make smart money decisions, it’s important that we allow our kids to feel in control of their financial decisions. While they are relatively young and the damage can be limited
Crafting a sold financial plan involves undertaking careful scenario planning and then putting mechanisms in place to protect yourself from possible detours. Life’s ‘detours’ include events such as retrenchment or job loss, divorce, terminal illness, significant loss or damage to
Teaching children the magic of compound interest can be fun and memorable, and requires shifting the child’s focus from short-term to long-term goals.
According to a recent World Bank study, poor people are more likely to make bad financial decisions because they are compromised by what is referred to as ‘financial fatigue’. Their constant, day-to-day financial struggles impact on their psychological resources and
According to Beth Kobliner, author of the award-winning book ‘Get a Financial Life’, children as young as 3 years old can grasp basic financial concepts such as saving and spending. And a report by Cambridge University revealed that children’s money
Our children should know that successful people aren’t gifted. They work hard and then succeed on purpose. More than qualifications, there is no doubt that hard work, tenacity and resourcefulness are greater indicators of future success. Here are some things
