My colleagues Joyce and Isaac conducted a session open to our Providend client’s children. The talk was titled Young Adulting: Understanding the Fundamentals of Personal Budgeting, Insurance and Investments, and they managed to squeeze a set of primers into a short 1-hour session.
Sometimes, I wonder where our clients’ kids will find the motivation to learn money management. We should not discount that some of their parents tried their best to stress the importance of managing money well. All that is left is to help them answer: So, how do you manage your money well so that you don’t fxxk it up?
The old man in me feels like the kid who understands the WHY better than the kid who goes through the motions because mom and dad told him or her to gain the most excellent mileage in managing their wealth in the future.
For example, the first thing that they share is to save up for 3 to 6 months of emergency fund for these young adults (and for you older adults as well!).
But why?
I have to answer enough weird questions from friends who don’t dare to use their emergency fund especially when it looks like they most needed it. Why did this happen? They were told to have that emergency fund but seems like no fxxking one told them what exactly are the emergency that they need to activate it.
I get a fair bit of questions coming along this line.
But it takes tremendous skill to connect with a less motivated kid and make them see the WHY and get his or her shit together.
I feel that some lessons can only be learned the hard way.
Staying on this topic