Financial freedom: Your children will become what you are.

I was out and about when I overheard a conversation a father was having with his young son whom I thought must be 9 or 10 years old.

Son: Daddy, can we go to USA for holiday? My best friend says his family is going to USA next month for holiday.

Father: Go to USA? Will be very expensive.

Son: Mommy says maybe next year we can go.

Father: See whether daddy gets a good bonus or not this year. OK?

Son: Cool! I pray tonight and ask God for help.






AK thought to himself: 

"I will pray for you tonight too."

Of course, it is no business of mine what the father decides to do but if I were in his shoes, I know what I would have said to his son. 

I am sure you know what I would have said too.





I strongly feel that delaying gratification is something we should teach the young even if we are very rich and money is not an issue.

Something I said to my niece before was how she could be getting free money as a young working adult because of her investments in stocks made in the last few years. 

Basically, by the time she is in her early or mid 20s, she would have recovered her capital invested. 





The annual dividends that she could continue to receive then would basically be free money.

I fear that many people are trapped, running like hamsters in their wheels. 

They are not able to make progress in their financial well-being as they are stuck in a culture of consumption and instant gratification. 





What makes the wheel scarier is that people accept it as an integral part of life and, therefore, their young will also have wheels of their own in future. 

It is a depressing thought.

"Your children will become what you are; so be what you want them to be," David Bly.

Related posts:
1. Financial freedom is a family affair.
2. At what age to start investing in stocks?
3. They were just showing off their wealth.

Read:
More needs to be done to provide Singaporeans with investor education: Lawrence Wong.

Know the answer to this question and life will be better.

1. Before we have a pet, we must have the correct mentality to have one. 

How often have we heard of pets being abandoned or neglected? I

f we are not prepared to be responsible pet owners, don't have pets.

"I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals," Winston Churchill.

2. Before we have a car, we must have the correct mentality to have one. 

It irks me when people tell me that they do not send their cars for regular servicing until they develop serious problems. 

Their cars could break down on the roads and this not only causes problems for these owners but also for other road users. 

It is not just about being responsible for our cars but also being responsible to other road users.

"The best car safety device is a rear view mirror with a cop in it," Dudley Moore.

3. Before we get married, we must have the correct mentality to be a good husband or wife and to be a good father or mother (if we plan to have children). 

We must also have the correct mentality to be a good son or daughter in law (if our spouse is not an orphan). 

Marriage brings with it a great deal of responsibility.

"When a man opens a car door for his wife, it's either a new car or a new wife," Prince Philip.

4. Before we become an investor, we must be sure that we have an emergency fund put aside and we must make sure that we are not investing with money that we cannot afford to lose. 

Again, it is about doing the responsible thing.

"In this day and age, it is really stupid to be stupid about financial matters," Maria Shriver.





Therefore, an important question to ask before doing anything is:

"Am I ready?"


Related posts:
1. The very first step to becoming richer.
2. Vandals and cyclists.
3. Returning our trays and financial security.