Which strategy is better?

[reefsea]

Mind you, I can always come back to choice option 2 if I later observe that the child isn't capable of passing the test. Sometimes we should be objective to experiment both options towards our children if we can afford doing it.

I think it always starts with option 2. They have to learn that people just can't give them money without doing something in return of it. And they cannot always ask us for money with it. But as you have said, there are kids that have the intelligence that they have developed throughout the period of time as they grow. And so, giving them will make them curious on how they are going to grow it. This also gives them the idea of not being scared of failing so they can start again. And so, we should also teach them to keep trying and not to give up early.

Up to a certain age, of course we have to let them think about how they can get money by working or whatever, not getting money for free. Or they can make a proposal to us so that they get money, that's a valuable lesson of course.

Usually they will also think, and if they don't think then most likely there is a problem that makes them like that. Maybe because of the way their parents educate them or whatever. Well, of course we also have to give them an explanation, or in other words we give them a reason why we no longer give them money for free.

[viljy]

Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.

Scenario 2
Not giving them enough money, so they can work for their own money.

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

In my opinion, the second scenario is preferable, although it looks tougher. But if you read the biographies of famous businessmen of the past, then almost always their childhood was similar to the second scenario. At the same time, I do not exclude at all that a child who was raised according to the first scenario will grow into a successful businessman. This also happens, although not often. However, I once read statistics that only about 9% of the population have a penchant for doing business and a talent for it...

[tabas]

I think it always starts with option 2. They have to learn that people just can't give them money without doing something in return of it. And they cannot always ask us for money with it. But as you have said, there are kids that have the intelligence that they have developed throughout the period of time as they grow. And so, giving them will make them curious on how they are going to grow it. This also gives them the idea of not being scared of failing so they can start again. And so, we should also teach them to keep trying and not to give up early.

Up to a certain age, of course we have to let them think about how they can get money by working or whatever, not getting money for free. Or they can make a proposal to us so that they get money, that's a valuable lesson of course.

Usually they will also think, and if they don't think then most likely there is a problem that makes them like that. Maybe because of the way their parents educate them or whatever. Well, of course we also have to give them an explanation, or in other words we give them a reason why we no longer give them money for free.

As parents, we have to give them an allowance if they're going to school. But for certain tasks or behaviors, that can be incentivized depending on how parenting works for these parents. That will also give them something out of doing good things. And as these kids grow and become teenagers, they'll start to understand that this is life. Things that they want to have should be worked hard and saved money for. It cannot be obtained as quick as they want it to be and so that's what we have to tell them and teach them to be patient too.

[Jewan420]

While the same strategy may not work for everyone, Strategy B may work for most children. My personal experience is that children should never be given more money than they need and should always be kept in poverty so that they can work for their own money and learn to earn. If a child gets enough money from their family to fulfill their needs or hobbies, why will they try to earn money? And if they don't try, how will they learn to earn money? So I think Strategy B is effective for most children. But there is no obligation that the strategies will work for everyone.

There are many children who work to meet their own financial needs without falling into either of these two strategies. In fact, you need to understand the child and have an idea of ​​​​the child's talent. If you think that if you give him a chance, he can do something good, then you should give him a chance without forcing him to earn money. If a child is not talented in physical activities along with studies, then it is better to force him to earn money.

[batang_bitcoin]

The kid needs to work in a real business to see how things in real life work. He should understand how hard it is to make money.

Most kids nowadays are spoonfed by their parents and I agree that a kid needs to work in a real deal business or employment so that they will know how the reality will set in earning money. Without the actual experience, they'd always think that they can spend it for anything they want if they didn't earned it themselves. While having a good minset is important and if that's how they think but they also need to understand the difficulties on how a person earns money and how they work hard for it.

Of course, that is effective in implementing it from the beginning to children so that they know the difficulties in making money, because when children experience it themselves in running a business or other work, they will appreciate it when they get the money, so they will think more economically when they will use the money and spend it on something more useful, thus indirectly educating children to appreciate it more when they get money.

That is right. Like those kids selling lemonades and the reason for that is saving it for something that they want to purchase. It's just the start of it and they have realized that there's more to this life and their parents have been working hard so badly to provide the things they need and also what they want. While it is a responsibility of parents to provide for their kids, making them realize that early is also going to give them pure love and acceptance that they're special to their parents and they should it as an example for them.

[_BlackStar]

Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.

Scenario 2
Not giving them enough money, so they can work for their own money.

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

Parents' approach to their children in terms of money management certainly varies and this also depends on the economic status of the parents and also their education ^{[experience & knowledge].} Parents who were previously raised by economic independence without strong financial assistance from their parents probably do not want their children to feel the same hardship as they did. They do not want their children to feel what they felt before when building their economic condition - but this kind of approach will usually make children dependent and not dare to take risks on their own when they grow up.

I don't want my children to depend on my economic status - meaning they should be able to be individuals who think positively about their future and they should be able to take reasonable risks. Even though I am able, I am not always willing to give it easily, at least they should try and be patient before I grant their wishes. I don't want my child to depend on others, even if it is the government - meaning he should try to be someone who is useful to others, not someone who wants to be an employee.

[Richbased]

Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.

Scenario 2
Not giving them enough money, so they can work for their own money.

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

I will go for the first scenario because the parents will teach them the usefulness of money while they will still be given money to see how they can be able to manage it. If most of our parents had that mentality of teaching us about how we can be productive with our money at a very tender age, most of us would have grown to become financial experts and good economist but the reason why some people are not able to manage any funds they have with them is that they were either not taught on the dangers of mismanagement of funds or they don't put in much efforts to make money. If parents allows their children to work for their own money it's also a good one but they shouldn't grow up with the mentality that their parents had more than enough and still allowed them to work so hard to make money, i know it's like a kind of training so that they will know the value of money and not spend lavishly or extravagantly but parents who already have a lot of money shouldn't exposed their children to so many dangers just because you want them to be disciplined with their finance.

[aylabadia05]

<snip>

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

Both conditions are good and in practice I believe that every parent has a different way. In general, the two conditions of the scenario are good because the goal is the desired desire, namely wanting their children to be successful for their future.

Isn't it true that as time goes by and children get older, they have their own mindset that will not shift much from what they get from other people's education when they start to understand how they should do with what they have?
That's why I say that the methods and patterns that will be applied by each parent are different in practice and the dominant role that can make children attached to education is carried out by the mother.

[Jaycoinz]

Training them at an early age about the importance of investments and generating money for themselves is going to help them a lot. There are stories of rich kids that later went broke probably because they lost their parents assets. The second strategy would teach them how important it is to work hard and have their own money. But it goes beyond just saying it, you must show them practicality. Even the bible says that we should train up a child in the way they should and they get old they won't depart from it.

[justdimin]

Both conditions are good and in practice I believe that every parent has a different way. In general, the two conditions of the scenario are good because the goal is the desired desire, namely wanting their children to be successful for their future.

Isn't it true that as time goes by and children get older, they have their own mindset that will not shift much from what they get from other people's education when they start to understand how they should do with what they have?
That's why I say that the methods and patterns that will be applied by each parent are different in practice and the dominant role that can make children attached to education is carried out by the mother.

Yeah, while both are good, every parent is different and every child is different, what is perfect for a kid, would be terrible for another, and that is why we can't really give a correct answer. What could work on my kid, may not work on your kid, plus just teaching them like this, isn't the only way they learn.

For example, I learned about money from my father, not by him teaching me, but what he lived, and because of him, I have ended up with something much better, and I am richer right now, at a younger age than he is right now, why? Because I saw his struggles, and I saw his mistakes, and because of that, I decided not to make the same mistakes and I am doing better thanks to learning from his wrong actions.

[reefsea]

Up to a certain age, of course we have to let them think about how they can get money by working or whatever, not getting money for free. Or they can make a proposal to us so that they get money, that's a valuable lesson of course.

Usually they will also think, and if they don't think then most likely there is a problem that makes them like that. Maybe because of the way their parents educate them or whatever. Well, of course we also have to give them an explanation, or in other words we give them a reason why we no longer give them money for free.

As parents, we have to give them an allowance if they're going to school. But for certain tasks or behaviors, that can be incentivized depending on how parenting works for these parents. That will also give them something out of doing good things. And as these kids grow and become teenagers, they'll start to understand that this is life. Things that they want to have should be worked hard and saved money for. It cannot be obtained as quick as they want it to be and so that's what we have to tell them and teach them to be patient too.

As I said, of course it doesn't make sense when they are still in school we don't give them pocket money, because it is our obligation as parents to give them pocket money when they are seeking knowledge.

However, when they are out of school and they should have an income, then we also can't treat them the same way we treated them when they were still in school. We as parents must be present not only as parents, we must also be present as friends and so on. We were also once at their age, so we should know very well what they need and what we should do.

[virasog]

Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.

Scenario 2
Not giving them enough money, so they can work for their own money.

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

In my opinion, the second scenario is preferable, although it looks tougher. But if you read the biographies of famous businessmen of the past, then almost always their childhood was similar to the second scenario. At the same time, I do not exclude at all that a child who was raised according to the first scenario will grow into a successful businessman. This also happens, although not often. However, I once read statistics that only about 9% of the population have a penchant for doing business and a talent for it...

I agree with you. It is seen that if anyone gets money without any effort then he / she doesn't know the worth of it. They may take undue risks and eventually lose their money. They may not know that how hard it is to earn the money.

On the other hand (Scenario 2), if someone earns money for himself, although it may take some time to progress, but it will be a long lasting progress. In this situation, the person will not spent money without analyzing and will take less risks. I think this approach is better. Even if the parents are rich, they should make the children work for the money as it will be good for them in the long term.

[Oluwa-btc]

I sorta like and appreciate the question setup and combination.Both approaches are teachable financial lessons that they offer different purposes through understanding the value of money and how to manage it wisely.
I can't really say but I'll like to engage both exercises consecutively because I'll help the children to understand,memorize and introduce and prepare them financial Independence.

[leonair]

The one who goes through difficult and poor times in his childhood becomes successful in his life. When you give your child a large amount of money at a young age, he will never understand how valuable money is. He will only waste money at that time because no one cares about his future financial condition at a young age. But when you make your child understand the lack, then your child will understand the real life and will prepare to work hard to support himself financially. And then if you can give him some good advice and show him the right path, then your child will be successful in the future and he will never lack money.

So always try to teach your child about real life. Avoid giving him big financial support from an early age to lead a better life. Then you will see that he will learn to deal with difficult moments and work harder to earn money. Success never comes in a lazy life.

[aylabadia05]

<snip>

For example, I learned about money from my father, not by him teaching me, but what he lived, and because of him, I have ended up with something much better, and I am richer right now, at a younger age than he is right now, why? Because I saw his struggles, and I saw his mistakes, and because of that, I decided not to make the same mistakes and I am doing better thanks to learning from his wrong actions.

This is much better because there is an awareness from childhood to pay attention to what the second and third parties do so that it will become a habit that will later be easy to practice.
This kind of character or type is what certain parents really hope for because I don't want to use the word parents in general.

The example you gave is exactly what I experienced when I was a teenager and when I became a parent like now, I only added another pattern that is better for me to practice with my children.
Being spoiled is not an option, except for girls. Even then, there is a measure that I treat.

[2Pizza410000BTC]

Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.

Scenario 2
Not giving them enough money, so they can work for their own money.

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

I do not accept all the strategies you have presented here to teach children financial intelligence, especially the first strategy, because children cannot be given enough money at a young age to teach them financial intelligence. If children are given enough money at a young age to teach them financial intelligence, they will stay away from education, which will be the opposite of teaching financial intelligence. When a child is educated, he should be educated. After completing his education, when he can understand everything on his own and can stand in a position, then he can be taught financial intelligence, but there is no need to pay him any money to teach him financial intelligence, he will understand on his own because his knowledge will teach him.

[BITCOIN4X]

~Snip

In addition, I think we are the same in assessing what we should do for the future of our children. The arrangement or pattern of education must be prepared as early as possible by paying attention to aspects that we think are important.
Basically, the growth and development of children from childhood to adulthood must be observed so that it will not be difficult for us as parents to hope for their future goals.

Of course, children's education in any case is an investment for the future and we must try hard to provide the best for them. Financial education for children should actually be differentiated by age level, for example 3 to 6 years or 7 to 12 years and so on. Each stage of the age level must be taught based on each child's understanding and we must not force it beyond the child's abilities. You probably understand what I'm saying and I'm sure you are a father who is now starting to provide financial education for your children.

The main goal of financial education for children is for each of our children to become financially responsible individuals and know how to manage money properly. But most importantly, we as parents should be able to set the right role models for our children because basically all children will learn many things from what they see.

[Victorybit1]

I think the second scenario is better for children, because not given them enough money will make them wake up and work hard to make their own money and it will also make them to be decipline when spending money.
the first scenario is the reason why we have  lazy youths all over the world who are just roaming about doing nothing for themselves, because their parents was always giving them money so they see no reason to work for their own money and most of the children who fall into the first scenario end up being useless in the future, please note this I didn't say all the children that fall into the first scenario end up being useless I said most of them, because am talking from experience.

You have a point but remember that it also has some disadvantages too. Not giving them enough money might make some kids pick up negative habits like stealing or selling valuable properties that doesn't even belong to them. not every youth that are being provided for ends up being lazy and useless. I think that as a parent, you should provide financial and emotional support to your kids. As you are giving them what they need also teach them the basics about investment and the importance of having their own money

[Zadicar]

I think the second scenario is better for children, because not given them enough money will make them wake up and work hard to make their own money and it will also make them to be decipline when spending money.
the first scenario is the reason why we have  lazy youths all over the world who are just roaming about doing nothing for themselves, because their parents was always giving them money so they see no reason to work for their own money and most of the children who fall into the first scenario end up being useless in the future, please note this I didn't say all the children that fall into the first scenario end up being useless I said most of them, because am talking from experience.

You have a point but remember that it also has some disadvantages too. Not giving them enough money might make some kids pick up negative habits like stealing or selling valuable properties that doesn't even belong to them. not every youth that are being provided for ends up being lazy and useless. I think that as a parent, you should provide financial and emotional support to your kids. As you are giving them what they need also teach them the basics about investment and the importance of having their own money

Yes, this is the risks or the negative effect or could happen when you are trying out to squeeze them up in terms of financial support on which it comes into a point that they are suffering about on low budget or cant buy up something because they dont have money on which it could lead up with that potential stealing on which it is just that a shame as a parent. You can provide all the necessary stuff on what your kid needs but always give them some extra money(not that big) so that they can be able to buy up things that they do want on which of course everything should be on limit. Everythings too much is always that resulting into bad situation or effects. Parenting is never been easy because you would be needing up to be balance on everything.

We cant be perfect parents on which on raising up our kids but as much as possible we do want to provide on whats best for them. There are really just that those times that providing everything becomes that excessive on which it is that resulting into problems afterwards.

[GigaBit]

Talking about teaching financial intelligence to children, what do you think is the best practice to enforce this as a parent,
Scenario 1
Giving them enough money at a young age to see how well they will manage it.

Scenario 2
Not giving them enough money, so they can work for their own money.

Put these conditions in mind,
In the first scenario, it is a close condition where the parent intends to teach the child early how to manage money, and in the second scenario, the parent wants the child to learn from their own experience.

I think the second one is more appropriate to teach than the first one. Many parents love their children so much that they do not teach them to do any kind of work or plan. That is why those children face many obstacles in their life. But those whose parents teach them to gain practical experience. They are the ones who achieve success in all fields in the future. I have seen many pictures that those who have been made to make money habits since childhood are not willing to work in the future but they only learn to waste that money. And those who are not given money but are taught to earn money try to do it with their own ability in the future. That is why I think the second one is the most effective.