What kind of financial concept do we impart to our children? You may not realize it but we impart our financial concept to our children when we deal about money matters with them.
My friend is a single mother. She has two children, in their early 20s, are working. Their take home pay is about RM1000 monthly. Her son recently announced that he wanted to quit his job (which he has worked for 1 month only) because he couldn't see any future for himself in this company. He wanted to venture into pearl milk tea business together with his friends. He requested his mother to let him change his kancil into hilux so that he has enough room in his car to carry his stocks. To my surprise, my friend agreed with her son. She even told her son that it is alright to try out different business. Whether the pearl milk tea is successful or not is okay.
My friend has already been living on overdraft. Insurance policies and hire purchase have taken a big chunk from her income. Yet she allows her son to spend money this way.
I highlighted to her that we should help our children to stop relying on us for financial support. She should not pretend as though she is their ATM machine which they can always withdraw money from. Starting a business is not easy. Do not expect to recover the capital from first few months. Why rush into having his own business when he can't even manage his own money. Since he doesn't have any saving, he will turn to his mother for money. My friend is digging a deeper hole for her personal loan. There were already a few cases which her children spending her money senselessly, and I feel that she is also guiding them senselessly.
When our children have grown up, they would not cling to us like before. It is wrong to use money to gain their dependency on us. When they have grown up, as parents, we should want to see them to be a responsible and independent individual, like us.
Be rational, my friend.
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