Just reading this title is depressing enough. Young and BANKRUPT!!!! Why not rich, vibrant, energetic, abundance, etc?
The young people are the future of our countries. Just how and why are so many of them falling into this trap? Well, I was a young dude once myself….not that am old now but what am trying to say is, hormones are raging and peer pressure is unbelievable and temptations exist at every corner. Blame it on society or blame it on the lack of education at home?
Being bankrupt can be quite traumatic but good news is, being young, they have time to recover and be restored back to their feet. Here’s some brief thoughts on ways to avoid falling into this pit…
- Parents lead by example. Remember your children are watching you and will follow your footsteps
- Emphasise the importance of prudence and financial intelligence
- Learn about value of money — folks, please don’t splash your kids with money. Make them earn every cent. You gotta be cruel to be kind
- Alert and prepare them in advance to the existence of peer pressure
- Being rich need not be a public announcement
- Educate them that their confidence is not drawn from their money or appearance of money
- Etc etc etc
There, I’ve said enough briefly. Our prayers are that your kids will never need to experience the trauma of bankruptcy. Lesson can ways be learnt without going thru the hard way.
Over to you dear parents…
NickG Financial Designer 