TGIF!!!! Week-end is here and hopefully some hotter weather here.
Well, why financial literacy today? Simply because I lost my sleep yesterday upon understanding why some people get into debt and unfortunately, have to borrow some money to make ends meet.
I refer back to my previous conversation with a friend. He's a broker and was telling me about the idea of him taking a loan then renting it to pay the loan and some additional money for him.
I was 'damn, that's a good idea' and the thing is we're about the same age, coming from middle-income families and yet, here he was, seeming to be better off financially than me.
And do you what was his secret of well managing his money and professionally, managing others' money?
When he was in primary school, his dad gave him pocket money for a week and he had to manage it.
When he got to secondary, he got pocket money for a month. So, he knew how to deal with money since he was little...and he made mistakes, sure, but well before getting a salary unlike us others.
Tips to parents: teach your child about money as soon as he knows the difference between a rupee and 5 rupees (read somewhere) and teach him/her how to manage money you are giving to him/her. That will definitely change his life into the better. Proof being my friend.
C ya tomorrow for yet another insight on financial literacy, if we may call this such.
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