Who will work for the rich?

In my previous post, I advocated the teachings of financial, professional and general knowledge to our kids. One of my readers then questioned “who will work for the rich?”

I suppose there is a mistaken belief among Singaporeans that if we exposed our child to the financial world or encouraged them to be entrepreneurs when they are young, they will all become or aspire to become businessmen when they grew up. The truth is, not all of us have the attributes and aptitudes to be a successful entrepreneurs. Out of ten players, possibly only one will emerge as winner and went on to become successful entrepreneur. Its a cruel reality but then again this is the rule of the game. We have to accept the fact that entrepreneurship is a no-sure win venture and if you messed up royally, you could be financially defeated.

So the question now is whether is it right for us to instill financial, entrepreneurship and investment values in children when they are still kids. My answer is still yes. Why? Because financial ignorance is NOT bliss, it is a disaster. As Asian, when we were children, we were told we should not be involved in discussions about money and saving money is the most important thing you can do. Our parents or schools do not explain the concepts of managing debts, budgeting, investing, retirement planning, passive incomes and entrepreneurship. So in the end, most of us learnt these important life skills through the hard way.

Exposing our child to money lessons will give him a headstart in life and prepare him to make informed financial decisions. The era of getting a good degree and making good money as an employee in MNC companies is long gone. In this day and age, we have to make ensure our next generation is equipped with the right skill and knowledge to be a financial responsible person.

Magically yours.