Professor Shimizu emphasizes the importance of teaching children three simple yet crucial skills early on for their future success.

1. Self-Control

By teaching self-control, children can make better decisions and respond effectively to stressful daily life situations. Parents should help their children develop good habits from an early age, such as dressing, eating, sleeping, and waking up on time. This lays the foundation for a disciplined lifestyle.

According to Professor Shimizu, a child’s behavior, speech, and posture are influenced by their parents. Therefore, it is essential for parents to lead by example by maintaining good posture themselves: standing or sitting up straight with their head and chest held high. This not only improves physical appearance but also enhances their child’s focus and concentration.

Additionally, parents should teach their children the value of sincere communication, gratitude, and controlling their behavior and language.

Self-control enables children to make appropriate decisions. (Illustrative photo)

2. Saving Money

Saving money is an essential life skill. Parents should instill in their children the value of money and the importance of hard work from a young age. This will prevent them from becoming extravagant, lazy, or dependent on others.

Children who learn to save will understand the value of effort and contribution. They will also develop a strong will and resilience to face challenges head-on.

3. Patience

Economist Gary Baker notes that wealth teaches people about investing time and being patient. Impatience often leads to missed opportunities. Teaching children patience will help them persevere and avoid giving up too quickly, setting them up for future success.

Frequently asked questions

It is important to start teaching children about money and financial literacy early on as it sets a strong foundation for their future financial success. Children who are financially literate are more likely to make responsible financial decisions, manage their money effectively, and achieve long-term financial stability.

The three simple skills that can set a child up for financial success are budgeting, saving, and spending wisely. Budgeting involves teaching children how to allocate their money wisely and track their expenses. Saving encourages children to set aside a portion of their money for future use, helping them understand the importance of financial security. Spending wisely educates children on making thoughtful purchasing decisions, distinguishing between needs and wants, and finding the best value for their money.

Parents can start by providing children with a fixed allowance and helping them divide it into different categories, such as spending, saving, and donating. This teaches children how to allocate their money wisely and track their expenses. Involving children in family discussions about budgeting and involving them in household financial decisions can also help them understand the concept better.

Parents can encourage children to save by setting short-term and long-term savings goals. For younger children, using a clear jar to collect coins can help visualize their savings grow. For older children, opening a savings account and teaching them about compound interest can be a great way to motivate them to save. Offering matching contributions or small rewards for achieving savings goals can also be effective.

Parents can guide their children to spend their money wisely by helping them distinguish between needs and wants. Encouraging children to compare prices, read reviews, and understand the value of their purchases can help them make thoughtful decisions. Involving children in discussions about family purchases and the decision-making process can also foster a sense of financial responsibility.
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