I heard someone talking about how he was financially buoyant. But he lost his job and things took a turn for the worse. Without blinking twice I can count different people who have had a downturn in their finance. Myself included.
There are many reasons. But the common thread that runs through most of the stories is lack of proper handling. No proper investment, the mindset that the money will keep coming. You can add a couple you know.
The storyteller regaled us of his philanthropic and flamboyant lifestyle. I asked, what did you learn in all this? He looked blankly at me. I told him, I hope your children will not suffer the same fate? He said God forbid, my children will not…
Hold on. I interrupted. I am not wishing your children evil, but what are you doing now to ensure your children do not suffer the same fate? Ehn, I am saving and working. In fact they will not. He insisted.
How many people told you to save or invest when you had money? Nobody. They were demanding rather. He replied.
In his case no one advised or taught him to invest. While others when advised do not heed the advice because they think they know it all or there is still time or do not know where to start from.
I told him. Nobody advised or taught you to invest because they had no clue themselves. Now you have been (un)fortunate to learn from experience. What are you teaching your children about money and finance? If you do not enlighten them, you can be sure they will repeat your mistake. And if you wait till when they have their own money. They will listen with only half ear then. Because they believe they know it all by then. Who knows their mistake might be greater than yours.
My husband and I had realized this. We had a Kolo (traditional piggy bank). And encouraged the children to put any monetary gift in it. There got used to it, whenever we ask where is your money? The reply will always be “we have saved it.” They have not fully grasped the concept yet but one step at a time. Tori started crying one day that the money given to her is for biscuit. She could not understand why she had to save it rather than getting the biscuit. I told her she must not finish any money with her because she can. So she has to save it. Did she understand? I doubt, cos the tears did not stop. But the seed has been sown and is being watered.
I am learning how to handle my finances too, so they can see what I say exemplified. I cannot give what I do not have.
There’s this lady Subomi Plumptre who gives financial investment advice. Who I learn a lot from. Frankly before I came across her, I had no idea what mutual fund and some of the things she said was. But I applied myself and I am still learning. She is on Facebook and Instagram. She also has a website subomiplumtre.com. I am learning for myself and for when questions start coming from the children tomorrow.
Have you ever experienced financial downturn?
What did you learn?
What are you doing now, different from what you did before?
What are you teaching yourself?
What are you teaching your children?