One of the money myths discussed in FQ: The nth Intelligence is that it is hard to raise frugal children if you are rich. We see a lot of entitled children posting their expensive gizmos, outfits, vacations, etc. online that get their parents in trouble, especially public officials who claim to live simply.
While it is challenging to teach frugality to your children in the midst of abundance, it is not impossible. In fact, there are also advantages of being rich when it comes to raising your children to have high FQ.
If you are rich, you already know a lot about money-making. It’s now a matter of teaching them those same values that made you financially successful instead of inadvertently spoiling them with material things.
Your challenge is how to hold off some luxuries that you can easily afford to shower your children with.
Let’s check. Do you buy them the same signature brands of clothing that you buy for yourself? Do you give them student allowance that’s at par with a manager’s salary? Here’s a tip you can use if you want to raise your children to be frugal. Give them allowance on the low side and make them bring baon (packed lunch and snacks). Don’t give in to every luxury or whim that they ask for due to peer pressure.
Do your kids fly business class because you do? Here’s another tip. Take it from a seventh generation descendant of the country’s oldest business house whose family is always on the Forbes’ Richest List: “We travelled on economy during our school years and during the early years when we started working. My parents would go on business and the kids in economy. We have done the same for our kids. The only exception is when only one young child is travelling alone with us in the plane. In that case, we give the child an upgrade! I didn’t start travelling on business until I was entitled to do so in the company, and until I could afford to pay it on my own. My kids will have to do the same.”
Here’s a good reminder for parents with means: delaying luxury to your young children is not being stingy but exercising responsible parenting. Once in a while luxuries are fine as long as they don’t become your kids’ minimum standard. In fact, your affluence should make you feel secure that they will not feel kawawa (pitiful) for not strutting off branded stuff and the latest gizmos all the time. Instead, they will even be admired for being simple despite your financial status.
Moreover, when job hunting comes, available starting salaries and benefits won’t pale in comparison to what they have gotten used to if you kept their allowance on the low side. Consequently, being financially independent from their rich parents will be easier once they start on their own.
For this week’s FQwentuhan, we talk to Dino Bate, president of COL Financial who had his kids a bit late in life. Join our conversation and learn how he tries to raise his children to have high FQ in a very comfortable family setting.
Cheers to high FQ!
1. Watch out for the part 1 of our FQwentuhan with COL Financial President & CEO Dino Bate. 🙂
2. May maagang pamasko kami sa inyo!
Wala pang 12.12 pero napaaga na ang 12.12 sale namin para sa inyo!
We present you…. our FIN LIT SUMMIT 12.12 SALE!
Buy your Money & Family Financial Literacy Summit for only PHP1,700 instead of PHP2,500 via http://finlitsummit.ph/
3. Mom and Son Podcast – Season 4 Episode 11 (BIRTHDAY QUESTIONS)
ANTON JUST CELEBRATED HIS BIRTHDAY! Turning 23 or turning a year older for anyone is always a big deal but what people don’t see on the social media posts and birthday greetings are the big scary questions. Is he where he wants to be? Is he doing the things he thought he would be doing by the time he was this age? This Mom and Son Podcast episode is a discussion about this aspect of life with none other than 55 year old FQ Mom as she gives her insight and wisdom to this annual milestone I have just celebrated. Join in on the conversation and stream the episode now!
Originally uploaded on Anton Fausto’s YouTube Channel: https://youtu.be/bZv1jA5IxhQ
4. Thanks to those who already bought the FQ Book, especially to those who took the time out to send me their feedback. Your feedback is food for my soul. To those who have not gotten their copy yet, here’s a short preview of FQ: The nth Intelligence
You may now purchase the book in major bookstores, or if you want autographed copies, please go to FQ Mom FB page (click SHOP), or FQMom.com (click BOOKS), or email us at FQMomm@gmail.com
5. Want to know where your FQ stands? Take the FQ Test Challenge now! Click link. http://rebrand.ly/FQTest
Rose Fres Fausto is a speaker and author of bestselling books Raising Pinoy Boys and The Retelling of The Richest Man in Babylon (English and Filipino versions). Click this link to read samples – Books of FQ Mom. She is a Behavioral Economist, Certified Gallup Strengths Coach and the grand prize winner of the first Sinag Financial Literacy Digital Journalism Awards. Follow her on Facebook & YouTube as FQ Mom, and Twitter & Instagram as theFQMom. Her latest book is FQ: The Nth Intelligence.
Photos from huffpost.com, s.yimg.com, vacationstravel.com, freepik.com, modified and used to help deliver the message of the article.