How an adult manages his finances has a lot to do with money lessons he learnt as a child and parents should communicate concepts such as saving and investing as early as possible. Foord Asset Management portfolio specialist and father of two, Ruperto Ancajas, explains why in this episode of the Money Talks podcast.
SINGAPORE: Growing up, Ruperto Ancajas had to account for every cent he spent. His mother - an accountant and a single parent - was fastidious about where money went. So Ancajas and his sister had to fill in Excel sheets on every purchase made.
Looking back, the portfolio specialist from Foord Asset Management said that while it instilled discipline in him, it also showed him that his mother’s approach may have been far too strict. And that has changed the way he is teaching his own children about money. For one, he allows seven-year-old Oliver who just entered Primary 1 this year, a lot more freedom in deciding. And then he sits back as the child learns how those decisions have an impact in real life. For instance, Oliver asked for a Minecraft wallet to store his pocket money.“You can just imagine… he’s at the front and holding up the line, he fumbles and his coins drop all over the floor,” laughed Ancajas.
“You can’t immediately speak to him about the S&P 500 or discuss the latest move by the US Federal Reserve”, said Ancajas. It can start with the physical handling of money to understand what it is and what it can do, he added. Here are some of Ancajas’s top tips when it comes to starting a conversation with your child on money:The ages three to eight are really important for learning and development. Kids at that age are like vacuum cleaners, they suck up information.We’ve kept all his money from the last seven years of his life in an envelope. This year … we’ve decided to set up a bank account. We arranged all the notes and made him count . We want him to have ownership of this first batch of money.
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