Nov 14 2006, 10:59 AM
QUOTE(dreamer101 @ Nov 13 2006, 10:16 PM)
Darun,
There are multiple questions in your post. Let me answer in a multiple dimension.
1) Is being frugal enough??
It may not be enough but the alternative of not being frugal gives you even less options. You may not even survive financially. Much less talking financing education.
2) My approach to my children's education
In order for the new generation to survive, they need to learn how to earn, save, invest. My son is 10 years old and my daughter is 9 years old.
A) My son and daughter play monopoly. My son knows how to play "Cashflow 101" and win. So, he know quite a bit about accounting.
B) My children has a budget for their Xmas present and they get more money if they achieve certain improvement for their academic year. Please noted that word: "improvement". We are happy as long as they improve. We are NOT looking for them to score 100 in every subject. As long as they do their homework and prepare for exam and pass, that is what we are looking for.
They know how to shop for their present. They know that they get more for their money when they buy it on sale or buy older product. They pool their money and bought a old PS2 from their uncle.
They have fixed time for PS2 and TV as long as they finished their homework and pass their exam. It is merit based. They earn their PS2 time and TV time.
C) Due to advanced planning, both of my children have US green cards.
D) I spent half of my life living in USA. So, I am fairly Americanized. I do not believe in fully 100% financing my children's college education. They should work their way through college if they want to get a degree. This is how I did it. They learn a lot more if they do it that way.
E) For American system, the cheap way to go through college is to spend first 2 years in a community/junior college. Then, spend the last 2 years in a normal university.
This is a complicated/complex subject. The bottom line is you are trying to prepare your children for life. It is not just academic. They need to learn how to take care of themselves financially too. But, first, they need to have a habit / work ethic to earn for what they want. There is time for play and time for work.
Dreamer
this piece i find is a very informative post. this i think should be the way we start teaching our kids how to take care of themselves financially.There are multiple questions in your post. Let me answer in a multiple dimension.
1) Is being frugal enough??
It may not be enough but the alternative of not being frugal gives you even less options. You may not even survive financially. Much less talking financing education.
2) My approach to my children's education
In order for the new generation to survive, they need to learn how to earn, save, invest. My son is 10 years old and my daughter is 9 years old.
A) My son and daughter play monopoly. My son knows how to play "Cashflow 101" and win. So, he know quite a bit about accounting.
B) My children has a budget for their Xmas present and they get more money if they achieve certain improvement for their academic year. Please noted that word: "improvement". We are happy as long as they improve. We are NOT looking for them to score 100 in every subject. As long as they do their homework and prepare for exam and pass, that is what we are looking for.
They know how to shop for their present. They know that they get more for their money when they buy it on sale or buy older product. They pool their money and bought a old PS2 from their uncle.
They have fixed time for PS2 and TV as long as they finished their homework and pass their exam. It is merit based. They earn their PS2 time and TV time.
C) Due to advanced planning, both of my children have US green cards.
D) I spent half of my life living in USA. So, I am fairly Americanized. I do not believe in fully 100% financing my children's college education. They should work their way through college if they want to get a degree. This is how I did it. They learn a lot more if they do it that way.
E) For American system, the cheap way to go through college is to spend first 2 years in a community/junior college. Then, spend the last 2 years in a normal university.
This is a complicated/complex subject. The bottom line is you are trying to prepare your children for life. It is not just academic. They need to learn how to take care of themselves financially too. But, first, they need to have a habit / work ethic to earn for what they want. There is time for play and time for work.
Dreamer
btw where did you get the CashFlow 101? i havent seen it here locally.
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