IF we have a chance to sit with an elder who started his business from the scratch and worked his way up, and listen to his stories of struggles in life and the great efforts he made to earn a living and to build a future for his family, we will realize that these people knew the true value of money. They struggled so much and carried out huge tasks investing their time and health to earn an honest living and to support their families. It is the responsibility of parents to educate their children about the value of money and to teach them the basics of handling money. This is not limited to the financial side alone, but on the moral and behavioral aspects as well. This way money will be in their hands and not in their hearts. Understanding the true value of money will strengthen their personality and self-confidence. At the end of the day, they will learn that money is just a means and not an end. This will reflect positively on their life. The more they learn these positive concepts and principles at an early age, the more their behavior will develop and improve. One of the media outlets recently published steps that experts came up with to explain the true value of money to children. One of these steps was to teach them that there is no machine that will produce money each time they want it. Instead, there is a certain time when money is given to them in the form of wage. This wage is meant to meet essential expenses such as buying the family and individual needs. Parents also need to educate their children on the actual value of things they want to buy with their hard-earned money. They must ask them to compare the price of a toy with the money they have in their hand and to weigh whether it is necessary to buy the toy now or wait until later. The children need to learn that an increase in money is always the result of increased effort and hard work. They also must learn from an early age that there are basic things that need to be done for his family and parents. Some children stand in front of the ATM and ask their parents to withdraw money so they could buy whatever they want. They do not know what is an ATM and how the machine spews out cash when the card is inserted. These details need to be taught to children at a young age so they can understand and know the real value of money. This way they will spend it only when essential and will save the money that their parents worked hard to make.
