3 Things You Should Make Your Children Know before they are 20

A recent study by finance investment companies in India, Delhi found that the average college students are able to answer only about one third of the basic financial questions put to them.

Agree to it or not but the finance investment companies in India, Delhi says that it’s a major cause of concern for everybody and cannot be just overlooked assuming that the financial knowledge or financial behaviour of these kids doesn't really matter yet. In fact, the late teens and college years are indeed the most crucial time to know the smart money habits that will help the younger generation to build wealth over the course of a lifetime.

Here are 5 truths about money that are inevitable for your children to learn by the age of 20 – and carry throughout their lifetime!

Maintain a Budget:

Finance investment companies in India, Delhi have found that almost 40% of the pocket money of college students goes in purchases like clothes, gadgets, entertainment, and junk food. Although these impulse purchases seem cheap enough in the moment, they are capable of blowing away through their bank account in a jiffy. Thus, the only way you can help your children to resist from unplanned purchases is by training them to develop a budget and plan ahead in monetary terms.

Avoid a Student Loan if Possible:

Student loan has always been scary for parents as well as children. Often student loan forces individuals to delay life events like marriage, building a home etc. Therefore, educating about their options before taking the loan can mean a world of difference in terms of their freedom and future job choices. In other words, borrowing for your education should not cripple your dreams later in life.

Beware of Identity Theft:

According to finance investment companies in India, Delhi college students represent an easy target for identity thief. To protect your children from being a victim of identity thief, educate them on a few basic measures –

• ·        Lock all the electronic devices with a password or finger print key
• ·        Try not to stay logged in for a long time into sites or apps like Venmo or PayPal
• ·        Never leave papers with social security numbers lying around carelessly
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