Teach your kids how to be money smart from a young age by taking a cue from Bo Sanchez, dad to Benedict, 15 and Francis, 10, best-selling author (including the financial book My Maid Invests In The Stock Market... And Why You Should Too), preacher, magazine publisher and entrepreneur.
On teaching his kids how to value money properly:
“Values are not taught but caught. You can’t fake this. As parents, [we] need to live a life that values people, relationships, family, and love more than anything else in the world. If your kids see that your reason for waking up in the morning is love, not material things, they’ll get it and follow [your lead]. In every decision you make, put people first before material things—always.
“Let me give you an example: We were thinking of moving to an exclusive subdivision, and then we realized that Francis’s best friend, who is also his first cousin, lives next door. Every day, they play together. So, I told my son, ‘We won’t move to a better subdivision anymore, because to us, friendships are more important. Your time together as playmates is very important to us.’
“I always spend time with my boys. Daily, we talk. Weekly, we have a special date together. I prioritize my time with them over my work and ministry, so they’ve been growing up with this idea that people come first. Family comes first. Love comes first.
On teaching his kids how to manage their own money:
“We talk about money a lot. They know why we should give tithes and invest for the future, and why entrepreneurship is fantastic. Both already have stock-market investments. Benedict, who’s already working, gives 10 percent to God and 40 percent to his stock-market investments, and he manages the remaining 50 percent.
Tips for parent on discussing money with their kids:
”I love talking about money to my kids and sharing stories of successful entrepreneurs with them. I suggest you talk about the products and companies that your kids already know, such as Steve Jobs of Apple and Henry Sy of SM. Also talk about your own experiences with money.”
On discussing money with pre-schoolers and school-age kids:
“Stories are powerful. Teach them about money by using stories. If you can pick stories from your own life, they’ll listen and learn from them. I love telling my own kids about how I served the poor, how I was a poor missionary, how I started my first businesses and failed, and how I learned to invest.
“There’s also an excellent book for kids by Rose Fausto, The Retelling of the Richest Man in Babylon." (Read more about Fausto's tips here).
This article is an excerpt from "Money Lessons From Dads", a collection of interviews from personal-finance advocates dads, which were originally published in the June 2015 issue of Smart Parenting magazine. Minor edits have been made by Smartparenting.com.ph editors.