Article By Sherin Dev; Follow me in Twitter or Facebook
Life as a student is the best in life with lots of enjoyments and activities. Being a student with financial freedom adds more spice, by having money handy. This would help oneself to live in dignity and esteem. There’s always a question in mind of a student as to what should he/she do to have financial freedom? Who will help them to bring this status? What should they do for students to make them financially sound? This short article gives you answers to all these questions.
Why Students are Laggards in the Area of Personal Finance?
Students are considered to be the best brains available in the world. Even ordinary village schools in remote locations have the best brains that may later contribute to the development of nation. Just turn back to the history, we can find ample examples of such characters. However, it is sad to know that students are far behind when it comes to manage money whether or not they are from developed or developing nations.
What are the Problems and Best Solutions?
We would now look into some of the important factors which drag out our students from being financially self sufficient at their early age.Each kid should start learn money saving practices from their parents. Unfortunately it is not happening in our families. Most parents are reluctant to give money to their school children by thinking they will lose the money. It is of course a wrong approach. School times are the best for kids to learn and start with money practices. Parents should mentor them how to save and deal with money. For an example, present them with a piggy bank and give coins regularly to deposit in it. Later, open a bank account in their name and deposit all the money from their piggy bank to this bank account, time to time when the piggy bank comes full. Offer them coins when they do something good like helping parents in house works, doing home works properly, winning on sports or games etc… This would not only give them money saving practices, but get proud on they are earning money by doing work. What else required giving them knowledge on the taste of money getting when doing work? Let them thus grow as responsible citizens. Another major issue, parents forces their kids to study all the subjects, but not giving care to teach good money management practices. They would thus make their children to grow without any knowledge on money and how to manage it. Common thoughts among parents found in this area is, most of them thinks their kids would start manage money efficiently at the time when they start earning. What foolishness? If a tree doesn’t have any deep root, how it grow survive from nature changes and give fruits later? In my best opinion, at the age of 17, each students should be well versed on money saving, money management, investing. They should also aware about what is going on in the market that connected to money or related instruments like investment instruments, banking, stock markets etc.. Parents have important role here to bring their kids on total financial knowledge depends on their age. They should have control on their kids in each stage until they are able to stand as their own.One of the major disadvantage found with our school and collage syllabi is, nowhere it touches personal finance subjects. Our syllabuses only injecting subjects like mathematics, science and various languages, but personal finance or related subject are none! There where various recommendations from various angles to government to add personal finance and financial planning related subjects as a part of syllabus, but everything went like a line in water. Our students highly required such subjects in their syllabus to intelligently manage their money and become responsible citizens later. Unfortunately, parents and teachers forcing their kids to come out from collage as extreme professionals, without any money management knowledge. As personal finance has most important roles to everybody’s daily life and most of our professionals are ignorant, they are vulnerable to wrong advices and a big failure with facing the life where clear personal finance approach and skills required!!!
Money management practices should start from home itself at the early age of a kid under the mentor of parents. Teach and engage students to various money related activities suitable for different age. Getting control on money is not easy for any one, but anyone can make it easy through learn it at right time. Motivate kids by the stories of successful personalities like Warren Buffett, entrepreneur ventures like Google, Facebook etc.. Involve them to the daily personal finance activities to understand what is going on around them and to get knowledge.Our collage students nowadays getting sufficient pocket money, but most of the parents are not aware what they are doing with it. Unlike students of other developed or developing countries, students are very reluctant to make money while studying in collage. If do a search in internet, thousands of articles available on the possibilities for college students to earn money but none of them focused to college students. As a fast developing country, markets provide enormous opportunities for our collage students to earn lots of money if willing. Encourage our collage students to identify the earning possibilities suitable to them and engage to it. Collages have important roles in this area to build their students financial responsible.Each college student should have a goal of start investing with their own money immediately when after coming out from collage. To do so, they should start earn and save money intelligently from the very next moment they joins to the collage. This would force them to manage pocket money properly and engage with earning activities. Most importantly, such goals build most required qualities students in discipline and dedication students should build some good qualities such as dedication and discipline to become successful.