Teaching Kids about Financial Literacy

 

According to research, many financial habits are formed by the age of seven. If good habits are not introduced to them or established early, it will be more challenging to guide our children in the proper direction. Based on my own experience growing up, it was difficult for me to adjust to 'adulting,' simply because I had poor money management back then. I used to see myself shopping online too often and would use such kind of life because I used to reason that it was a form of stress therapy. It took a while for me to set the records straight and learn how to save for the 'rainy days.' 

But as parents, we need to start educating our children about money matters in order for them to avoid the same mistakes we've had. I don't want my nephew and nieces to find themselves one-day missing rent payments or running up too much credit card debt because they were too careless. So, here I've made some tips to help guide the kids about financial literacy the fun and easy way:

Make them work for their money.

Children will learn to utilize money more responsibly if they have to work for it. Many parents give their kids an allowance each week to pay for chores. Giving a child an allowance can also aid with budgeting lessons. 

Allow part-time gigs

I allow my nephew Kyle to attend his band's gigs. He is currently the lead guitarist for the upcoming artist, Mizael. Provided that he will not neglect his studies. His studies should always be a priority. No ifs and buts about it. Aside from that being his passion, sometimes he would get singing gigs and he'd be paid for it. So it could be as simple as mowing the lawn of a neighbor or walking someone's dogs to the park--as long as they'd be able to earn money out of their own hard work, it's a good start.

Contribute to Purchases

If my nephew Kyle wanted to get something, I always see that he pays a portion of it. Every parent has probably experienced the pressure of constantly fielding requests for different video games or gadgets. Particularly younger children need to understand that you can only spend a certain amount on discretionary items purchased each month. Children will gain a better understanding of what goods cost if they are encouraged to pay half the price for a brand-new Lego set or a Barbie Doll accessory.

Encourage them to play online games that teach them the value of money

There are lots of free online money games for children that somehow give them at least a gist or understanding of how to be responsible with money. One website I've tried with Kyle is called mortgagecalculator.org/money-games. The site itself has a plethora of game choices and for sure, there'll be something you'd be interested in or at least catch your fancy. From simulation games to role-playing, adventure games among many others. Each game has its own characteristics or underlying objectives. And with different game categories and genres, they can also be classified according to the players' age.

Do you like to solve puzzles or micro-manage resources? Real-time strategy or role-playing games might be better suited for you. But no matter what your interest is, there is definitely a game genre that will appeal to your taste from the said website. 

The Effects of Covid-19 in the Philippine Real Estate

 

We are all facing an invisible enemy. We are at war with the Coronavirus or COVID-19 which seemed to have plagued the world with its omnipresence in our lives and media coverage concerning it. It has changed our lives radically without ever revealing itself directly. The pandemic is now truly what we can call a global phenomenon. Imagine it has affected 2.6 billion people (roughly a third of the world’s population) as we are all living under some lockdown or quarantine. We are all asked to stay home as offices and shops temporarily close and a small percentage of working individuals are instructed to work from home.

 

COVID-19 had changed the way we go out as we need to follow specific health and safety protocols as well as be cautious of social distancing. Wearing of face mask & shields, bringing of alcohol or hand sanitizers have become a must for everyone. This is what “the new normal” is all about.

 

Admittedly, the rapid spread of the dreaded Coronavirus disease of COVID-19 has thrown a big curveball on most professional industries. Who would’ve thought how the Covid-19 pandemic would turn out to be one of the most challenging crisis the entire humanity would face? No one had the slightest idea, we had probably underestimated Covid and thought it would just be as simple as having a flu virus. But now that we knew the severity of the Covid virus with its different variants, it was staggering and at the same time devastating because it has brought the whole world to its knees. It has made the rich and the poor equal. It has stirred uncertainties and confusion. It has overwhelmed the frontliners in the healthcare system. It has eradicated established pioneer industries and businesses we thought would last forever. Indeed, COVID-19 disrupted every known aspect of people’s lives, the government, businesses, and economies worldwide.

 

 Now, how bleak is the Philippine real estate after it became uncertain as the pandemic halted much business, travels were restricted as well as non-essential activities. The workforce was also put temporarily on hold and some of which eventually led to permanent closures. There were many properties that bore the biggest blow out of this pandemic. Amid all the drastic changes as well as learning all the lessons the hard way, real estate stakeholders and experts have long been eyeing recovery. The Filipinos are more than hopeful for more opportunities to be able to bounce back in the next coming months.

Inquirer Property recently polled industry experts who shared their insights and forecasts as well as vital key points on how we would all rise from this pandemic. According to them, recovery in real estate shall return once the consumers and investors gain back their confidence. Investor confidence shall further boost both the residential and office sub-sectors. The COVID-19 pandemic sabotaged an upward trajectory for the real estate industry. The sector ground a halt in March of 2020 and is getting its bearings only in late 2020.