6 Expert Tips To Help You Raise Successful Children
Raising kids is hard. You want to raise children who will grow up to be successful as adults and that’s a daunting task. Hedge the odds in your little one’s favour with our expert research and advice.
Prepare Them For Independence
A year or two ago, studies showed that millennials were digging in their heels and living with their parents far longer than any other generation. And with rising costs and the scarcity of decent jobs, it’s often a mandatory choice for young adults in SA.
However, new research has revealed that millennial migration is on the rise once again; and yep, you can finally start planning on having a spare room and one less mouth to feed. Researchers at the CoStar Group attributed this shift to millennials landing successful jobs with increased wages.
Your not-so-little-one still living at home? Make sure they’re pulling their weight when it comes to the three C’s: cleaning, cooking and contributing towards covering daily costs.
Hit The Books
As an infant, your kid isn’t going to appreciate your favourite TED talks or financial forecasts. But a good book might help your newborn become successful further down the line.
Research presented at the 2017 Paediatric Academic Societies Meeting showed that reading books with your child, even in their first few months of life, can boost reading and vocab skills long before his or her first day of primary school. The study monitored interactions between 250 mom-and-child pairs, paying close attention to how well the little ones could understand words.
The result: Those reading hours translated into literacy gains. So don’t leave mom to do all the heavy lifting – grab a book, and give your kid a wordy head start in life.
Make It A Habit
“The secret to your future is hidden in your daily routine. You only get out what you put in,” says Emmanuel Bonoko. Bonoko is a successful young entrepreneur making waves with his youth empowerment leadership group The Ebonoko Foundation and Ebonoko Holdings.
Invest In A Successful Future
Learn to how to be a stand-up parent with advice from funny guy, marketing magnate and new dad Mike Sharman: “Who are we kidding? As consumers, we begrudge hidden fees. You thought cellphone contracts were the worst offenders, until you had kids. Children are riddled with unforeseen costs.
“From the moment you hold your first scan, the societal pressures commence: ‘Tell me you’ve put his/her name down at a private primary school and paid the deposit?’
“SA has some of the worst consumer debt in the world. Generally, we have a terrible savings culture. If you’re planning on having kids, here are some things you may want to consider to start building an enviable trust fund.
“When you’re investing over the long term, you’re looking to beat inflation and grow your capital. That’s not going to happen if you put your money in a savings account or under the mattress. You need to have invested in the stock market to generate that kind of market-beating return.
“For most people, the hardest part is actually starting investing. Do that, and you’ll beat everyone else still on the fence. And you’ll learn as you go. Kind of like parenting.”
*Mike Sharman is the author of The Best Dick: A Candid Account Of Building A $1m Business, available on Amazon.
Implement Pocket Money Tax
Your kid could pay for the deposit on their first home using just a quarter of the money they’ve earned – through pocket money, receiving gifts, doing odd jobs, or just losing their teeth – by the age of 25, claims new research.
In a study published by banking giant HSBC, researchers suggest parents implement a strict 25% luxury tax on these funds, investing the amount in a savings account for future use. Your kid might not like it now, but it’s one hell of an investment for a successful future.