There's a right and wrong way of saving, likewise you must have heard this from me many times when I say, "the not-knowing is scarier than anything." In the field of personal finance, it is transcendental to know that Financial Education must be our priority if not our topmost NEED to prepare ourselves from the Black Swan or inflation happening over and over again.
Risks and potential Black Swan events will always be here, but so will OPPORTUNITIES!
Let's stick to this point as this is crucial in every situation. Take this analogy for example:
You went to a grocery store and you got mesmerized on taking a bite of an apple to know whether it tastes good or bad ( it's an opportunity already) however you decided to put it back because you realize that you don't like the taste though you have already taken a bite out of it.
If you're lucky enough, to go out of the shop without paying, then you gained but if the situation was against your favour you might be in deep trouble so instead of gaining, you ended up losing.
This simple analogy has a lot to do with how vital Financial Education in all aspects of our lives whether it is (fiat or crypto). Most people are always at the back end of a financial crisis especially if they merely put their money in the bank. The author from the book entitled, The Secret to Saving and Building your Future shared his encounter with one of his friends who worked in the bank and asked,
"How can you work in a company that gives 1% interest when in fact there are lots of SECURE COMPANIES that give better rates? Don't you think it's unfair?
and his friend replied:
"My customers KNEW the bank rates and they accepted it. If you think that's unfair then that's your problem. You KNEW where they could get BETTER RATES, but you didn't EDUCATE them!"
This hit me big time! and I must ensure that my baby at an early age understood the value of saving money as well as investing tips!
FINANCIAL EDUCATION MUST START FROM HOME (and this is every Parents' Responsibility!)
An instance on a weekend, that our 27-month-old baby has been hilariously crying. I thought it's one of his unnerving tantrums as it was almost lunchtime. He wanted to eat something he couldn't find in the fridge.
Instead, he said, "mommy give money!" he's been crying and won't stop asking for "money!"
I was amazed at Sage's statement while we were playing at the veranda because I never taught him about money, (not just yet) I mean he's 27 months old so the idea of MONEY would be too far off.
I am not even sure if he understood what would be the money for. Eventually, he checked on my bag and found my purse and there were only 10 SCR coins. He took it and asked, "mask?" Surprised of all surprises that my baby's question astounded me to the hilt. What on earth is Sage Alexander asking me for?
Of course, his sentence was grammatically incorrect but you could understand what he meant by asking, "mommy mosa,(short for samoza) and pizza!"
I have to take the coins but he vehemently said, "mommy give mommy, mosa, pizza, shop!"
I felt like having a charade game trying to connect the dots. Since the other day when we went to the shop, he asked for fish samosa and pizza but because it was already closed so we told him that we would buy it the next day however we forgot that they don't open on Sundays.
So I figured out that he wanted money because he would buy samosa and pizza at the shop, likewise he needed a mask. Technically he'd seen us wearing mask whenever we went out so he thought of doing just the same. I told his dad when he came from work and was also surprised as I was. Somehow it got me into thinking whether babies' brains are wired to their surroundings even without teaching them?
This particular scenario with our 2-year-old Sage Alexander about the use of money to buy samosa and pizza brought a great impact on how he understood the value of money for buying prime commodities, perhaps it was retained on his brain on the essential of money tips and saving hence we opted to acquire a Life Assurance Product for his Junior Years. Though Education is FREE here in Seychelles still we would never know how far he wanted to go for his studies so we prepared him for it at the earliest possible time.
But at Times Money is Scarce! Is there a Way to Avoid Scarcity with Money?
Have you ever thought about why other people have experience scarcity of money while others have plenty?
Money is vital because it is a driving force of what we want to convey. It is a way of communication. It is our voice.
It is energy depends on who and how to use it.
When my father got hospitalized, I have seen the need to accumulate more of it due to the bills that skyrocketed.
It was never a joke to pay an immediate 54k when papa was at the ICU. Money was the driving force of his lifeline because he was dependent on the medication cost around 7k to 10k a day!
It was an insane NEED!
**How on earth am I going to release that amount of money in a day?
Given the scenario, I could have just said, "oh no, I don't have money!" instead I claimed that I HAVE ENOUGH! Positive energy overflows when you acknowledge, surely some ways would help you in achieving it.
So how to avoid scarcity with money?
THINK ABUNDANCE and ABUNDANCE shall be yours. Acknowledge ABUNDANCE and never scarcity likewise the key to it is GENEROSITY.
I learned this practice about the video on Goal Setting which I usually do on top of my Financial Literacy research, reading, and more due diligence. It helped me shifted my paradigm financially.
It went the same with the mind-setting activity wherein the audience was asked to close their eyes and focus only on the colour RED that they can find inside the hall. True enough when they were told to open their eyes, all energies and concentration were on RED never on blue, yellow, or any other colours.
So the point?
FOCUS YOUR ENERGY INTO ABUNDANCE and never on scarcity! Instead of thinking much into not having money, why not divert your attention to how you can have plenty?
Cryptocurrency is another Form of Money and Bitcoin Cash is Revolutionary!
I just listed my Travel and Tours Online Business under Unified Products Services where I would accept Bitcoin Cash as mode of payment for any services catered as per domestic and international trip, paying bills, partnered with remittance service providers in the Philippines with which transaction is fast, smooth and hassle free.
If you also came to a point where sending money or even paying your bills would take you further delays added to higher transaction fees, you would be grateful that
UTILIZING Bitcoin Cash is an edge over any other cryptocurrencies available in the market today.
It is so much easier to send and receive money regardless of your geographical location because from Seychelles to the Philippines it cost me a fraction of a dollar to do so.
The most practical crypto I have had shares of paying my bills and my remittances especially the time when I needed to send money for an urgent medication bill for my father, Bitcoin Cash served its authentic purpose for what has been transpired as the original version for Bitcoin as a peer-to-peer electronic cash transaction.
The most promising part is its lower transaction fees which cost a fraction of a penny. Thus in view hereof where it's an advantage for merchants to adopt Bitcoin Cash as their mode of payment, the campaign ends on Aug 31, 2021. Acted on mine and just waiting for its approval. Should you desire to list your business and adopt Bitcoin Cash as MOP you can check for more details here.
What's the Rationale?
Parents these days adhere to the idea of giving money to their kids even without educating them. I can attest to how one of my students back here in Seychelles when he had 100 SCR a day which made him 500 a week when the cost of food was only half of what he could spend.
There was a point he only had to come to school because of his daily 100 SCR allowance yet it's not compensated due to his misdemeanour in the classroom and we have to call the attention of his parents from time time where the later confessed he's been given everything money could buy. I pity the child!
Parents needed to educate their kids on the value of proper saving at an early age likewise introduce them to a vehicle that could make their allowance useful for their later years. It would be an advantage should they learned from home if not from a financial institution just yet how money when invested properly can secure their future. The rich KNEW and UNDERSTAND how to make money work for them while the poor go out and spend them, likewise this is not also a point of who has more money but it all boil down to Oscar Auliq-Ice9 statement when he said that,
“Millions wish for financial freedom, but only those that make it a priority have millions.”
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Some images used in this post from Pexels edited via Canva, the rest are mine!
Text divider from Hive
You can check also on my baby's activities here with his playmate.
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First of all i says congrats for writing such a Intersting article and made a beautiful images Secondly teaching the children is important about saving money beacuse one days they bacame parents and they lose all the property which their parent's made Giving money is not bad but teach them how they spend money in my opinion......