On September 16, Malad resident and senior citizen, Sarla Patel, was found murdered at her residence. This time around, the perpetrators were not some drug addicts looking to steal money or thieves. In this case, it was the grandson, claim the police. The reason for this gruesome act was to get access to money to fund his lifestyle and buy a bike.
This is not the first solitary case of such a murder. In 2003, five teenage boys, all from well-to-do families were convicted of double murder of Leticia Mendes (52) and Dylan Lobo, her one-and-half-year old grandson. These five teenagers were tried in court and sentenced for this heinous act.
However, one common aspect between both these tragedies is the same — money. In both cases, the accused came from affluent families and yet resorted to taking innocent lives to steal money. These incidents got me thinking. Are we that desperate for money that we would resort to violence? Is the ‘new Gen-Y’ thinking to be blamed? Is there actually anyone to be blamed?
We can all start pointing fingers at their parents, society and even the mass media for creating this new lifestyle that the youth wants so badly. But, is that really the answer that we are looking for? Such incidents are bound to happen sometime. So where does the answer lie?
The answer lies in the fact that we need to create a stronger value system when it comes to wealth and resources. There is a dire to need not only to understand the value of money but also to know the importance of it.
So where does one start this process? Do you just start lecturing your kids about money or the value of it? Here are a few tips that can help:
Start young: There is no perfect time for parents to start teaching their kids about the value of wealth. The ideal time is to start when kids are young. Make it habit to teach them about money and provide them with basic information.
Help them differentiate between wants, needs and wishes: Children need to learn to differentiate between needs, wants and wishes. They need to understand that everything they wish for will not be turned into reality and every want is not a need. This will help them make informed and well thought out wealth-related decisions in the future.
Explain the concepts of borrowing and interest: I have seen parents fail miserably when it comes to explaining kids about the concept of borrowing. It is very important that they know the repercussion of borrowing money from lenders and how it could affect their financial standing in the future. These kinds of talks can get very technical for teenagers. Instead of giving a boring lecture, take them to someone like a certified financial planner who can explain these concepts better.
Have periodical talks and discussions about money: Open discussions about money will help in understanding a lot about money and spending patterns. One of the best possible times to have a talk is whenever there is a price hike by the government. Illustrate with examples how this will affect them and their dreams and wants. If you follow a financial plan, tell them how these changes will affect that plan and ask your planner to join in on the discussion.
Teach them how a credit card works: Most teenagers are still not sure how the credit system works and tend to abuse it. Small things like verification of charges, calculation of taxes will help them get a better idea of the system.
Make use of regular opportunities to teach kids value of money: To make kids understand the value of money and how you, as a parent, treat money. Take them along with you for grocery shopping. This opportunity can help you demonstrate how to work on a budget to not only fit your needs but also to save resources. Plan how to spend it and show them how you can waste money, if it is not handled with care.
Set an example: Kids will often imitate what their parents do. Set an example as to how you would budget and spend money and how you plan your finances. This will help them to understand the importance of it and create a value system when it comes to handling money.
(Sumeet Vaid is a CFPCM. The views expressed here are personal, and do
not necessarily represent that of the organisation. FPSB India is the sole marks licensing authority
for the CFPCM marks in India)
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