What do we teach our children about money?
If we can start real money conversations with our kids from an early age, we can relieve them of the stress of financial planning before it’s too late.
Many families are eagerly awaiting the results of Matric 2020, due out on Monday. With so many teenagers unlucky enough to face WhatsApp enrollment in 2020, thousands of children and parents in South Africa are now hoping that it will work out in the end.
Talking to the parents of children who have been in the last year or two in school, I have come to the conclusion that the world has gone crazy. The price of a good high school education in South Africa seems to have reached ridiculous levels. You know something is wrong when parents can’t wait for their kids to go to university to finally lower their monthly education bill. Because of this, many parents are faced with the almost impossible task of giving their children everything they need to be successful one day.
Of course, if you measure success in the traditional way – education and respectable work. The fact is that even if their parents can afford a better high school and then get a university education, my circle of friends (you can guess our middle age from the tips in this article) found that many of our children have absolutely no desire to become a doctor. , a lawyer or an accountant. Oh God!
I recall a very serious conversation at the dinner table with a friend’s son about four years ago. He made the argument that a real gaming computer would be a real investment in his future. He made a strong case for developing superior strategic thinking skills by playing complex games, and even put forward scientific research on the benefits of games for the brain. His mom told him to stop dreaming and take out the trash.
You see, there was one fatal mistake in his approach. In conversation, he used the word “investment”, but never talked about cash income. The conversation was too light-headed for this old goat. Now, if he mentioned money, she might already be able to retire as his agent in the esports industry! Recalling this incident, I thought about jobs that my generation would never take seriously. There is still hope for those children who cannot imagine anything worse than being forced to study even more after school .
Tyler Blevin enters. This 28-year-old professional (yes, professional) gamer made about $ 17 million last year. You might think he did it while at the top of his game (see what I did there?) And won several tournaments, but his prize money for the year was less than $ 100,000. Real money came from support and support. sponsorship. Good deal for everyone involved when you consider these sponsors have captured the attention of his 22.7 million YouTube subscribers and 14.9 million Instagram followers. And even an introductory Fortnite class that no school in the world has! If I lost you, google Influencer, Fortnite and eSports to get acquainted with this brand new world that I mentioned above.
Tyler’s YouTube subscriber base is less than 9-year-old Ryan Kaji, who made a staggering $ 29.5 million in 2020 by posting videos of him unboxing various children’s toys. If you get over the unpleasant feeling that you get when you imagine being constantly filmed and held responsible for all this money (I’m pretty sure it wasn’t his idea initially), you can’t deny that this type of income is life changing. and does not require any expensive formal education.
Please understand, I am not saying that you are spending money on your child’s education. The opportunities available to well-educated young people will always far exceed those of the average person seeking to make ends meet. That is, if they want these opportunities.
Many articles have been written about how Millennials’ financial habits are so different from those before them. We analyzed in great detail how they spend their money, but to see how they earn is actually much more interesting, even if sometimes it is confusing!
Fast forward to Ryan Kaji’s generation, and it looks like the world is their oyster. Living in a country where education is a scarce resource, I hope to be reminded that future generations will be able to create wealth and have some financial security, even if it is a job that I never heard of before a year or two ago. This does not mean that we can stop worrying, that the kids will be fine, but perhaps we really need to change the way we approach children when it comes to money.