 How to teach your kids about earning, saving and investing. Many parents feel their kids will learn about money and investing when they get their first job or become independent young adults. But a better way to help your children understand earning, saving and investing is to teach them such skills while they are young. Parents shouldn't wait until their kids are old enough to have an allowance before teaching them about money. I advise that parents start teaching their children about money early, like five, in order to help them build lifelong habits and positive relationships with money. By the time they are 13 and reaching adolescence, they should be knowledgeable about how money works. There are a lot of myths about money that translate to negative views about money. We say things like money is the root of all evil. It's not true. The love of money is the root of evil. Money is neither good or bad. It is an inanimate object. It does not have life. If one is evil, the money they have can be used for evil. If one is good, the money you have can be used for good. We say money doesn't grow on trees. Actually, it does. Agriculture is a billion-dollar industry. We also say things like money is scarce. Again, not true. Money is abundant. Money is a tool, and it is necessary and important to have. Teaching your children about money can help them become financially responsible adults. There are three important learning points that I will be talking about. Earning. Although kids don't get jobs until after they're 18, many receive allowances, gifts, or payments for chores. These early experiences with earning money can influence a child's attitudes about earning and saving for years to come. Allowances should not be given purely in exchange for chores. Instead, a hybrid system whereby kids receive a weekly allowance plus additional money for chores. This can help them learn money management. Allowing children to earn money will enable families to discuss finance. If children spend some of their own money, they become aware of prices. They learn math skills and discipline. Saving. Parents can choose to talk with their children about saving in various ways. You can encourage them to save their allowances for a special item that they want to buy, or have different savings. One envelope for treats, another envelope for offering, and another envelope to save for something special. With older kids, discuss the idea of allocation and saving percentages. Saving and budgeting go hand-in-hand. Explain how different things have a cost and require money, and that budgets must be designed to ensure all needs can be covered before once. That's teaching them delayed gratification. Finally, investing. Explain the different ways they can use and invest their money so that it grows and provides a return. Open a bank account and introduce the subject of interest and how banks pay savers and incentive on their savings. For older kids, talk about buying stocks and companies through the stock market. Be sure to discuss return on investment and risk. Risk is what makes some investments riskier than others. Speaking with your kids about financial topics and their money resources and choices can help them learn financial literacy. It can also encourage them to form good financial habits. Advocates, I know a couple of us are parents. Have you started talking to your children about money? Yeah, absolutely. Again, there are so many gems to watch you discuss. I talk to my adult about money all the time, especially because all they want to do is buy, buy, buy. That's always a good opportunity to throw in lessons here or there. Every now and then I say, we can't afford it. That's when I say it's not because every time you have money, because you can buy something, you can't afford it. So I start by saying you have to buy three or four, five or six times. So actually you can afford it. If you buy it and then you go broke, then you actually can't afford it. So we keep in those lessons here and there, but I also feel very strongly and I'd like to advocate for schools to include financial literacy in our curriculum. Because if you look at children abroad, they understand Naira and Kopa from very, sorry, whatever. Zola Devan's sense of comes and shillings from very young age. And it reflects because someone said, I had a quote, it was a gangster movie and the guy said, before you go to war, you must get your money right. And if you don't have financial literacy from when you're young, it just messes everything else up. So it's very important that we start to educate our children from very little for them to understand different currencies, like you said, savings, investment, budgeting from very young age. So I started it almost unconsciously, but now that you say it, I just thought to myself, I have to be a bit more deliberate about this and start talking about savings, about investments, about putting their money somewhere, and for them to understand how investments work, when you put money, you get returns on it. When you save money, then you can buy. So we start talking about savings, talking about savings all the time. There's a piggy bank, you put your money there. You have a target, you want to buy something. When money is at some point, just as an incentive, when you have certain amounts, then I top it off for you to get what you want. And then that helps also with delayed classification, knowing that it's not just every time you say, I want that I get. So I mean, I think it's fantastic. I mean, I had money conversations growing up. I mean, with my parents and all. For some reason, I remember that when I was like in my 20s, I started asking questions around, okay, so who's going to teach you about financial literacy as a woman? You start asking yourself that, will my wants and my needs ever be met, am I having enough? And so hearing that they talk about financial literacy, coming up more mainstream now is so welcome. And at the same time, I think for kids, it's important that, like you have rightly mentioned, especially if they, no matter where they live, especially if they live in Nigeria. Look, Nigeria is a place where you need to understand that you have to be financially intelligent. It also actually helps you drive how you build your entire life. I realize when they say time is money, that thing doesn't play out, so it hasn't played out as well as in recent times. And I understand that every single action, about the whole way we view money, the way we see money, but there's something said about money is scarce and how that's not true. And I was like, I really liked that one. But the one that got me, that really hit me, the gut was agriculture, I said, it doesn't grow trees. I said that is so true, it doesn't grow trees. But I'm like, okay, that is so true. Money does grow trees and it can. And for me, if there's one thing I'm taking away, especially because at the end of the day, I've learned something that while I've really pushed and I believe that your mind said, I also realized that one thing that really helps is those actual tangibles you can hold on to, to help you. And this part about money, at the end of it all, the whole drama we're talking about now, boils down to standard of living money, financial literacy. And it's important, I really like this one and I like what you're listening about, how we should teach it in schools. But as I spoke, I thought to myself that is there a way that we can get financial literacy to, we can get financial literacy actually to those area, those people in the lower strata of life, because at the end of the day, they're not really understanding that, it's not about they just get money. Money is survival for them. Money today, I survive, I eat. Daily income, daily money. But I'm just thinking that as you said it, and everything's just into that, when it's always like, is there a way to actually push for this financial literacy as a life skill for these people? It suddenly changes the scarcity mentality. Anyway, I mean, Elor, who say your thoughts on this? You talk about Nairari design. I want to dig a little bit from where you guys are coming from. So I'll use myself as a difficult example. Growing up was not that difficult. It was so difficult because I had a parent, my late dad is always going to school and good grades so that you can get good job. But for me, I was lucky to be able to discover myself as old as five. And what I see is, at the long run, I try to solve problems. And in terms, I split myself up to get, because what you don't have, you can't give, so that I can at least solve a problem, get a skill, solve a problem, and make an end for it. I was able to discover that money that you dash me, I spend it so quickly, but money that I work for, I keep it so daily. And it was when I was in university, I met someone who made me understand that your parents are just overprotective. They don't want you to be too exposed to money. And that is one of the reasons why they are trying to tell you just because of your book and what that means. So if you look at it on another angle, a typical farmer in the village, what they are thinking of about money is to solve a problem and see they want to have more events so that more people can eat. And when they get more money from their harvest, they try to get more land so that they can cultivate more workers and solve more problems. So I think if we look at it from that perspective, not just the financial literacy, the need for you to get necessary skills, necessary potential, helping people to discover them. So, necessary potential and teach them how they can monetize those potential. And what valuable those potential is. It's far better than saying, in theoretical, these are monies, means spending, you invest. Once you know your potential, you know which investment yourself to invest in or not. You just need me to guide you. That's my own perspective of this money matter. And I can agree with Titular that I say, money goes on free. I know how more billions of NERA is in agriculture. It's an industry that I'm ready, I'm willing, I've been working towards to venture into beyond financial, digital financial services that are in and ICT, yeah. I want to do agriculture. That is Hollywood, the next Hollywood for people who know. Awesome, awesome. So, I just want to conclude by saying when we teach our children, we send them to school to learn great things and learn how to earn money, teach them how to save and invest that money. For me, I think that this is one skill that would definitely be useful for Nigeria, for Nigerians for the generations to come because where you can get a good handle on money, you can get a good handle on the person's entire life. So, up next is Tolu to talk about what his advocacy is for today.