Health and Wellbeing
Youth and Finance
It wasn’t until I picked up a magazine and saw the article of “Young Money” that I thought of the importance of motivating our youths to move into every opportunity of life, particularly investment. Based on the Biblical text of the wisest man, King Solomon, who wrote in Proverbs 22:6, “Train up a child in the way he should go, and when he is old he will not depart from it.”
This has allowed me to see that this text is not only applicable to parents of the religious, but to anyone who has a desire to pursue training in finance and to become accountants. Suppose we look at a child's weekly allowance today, according to the American Institute of Certified Public Accountants (AICPA) if a child is given a weekly allowance of $100.00 at least 10% should be saved and the balance to be spent for necessities.
So, now we train the children to support small business in their communities. That could help to reduce unemployment, homelessness, and theft. Our youth should be made aware of the financial power they possess and the consequences of their financial decisions.
Therefore, as we move into 2021 the lesson here is that, if we train our children to be aware of these facts, when they reach adulthood they will know how to be fiscally responsible to survive in this present world.