Dear Readers, I will be out of town from tomorrow and will not be posting new articles. I’m inviting readers on my weblog to send in their articles regarding Personal Finance, Financial Freedom, Frugality, Career, Bad Spending Habits. I’ll be posting your articles as my Guest Blogggers for the week. I guess we can all learn one or two things from each other.

Please note that your article should not be more than a page and I reserve the sole right to approve or send it back to you if I think it needs further touch up.

I want to give my readers the opportunity to state their stories of triumph and challenges in the journey towards financial freedom. Please note that I’ll be featuring only five guest bloggers. So send in your article.

You can send your articles to

Have a wonderful weekend.

One thought on “Invitation

  1. Remi Emeka Njoku says:


    Teach your children the value of money from age six

    It is common hearing parents complain of their children refusing to wear shoes or clothes, or eat food because they did not meet expected standard.
    At one of the grocery store located in the Okpebi area of Ikeja, Lagos, recently, I passed a man and his daughter in the snack aisle. She was maybe ten or eleven, a little overweight, and begging for chips and chicken part. From his looks one would easily conclude the tall and muscular man was a blue-collar type.
    Clearly exasperated with her, “You have no conception of how hard your mother and I work to earn money, do you?” he said. There was desperation in his voice.
    This brief encounter has been in my mind ever since. It reminds me of something I read over at the Seeds of Wisdom forum. Jim Anthony shared a story about how he is teaching his six-year-old the value of money. Anthony doesn’t like the idea of just giving his son money — he thought it created an “entitlement mentality” — but he doesn’t like the idea of tying the allowance to chores, either.
    The big problem experts have identified with either of these methods is that most parents don’t teach any lessons beyond this and their kids learn that money is for spending on stuff, period. There are no lessons about making money earn more money. There are no lessons about the actual value of money.
    A couple of years ago, Frank, a medical practitioner took things in a totally different direction. He decided on no allowance but rather to put his son “in charge” of a set amount of money to be spent on specific things, his two

    favorite things, MrBIGGS and video games. Frank essentially gave him control over part of the household budget. This was money that Frank and his son were already spending, the only thing that changed was the control of it.
    Frank’s son was given N2,520 a week to spend however he wanted on these two items. The first week, they ate at MrBIGGS three times in two days. The money was gone. Actually, for the first couple of months, they ate at MrBIGGS quite a bit until his son wanted the new Sonic X game and didn’t have any money for it.
    It didn’t take the boy long to figure out that a video game costs about the same a five or six trips to MrBIGGS. It took another couple of months before he was finally able to get his game. Today, he totally understands the value of a N2,520.
    Frank then helped his son set up a couple of phone boots which provide a small but regular income. From there, his son moved to investing small amounts in stocks of companies with which he was familiar. His son has also started to save.
    Experts will admit, he has had just a little bit of coaching here and he doesn’t understand any of the details behind any of this stuff. Franks son is still six years old. But he does understand that by thinking and acting differently than everybody else, he can have much more than anybody else.
    How, and when to communicate money values to children is one of the toughest challenges that parents face. You want to support your children, to shield them from the hardships of life. But without facing the hardships, they won’t appreciate the value of money. And what if your own money skills are poor in the first place?
    It is important to talk to children about ‘getting rich the slow and steady way’ all the time — with the simple message that one way to get rich is to save your money.

    Each time money comes your child’s ways from age six, subtly and with parental care teach him he could be a proud owner of bigger money if had saved just two allowances and stopped the frenzied spending on cheap stuff.
    Teach him he could decided he to become rich by saving. Parents could help their wards open a savings account with any good bank and he will be amazed that a bank will pay him just to store his money (interest), and thinks that just the coolest thing ever. Make him saves 10 percent of everything he earns, and t5here is no doubt that he will become a rich young man.

    Tips on teaching children value of money:

    Every teenager at some point of time likes to be independent. As parents one must allow their children certain degree of freedom. It not only allows them to make their own decisions but also it helps in transition to adolescence.
    When one spends their own money, one often learns the value of it. When a child is taught to handle money, he will automatically find out the prices of the items for sale.
    It is very essential for a parent to give his child pocket money. If given rightly, it instills the concept of sensible spending. The parents should estimate approximately how much a child would require. The child can be taught, that the money is for spending things for pleasure as well as for necessities. Beware of giving too much pocket money to your child. Your child may unnecessarily spend, he may get confused of making sensible judgements about spending.
    Sometimes your child may want to go to an expensive restaurant or holiday. Learn to say “No”. Your child has to be taught the difference between what an be afforded and what is worthwhile. He has to learn to live within his means. Don’t be overstrict, at times indulge in taking him out to a fancy restaurant. This flexibility should entirely be your decision.
    It would be a good idea to show your child how you do budgeting. The regular household expenses, insurance expenses, car maintenance, school fees, etc., money put in bank as savings. Let your child know you have got maximum mileage out of your individual budgets. Involve your child in family budgets. Let him run the house give him a certain amount in the beginning of the month and keep record of all the expenses. Open a bank account for your child and allow him to run his bank operations like putting in a bit of money every month.
    Earning is the most important step of learning the value of money. Allow your child to take up a summer job. He will realize the effort and time to earn money is much more than to spend it in a jiffy.
    As parents one has to instill on a child that money can make the world go round – so don’t judge in terms of money. How to live like a honest good human being cannot be determined in monetary form.

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