Saving for your children

Just a passing observation I often hear amongst precious metal investors here and elsewhere about how they are frantically investing and saving for their children and grandchildren. I assume many are doing this to spare them the poverty and difficulty they themselves experienced and suffered in their own childhood. This ‘sparing’ of our children is also observed in other areas of life in the raising of their own children in varying extremes, such as sparing them the work of general household chores that would benefit the whole family, to some even making their children's bed and tidying up after them all around the house.

Even when they are older in their adolescence years when they are now far more physically capable and fit to help, they are still exempt from chores, because they are studying and have so much homework to do and their constitutional civil rights (while they still exist that is) entitles them (note them and not their parents) to relaxation and leisure time. If not given this could be used, by said adolescence, in a court of law, as incidents of wilful;

child slavery claims!!😱

some mothers have been known to continue washing their children cloths long after their graduation and even following them to their new home to save money from having to hire a cleaner.

The fruits of these practices are being clearly observed today not only with spoiled, entitled and ungrateful children that very often cannot wait to dump their own now frail, weak and physically useless parents into a resting home so that they can sell their homes to pay for the new hired cleaner because they have already spent the money their parents and possible grandparents and worked so hard to attain for them.

Their whole attitude towards money is the very opposite of their parents combined with a strong feeling of entitlement and no longer appreciating its true value and how hard one has to work for it.

What many of these parents failed to recognise was that their own hard childhood experiences had contributed towards their own motivation, discipline and attitude towards money.

What also is paradoxical is despite the hardships experienced due to the unfortunate unavoidable circumstances or willing negligence of their own parents, what is the general attitude expressed and feelings felt in general, towards those very same parents when they as children have finally broken free of that poverty?

Is it respect or disrespect? Love or hate? Do they willingly help them or leave and neglect them?

Food for thought indeed. 🧐

While on the one hand we all want to adequately provide for our children and grandchildren we must balance our generosity with discipline and education where at times withholding can be the greatest act of love and kindness.

In fact the greatest gift we can provide our children is imparting our mindset and attitude toward money, teaching them through experience the true value of money, teaching them to save and invest and allowing them to experience the act of waiting and delayed gratification.

Give a man a fish and you have fed him for one day, teach him to fish and you have fed him for life.

Another simple line of reasoning is that treasures stored on earth,  (even allocated metals stored in a secure safe) can be consumed and stolen, but with the skills you have trained them with they can start building wealth again from scratch.

I also have to repeat Robert Kiyosaki and Steven Coveys words:

'Your mind is your greatest asset'

Rich Dad Poor Dad - Robert Kiyosaki

'Your greatest asset is your ability to earn'

Seven Habits of Highly Effective People - Steven Covey

My controversial theory is if you have trained your children well, have;

FAITH, FULL CONFIDENCE & TRUST ...

in your own well trained children, that they will do well in life....

.....with or without your large financial support.

Rest up, enjoy and live a little more, enjoying the fruits of your own labor, including that training of your own children, while they willingly approach you with a tray of drinks and refreshment while you sit and rest, because you have earned their love and respect.

Wherever the saying originated from it is filled with truth;

“Hard times create strong men and women, strong men and women create good times, good times produce weak men and women , weak men and women create …….

Often a day or two later my impulsive enthuisiasm to post blogs like these get dampened with me doubting myself and thinking this is just my personal opinion that no one else shares so why even bother to share it. But then I get confirmation from unexpected sources that I am not completely alone;

From the 25 minute time stamp of Mark Manson hour long interview with Morgan Housel with them both sharing their own experiences.

https://youtu.be/LcCtv9UkILI?si=_5ucSSLc1zrf1FNx

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