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Five early financial lessons to ensure that your children have a bright and secured financial future ahead. Pixabay

Part of taking care of your children also means teaching them how to cope with the various different stresses which come with adulthood. Fathers, often helm the finances of the family, and the should take it upon themselves to teach their children the responsibility of finances from an early age.

“As fathers, we believe it is our role is to guide and be a mentor to our children to shape their values and principles for life in the long run. We immerse ourselves into their lives, focus on their mental and physical wellbeing and stand responsible for their upbringing. Fatherhood has evolved from providing a secured financial future for children, to instilling invaluable experiences that help them become independent and capable of decision making. By reinforcing early positive behaviour and habit formation, parents can foster healthy financial independency amongst their children,” states V. Viswanand, Deputy Managing Director, Max Life Insurance.

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On the occasion of Father’s Day, the expert shares five early financial lessons to pass onto your children that help ensure they have a bright and secured financial future ahead:

Piggybank your pocket money

The first financial lesson to instill within your child is to start saving and planning early. By teaching them to put aside a chunk of their pocket money is a start towards healthy savings behaviour. Over time, as they start earning, these teachings will automatically prompt them to put aside a part of their salary in a savings or a fixed deposit account.

Teach your children to put aside a chunk of their pocket money as it is a start towards healthy savings behaviour. Pixabay

Start smart, start small

Parents must encourage children to be financially smart. While starting early is one step towards financial independence, children must not worry about how little they are putting away. Often telling them that ‘Rome was not built in a day’ will encourage them to set aside small amounts to gradually build a corpus. After reiterating this, children will eventually learn to budget expenses and savings. A good thumb rule to remember is that 30-40 percent of income must be saved or invested to create a safety net should plans go awry.

Be behaviorally and financially disciplined

Most times, parents worry about behavioral discipline, but forget to equally focus on financial discipline. A strong foundation early on will enable them to systematically work towards their goals and objectives. In fact, prompting them to purchase financial tools such as term insurance policies will require them to put aside premiums every month and start the journey to a financially safe life.

Set goals, save for the long-term

Buying children the latest edition of a play station, a new phone or a laptop will lead them to believe that parents will always finance their aspirations. To nurture financial independency, parents must encourage children to plan ahead, set milestones and work towards fulfilling it.

Buying children the latest edition of a play station will lead them to believe that parents will always finance their aspirations. Pixabay

Also Read: Sachin-Jigar Share their Thoughts on World Music Day

Do not let fluctuations scare you

We have been told by our parents that life is a marathon, not a sprint. The same learning should be passed on to children of this generation, who easily fall off track because of short-term requirements or indulges. Unseen hurdles are a part of life, but people must always stick to their initial investment strategies. Similarly, stock markets witness short-term fluctuations, but having a long-term mindset will do away with intimidation.

Parenthood prompts fathers to start planning right off the bat, draw up plans and set goals for their children. However, children are sometimes excluded from this. A good start to becoming a financially savvy family is to chart out aspirations with your children, while providing financial guidance through their early years to induce good long-term financial behaviour. (IANS)


Photo by Pixabay

Upcoming medical colleges in Uttar Pradesh will be named after saints and sages

The new medical colleges being opened in Uttar Pradesh will be named after saints and sages.

The state government has issued an order naming four district hospitals that are being converted into medical colleges.

These district hospitals are in Bijnor, Fatehpur, Chandauli, and Siddharth Nagar.

The Bijnor medical college has been named after Mahatma Vidur, a philosopher during the Mahabharata era and uncle of the Pandavas and Kauravas.

The Chandauli medical college has been named after Baba Keenaram, said to be the founder of the Aghori sect.

The Siddharth Nagar district hospital will be called Madhav Prasad Tripathi Medical College after the BJP politician from the region. Tripathi, popularly known as Madhav Babu, was also the first Uttar Pradesh BJP chief. He was elected MP from Domariyaganj in 1977, besides being two times Jan Sangh MLA and also a member of the UP legislative council.

The Fatehpur hospital has been named Amar Shaheed Jodha Singh Ataiya Thakur Dariyawn Singh Medical College, after the freedom fighter of 1857.

It is said that he was among the first to use Guerrilla warfare against the British, as taught by freedom fighter Tatya Tope.

Meanwhile, according to official sources, the medical college in Deoria will be named after Maharishi Devraha Baba and the medical college of Ghazipur in the name of Maharishi Vishwamitra.

The medical college of Mirzapur will be in the name of Maa Vindhyavasini, the medical college of Pratapgarh in the name of Dr. Sonelal Patel and the medical college of Etah will be named after Veerangana Avantibai Lodhi. (IANS/JB)

Keywords: Medical Colleges, Uttar Pradesh, Yogi Adityanath, India, Politics

Photo by Wikimedia Commons

Photo of Indian cricket team on the ground

Former Pakistan captain Inzamam-ul-Haq has picked India as the favourite to win the ongoing ICC Men's T20 World Cup in Oman and United Arab Emirates (UAE).

Inzamam feels that the Virat Kohli-led India have a greater chance of winning the trophy as the conditions in the Gulf nations are similar to the subcontinent, which makes India the most dangerous side in the event, according to Inzamam.

"In any tournament, it cannot be said for certain that a particular team will win' It's all about how much chance do they have of winning it. In my opinion, India have a greater chance than any other team of winning this tournament, especially in conditions like these. They have experienced T20 players as well," said Inzamam on his YouTube channel.

He said more than the Indian batters, the bowlers have a lot of experience of playing in the conditions. The Indian Premier League (IPL) was played recently in UAE and most of the Indian bowlers did well in that leg.

Inzy heaped praises on the Men in Blue for the confident manner in which they chased the target against Australia on a challenging track without needing Kohli's batting prowess.

"India played their warm-up fixture against Australia rather comfortably. On subcontinent pitches like these, India are the most dangerous T20 side in the world. Even today, if we see the 155 runs they chased down, they did not even need Virat Kohli to do so," he added.

Though he did not pick any favourite, Inzamam termed the India-Pakistan clash in the Super 12 on October 24 as the 'final before the final' and said the team winning it will go into the remaining matches high on morale,

"The match between India and Pakistan in the Super 12s is the final before the final. No match will be hyped as much as this one. Even in the 2017 Champions Trophy, India and Pakistan started and finished the tournament by facing each other, and both the matches felt like finals. The team winning that match will have their morale boosted and will also have 50 percent of pressure released from them," Inzamam added. (IANS/JB)

Keywords: India, Pakistan, Sports, ICC T20 World Cup, UAE.

Photo by Diana Akhmetianova on Unsplash

Skin problems like itchiness, dryness and flakiness can occur anytime if you're not moisturising your body enough.

Skin problems like itchiness, dryness and flakiness can occur anytime if you're not moisturising your body enough. It is commonly observed that while many people take their skincare routine seriously, a majority of them neglect to moisturise the body. It is important to keep in mind that timing matters a lot when it comes to applying moisturisers. Therefore, knowing the appropriate time to apply body lotion is essential.

Take a look at the ideal times to moisturise your body shared by Kimi Jain, Head of Retail, KIMRICA.

Moisturising the body in the morning sets your skin up to face countless irritants and environmental factors during the day. The skin is constantly exposed to harsh chemicals and pollutants when you're outside which is why using a protective and soothing moisturiser while going out is necessary. Kimirica's Five Elements Body Lotion comes with natural Aloe Vera extracts that act as a rich source of antioxidants and vitamins that helps protect your skin and provide a deep nourishing effect.

man in white crew neck t-shirt Moisturising the body in the morning sets your skin up to face countless irritants and environmental factors during the day. | Photo by The Creative Exchange on Unsplash

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