MONEY doesn’t grow on trees. Tell us something we don’t already know, right? But if you look at how some children are spending their parents’ money, you’d think otherwise.
The ‘what I want, I get’ culture persists today and if something gets spoilt or stolen, no problem, just buy another one.
How did we become such an irresponsible society?
‘Much of it has to do with the way parents bring up their children. Some feel compelled to provide what they themselves couldn’t have when they were growing up. Another reason is because in many modern families today, both parents work and spend too much time looking for money. And they end up compensating time with money by spending on their kids,’ rationalises Brandon Liew, CEO of Money Tree Sdn Bhd. The company is a subsidiary of Money Tree Asia Pacific Ltd,…[…]
In last month’s issue, we talked about Assets and Liabilities. This month, we will be looking at Rich Money Habit #3: The Rich have Money work hard for them, the Poor work hard for Money.
The Rich always spend less than they earn and they save the rest of their earnings. With the Money that they saved, they would invest it in different investment instruments. Their investments would then give them returns and help them make even more Money. In other words, the Rich put their Money to work for them.
The Poor on the other hand, normally spend all the Money they make (some even spend more than they make - causing them to be in debt). And because they spend all the Money they make, they have nothing left to invest. All their Money is spent buying liabilities that would not help them earn more money. That is why, the poor ALWAYS work hard for Money and they often wonder where all their money disappeared to and why they remain poor!
In summary, the Rich have Money work hard for them while the Poor always work hard for Money. So kids, if you want to be Rich, put your Money to work for you!
In next month’s issue, Rich Money Habit #4: The Rich choose their friends wisely.
Have you ever found yourself at Toys ‘R’ Us or the supermarket, with your child insisting on the purchase of toys or lollies? Recently, I was at the supermarket when my son decided he wanted two packets of sugary lollies – chocolate and candy. I said he couldn’t have both. My son didn’t take no for an answer and threw a massive tantrum.
For parents, it’s a constant challenge between giving your child everything and ensuring they understand money doesn’t grow on trees – or come out of “the box in the wall”. By encouraging good money habits at a young age, your child will soon learn the importance of saving and managing money sensibly as they grow up. To instill good money habits, try the following tips:
Start early. Your child picks up on things quickly and their curiosity presents many opportunities – start talking to your child about money at an early age.
Set an example. Get your finances in order – your habits and views will impact your child’s money values.
Make it visible. A piggy bank or jar filled with money sends the message “savings are important” and most importantly, allows your child the opportunity to see the amount grow week by week.
Give an allowance. Pay your child for household chores completed, but allow them to budget and learn about living within their means.
Encourage choice. If your child chooses to buy one piece of candy now, they can save the rest to buy a toy another day. If they choose to buy two pieces of candy now, they won’t have any savings for that toy. Rather than do’s and don’ts – teach your child about the consequences of choice. Let them choose how much to spend and save.
Don’t spoil. Don’t give your child too much – they’ll only grow into an unsatisfied adult. What will your child aspire to, if they think they can have it all?
Family finances. Get your child involved in the family finances in a positive way – and remember, never fight about money in front of the kids.
Understand the value of money. Encourage your child to start working at an early age. Once they experience the effort required to earn dollars and cents, they’ll soon value its worth.
This article is contributed by Shikha Gaur, Senior Vice President and a Licensed Financial Adviser Representative with ipac financial planning Singapore private limited, which is licensed with the MAS, Financial Adviser’s Licence No FA100003-3.
In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any person. Before making an investment decision, you should speak to a financial adviser to consider whether this information is appropriate to your needs, objectives and circumstances.
Petaling Jaya, August 11th, 2009 – MoneyTree conducted its Young Entrepreneur Startup (YES) Challenge “BIG PITCH” event last Saturday at Bangunan Bakti Siti Hasmah, TTDI. The event, which was sponsored by Taylor’s UniversityCollege, was attended by more than 130 people consisting guests from the media, YES Challenge Partners, YES Challenge Advisory Panel and invited guests.
The “BIG PITCH” is the final stage of the YES Challenge, where the TOP 5 teams are required to present their ideas to a group of more than 100 private investors and pitch for start-up funds amounting to a maximum of RM 25,000 per team to allow their business ideas to take off. This is the first time a crowd – sourcing initiative of this scale has ever been attempted in Malaysia.
Mr Nazrin Hassan, CEO of Cradle Fund Sdn Bhd stated, “Some of the presentations and pitching by these young aspiring entrepreneurs were amazing, and quite a few of them surpassed the quality of those who are pitching for bigger funds in the market. I think MoneyTree has done a great job in setting up this platform to allow Young Aspiring Entrepreneurs to turn their dreams into reality.”
Dr Sivapalan, Special Advisor to Technopreneur Association Malaysia (TeAM) added, “Looking at the quality of their business ideas, the commitment and hard work they have put in, and the Enthusiasm they have displayed, I must say that my faith in the Malaysian youths has been restored once again.”
Guests can “invest” in the teams by pledging financial support for the new start-ups. Guests were exceedingly enthusiastic about investing in these new, promising start ups, as they now have the opportunity to play the role of Mini – Venture Capitalists. Of the total solicited by the 5 teams, an excess of RM 97,000 in commitment and pledges was secured by the YES Challenge teams during the “BIG PITCH” event, with more pledges coming in by this week.
The TOP 5 teams that pitched for funds during the “BIG PITCH” event are Entrée, TryThisOut!, Student Media, Fitness In Training and Buttered Toast. These teams will now implement their business ideas in the following 15 weeks. At the end of the 15-week period, if their business venture makes profit, or is poised to make profits in the future, they will be flipped over to the next phase, where they would be pitching for a maximum of RM 75,000 to scale their business ideas up. These teams would also be brought on road shows to participating Universities and Colleges to inspire the next generation of Young Entrepreneurs. The aim is to make them the next Malaysian Entrepreneur Idol to serve as role models to the young Aspiring Entrepreneurs.
Participants of the MoneyTree YES Challenge consist of students from more than 10 Universities / Colleges nationwide, which include, among others, Taylor’s UniversityCollege, Open University Malaysia (OUM), NilaiUniversityCollege, Kolej IKIP, Kuala LumpurMetropolitanUniversityCollege, TunkuAbdulRahmanCollege, University Tunku Abdul Rahman (UTAR), Universiti Putra Malaysia (UPM), Universiti Malaya (UM), NottinghamUniversity and many others.
MoneyTree’s event partner, Taylor’s UniversityCollege provided facilities and financial support for this event to be successfully carried out.
For further information regarding the YES Challenge “BIG PITCH” event and how you can play a role in helping these young aspiring Entrepreneurs launch their business ideas into the market, you can contact uV at uvwong@moneytree.my / +6012 293 5116.
About the MONEYTREE™ YES Challenge:
The MoneyTree YES Challenge is the First and Only Business challenge in Malaysia that requires participants to not only come up with a business idea, submit their executive summaries to a panel of judges, get judged by a group of judges, but to also IMPLEMENT those business ideas by soliciting funds from private investors. Ultimately, if the teams’ business ideas are commercially viable and scalable, they would be channeled to Government Funding to help bring their business to the next level.
SIXTY participants of the “Think Big Business Plan Competition 09/10″ had the opportunity yesterday to improve their skills on executive summary writing before the submission date with the help of Michael Reyes, an established speaker for NUS Enterprise Singapore. The workshop was held at the iCentre, Anggerek Desa.
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This is the second trip for Reyes to Brunei, his first visit was back in 2008 where he conducted a similar workshop relating to the 2008 Think Big Business plan which was held at Universiti Brunei Darussalam (UBD). Reyes is currently the Director of MoneyTree Asia Pacific Limited, a company which offers and conducts programmes on improving financial investment and entrepreneur skills amongst the youth.
After the workshop, participants were invited to submit samples of their business plan executive summary.
-SINGAPORE 29th July -MoneyTree Singapore conducted a Financial Literacy Workshop for 400 year 2 students at River Valley High School today. The workshop which is part of a 2 module program was conducted concurrently in 12 different classes. The second of this 2 part workshop is scheduled for the 12 August 2009.
The students were treated to a “Learn Through Play” approach to topics like Supply & Demand, Real Cost of Things, Creating the Right Money Habit, among other topics. MoneyTree’s proprietary content integrates the Ministry of Education (MOE)’s teaching method of “Teach Less Learn More” concept in its delivery methodology. This includes the usage of MoneyTree Currency, Stock market Simulation and an activity based learning regime. Students are encouraged to interact within the 2 hour session and are rewarded with MoneyTree currency for their answers and intelligent questions.
When approached, one of the teachers commented after the workshop, “I’m impressed on the content & methodology. The students were engaged and having fun while learning. This is better than any Financial Board Game.”
The 2nd workshop will cover topics like Saving Vs Investment, Assets & Liabilities, Money Mindset, among other topics. Due to the MoneyTree’s “Earn MoneyTree Dollars” incentive which eventually permits students to bid in auction using MoneyTree’s currency, the attendance is expected to be higher for the 2nd workshop.
Please contact Ryan @ 9669 0376 for class viewing arrangement.
Note to Editors
1. The MONEYTREE Programme is a unique program designed to educate and create financial savvy-ness in today’s young generation so as to prepare them for the financial challenges they will meet in their future.
2. The MONEYTREE Programme is a proprietary programme developed by MoneyTree Singapore Pte. Ltd. with license from MoneyTree Asia Pacific Ltd. Further information can be obtained from:
Contact Person: Ryan Soh Designation: CEO
Mobile: +65 9669 0376 Email: Ryan@MoneyTree.Sg
2. MONEYTREE Programme is currently being conducted in Singapore, Malaysia, Indonesia with more centres opening up in Brunei and other countries in Asia Pacific region.
MoneyTree offers 6 different levels of workshop, Basic, Junior 1 , Junior 2, Apprentice 1, Apprentice 2 & Entrepreneur. Each level is focused on different aspects of Financial Management. […]
The MoneyTree programme is divided into several products: Face to Face Camps, E-Learning Courses, Portal, Young Entrepreneurs’ Start Up programme (Y.E.S.)
We aim to prepare kids and adults for a challenging financial future - where loans and credit cards are easily available, and being in debt for a good part of life is an accepted norm. We plan to achieve this through the use of face to face sessions, simulations, an online follow up programme and e-learning courses - to ensure that the principles taught are understood & practiced.
The current high credit card debt amongst young adults and the high percentage of retirees who are unable to meet their daily expenses, have made Governments across the region more aware of the need to educate the young on matters pertaining to Financial Management and Retirement Planning These factors provide for an excellent environment in which to launch the Money Tree programme, as a ready market is available.
MoneyTree is established to provide the Financial & Entrepreneurship skill and knowledge to youths aged 6 to 26 , which would be required to build a career or business, as well as plan for their financial freedom. It has been created to fill the void left by the education system and school curriculum and to explore the opportunities available worldwide to further the dissemination and propagation of high-quality e-learning programmes utilising state of the art technology, and to groom the next generation of entrepreneurs.
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Big Business Plan Competition 09/10″ had the opportunity yesterday to improve their skills on executive summary writing before the submission date with the help of Michael Reyes, an established speaker for NUS Enterprise Singapore. The workshop was held at the iCentre, Anggerek Desa.
