How to Raise a Money-Wise Child Book report

Book Report

Zelia Hui

S2B 26. 2017

Title​​​: How to Raise a Money-Wise Child

Author​​: Howard Tang

Publisher​​: Hong Kong Institute of CPAs

ISBN​​​: 978-962-746620-8

No. of page​: 58

Type of book​: Real life issues

Theme of the book

This is a book for busy parents in urban cities to teach their children about financial responsibility. It covers a broad range of issues from the theoretical to the practical, such as instilling the right money attitude and using an allowance to teach business budgeting.

The skill of MANAGING and HANDLING money responsibly is an indispensable LIFE SKILL. It’s even more crucial than the skill of making money.

The things that I learnt

1ST

THINK TWICE

Develop a sense of personal financial responsibility is important. When we are students, we better only spend the money that we have and we have to think twice before we use our savings.

It's not the MONEY that matters, it's how you USE it that determines it's true VALUE.

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THE THINGS THAT I LEARNT

2ND

WANT & NEED

We have to distinguish between “want” and “need”. We have to have a sense of self-understanding that the things we intend to purchase is a need to us or it only serves the purpose of fulfilling our vanity or because everyone else has it.

Save MONEY and money will save YOU.

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THE THINGS THAT I LEARNT

3RD

SAVING, SPENDING & SHARING

We can use individual saving piggy banks for separate purposes: saving, spending and sharing. Transparent piggy bank can be used as we can easily see how we have saved. Which is also a great saving lesson as well as a lesson for patience. We can also open an account in the bank by the help of the parents. The account can separated into three divisions and we can do our own bookkeeping.

Yes, money can't buy HAPPINESS, but it's more comfortable to cry in a BMW than a BICYCLE.

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THE THINGS THAT I LEARNT

4TH

BANK PRODUCTS

We should spend time learning about common banking products.

In a wealth management bank, there are also a wide range of products and services that suit your needs.

SAVING ACCOUNT

An account that delights you with rewards, security and ease of banking.

FAMILY WEALTH ACCOUNT

Share a wealth of privileges and tailor-made solutions with your family.

HOME LOANS

Your dream house can now be yours by availing a loan that is just right for you.

THE WEALTH IS THE SLAVE OF A WISE MAN

THE MASTER OF A FOOL

Created By
Zelia Hui
Appreciate

Credits:

BOOK REPORT done by Zelia Hui 2017. How to Raise a Money-Wise Child The book covers a broad range of issues from the theoretical to the practical, such as instilling the right money attitude and using an allowance to teach budgeting.

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