2008 was the year I became officially unemployed. I decided not to work for anyone or any institution. It was the year that I took my self-proclaimed leave from my 13-year stint as an educator. It spelled temporary freedom but a daunting one at that. Living in the money-driven world, no income means dependence, thus I found ways to earn on the sides. I became part of the statistics which is called the “earning unemployed” (read: no taxes).
Homeschooling my kids was the major reason I took a leave off from work. Little did I know that along the course of learning a would-be financial genius would act as my mentor – my 9 year old daughter.
As we braved homeschooling I taught volume measurement in Math through baking. Selling our baked goodies was an experience in Consumer Math. Reading the ingredients’ labels was part of literacy and interacting with our buyers was a simple but real way to learn communication.
It was my daughter who taught me financial management.
From our sales we agreed that she would get 10% of whatever money we make out of our baking. So every time sales were made, she got a portion. No matter how big or small, she took it willingly. She kept whatever she earned in a little coin bank. Being a child, she sometimes bought candies or goodies but never over half of what she earned. Never knowing the “pay-yourself-fist scheme”, she did just as that. Little by little, she accumulated every coin there was. Until one day she asked me to accompany her to the bank to deposit her earnings. She deposited four figures from months of accumulated income.
And the cycle was repeated again.
Recently, she received Php 1,500.00 as her birthday cash gift. She went out to spend the Php 500.00 on shopping for new clothes. I allowed her because it was her money and decision, after all. The rest would go to her bank account, she told me.
For others, it is a meager amount. For her, she has other plans.
Secretly, she told me that she wants to travel when she reaches 18. “Never mind that it is still 8 years from now, Mommy. Maybe, by then, my money has grown and I can spend the interest, right?”
What a plan. A long term one.
June 7th, 2009 at 4:02 pm
It is money management like this that can and will rebuild confidence in the economy again. Unfortunately, this is a practice by a 9 year old that many adults needs to learn.