How To Teach Children The Value Of Money: In today’s times, the excuses for spending money have increased more than ever. Online shopping, instant delivery and one click facilities have made shopping very easy. Although this facility makes people’s life easier, due to this the habit of waiting and working hard for a goal is also decreasing. This challenge is even greater for children, because they often give priority to things that are available immediately. Experts believe that such habits can later lead to impulse buying and becoming financially weak.

This is why it is very important for parents to teach their children to understand money and set goals from an early age. This learning is not limited only to financial matters, but also proves helpful in future relationships, career and other important decisions of life.

The easiest way to teach children

The easiest way to motivate children to save is to give them a meaningful goal. When a child has a particular toy, bicycle or favorite item in mind, he is more motivated to save to get it. Parents can explain to children that every wish is not fulfilled immediately and some things have to wait. This develops patience and a sense of responsibility in children.

difference between need and want

Along with this, it is also very important to explain to children the difference between needs and desires. Needs are those things that are necessary for everyday life, while desires are those things that give pleasure but can be done without. For example, while grocery shopping, parents can ask children which items are essential and which can be purchased later. This develops the habit of understanding the true value of money in children.

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What to do with pocket money

Pocket money can also become an effective medium to teach financial responsibility to children. If used properly, it becomes not just money to spend, but a learning opportunity. Through pocket money, children learn to take their own decisions and also understand their consequences. Parents can inculcate in them the habit of keeping separate amounts for savings and expenses.

Teaching to save is most important

According to experts, teaching children to save before spending is one of the most important financial habits. When children start saving some part of the money they receive as gifts, rewards or pocket money, they gradually understand that small savings can give big benefits in the future. This habit helps them in setting goals, being patient and taking wise financial decisions.

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Dubai International Financial Center (DIFC) Court has given a big financial blow to Indian businessman BR Shetty. The court ordered that he will have to pay 168.7 million dirhams, or about Rs 408 crore, to the DIFC branch of State Bank of India. This decision came because the court found that Shetty had given a false statement during the hearing. He had refused to give a personal guarantee for a loan of about 183.5 million dirhams, although according to the court it was his responsibility.

BR Shetty’s case has once again raised the question as to who has been imposed with the highest fine ever in the world. Although such a heavy fine has not been imposed on any single person, the biggest fines have been imposed on the companies. Let us know.

Who paid the biggest fine

Google is by far the biggest name in the case of global fines. The Russian court had imposed a fine of 20 trillion dollars on Google. This amount was so huge that it can be said to be equal to the economy of the entire world. The court imposed this fine on Google because the company had violated the legal and financial rules of Russia. This case was seen as a warning to global technology companies.

Whose name is second in the list?

On the other hand, the largest criminal fine is registered in the name of British Petroleum (BP). The Deepwater Horizon oil spill in 2010 caused serious damage to the environment and marine life in the Gulf. A criminal fine was imposed on BP for this disaster, which is considered to be the largest criminal fine ever. Furthermore, the incident highlighted the importance of environmental responsibility for global oil companies.

A warning to the global business community

The case of BR Shetty makes it clear how important a role verification and personal guarantees play in the international financial system. This decision of the DIFC Court is a warning not only to Shetty but also to the global business community that it is not easy to run away from financial obligations and legal responsibilities. Even though the fine in BR Shetty’s case is Rs 408 crore in Indian rupees, it is much smaller in comparison to the fines imposed on companies in the world.

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