Patel Wealth - NBF

Today is marked as The National Day for Truth and Reconciliation. It commemorates the history and ongoing legacy of the Canadian Indian residential school system and the trauma experienced there. Today honours the children who never returned home, survivors who attended residential schools, their families, and communities.
Today is also known as Orange Shirt Day. This is because it originates from the story of survivor Phyllis Webstad. She shared her experience of when she was six, on her first day of residential schooling. She was stripped of her belongings, including her new orange shirt her grandmother bought her. The orange shirt was never returned. This orange shirt now symbolizes the stripping away of culture, identity, freedom, and self-esteem experienced by Indigenous children over generations.
Today, we pause to reflect on the past, acknowledge the painful history of residential schools, the lasting impact on Indigenous communities, and the importance of reconciliation.
Demonstrate your support by wearing an orange shirt and taking the time to learn more about the history of this day.

"I do not fix problems. I fix my thinking. Then problems fix themselves." Louise L. Hay

Do you sometimes think if you can just solve one problem you are dealing with, whether big or small, then all will be fine? But when you pass that hurdle, there always seems to be another problem to deal with, and sometimes numerous problems at once!

I have thought about this and have come to the conclusion that problems are just a part of life. There will always be ups and downs, brambles and thorns, but that's a good thing! Because overcoming challenges brings growth.

Overcoming one challenge seems to give us more ability and confidence to fight the next beast!

One of the most important questions almost all wealthy families have is how to raise responsible, grounded children.

Money can stunt a child's sense of perspective, independence, and life direction, causing both entitlement and dependence on family wealth.

I'm often asked by clients, "How do we provide for our children while teaching them strong values and the responsibilities of wealth?"

The answer varies depending on your child's personality and situation, of course, but in general, here are my rules of thumb:

👦Younger Kids: Model your values

Values are caught, not taught. Your children will pick up more from seeing the choices you make about how you spend your time and money than they will from what you say.

If you want them to learn frugality, humility, and good judgment, you need to live those values.

👨‍🎓Teens/Young Adults: Teach financial skills, but let them make mistakes

Teach them about budgeting. Help them figure out how they might save for an important purchase—and consider matching whatever they can earn.

If a college student blows through their spending budget halfway through the month, letting them do without for the rest of the month can help teach them budgeting, self-discipline, and planning—all important life skills.

Passing down your financial know-how is an important job for parents, grandparents, aunts, and uncles, but it's easier said than done...

Just as you work hard to secure your own financial future and legacy, it's also important to ensure that your loved ones can navigate their own financial independence.

Here are two bite-sized lessons you can use to teach the kiddos financial independence👇

🏁Emphasize the Long-term goals

It's not easy for young children — and many teenagers — to understand that delayed gratification can make them happier. Helping them recognize that disciplined saving and investing will allow them to acquire a toy, vehicle, or lifestyle they really want can reinforce the benefits of acting responsibly.

Consider a vision board of goals to create a concrete reminder of the future they are trying to create.

🤕Use those 'Teachable Moments'

We all make mistakes, but when we see our loved ones falter, it's only natural to want to fix things. However, it's better for all involved if they understand that actions have consequences.

Be sure to discuss the situation clearly and calmly with your kiddo. If they don't get "bailed out" after blowing an allowance or what they have in savings, they'll likely think long and hard before doing it again.