PARENTS are not doing enough to educate their children about money matters, according to Ms Jasmine Goh, who runs seminars that teach parents and children good financial habits.
An only child, Ms Goh, 31, recalled how her parents would teach her to 'study hard, work hard and save money'.
'But it's not enough in today's world...The spending pace is too fast compared with what we can earn,' she said.
After working for a few years in sales in a publishing firm, she realised that relying on savings alone was not the way to build a substantial nest egg.
'To achieve financial freedom, we need to plan what to do with our money. At the end of the day, if you can't manage the money, it will run out and you will not have enough money to retire.'
Four years ago, she set up her publishing firm Kids World Media, starting with a children's educational magazine WaWa In Kids World.
This was followed by Parents World, which was launched last October.
Dissatisfied with her own lack of financial know-how, Ms Goh was determined to gain as much financial literacy as possible from reading investing books and attending seminars such as a two-day one recently organised by Rich Dad's Training.
Her eagerness to share the message is reflected in the seminars that her publishing firm is organising such as the Kids Camp series: Rich Kid Smart Kid in June.
She is also holding a Parents World seminar on How To Teach Your Kids To Have An Entrepreneur's Mindset From Young, on May 5.
Q Are you a spender or saver?
A I do save and invest. I spend moderately. I save around 10 per cent of my monthly income. Twenty per cent is invested and the balance of 70 per cent is spent on expenses.
I'm not an impulsive buyer. I buy expensive items like handbags and watches only if I can use them for a long time. I'm not crazy about branded things.
Q Moneywise, what were your growing-up years like?
A My parents taught me to save my money but didn't tell me how to grow it, or how money makes money. The message was just to save money. It's good to tell kids to save but it's not enough.
Q What are you invested in?
A I'm putting too much money - 60 per cent - in fixed deposits currently and some in insurance. I have two whole life policies, a 20-year endowment plan and a hospitalisation policy.
Q What has been a poor investment?
A My insurance policies, because the returns are very slow, so I believe we should not have everything in insurance and fixed deposits.
Q Your best investment to date?
A I invested $50,000 of savings in my firm. I promoted the magazines through roadshows in malls and was both the delivery person and worker, carrying my own materials and props.
The firm broke even after 12 months of operations. I aim to achieve $500,000 or more in turnover for this year.
Q Why did you decide to become an entrepreneur?
A There was a dearth of good children's magazines and I have ideas that I want to convey in my own publications.
I guess I've always had an entrepreneurial streak. When I was eight, I rented my books and magazines, over 100 of them, for a small fee to my neighbours. I displayed all my books in a huge carton and charged a fee so they would take care of my books and return them to me.
Q How does your current income compare with that of your previous job?
A I have more financial control over what I earn. I was earning about $4,000 a month. I'm earning much more now.
Q What are your retirement plans?
A I hope to retire with $5 million when I'm 45. When I've achieved financial independence, I will work, not for money, but for passion and do the things I want to do.
Q And your home now is...
A I'm renting a single-storey, three-bedroom terrace house in Siglap.
Q And your car is...
A A maroon Opel van combo.