Smita who was determined to teach her children about the importance of financial responsibility. She knew that it was important to not just teach them about earning and managing money but also about the potential risks and frauds associated with it.
One day, Smita sat down with her children, Arnav and Aarushi, to have a family meeting. She explained to them the importance of being aware of financial risks and frauds, such as scam emails, phone calls, and fake websites. She made sure that they understood the importance of not sharing personal or financial information with strangers, especially online.
Smita also discussed the importance of being skeptical of investment opportunities that seem too good to be true. She explained that any investment that promises high returns without any risk is probably a scam. She also made sure that they understood how to identify and avoid Ponzi schemes and pyramid schemes.
Arnav and Aarushi were curious and eager to learn, so Smita decided to make it interactive and fun. She created a family game where they would identify red flags of potential financial frauds and scams. They also learned about resources and authorities to report any suspicious activities.
As the months went by, Smita’s children began to understand the importance of being aware of financial risks and frauds. They were proud of the knowledge they had acquired and the ability to protect themselves from financial scams.
Smita’s efforts paid off as Arnav and Aarushi grew up to be financially responsible adults. They were able to handle their finances well and make smart financial decisions. They were also able to identify and avoid any financial scams and frauds. They were grateful for the lessons their mother had taught them at an early age and knew that it had set them up for a successful future.
The story of Smita and her children shows that it is important for parents to not just teach their children about earning and managing money but also about the potential risks and frauds associated with it. By involving children in interactive and fun learning, parents can help them protect themselves from financial scams and frauds and set them up for a financially secure future. RBI also mentions that we should protect ourselves from financial fraudsters.