Encouraging wealth creation in children from poor families: a novel life skills approach

Gosiame Eulenda Molope, Solly Matshonisa Seeletse and Watson Ladzani
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Gosiame Eulenda Molope: University of South Africa, Pretoria, South Africa
Solly Matshonisa Seeletse: Sefako Makgatho Health Sciences University, Gauteng Province, South Africa
Watson Ladzani: University of South Africa, Pretoria, South Africa

International Journal of Research in Business and Social Science (2147-4478), 2023, vol. 12, issue 10, 53-62

Abstract: The article aims to promote financial literacy among youngsters from low-income backgrounds, encouraging them to engage in cost-effective investments that will enable them to accumulate wealth in the future. The article outlines a novel approach in life skills that entails shifting away from relying on uncertain grants and supports. Instead, it proposes utilizing a straightforward and practical mathematical model to generate money starting from a young age. The authors demonstrate that by utilizing a highly efficient investing option, young children have the ability to generate substantial wealth. To exemplify, we demonstrate the suggested methodology utilizing sequences and summations. Our method/proposal facilitates the enhancement of boundless wealth generation by enabling those who can invest more than the minimum requirement to accumulate greater wealth. The efficacy assessment of the new method is validated through the computation of the smallest investment, which is merely symbolic, yet yields boundless financial outcomes. The study findings, which have the potential to enhance governmental decision-making, can also be utilized for personal betterment. This work is innovative as it presents an alternative approach that imparts discipline, consistency, and honesty. It allows individuals to easily adopt the model with appropriate adjustments, hence facilitating the creation of wealth. Key Words:Family, Self-Empowerment, Education, Wealth creation, Johannesburg Stock Exchange (JSE), Small, Medium-sized Enterprises (SMEs), Gauteng Province

Date: 2023
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