One thing as parents we need not over look is how to teach our kids how to value money. Lets help them understand that using their money wisely will work about better for them in the long run. We try to prevent doing things in front of our kids that we think are bad habits for them to pick up. The way we use and treat our money they see as well and will eventually pick up any bad monetary habits we have. For example: If our kids see that we spend money as we get it and never put any away they will think that is the way it's supposed to be done. Lets help them understand why they will need to save, and why they would need to invest. Most of the time we only tell our kids not to spend money and what they can't buy, if we start to feed their brains on the best ways to treat their money early they will have a better understanding of how to deal with money once they get older. Do you really want your children to have to deal with debt? So many young teens goes out and get a credit card as soon as they turn 18. In some cases there are those that can maintain the credit life and there are others who can't. We need to make sure that our children knows that the credit card they will receive should not be for buying those brand new sneakers that came out, or that Chanel purse because it went so well with your club outfit. Make sure that they are smarter than that when dealing with those things. Don't allow your children to grow to be oblivious to interest rates. It's up to us to make sure that our kids have a chance to be successful in life. A lot of issues younger adults encounter when encountering debt is dealing with loans. A lot of that stems from going to school, and these days most of us have to get one. The important part is that we help them understand why its necessary for that particular debt to be payed off as quick as possible. There are a lot of people that don't know that student loans can not be files in Bankruptcy cases and that the debt will need to payed off. When young adults are not aware of this situation they tend to let the debt go believing that it will go away or it will be dealt with later. Keep them aware that it will always be there and only get worst the longer it is ignored. Here at Dajs Daily we never want to come across like we know everything we just want to give people something to think about in case they haven't. Let keep our younger generations aware of how to keep their future straight.
Good Blog, I couldn't agree more, when I think of all the years I spent money on eating out and entertainment all that money gone just in time for the next paycheck, is it my parents fault for never teaching me? sure they told me to save my money but thats not enough to a youngster who has no concept of the future, Our children are going to grow up in a world where jobs are tight, food and energy are expensive and an education is going to be more important than ever before, we might be the first generation to teach our kids about things like 401K's, Roth IRA's, and other saving mechanisms that were foreign to our parents. I couldn't agree more Dee, we've got to teach our kids the value of money they might be taking care of us some day.......marinate on that.
ReplyDeleteThat's exactly it. Our parents put so much pressure on telling but never explained why.
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