A Confined Feeling
When teaching kids about money, show them by your own example how to manage your money and how to survive a recession. I have talked many times about being in such a financial position as to not take part in recessions. You execute this with sensible and frugal decisions by spending money wisely.
Have you always lived in debt? Are you in debt today? It can become a confined feeling after a while. You are exhausted by the ceaseless payments, contentions with the spouse, hollering at the children, and the feeling of simply being enslaved to the lender for the television or car that is now worth perhaps one-half of the purchase cost. But with “easy” payment programs – the real price you pay will double.
Being in debt becomes an unfulfillable lifestyle, having to work a j-o-b you despise because you owe much of your payroll check, which produces trouble trying to make ends meet. The frustration at times becomes unbearable.
If you're exhausted and disappointed with it altogether, or encounter firsthand how the burden of debt (even a mortgage) wears on other people, why would you not make it a concerted attempt to personally prepare your own children about the built-in wickedness of debt and supply them with the instruments (physically, mentally, spiritually, whateverly) to fend off this devastating lifestyle? Sure a long sentence – so read it again. I'll wait.
How much debt is over the top? A penny.
Recession Proof Them
Starting now, show your youngsters how to survive a recession by showing them how to manage your money. Begin teaching kids about money by admonishing them to be wise to advertising gimmicks and the dangers of charge cards. Instruct them to never borrow but to have cash in hand - even college. What? Yes, no college loans that last 20 years. Tell them to work and delight in the profits of deferred gratification. No allowances, either. Bear the mantra, “If you're not grateful with what you have, then go without.” What an astounding gift to your future adult and to their spouse! If you right now have a financially uncontrolled spouse, do I get an amen?
A Lifestyle Modification is Called For
Reported by USAToday in 2006, the average debt of 22-29 year exceeded $16,000! This is nuts folks! This is just individual debt, bear in mind , not including the mortgage. This report also calls attention that, “nearly two-thirds carry some debt,” and, “nearly half of twentysomethings have stopped paying a debt.”
Will this kind of debt lifestyle exemplify your child? I'd hope not. So, Dad and Mom, Grandparents, Uncles and Aunties, begin preparing your own children by example. Be committed to teaching kids about money management.
Tell them the stimulus easy money lifestyle is all over for your household as you love them enough to not be broken with debt so early in life. Teach them through your own example of living out this debt free and frugal lifestyle.
To get rolling, check into some children's books at the
library on making and saving money that make teaching kids about money easy. There are ones for all ages. Visit the Dave Ramsey Show or Crown for a lot of great children's materials you can adapt to teach them how to survive a recession. Employing your favorite Internet search engine, discover a lot of free information to download and apply.
Don't just read – follow through. Here is another article on teaching children about money.with tithing.