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I don't kn ow whether to laugh hysterically or

Posted: Apr 1, 2013

Obama declares April the month to teach young people how to budget responsibly. I think I'll laugh hysterically.

;

Eating a healthy diet, - teaching young people to budget

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responsibly! He's out of control!!! OMG!!!

No budget in 5 years. - He's a farce. All he can do is spend, spend,

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nm

I imagine you've been very good with your own budget and - envy you now, lolling in your pretty retirement

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home, traveling, playing, about to help your family financially out of your cushy retirement savings and investments. I see people like you and wish we had started long ago.

Any clever tips? Something it's never too late for?

Pay off credit cards. Owe no one anything. - me

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nm

Whoa, whoa, whoa with the details! - Let me get a pen.

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nm

Never mind the pen. It starts with disciplined saving and - investments, not credit card debt. :) nm

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x

"Once they learn how money works, children often - display an instinctive conservatism." sm

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Thanks for raising a worthwhile topic, OP. Our 6-year-old grandson loves to go garage-saling with DIL's dad and saves his money for these outings, but he never gets so carried away with a toy that he forgets to worrying about what he's paying for it. Very cute, and we all just hope it continues.

From CNNMoney.com: Financial Education for Kids

1. When it comes to teaching kids about money, the sooner the better.

Up until they start earning a living, and sometimes well beyond that, kids are apt to spend money like it grows on trees. This lesson will help you put your children on the road to handling money responsibly.

Long before most children can add or subtract, they become aware of the concept of money. Any 4-year-old knows where their parents get money - the ATM, of course. Understanding that parents must work for their money requires a more mature mind, and even then, the learning process has its wrinkles. For example, once he came to understand that his father worked for a living, a 5-year-old asked, "How was work today?" "Fine," the father replied. The child then asked, "Did you get the money?"

2. Once they learn how money works, children often display an instinctive conservatism.

Instant gratification aside, once they learn they can buy things they want with money - e.g., candy, toys - many children will begin hoarding every nickel they can get their hands on. How this urge is channeled can determine what kind of financial manager your child will be as an adult.

3. Seeds planted early bear fruit later.

It's important to work on your child's financial awareness early on, for once they're teenagers, they are less likely to heed your sage advice. Besides, they're busy doing other things - like spending money.

4. An allowance can be an effective teaching tool.

When your kids are young, giving them small amounts of money helps them prepare for the day when the numbers will get bigger.

5. Teenagers and college-age kids have bigger responsibilities.

Checking accounts, credit cards and debt are as elemental to the college experience as books and keg parties. Teaching high-schoolers about banking and credit will make them more savvy when they leave the nest.

6. Even investing should be learned early.

High schoolers can and should be taught about the market - using real money.

Rest of article at link below.

financially conservative is not the same as politically conservative - sm

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...although both phrases do have a word in common. I happen to be financially conservative and politically liberal.

:) In this case, it's the root that matters: Conserve. - Right?

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(BTW, this was a turn of OP's subject to something worth talking about, not a hop into the primordial mud pit.)

I am so happy that my son's HS - now has a mandatory

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course for the 9th grade called "financial literacy." I wish they had that when I was growing up. Mom and Dad didn't handle money well -- I had to learn the hard way.

Oh, good for them. - nm

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x

Maybe they could teach Obama Hussain how to be - fiscally responsible.

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Ya think?

To the poster who reported this message - Moderator - sm

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There was no reason to report this message. I only see this once. There is no spamming. It is a posters opinion.

Moderator.

Why would anyone report that?? - OP

[ In Reply To ..]
nm

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