EASY Debt Example to teach your "almost grown" kids
SUMMARY
Money and "stuff" are the granddaddy of all motivators. Calling Santa . . . !
Thrill of Victory (the purchase) AND Agony of Defeat (the debt)
Movies, books, gas, electronics. Where's that big guy in the red suit? Well, he's not around, but those wishes for "stuff" ARE. Even if you aren't a believer in credit cards, and you prefer debit cards or cash, nearly everyone has a credit card or so it seems to your child. They are soaking up illustration by illustration of credit cards in real time. It's like an action movie but instead of Tom Cruise being the hero, it's a credit card.
At JG we want things made easy. Last lessons are sometimes difficult to teach but today you can learn how to teach DEBT in a dramatic and easy fashion. Just an fyi, we are not against credit cards. We ARE against credit card debt and credit card abuse. More on that another day.
Please watch the 4 minute video if you can. We...
How You Can Know They Are (or are not) Ready for a Debit/Credit Card
SUMMARY
How do you know if your child is ready for a debit or credit card (plastic money)?
Money. Parents. Kids. Tension. Maturity. Focus. Responsibility. Nightmare.
You pick which words to assign to a parent and which to assign to a young adult. You'll probably select "all of the above" for both. Much has been written about establishing credit, debit cards, credit cards, and more.
Even reviewing the contract involved in any financial card of any kind is like someone handing you a Webster’s Dictionary and saying “you are responsible for all of it”.
Today, having a 'plastic' debit/credit card is a status symbol. Remember seeing photos of James Dean in his cowboy hat leaning on that car....with that cigarette? Yes, the status symbols may have changed, but the concept fit even us, our parents, and grandparents.
Statistic: Reports say over 50% of college freshman have a...