The "Money" Talk

I heard a radio report recently:  “Meg Ryan is Broke”.   And then I read this: “Elvis died almost broke”.

That caught your attention, didn’t it?  Well, it did mine.  I’ve always thought Meg to be a cute, rich, famous blonde.  I should dislike her on that alone, I think!  Elvis had two planes and a chef that made him banana/peanut butter sandwiches, right? 

But the beauty of the above is that the same “caught your attention” scenario works for our offspring, too!  They may pay attention to almost anything Kardashian, or perhaps for them it might be Tom Brady.  Regardless, it provides a great opening for we parents. 

How parents can start the “money talk” conversation 

Actually, there are several ways to capture their attention before dispensing your obviously fantastic words of money wisdom to your offspring!  We’ve noticed many of our students respond to...

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Use This Trick to Spend Only What You Planned

You are in the checkout line.  There sits that widget that screams "buy me".  
You need your morning caffeine.  On the way to work, gourmet coffee shops entice you.
You need your afternoon carbonated drink.  Your car practically knows the way thru the drive-thru.

Can You Avoid UnPlanned Spending?  Just use this Habit Trick

Yes, You Can.   
Wouldn't it be wonderful to decide how much you want to spend on the "silly" items in your life and then have the tool to stick to it?  Odds are, you've heard of this tool already but have just ignored it because you are just too busy or it seems too complicated to deal with.  But allow me to re-introduce you to:  Prepaid Debit Cards.  

How they work:

  • Get a card that you are able to transfer money to.  
  • Transfer your pre-determined $ amount for a pre-determined timeframe on that debit card.
  • Consider the card to be for your "silly" spending temptation.
  • Then, spend.  Think of using it...
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You Want to Buy Something Big? Check this 1st

YOUR FIRST MOVE . . 

Sadly, life isn't like monopoly where the person that gets Boardwalk and Park Place usually win.  The bigger truth today is that we often don't realize the importance of having checked our credit reports at the most crucial times needed.  We are inundated today with "check it once a year".  That's true, of course, but what is even more pressing is when we encounter these major milestones in our lives and don't check our credit reports first.  

I won't beat around the bush.  This applies to all of us.  It especially applies to our young adults.  So whether you are the young adult or the parent, avoid heartache and CHECK YOUR CREDIT REPORT.  

WHY check your credit report?

  • potential employers can look at your credit report (not the score, but the report)
  • home buyers will have their credit checked
  • car buyers can have their credit checked
  • student loan institutions will also check your credit history  
  • any time you...
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