How To Teach Your Teens Financial Responsibility Story

 This year we have opened up my son’s first adult bank account with a debit card attached along with online banking.

I was reading an article on CNBC regarding credit card debt and college students.  It stated that over one-third of college students had credit card debt and many weren’t even paying them.

Teach your teenager exactly what debt is.  There are more lousy debt choices than good. The only good debt is a house.  Even then, if you can plan your life well, you won’t also need a loan for that.

Understanding The Concept Of Money What is Debt?

Making sure they SEE you paying bills, not using a credit card, and stuffing your envelopes each paycheck is what they will understand and remember.

Model Good Financial Behavior

The beliefs that so many have heard in their lives aren’t always accurate.  “Money doesn’t grow on trees” Do you think I am made of money?”

Having A Healthy Relationship With Money

There needs to be an understanding of the value of money.  If it costs him $40 for that XBOX game, and he makes $10 an hour at his job scooping ice cream, it will cost him five hours of work.

Teach Your Child The Value Of Personal Finance

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