|
|
 |
We hope you all had a wonderful Thanksgiving! With Christmas just a few weeks away, you may be having conversations like this with your kids:
“What do you guys want for Christmas this year?” Twelve-year-old Josh was quick to answer with a long list of the latest video games and electronics. Fourteen-year-old Jennifer answered. “Oh, I’m not as greedy as he is. I’m only asking for one thing this year.”
Astonished, their parents looked at each other, each thinking how much their daughter had matured this year. “What is that, sweetie?”
“A credit card. All my friends have them now.”
Ouch! Is a child this age ready for that responsibility? The answer is that nobody is ready for a credit card until they have practiced, and mastered, the use of many financial tools including:
• |
experience with managing an allowance |
• |
many experiences paying back small loans to their parents |
• |
experience with late payments and the consequences |
• |
experience with repossessions by the Bank of Mom and Dad |
• |
a solid understanding of interest rates |
• |
practice with a prepaid credit card |
• |
an understanding that it takes over 35 years to pay off a $4,000.00 credit card bill if only minimum payments are made each month |
Handing a credit card to a young person without this training is like giving somebody a car without driving lessons.
Is this an article just about teenagers? You’re right; it isn’t. Start training your kids early. Check out the chapter on allowances in our book Millionaire Babies or Bankrupt Brats?
Thanks for reading! Our goal is to help as many families as possible. If this is a benefit, forward it to a friend.
Jim Fay

|
|
Plan next summer's family vacation around the
or call 800-338-4065
Graduate-level credits available
|
|
|
|
 |
|
 |
Exclusive Member Discount
|
for a new deal each day!
If we're not in your city, watch a Love and Logic
or
Graduate-level credit available
|
|
|
|
 |
|
|
|
 |
Funny Parenting Stories and Funny Stories from the Classroom: amusing audios available for your listening pleasure, compliments of Love and Logic. Visit this page to download and enjoy.
©2017 Love and Logic Institute, Inc. All copyright infringement laws apply. Permission granted for forwarding and/or for a single photocopy or electronic reproduction of one email tip only. Please do not alter or modify. For more information, call the
Love and Logic Institute, Inc. at 800-338-4065.
View as Web Page
|
|
 |
|
|
 |
|