Have your kids mastered these tools?
Love and Logic - Insider's Club
Parents Educators Facilitators Classes and Conferences Blog


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?
 
Jim Fay - bioThanks for reading! Our goal is to help as many families as possible. If this is a benefit, forward it to a friend.
 
Jim Fay
 
 


 
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