In my job I meet citizen in debt every day because that's basically what my job is about. But without knowing it you probably do as well. Take a look around you and the chances are good that everybody else in the room is in debt. They may have prestige card debt to pay. It may be a mortgage. It may be a car payment. They may have a pupil loan. Chances are that it will be a blend of all of these and other forms of debt. In other words debt is the norm, but that's no presume for us to accept it in our own lives.
It starts when we are young. We want some candy so we ask our mum or dad to buy it for us. Even before we go to school we have been conditioned to accept a lifetime of debt and relying on others to contribute what we want. This example demonstrates two things. Firstly, the fact that is overlooked by a lot of citizen is that the child has shown some level of financial insight when they ask for candy in a store. They know that the candy does not belong to them, but that they can fetch it. They understand the way to fetch it is through mum and dad. That's nothing else but quite an leading point, because if they relearn the way of acquiring things they are less likely to get themselves in debt later in life.
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They need to understand that the candy costs money. possibly they do. But do they know what money costs? Less likely. I am a big fan of paying your child for doing household chores. It is the simplest and easiest way of getting them to understand how money works. Pay them for doing chores - and Only for doing chores. If they want more money they will do more chores, or do them better. And if they want to buy something in a store they will know that in order to do so they shouldn't ask you for money, they should ask you for more work so they can afford it.
By introducing finance to your children early you can educate them about all sorts of terms and can nothing else but make debt unfashionable to them. Let's go back to the example of the kid in the store, but this time he wants some lego that costs . He doesn't have but nothing else but wants the lego. Here's your chance to introduce the view of a loan - but do it with a huge interest rate. Say, sure, I'll give you the to buy the lego - but you need to pay me back by Friday. If you don't it will become . The first time you try this the kid will probably jump at it. The trick then is to Refuse to give them any other loans until the first one is paid off. Most likely your child will miss the first cost and end up paying duplicate what he would have if he'd saved for it and bought it with cash.
The best lessons we learn are learn while we are young, and they stay with us for life. You need to start your children studying the lessons that will keep them debt free Now!
The guess We accumulate Debt And How To Break The Cycle
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