Welcome, Guest

TOPIC: Teaching Your Children

Teaching Your Children 2 weeks 5 days ago #1

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
Someone sent this to me and thought this was a pretty good overview.

The administrator has disabled public write access.

Teaching Your Children 2 weeks 6 days ago #2

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
I think roughly 15-16 is the right age to get a child your first credit card.
The administrator has disabled public write access.

Teaching Your Children 3 months 4 weeks ago #3

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
What does everyone think the appropriate age is to get your first credit card?
The administrator has disabled public write access.

Teaching Your Children 4 months 16 hours ago #4

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
I definitely think there could be more out there especially for millennials. FinanceGlobe should start one!
The administrator has disabled public write access.

Teaching Your Children 6 months 2 weeks ago #5

  • Wanderer
  • Wanderer's Avatar
  • Offline
  • Moderator
  • Posts: 1244
Great undertaking. In my researching one of the comments I keep seeing from the twenty year old age bracket is the lack of any training at home or in school on how to manage daily living finances.
The administrator has disabled public write access.

Teaching Your Children 6 months 2 weeks ago #6

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
I have started helping out with Junior Achievement, which I think is a great resource for young children to help them understand about personal finances!
The administrator has disabled public write access.

Teaching Your Children 1 year 1 month ago #7

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
I think so. Its also important to start early so they can get a good foundation on what is right and wrong and when you should/shouldn't use a credit card.
The administrator has disabled public write access.

Teaching Your Children 1 year 1 month ago #8

  • JGibbs
  • JGibbs's Avatar
  • Offline
  • Junior Member
  • Posts: 166
Moneyes wrote:
So which camp are you in? The one that teaches children responsible credit practices for the sake 'fitting in"? Or the one that teaches children that the cycle of debt is a financial redundancy?
I'm not sure I understand that one, but adults struggle to handle credit so I sure wouldn't expect a child to grasp all the rules and nuances of debt. Had my parents tried that with me, I know I would have worried to death.
The administrator has disabled public write access.

Teaching Your Children 1 year 1 month ago #9

  • Joker
  • Joker's Avatar
  • Offline
  • Junior Member
  • Posts: 169
I agree with Frugal Fran on this point. I don't want to start it for them because isn't the whole point to this action for them to learn the ins and outs of credit? Starting with when you need credit, all the way through to paying it off and the satisfaction you get, shouldn't it be their choice and you can back them up with information and a co-sign if necessary.
The administrator has disabled public write access.

Teaching Your Children 1 year 8 months ago #10

  • FrankN
  • FrankN's Avatar
  • Offline
  • Blogger & Researcher
  • Posts: 1120
Depending on the age, it does begin to build and establish credit for the child. Also at 18, they could apply for a credit card themselves to really start building credit.
The administrator has disabled public write access.

Teaching Your Children 1 year 9 months ago #11

  • Breakinger
  • Breakinger's Avatar
  • Offline
  • Junior Member
  • Posts: 217
FrugalFran wrote:
I don't think it helps them build their own credit, but I could be wrong about that. My plan was to co-sign something for her after she turns 18 and she's shown me she can take responsibility for a credit card or loan.

It would be nice if it did help them build credit, though, wouldn't it? I think that is one of the hardest things for them to deal with when they are first starting out. Co-signing for them is another great plan. That is how I started out. My mom co-signed the loan for my first car.
The administrator has disabled public write access.

Teaching Your Children 1 year 9 months ago #12

  • Lexie
  • Lexie's Avatar
  • Offline
  • Junior Member
  • Posts: 241
It's so important to teach your children financial responsibility. I didn't know about this child card. Financial redundancy must come to an end. Otherwise kids will end up in more debt than their parents. "The average American household with at least one credit card has nearly $15,950 in credit-card debt (in 2012), according to CreditCards.com, and the average interest rate runs in the mid-to high teens at any given time." This has to stop.
The administrator has disabled public write access.

Teaching Your Children 1 year 9 months ago #13

  • FrugalFran
  • FrugalFran's Avatar
  • Offline
  • Finance Leader
  • Posts: 364
I don't think it helps them build their own credit, but I could be wrong about that. My plan was to co-sign something for her after she turns 18 and she's shown me she can take responsibility for a credit card or loan.
The administrator has disabled public write access.

Teaching Your Children 1 year 9 months ago #14

  • Breakinger
  • Breakinger's Avatar
  • Offline
  • Junior Member
  • Posts: 217
Great idea. Do you know if these "child cards" will also help them earn some credit? I think that is one of the hardest things for younger people just starting out. There are so many places that just don't want to take the risk of lending to them, so how can they get started in life?
The administrator has disabled public write access.

Teaching Your Children 1 year 9 months ago #15

  • FrugalFran
  • FrugalFran's Avatar
  • Offline
  • Finance Leader
  • Posts: 364
My daughter is only seven, so all we've done so far is teach her about saving. When she's around 16, I plan on getting her a "child card" on one of our credit card accounts that she will be responsible for. I think having credit is important for things like traveling or emergency situations when you don't access to cash, but I want to make sure she understands that it isn't something you swipe without consequence.
The administrator has disabled public write access.