The cost to our children and our society is getting too high not to take action NOW. The incidence of drug abuse, alcoholism, teenage suicide, and pregnancy is rising and it will most likely hit closer to home than you want to imagine. It is time for parents, grandparents, and other interested adults to start educating our children todayso they can live a happy and healthy tomorrow.
I share my own story because I don’t want parents to “do what I did.” I want you to learn from my mistakes. And yes, I am saying “do what I say, not what I did.” I truly felt I was teaching my children about money, but it wasn’t good enough! It wasn’t consistent enough. As a result, my children have learned the hard way-by getting into debt and having to work hard to not only get out of it, but also to start to repair their credit history.
So these are the two extremes.
First, mine, where I learned good habits and have never “experienced” being deeply in debt. There were many times in our lives where money was very tight for my husband and me and we were totally stressed out about money. Money problems create one of the greatest stresses in a marriage, but working through those stressful times can also create magic in a marriage and family. Mike and I agreed never to carry balances due on our credit cards. We paid, and continue to pay, them off each and every month. It wasn’t easy, but it was our way to know we were in control over our financial life.
And then there were our children, who have gotten deeply into debt and had to “work” their way out. My message to you is there is a better way. Give your children the tools to become independent, the tools to make mistakes-and most importantly, to learn from them. Give them those tools while you are still around to be their mentor and support system.
When I graduated from college, I had $22,000 in the bank because of the habits I learned from my father. Today many young people graduate from college that much in debt, if not more. They start their adult lives already in the hole financially.
Please join my effort in “Calling All Parents, and Grandparents, too”. You can truly make a difference in your child’s or grandchild’s life.
Sharon Lechter can help you with your Finance, Debt, and Sharon Lechter