Comments on: Mistakes Parents Make With Kids And Money – Part 1 http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/ Building Wealth and Entrepreneurship When Your Wife Wants to Stay at Home With the Kids Tue, 16 Mar 2010 05:56:27 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: making money on online surveys http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-2627 making money on online surveys Fri, 16 Oct 2009 19:00:07 +0000 http://mywifequitherjob.com/?p=1769#comment-2627 <strong>how kids can make money...</strong> It looks like we have similar ideas.... how kids can make money…

It looks like we have similar ideas….

]]> By: Rick Answer Analyst http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-926 Rick Answer Analyst Tue, 03 Feb 2009 02:06:20 +0000 http://mywifequitherjob.com/?p=1769#comment-926 My favorite saying to my kids about borrowing money. There are two reasons to borrow money.-- One to make money Two to buy a house. Anything else is living beyond your means and the debt you acquire will actually lower your standard of living. Rick My favorite saying to my kids about borrowing money. There are two reasons to borrow money.–

One to make money

Two to buy a house.

Anything else is living beyond your means and the debt you acquire will actually lower your standard of living.

Rick

]]> By: jeff hoff http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-476 jeff hoff Sat, 22 Nov 2008 16:12:56 +0000 http://mywifequitherjob.com/?p=1769#comment-476 had no ideas that that is the way it is in India had no ideas that that is the way it is in India

]]> By: Steve http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-343 Steve Thu, 06 Nov 2008 16:24:51 +0000 http://mywifequitherjob.com/?p=1769#comment-343 Hi Rohan, I had no ideas that that is the way it is in India. In the US at least, most business schools require you to have a few years of experience under your belt before they will accept you. Ironically, I've found that my doctor friends are the ones most susceptible to debt and they make the most out of all of us. Hi Rohan,

I had no ideas that that is the way it is in India. In the US at least, most business schools require you to have a few years of experience under your belt before they will accept you. Ironically, I’ve found that my doctor friends are the ones most susceptible to debt and they make the most out of all of us.

]]> By: Rohan http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-335 Rohan Wed, 05 Nov 2008 20:32:57 +0000 http://mywifequitherjob.com/?p=1769#comment-335 Hi Steve, I really wish more and more teenagers understand that money is a fixed and valuable resource. I am an Indian. You might be knowing that the Indian economy was improving in the past few years. As a result, people have good amount of savings, most of which get used up fulfilling the lavish wishes of their beloved children. In India, the concept of part-time job has not really picked up among students. At least till the age of 21, almost 95% of them are completely sponsored by their parents, right from their accomodation(usually live with parents) to education. Parents borrow huge sum of money as 'Educational loans'. Now-a-days, there is a fad of doing MBA after degree(minor). Every 2nd college pass-out is pursuing his MBA, but do not bother to ask how prestigious the institution is. And the best part is that these guys neither have any owned or family business to administer, nor any practical experience! According to a survey, the employability of these MBA grads was just 23%. By the time they earn their degrees, they develop a lifestyle which ultimately leads to bankcruptcy. These people don't know about saving for a bad time! You can well imagine what habits they are likely to pass to their children! Hi Steve,
I really wish more and more teenagers understand that money is a fixed and valuable resource. I am an Indian. You might be knowing that the Indian economy was improving in the past few years. As a result, people have good amount of savings, most of which get used up fulfilling the lavish wishes of their beloved children.

In India, the concept of part-time job has not really picked up among students. At least till the age of 21, almost 95% of them are completely sponsored by their parents, right from their accomodation(usually live with parents) to education. Parents borrow huge sum of money as ‘Educational loans’. Now-a-days, there is a fad of doing MBA after degree(minor). Every 2nd college pass-out is pursuing his MBA, but do not bother to ask how prestigious the institution is. And the best part is that these guys neither have any owned or family business to administer, nor any practical experience! According to a survey, the employability of these MBA grads was just 23%.

By the time they earn their degrees, they develop a lifestyle which ultimately leads to bankcruptcy. These people don’t know about saving for a bad time! You can well imagine what habits they are likely to pass to their children!

]]> By: CC http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-322 CC Wed, 05 Nov 2008 00:53:34 +0000 http://mywifequitherjob.com/?p=1769#comment-322 I think everyone is confused about money: those who have alot of it, and those who have very little of it, those who have been well informed about it from a early age, and those who were shielded from information about money matters, those who put too much stock in it and those who don't put enough emphasis on it. Those who are balanced about money matters are those who are balanced about everything else in life. Those who are responsible with money are those who are responsible about everything else in life. They are not particularly those who have been raised with fear of financial difficulties, or been overly burdened at a young age with financial information. I think everyone is confused about money: those who have alot of it, and those who have very little of it, those who have been well informed about it from a early age, and those who were shielded from information about money matters, those who put too much stock in it and those who don’t put enough emphasis on it.

Those who are balanced about money matters are those who are balanced about everything else in life. Those who are responsible with money are those who are responsible about everything else in life. They are not particularly those who have been raised with fear of financial difficulties, or been overly burdened at a young age with financial information.

]]> By: Steve http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-315 Steve Tue, 04 Nov 2008 15:29:33 +0000 http://mywifequitherjob.com/?p=1769#comment-315 Hi Ron, You brought up a good point about mortgages. I was going to cover home buying and building wealth in a separate post. Thanks for the segue. Over where we live, homes cost around a million bucks just for a 2000 sq ft shack. Either you stay renting or you're stuck with a huge mortgage for more than half of your life. Hi Ron,

You brought up a good point about mortgages. I was going to cover home buying and building wealth in a separate post. Thanks for the segue. Over where we live, homes cost around a million bucks just for a 2000 sq ft shack. Either you stay renting or you’re stuck with a huge mortgage for more than half of your life.

]]> By: Ron http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-313 Ron Tue, 04 Nov 2008 14:54:50 +0000 http://mywifequitherjob.com/?p=1769#comment-313 I agree! We are braiwashed into thinking that credit cards are great, without knowing how they work, and how dangerous financialy they can be. We are not taught how our mortgages work and how they are front end loaded for the first seven years on the amoratization schedule, and that we will be paying more than double the cost of the home. We are taught to be concerned about the mortgage payment only. We are not taught how to pay it off in one half to one third of the time . We are taught to use our home as an ATM machine, and we get further and further in debt. This is why very few people ever own thier home free and clear. This is why we are in slavery to debt! We have to get educated about hese things and educate our children or we are going to see more and more Foreclosures on the horizon. I agree! We are braiwashed into thinking that credit cards are great, without knowing how they work, and how dangerous financialy they can be. We are not taught how our mortgages work and how they are front end loaded for the first seven years on the amoratization schedule, and that we will be paying more than double the cost of the home. We are taught to be concerned about the mortgage payment only. We are not taught how to pay it off in one half to one third of the time . We are taught to use our home as an ATM machine, and we get further and further in debt. This is why very few people ever own thier home free and clear. This is why we are in slavery to debt! We have to get educated about hese things and educate our children or we are going to see more and more Foreclosures on the horizon.

]]> By: Steve http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-285 Steve Fri, 31 Oct 2008 15:11:20 +0000 http://mywifequitherjob.com/?p=1769#comment-285 Hi Coddswaddle, While I completely agree with you, I think I'm going to play it by ear. By adult conversations, I'm referring to full disclosure of the household finances and the spending decision making process. I'm not talking about monetary education in general which I'll probably start when she's able to speak:) Hi Coddswaddle,

While I completely agree with you, I think I’m going to play it by ear. By adult conversations, I’m referring to full disclosure of the household finances and the spending decision making process. I’m not talking about monetary education in general which I’ll probably start when she’s able to speak:)

]]> By: coddswaddle http://mywifequitherjob.com/mistakes-parents-make-with-kids-and-money-part-1/comment-page-1/#comment-284 coddswaddle Fri, 31 Oct 2008 15:03:15 +0000 http://mywifequitherjob.com/?p=1769#comment-284 Steve- personally I think you should involve your child before high school. Once I hit highschool, the school load combined with the overemotional hormone swings left me totally uninterested in Bill Day. I think the early grounding in finances helped me more than if my parents had started me on it later. Children are fully capable of being treated as adults, it may just take more patience and explanation on your part but I think that kids can easily handle it. Steve- personally I think you should involve your child before high school. Once I hit highschool, the school load combined with the overemotional hormone swings left me totally uninterested in Bill Day. I think the early grounding in finances helped me more than if my parents had started me on it later. Children are fully capable of being treated as adults, it may just take more patience and explanation on your part but I think that kids can easily handle it.

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