Author Nick: SharonLechter
Name: Sharon Lechter
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Feb. 22 was truly a milestone in credit history. The new credit laws under the Credit CARD Act of 2009 that took effect that day are a huge step in the right direction to ensure our kids and future generations are not plagued with the unfortunate credit and money experiences that so many people today have and continue to experience.
There is no lack of good financial education content available-and much of it is even free and available on-line. The problem is execution. Unless we take the time or make the time to teach our children about money, chances are they will never learn it.
What are some of the challenges parents face when teaching their kids about financial management? Delayed Gratification vs. Instant Gratification
A lot of teens nowadays do not understand the value of earning and spending money. They were not oriented that investing is necessary even if they are still students. As parents, you play a crucial role in this area.
Have you ever felt like giving up? Like throwing in the towel?
Financial literacyis realizing that not all debt is bad. Divide your debt between good debt and bad debt. Focus your attention on paying off the worst of your debts first. If you are paying off two cards, say an American Express and VISA card, find which one of these has the lowest interest and pay off the highest interest card first. At a certain point, you will want to switch over to paying the lower interest card when you have the high interest one mostly paid off. Break out the calculator and find out which one of these is costing you the most per week. It will take some number crunching, but the money you save will be well worth it. Always be careful to read the fine print on your credit cards.
Have you ever bought something one day and then the next day said “what was I thinking?” You were probably the victim of effective impulse purchase advertising and placement. We have all been victims.
Given the current economic roller coaster, does it feel like you are taking two steps backwards for every one step forward? Have you ever felt like quitting? Even though you knew you were on the right track?
If you are successful you have taken control of your own life and destiny. You are ahead of the curve, but are your children? Are you expecting them to learn what they need to succeed in school?
The just released ThriveTime for Teens board game gains international exposure this week as Sharon Lechter, founder and CEO of Pay Your Family First, travels to Toy Fair 2010 in New York to promote this first-of-its-kind money and life reality board game. With more than 30,000 attendees, this annual trade show serves as the perfect platform to introduce ThriveTime for Teens to buyers, reviewers and toy professionals from around the world.