Thursday, April 7, 2016

Teach Kids That Looking Rich Can Make You Poor

Today’s fantastic family finance article is:

Bling On Teen

“Before you try to keep up with the Joneses, be sure they’re not trying to keep up with you.”
~Erma Bombeck

As a teen, the author of today’s article grew up in a wealthy neighborhood. Private schools. Kids driving flashy cars. Fancy prom dresses. Sweet 16 parties. Spring break vacations.

But her parents wore cheap clothes, bought used cars, paid up front in cash, planned meals, and recycled for redemption value.

Doh! How embarrassing. Her parents were middle class posers in an upper class neighborhood. Imposters!

Well, except for the paid off mortgage. The ample college fund for the kids. The comfortable retirement.

How many of the outwardly swanky Joneses were privately swimming in debt? Who were the real imposters in the neighborhood?

Teach your kids that looking rich doesn’t mean you are. Spending money on appearances can make you very, very poor. Too poor to spend money on the things that really matter.

“Strive to be anonymously rich rather than deceptively poor.”
~Len Penzo

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