Thursday, June 23, 2016

Help Your Kids Hop Off The Money Bandwagon

Today’s fantastic family finance article is:

Bandwagon In A Parade

“If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away.” ~Henry David Thoreau

“But Dad...”

  • Everybody is buying frappuccinos after school.
  • Everybody is eating out instead of bringing a bag lunch.
  • Everybody is buying the latest iPhone.
  • Everybody is taking out big student loans to go to college.
  • Everybody is carrying credit card debt.
  • Everybody is financing a new car.
  • Everybody knows it’s better to buy a home than to rent.

Sure, everybody is jumping on a money bandwagon of some kind, why not your kid?

Because your child isn’t everybody. Your child is somebody — a lucky individual — who through frequent discussions with you has come to learn that money decisions are personal. The popular decision by everybody may not be the proper decision for somebody. That’s because individuals have unique circumstances, goals, and values. That’s why it’s called “personal” finance.

The next time your kid wants to spend (or even save) money like everybody, sit down and talk about how a certain somebody might be different.

Help your kid hop off the mindless money bandwagon, and march to a different, more mindful drummer.

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