Now that we are in the month of June I can't help but wonder if we have prepared our new graduates for the responsibility of managing and budgeting their money.
I had a very interesting conversation with my God-son, a recent graduate from a local Los Angeles high school. He assured me that he is ready to take on the responsibility of purchasing a used car because he was working par-time for a fast food restaurant. When I asked him how much money he had saved he quickly told me that he hasn't received his first paycheck yet, but would appreciate money as a graduation gift to purchase a vehicle.
We talked about the value of saving as well as more responsible things he could do with the money he was earning. I explained to him that having a job was a good step towards saving for a car. However, he was still lacking in responsibility for assuming everyone else would buy the car for him. I strongly agree with the lending belief of banks, "if you can't come to the table with some of your own money, I can't give you my money." So our conversation ended with an agreement that he would cover insurance and gas with his income and save at least 10% for college expenses and I would send him a cash gift towards the purchase of his vehicle as a graduation gift.
I do understand that now days getting a car as a graduation gift is much more common then when I graduated from high school. However, I would rather teach graduates the importance of being responsible with their money then fashionable with their peers. What are we teaching them by having the mandatory cell phones, computers, credit cards, digital cameras, dvd players, and mp3 players? I think the message is pretty clear, "consume more, save less and stay in debt."
Well, pretty soon he will be off to college where he will be bombarded with credit card applications, cell phone companies and many other vendors enticing him to get into debt. Hopefully he can learn how to be responsible with money before he earns his college degree. Otherwise my next gift will be for him to attend my debt management class. I don't think he would like that very much.
All Rights Reserved
Dina D. Harbour,
Financial Coach
http://www.wanteddebtoralive.org
Whatever your reason for having a tight budget, the truth... Read More
Get Access to Realistic profitable strategies & discover the mindset... Read More
Have you ever stopped to think about how your "mood"... Read More
With prices increasing all the time, saving money can be... Read More
If You Have an Existing Account and 5 Minutes, You... Read More
The recommendations for military base closings have been released and... Read More
Next to our physical health most of us are primarily... Read More
You've analyzed your past expenses, put them into spreadsheets, loaded... Read More
The cries are heard from the distance, "I need help... Read More
Frugal living is more than a lifestyle. It's a passion.... Read More
On the other hand, there are those people who are... Read More
For me, the most terrible time of each month is... Read More
Of course, these don't have to be done in any... Read More
Recent security breaches at several credit card companies continue to... Read More
Things are so expensive these days. We seem to be... Read More
We have heard a lot about consumers' personal information getting... Read More
As the saying goes: "Buyer Beware". If you see ads... Read More
Are you interested in saving money off your grocery bills?... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
Before buying personal or business checks you should inform yourself... Read More
Are you having problems with debt? Are you afraid to... Read More
Good money management needn't be difficult. In fact, there a... Read More
Single Mother's in need of Financial GuidanceBudgeting is key to... Read More
It is crucial as an individual who is striving for... Read More
This investment retirement account (IRA) is useful to you as... Read More
house cleaning company Bannockburn ..Recently, many of these loyalty rewards programs have come to... Read More
It is possible to eat a healthy, balanced diet without... Read More
For me, the most terrible time of each month is... Read More
Have you ever stopped to think about how your "mood"... Read More
An avid cyclist and bike racing fan, I sit transfixed... Read More
Can you really afford a house? If so, how much... Read More
Ever wonder where address labels come from? Avery? is perhaps... Read More
Has anyone been to the gas pumps lately? Soon $3... Read More
Super-mumsIt seems that the proof of maternal efforts is no... Read More
With the A-level results coming out, the long wait for... Read More
Did you know that 43% of all married couples argue... Read More
If you want money you need to learn how to... Read More
I've been going through and interesting growth period lately that... Read More
Sorting out your personal finances can be a tricky and... Read More
What is it about being frugal, why do it at... Read More
Well, dang! From what I've heard and read, it looks... Read More
With interest rates being at an all-time low, I can... Read More
Address labels are many things to many different people. If... Read More
For most of us the process of getting out of... Read More
With almost two thirds of university entrants from England and... Read More
Identity theft is a serious crime that continues to grow.... Read More
Here are ten steps you can follow to help improve... Read More
1) HOW TO LOOK FOR A JOBA) The Chronological Curriculum:1.... Read More
On the other hand, there are those people who are... Read More
During the last twenty years, banks have offered a number... Read More
Personal Finance |