Posted on 07/30/2004 10:09:15 AM PDT by OldBlondBabe
You could be a sibling of mine! My parents have always lived the same way - no debt except a mortgage, and pay that off as soon as possible. Don't use a credit card unless you can pay the balance in full within a month. My dad's retiring at the end of this year with virtually no debt.
Type out a list of 20 or 25 questions pertaining to money management, give them to your daughter upon her next request for cash.
100% get her the amount she asked for + 10% to be invested.
90% sorry, failed
80% sorry, failed
70% sorry, failed
60% sorry, failed
50% sorry, failed
40% sorry, failed
30% sorry, failed
30% sorry, failed
20% sorry, failed
10% sorry, failed
failed= no cash
This test is to be given each time she asks for cash until she passes it with ease. The questions change each month.
Why is it that so many parents neglect to teach their kids about financial matters anymore?
The problem is, it's not the banks who pay. Any loss suffered by a bank on bad debt is passed on the the bank's other customers ion the form of lower interest on their deposits and/or higher interst on their loans. Deadbeats cost us all money.
This whole "character education" charade needs to be curtailed immediately.
When most most eighth graders can't read at grade-level, or solve a simple algebraic equation, I don't think that burnishing their morals should be the first priority of the government.
Besides, most public school teachers (note: I didn't say ALL) don't have high enough standards to teach character anyway. Most of them can't even model self-control, professionalism, or gracious speech on the job - much less teach values, ethics, or character.
Banks who lend without a care of how that money will be paid back--hurts us as well.
Absolutely! I'd be careful about being a landlord, though. Commercial land/buildings are a better bet.
My mom paid the credit cards off every month. I've been told that doing that will give you a less that perfect credit rating?!
I've heard about getting a percent of your purchases back on some cards, but haven't paid attention to it. I know I'm not organized enough to keep one step ahead of the end of the introductory interest rates.
My parents were old enough to be my grandparents. They weren't impressed with the latest gadgets, and held on to the belief that debt was bad. It is bad, depending on the kind of debt. It's hard to stay out of debt these days, even living a spartan existence.
My parents retired debt free, and had nice things and a decent car.
Absolutely! I'd be careful about being a landlord, though. Commercial land/buildings are a better bet.
_________________________________________________
Yeah, I learned my lesson about vetting tenants very early in the game. Now we focus our investment properties around two factors, proximity to a hospital and/or LIRR station. Nurses, techs are a good bet as well as people with solid work in the city. We're looking to expand south now...exploring Jacksonville-Ponte Vedra area condos.
Landlords go through a lot. When my folks house gets auctioned off, we'll be living with my older daughter. I'm hoping to find a HUD home, because I don't have any rental history, no credit, and at the moment am just receiving child support and alimony. No one is going to rent to us. Well yeah, someone will, but I don't want my kids living in Adelanto. Seriously, I've seen what some people can do to an apartment or house. I was hoping to buy vacant land. Someday I will.
Look for a spot through your church or the local Catholic church. I've found two good tenants that way, perhaps the reverse will work for you.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.