Educate your children about money

Certainly very sound advice.

 

I find the increasing numbers of bankruptcys of people under 30 alarming.

My generation was raised by parents who experienced a big war, they lived economically (not cheese-paring), we learned that money is no god but to spend it wisely.

But obviously my generation has made big errors in teaching the children something about money.

 

My folks were depression Era kids so they learned thrift the hard way.
And yes, as we move away from those times those lessons dont pass along.
Lots of causes. Easy credit makes it hard to say no. What used to be called "keeping up with the Johns'" puts a sense of urgency which really doesn't exist in play.
My kid is pretty good about it. Started kind of early. She wanted an American Girl doll so I had her save for it (a portion of it) and she got a sense of reward for making it happen. Did the same for a dog she wanted (she learned that while Maltese are pretty they are insanely expensive and so got a miniature pinscher instead).
She's still kind of a slave to cloths but us smart an shops Goodwill (thrift store here) and gets very nice retail that's barely been worn for a fraction of retail.

This will continue to serve her well forever.

 

Thx. I am very proud of the offspring.

 

@grumpy Wise words. I wish I learned that lesson earlier.

 

Don't we all.

 

And dogs

 

That's a great analysis of why people are in so much financial trouble today. Money doesn't seem real, just give the clerk the little plastic card or swipe you phone, and voila, nothing tangible changes hands. It wasn't always that way, of course. I applied for a store credit card when I got my first real job, and was turned down as I hadn't worked for a full year. That was in 1966. Now, they give out credit cards like they were free, and some people treat them that way. They think if they still have $10,000 worth of credit, it's like having that much cash in the bank.

It's the same for the government: Don't pass a budget, don't try to balance spending and revenue, just pass the bill and we'll figure out how to pay for it later. If there's a deficit, just print more money, except it's much easier than that, as there is nothing we need to print. It's all electronic anyway, just an arrangement of electrons.

I can remember a time when, if I had $10 in my pocket, I could spend $10 and not penny more.