Learn how to handle family members when they ask you for a loan.
Too many times in family communities across the country those who have become comparatively financially successful are unknowingly volunteered to become the "universal provider" within their family circle. I should stress the word "comparatively," because many times those who are more successful within a family are also having their own financial problems, but because they do not exhibit the same signs of struggle as other family members, often they are viewed as "well off." The universal provider is constantly hit with requests for these short-term loans that should never be called loans, because somehow they are never repaid.
Should Your Kids Get An Allowance?
Here are several easy ways to teach your children the value of a dollar the right way.
Most money experts agree that children should be given an allowance in order to learn financial skills. I disagree. Children should earn money as we do. And, most importantly, they must be taught what to do with the money once it’s received.
I frequently speak on high school and college campuses and meet young people who have never worked a day in their lives. At 21 years old, many still somehow believe that money either really is grown on trees or that it magically falls from the clouds. There is a distinct disconnect between young people and this foreign concept of earning money.
U.S. banks take in over $38 billion in overdraft fees, totaling more than 75 percent of all fees charged on consumer deposits. With the economy so tight these days, do you really have money to throw out the window?
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