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The Generation Gap: Passing Sound Financial Practices Down the Family Tree

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  • oaycrjfusbwi
    In our world of keeping up with the joneses , it s an everyday struggle to resist buying the latest, greatest toy to wow our neighbors with. But how did we
    Message 1 of 1 , Oct 6 5:08 AM
      In our world of "keeping up with the joneses", it's an everyday
      struggle to resist buying the latest, greatest toy to wow our
      neighbors with. But how did we come to be this way?
      If you're a Baby Boomer, your parents probably weren't like this.
      They were too busy trying to feed, clothe, and provide shelter for
      their families; everything else was gravy. But in today's world of
      borrowing, credit and instant gratification, seemingly anything we
      want, we can have. We pay for it for years, and thanks to interest
      rates, we end up paying a lot more than actual sticker price. But
      hey, we have it now, right? Thing is, if we step back and think about
      it, we can learn a lot about finances from our parents. We can also
      pass that info on'and then some'to our kids, creating a lineage
      equipped with sound, smart financial knowledge.
      Teach them about today's money
      Spending isn't like it used to be. Through the prevalence of checks,
      credit cards and debit cards, cash is a rarity in today's world. But
      it's important that our kids understand where money comes from and
      how it's used. When you plop down the plastic for a purchase, let
      your kids know that the money is either coming directly from your
      bank account, or a bill will arrive in the mail which you will soon
      have to pay. When at the ATM, tell them that cash isn't magically
      coming out of the box. It was put there from your work, and its money
      you earned. As they grow older, instill more sophisticated lessons
      into their lives. Tell them about late fees, interest and the
      importance of saving. The early you start teaching your kids about
      finances, the better off they'll be....

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