Comments on: How I Plan To Help My Children Avoid The Credit Trap (Part 2) http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 10 Feb 2012 00:09:10 +0000 hourly 1 By: Debt Consolidation WebLog » Blog Archive » MarketFN.com | Stock and Option Trading and Investing Articles http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/comment-page-1/#comment-24235 Debt Consolidation WebLog » Blog Archive » MarketFN.com | Stock and Option Trading and Investing Articles Wed, 18 Jul 2007 22:43:54 +0000 http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/#comment-24235 [...] No Credit Needed » Blog Archive » How I Plan To Help My Children … … expect that my children will attend college (or some type of trade … I have created a “system” for teaching my kids how to handle … I take my kids to church and I teach them to give. We give to our … http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/ [...] [...] No Credit Needed » Blog Archive » How I Plan To Help My Children … … expect that my children will attend college (or some type of trade … I have created a “system” for teaching my kids how to handle … I take my kids to church and I teach them to give. We give to our … http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/ [...]

]]> By: Moneymonk http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/comment-page-1/#comment-12546 Moneymonk Wed, 16 May 2007 16:26:06 +0000 http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/#comment-12546 I have to say you are helping your kids too much as msmommoney said Give them space to make some mistakes so they can learn from it. I know you want to protect them, but you are making their world to perfect I have to say you are helping your kids too much as msmommoney said

Give them space to make some mistakes so they can learn from it. I know you want to protect them, but you are making their world to perfect

]]> By: Finance Picks: Talking About Rent vs Buy, Spendable Net Worth and Shopaholism » Silicon Valley Blog About Money http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/comment-page-1/#comment-12530 Finance Picks: Talking About Rent vs Buy, Spendable Net Worth and Shopaholism » Silicon Valley Blog About Money Wed, 16 May 2007 14:16:25 +0000 http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/#comment-12530 [...] Day Edition was at Ask Mr Credit Card. Thanks for celebrating a belated Mother’s Day, Mr CC. How I Plan To Help My Children Avoid The Credit Trap (Part 2) by No Credit Needed Confessions of a Compulsive Shopper by Debt Free Wannabe Book Review: [...] [...] Day Edition was at Ask Mr Credit Card. Thanks for celebrating a belated Mother’s Day, Mr CC. How I Plan To Help My Children Avoid The Credit Trap (Part 2) by No Credit Needed Confessions of a Compulsive Shopper by Debt Free Wannabe Book Review: [...]

]]> By: Livingalmostlarge http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/comment-page-1/#comment-12164 Livingalmostlarge Sun, 13 May 2007 05:47:06 +0000 http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/#comment-12164 You need to teach children about CC. Not teaching them is like not teaching them about safe sex, sure you don't want them to have premarital sex but do you really believe your 30 year old unmarried daughter or son isn't going to be having sex? Um, no. So will you teach them about CC and sex and being responsible or let other kids teach them? CC are not evil, nor are CC companies. What happens is irresponsible people use CC. I left home at 16 and my mom certainly didn't want me out in the world without a CC. She also taught me how it worked, explained in depth. Same with sex. Just cause you don't like something, doesn't mean your kids won't. And worse just because you don't believe in it doesn't mean your kids will as well. Life comes back to bite you in the behind. I think you might as well give your kids every tool out there and educating them as throughly as possible. And NCN you rock if you buy your kids a car. So no car loan? This I might disagree with, I'm thinking that maybe my kids might have to have a car loan so they never get one again after that first loan. I learned a lot by having my first and only car loan. Not for a lot but for some. And yes I could have gotten a used car for $5k and paid cash, but I didn't. But I also was 20 and lived 3k miles away from any family. So I didn't have a car to go car shopping, I had to depend on friends. I didn't have an adult to help me car shop and the dealers were awful. Not knowing anyone, nor any mechanics since I had no car, I didn't exactly have stellar reccomendations for how to buy a used car. When I have kids I will hope to be near enough to help them buy a car. And not throw them to the sharks, which my parents didn't want to but it couldn't be helped, unless they flew all that way to help me, buy a car. You need to teach children about CC. Not teaching them is like not teaching them about safe sex, sure you don’t want them to have premarital sex but do you really believe your 30 year old unmarried daughter or son isn’t going to be having sex? Um, no. So will you teach them about CC and sex and being responsible or let other kids teach them?

CC are not evil, nor are CC companies. What happens is irresponsible people use CC. I left home at 16 and my mom certainly didn’t want me out in the world without a CC. She also taught me how it worked, explained in depth. Same with sex.

Just cause you don’t like something, doesn’t mean your kids won’t. And worse just because you don’t believe in it doesn’t mean your kids will as well. Life comes back to bite you in the behind. I think you might as well give your kids every tool out there and educating them as throughly as possible.

And NCN you rock if you buy your kids a car. So no car loan? This I might disagree with, I’m thinking that maybe my kids might have to have a car loan so they never get one again after that first loan. I learned a lot by having my first and only car loan. Not for a lot but for some. And yes I could have gotten a used car for $5k and paid cash, but I didn’t. But I also was 20 and lived 3k miles away from any family. So I didn’t have a car to go car shopping, I had to depend on friends. I didn’t have an adult to help me car shop and the dealers were awful. Not knowing anyone, nor any mechanics since I had no car, I didn’t exactly have stellar reccomendations for how to buy a used car. When I have kids I will hope to be near enough to help them buy a car. And not throw them to the sharks, which my parents didn’t want to but it couldn’t be helped, unless they flew all that way to help me, buy a car.

]]> By: invest4life http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/comment-page-1/#comment-11890 invest4life Fri, 11 May 2007 00:23:10 +0000 http://www.ncnblog.com/2007/05/08/how-i-plan-to-help-my-children-avoid-the-credit-trap-part-2/#comment-11890 I really like everything you have to say here and I think you are doing your kids a huge favor by educating them about finance and staying involved with them. The one thing I might disagree with is the car issue. While buying your children a car is helping them financially so they don't have to spend their own money, you aren't teaching them anything of value here. My parents forced each of their 4 kids to purchase their own cars at the age of 16 or whenever they could afford it. As furious as we might have been because we had to buy our own, looking back on it we each agreed it was a worthwhile arrangement. While I only had enough money at the time to get a $2,100 clunker, it taught me the values of managing my money, taking care of my property, and taking pride in what I owned. I think you will find your children clean, check the oil, fix dings/scratches, and overall just take better care of something when the buy it for themselves. Not to mention the pride factor for a teenager to own such a significant item. I understand your logic about helping them financially, but with all the other steps your taking, it might be worth the valuable lessons to let them buy their own car (with help/advice from the parents on car searches for safety reasons and ensuring they don't get ripped off). Just a thought... I really like everything you have to say here and I think you are doing your kids a huge favor by educating them about finance and staying involved with them. The one thing I might disagree with is the car issue. While buying your children a car is helping them financially so they don’t have to spend their own money, you aren’t teaching them anything of value here. My parents forced each of their 4 kids to purchase their own cars at the age of 16 or whenever they could afford it. As furious as we might have been because we had to buy our own, looking back on it we each agreed it was a worthwhile arrangement. While I only had enough money at the time to get a $2,100 clunker, it taught me the values of managing my money, taking care of my property, and taking pride in what I owned. I think you will find your children clean, check the oil, fix dings/scratches, and overall just take better care of something when the buy it for themselves. Not to mention the pride factor for a teenager to own such a significant item. I understand your logic about helping them financially, but with all the other steps your taking, it might be worth the valuable lessons to let them buy their own car (with help/advice from the parents on car searches for safety reasons and ensuring they don’t get ripped off). Just a thought…

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