Marvin Nathaniel Smith JR explains teaching kids and teens about their credit
Kids and teens do not have the correct knowledge that is certainly needed for financial matters. They are often even not concerned with these matters, and they think the parents will eventually handle it. However, the truth is that there is also only so much that you can do in such matters. The best way to ensure that later your teen or you do not end up in a compromising position, is to ensure that our teen knows the risks in the first place.
Talk to their finance teachers to teach them about credit
It is true that in school they may not be learning about it, and maybe you can intervene and ensure they are being taught about credit in their schools. Parents should be absolutely content with talks about money happening at school. Is it not the most practical concept around?
Talk to your kids yourself
Just the school teaching them about the basics of money is not enough for sure. You also need to be talking about it with your kids. Talk about money and make sure that your kids or teens are understanding you and not just listening to you for the very sake of listening.
Is it hard for you to talk to your kids about money?
If it is tough for you to talk to your kids about credit, it is better first you discuss it with a sibling, a better half or a parent to ensure that you understand what to say to your teen or kid. You can also discuss personal experiences and ensure that you are telling real experiences and not making up stories, so your kids can fully trust you. Your experiences will count as lessons and your kid or teen can benefit from it.
Tell your teen or kid that they can always confide in you
You can make sure that you do not scare your kid but in fact are very understanding around him or her. This will ensure that they are honest with you instead of not telling you what is going on in their life. You have to be the parent who will understand, and not just freak out!
There will always be the possibility that you will find yourself feeling disappointed when later your kid does end up doing the wrong steps regarding credit, but you shall always know that kids do make mistakes and teens are especially the wildest of their kind. It is better to be patient and let them learn the hard way when they do make a mistake. After all, that is how we all learned, we made mistakes and suffered, then one day we became wise and smarter than before! That is the circle of life and one shall adapt to it even when it comes to keeping our kids savvy, there will be hurdles to be crossed.
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