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72 Comments
- wattznext, on 10/10/2007, -1/+42Money is the root of all evil!
Send $9.95 for more information - inactive, on 10/12/2007, -1/+29These are 10 lessons some adults should know too
- PurpZeY, on 10/10/2007, -4/+3111. Credit cards work really really well when have no actual money in the bank, just keep changing your address.
- thewump, on 10/10/2007, -1/+22I notice that "leveraging the ***** out of your house to buy things you can't afford" isn't on there. Food for thought.
- maxpower2911, on 10/10/2007, -5/+1911. Stealing money is the fastest way to get it. Maybe hold off on that one until they're a CEO though.
- gitrplaya4u, on 10/10/2007, -3/+1511. If you want it, don't have kids of your own.
- LiquidFusion, on 10/10/2007, -0/+10House...yes
Car...no
Cars can only depreciate over time. You don't need a brand new 25-30K car to get to work. Either get a cheaper new car, or buy a quality used car.
Unless you're not buying it, then the point is moot. - sockpuppets, on 10/10/2007, -1/+11Caps lock keys are apparently pretty cheap.
- StratisFear, on 10/10/2007, -0/+10The #1 way to teach kids about money is to make them work from an early age. Nothing teaches kids about money like minimum wage.
- wylfing, on 10/10/2007, -0/+9Sadly, you are not getting dugg, and probably neither will I. But you are right. Work is the best teacher of financial responsibility.
- inactive, on 10/10/2007, -1/+9"Teach them about the dangers of debt. This probably isn’t a lesson they can understand when they’re 6 years old, but.." *****! If I drop my kids off in SE DC for the night, they'll know damn well that debt is dangerous.
- EclipseGSX, on 10/10/2007, -0/+8I like the aptly placed Amazon ad directly next to the section on advertising, consumerism and impulse buying.
- inactive, on 10/10/2007, -1/+9But shiny sparkle happy time!
- insanebrain, on 10/10/2007, -0/+811. Don't spend money you don't have. (this should be rule nr. 1.)
- everybodyruns, on 10/10/2007, -3/+912. Stop lying. Teach them money CAN buy happiness.
- scuzzman, on 10/10/2007, -0/+6Will you send back a donut?
- meshman, on 10/10/2007, -1/+7They learn pretty quick when the disconnection and eviction notices start showing up.
- Almidayas, on 10/10/2007, -0/+5How hard can one man bury?
- TwinTurboMike, on 10/10/2007, -1/+511. Spend all that you can today, because inflation and declining value will make it all about worthless tomorrow.
- wylfing, on 10/10/2007, -0/+4#11 is HOW LOANS WORK
I am consistently surprised by the number of adults that do not understand the interest/principal curve. Yeah, this is part of "Avoid Dept" but it deserves its own category because there are times that you cannot avoid it, and knowing how debt works helps you stay out of situations that are disadvantageous. - MagicCake, on 10/10/2007, -1/+5Anyone else notice the part about impulse buying? Increased heart rate and heavy breathing? What the *****, man. Maybe I'm just not fat enough, but I for one don't start having a panic attack when I'm eying an expensive toy at the store. Jesus.
- Gigabutt, on 10/10/2007, -0/+4Kids?
- KyjL, on 10/10/2007, -0/+4So you're saying a decent education isn't worth it?
- inactive, on 10/10/2007, -0/+4In life people are real dumb asses. They look after the small dollars but don't look at the big picture. Arm yourself with a calculator and a mortgage calculation and payment program.
Learn about compound interest and simple interest.
You get simple interest from your bank account calculated monthly to two decimal places.
You pay compound interest on your home loan calculated daily to six decimal places.
If you are paying off a mortgage invest all your spare cash into paying off the mortgage instead of investing in shares or other crazy money making schemes.
Do the calculations, it is not rocket science. Extra payments comes of the principle. That means that you pay no interest on that amount of money for the life of the loan. A two thousand dollar once off payment early in the loan will equate to a large sum of money over 20 years. Do a compound interest calculation on two thousand dollars over twenty years and you will be surprised how many years it will add to the loan at the current payment and interest structure.
- juliusctw, on 10/10/2007, -1/+5or a politician : )
- mywhitenoise, on 10/10/2007, -4/+7It's all pretty basic ***** to me. Nothing informative.
- nitrojunky24, on 10/10/2007, -0/+3good luck with that your gonna need it
- Smight, on 10/10/2007, -0/+3Yes, but time is money.
Teach them the value of your time by hiring the school bully to beat them for pennies on the dollar! - Modestexcuse, on 10/10/2007, -1/+4I wish I knew these things when I were younger. I'm having a very difficult time teaching my 2 young kids the value of money these days. Lead by example just isn't enough with everything available "right now". Instant gratification; at least I'm happy for the next 10 minutes....
- SteelFrog, on 10/10/2007, -0/+3And phone number, and SIN, and relatives if possible.
- DCstewieG, on 10/10/2007, -0/+3If you can get a rate of return higher than your mortgage rate (not very hard) then it is better to not make extra payments. 2000 dollars invested in the right places can become much more than would have been taken off the mortgage. Obviously, paying off the mortgage is lower risk, but not necessarily better. Also, paying off a credit card would be a better idea if you're carrying a balance.
- SilverBlade2k, on 10/10/2007, -0/+3How about adding this one: "Don't get into debt over frivolous things. The only things which are acceptable to get into debt for is owning a car and owning a house. "
- hlcno, on 10/10/2007, -1/+4What about Taxes? Teach your kids how 40% of your money goes to the government. Daddy plays the Feds and takes his money and watch him cry "Welcome to real life"
- nastajus, on 10/10/2007, -0/+2so how many times can you leverage the same house for multiple loans until banks say no? i don't own any home to test this against.
- norbiu, on 10/10/2007, -0/+2fun != hapiness
- nastajus, on 10/10/2007, -0/+2i think he forgot that one. it's not quiet as touchable feelable as the others above.
- sofaKing812, on 10/10/2007, -0/+2"You want to buy an Xbox 360? Well, let’s find out how much that costs. Now that’s how much you’ll need to save. If you take $40 from your monthly budget, you could have that in 5 months."
You can learn how much ***** really costs before you try to buy it. $200 for a 360? I hope those kids didn't get their hopes too high. - inactive, on 10/10/2007, -0/+2It can really buy happiness if lack of money was the only reason why you were sad. Unfortunately many people are sad for many other reasons. Money does make life easier though.
- PhantomZmoove, on 10/10/2007, -1/+3Hey, I'm Jewish and great with money. (and also not offended by that comment)
- nastajus, on 10/10/2007, -0/+2the richest people are getting richer, while the lower income earners are remaining the same over the past few years measured where i am (somewhere in canada, probably same many other places). those people are thinking a lot more frequently how to make more money with they're existing money, they're aware of trading values or god knows what, the point is they're trying and it's working. where as the lower class is all depressed and can't be bothered to think beyond impulse purchases. like me. i want to be rich.
- Uchikoma, on 10/10/2007, -0/+2By that time they're screwed. While we usually learn the hard way, it's nice if you can get it into them (not going into debt) before they ever get experience it....
- inactive, on 10/10/2007, -0/+2Try telling that to a hobo living under a bridge. Money is life.
- flareback, on 10/10/2007, -2/+4FTA:
6. Teach them to pay bills. Does your teen-ager have a cell phone? ... Other bills could include a car.
Yeah, a car payment in your name that if they forget to pay it screws up your credit not your kids. So I'll pass on that one. - Import98, on 10/10/2007, -0/+1Thank you Captain Obvious. Not pointing out what people don't already know. It's a matter of people wanting to abide by them or not.
- lschofield, on 05/18/2008, -0/+1Your best bet for getting out of debt is a financial calculator and learning about the 'time value of money' and compound interest. A real simple 'how-to' guide for this is at
http://www.ehow.com/how_2267696_simple-problems-in ... - aukxsona, on 10/10/2007, -0/+1done. I have one in pre-teens. She doesn't have half the crap spoiled brats have now days.
- surgictube, on 05/29/2008, -0/+1@ MrSketch... It was a joke. Get off Ayn's nuts :D (She's a boss baller, tho.)
- Scira, on 10/10/2007, -0/+1temporary happiness.
but with enough money you can always get somthing else before that happiness expires. - surgictube, on 05/29/2008, -0/+1consumer spending is the single largest driving force of the US economy. 11. buy into this zen ***** and daddy loses his job.
- lschofield, on 05/18/2008, -0/+1My 10-year-old son and I play 'The Price Is Right' when we're grocery shopping and we're at the check out. Not only does it teach him how much food costs (most kids have no idea), but it helps me keep an eye on prices while shopping. I keep a running tab and always round things up to the next dollar (i.e. if its $5.01 I'll say $6, just like $5.97 is also rounded to $6) - for some reason this seems to balance out in the end and I stay pretty near budget.
When we get to checkout we do a 'Showcase Showdown' type thing where the person who bids closest to the total grocery bill without going over wins. It adds a bit of fun to an otherwise boring and depressing trip and teaches him a little about the cost of things. Or maybe I'm just really old and easily amused now? -
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