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One Cent At A Time

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5 Steps to Introduce the Concept of Credit to Your Teens

January 2, 2012 20 Comments

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I stated on many forums that I got a sound education on finance from my dad. Quietly strangely I learned investing first before learning how to manage personal finances. This seems quiet reasonable to me and I can’t thank my father enough for taking this route. I learned all the benefits of investing, how money grows, why banks pay interest to depositors.

It was a natural question for me to ask, “how the money for investing come then?”. My dad explained that my monthly salary or business income would be the only money I will have. He taught me how I can save money from my paycheck to fuel the investment. The more I save the more investment I can make. During my childhood (almost 25 years back) the concept of credit card was not there in India, where I grew up.

When I joined the workforce in the year 2000, Indian economy was growing at a rapid pace, multinational corporations were setting shops there and within my first month of employment, I was offered a credit card. Fortunately my credit limit was too low to incur any debt, but, soon I realized that credit cards are too dangerous for people who don’t know how to use them and at the same time, too good for people who can use it for their advantage.

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Get Your Kids Started on Personal Finance Early

July 2, 2011 2 Comments

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Probably this will be a very short post, in continuation of the earlier article Teach your Kid about money through garage sale, this is about kids and importance of their knowledge about money as well. This is about, why it is farsightedness to grant them access to banking privileges at an early stage.

Personal finance is obviously very important for all of us, and it seems to be one of the most important factors that contribute to a person’s success. That’s why getting your kids started on it early is so important as, if they are responsible when it comes to money, they will find themselves in a much better situation when they enter the workforce, and start making money.

You can achieve this by getting them their own bank account – this will allow them to begin saving for the future and allow them to see where it all goes. Credit Cards aren’t available to children, yet you can get them a debit card, which is just as exciting. Importantly this will teach them the ins and outs of banking, just make sure that it is a joint account so you can stay in control.

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