My generation is pretty crappy with money. And the one after me is even worse. It is like the baby boomers started a trend. Spend, spend, spend. Borrow, borrow, borrow. And every generation is getting better at it.
I’m not saying this is the case for everyone, and I’m not much for painting everybody with the same brush, but all I need to do is look at the way people lived 75 years ago to see a DRAMATIC difference in the amount of stuff we collect in our massive homes, garages, sheds, basements, etc… Back then, you grew your own food, worked long hours, walked everywhere, took public transit, car pooled, had kids do things around the house without it being a chore, you didn’t need two cars just to make it, or the newest TV, iPod, computer, clothes, shoes. Did you know that people used to mend clothes instead of throwing them out?
Honestly I am not the best role model to my kids about managing my own money. I am like most people my age. I justify my purchases just like everybody else… I am probably more guilty of not listening to advice, as I understand what gets people into debt because I’m a banker. I counsel people on budgeting, borrowing money, saving money for a rainy day, and looking at their cash flow.
But I’m not talking about the things I know. I can give all the advice in the world, and even listen to good advice, but most of the time it falls on deaf ears. There has been a change in how our society thinks. We are a need it now society. No more patience. Is there anyone to blame? Advertisers? Lenders? The bank of dad? No. We just need to have a big shake up. This last recession was a wake up call for all of us to pay attention to only buy what we can afford.
I am not an economist. Far from it. But I really enjoyed the following article about the 10 things you should teach your kids about money before they get to be our age…Enjoy…
- Daddy’s Guide To Teaching Your Kids About Money & Finance (moneyning.com)
- 10 Interactive Financial Websites That Teach Kids Money Management Skills (makeuseof.com)
- Learning to Say “No” to Your Kids (moneyning.com)