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What are we beliefs our 2005 graduates about money? - personal-finance

 

Now that we are in the month of June I can't help but amazement if we have arranged our new graduates for the blame of supervision and budgeting their money.

I had a very exciting discussion with my God-son, a current adjust from a local Los Angeles high school. He confident me that he is ready to take on the dependability of purchasing a used car for the reason that he was effective par-time for a fast food restaurant. When I asked him how much money he had saved he briefly told me that he hasn't conventional his first income yet, but would be conscious of money as a graduation gift to buy a vehicle.

We talked about the value of economy as well as more dependable equipment he could do with the money he was earning. I explained to him that having a job was a good step towards cutback for a car. However, he was still absent in accountability for presumptuous each else would buy the car for him. I ardently agree with the lending belief of banks, "if you can't come to the table with some of your own money, I can't give you my money. " So our dialogue ended with an arrangement that he would cover indemnity and gas with his pay and save at least 10% for seminary expenses and I would send him a cash gift towards the acquire of his vehicle as a graduation gift.

I do appreciate that now days being paid a car as a graduation gift is much more collective then when I graduated from high school. However, I would considerably teach graduates the meaning of being conscientious with their money then fashionable with their peers. What are we doctrine them by having the mandatory cell phones, computers, acknowledgment cards, digital cameras, dvd players, and mp3 players? I think the communication is cute clear, "consume more, save less and stay in debt. "

Well, appealing soon he will be off to institution where he will be bombarded with acknowledgment card applications, cell phone companies and many other vendors attractive him to get into debt. With a bit of luck he can learn how to be answerable with money beforehand he earns his school degree. Or else my next gift will be for him to be there my debt management class. I don't think he would like that very much.

All Civil liberties Reserved

Dina D. Harbour,
Financial Coach
http://www. wanteddebtoralive. org


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