Teaching your kids financial responsibility

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tRidiot

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So you have student loan debt and are paying for his college savings account?

In part yes. As mentioned, we make him contribute to his own, but we also put money in it. Not sure how much at this point, the wife handles financial matters for the most part, unless she needs my input/approval on things.

Why?

Thinking I should pay off my own before contributing to his? Mine will take literally decades to pay off. Not a joke or an exaggeration. If I took that stance, he will be done with college AND grad school before I even get close.
 

Jwryan84

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In part yes. As mentioned, we make him contribute to his own, but we also put money in it. Not sure how much at this point, the wife handles financial matters for the most part, unless she needs my input/approval on things.

Why?

Thinking I should pay off my own before contributing to his? Mine will take literally decades to pay off. Not a joke or an exaggeration. If I took that stance, he will be done with college AND grad school before I even get close.

First I'd say yes, but I understand in your trade the massive amount of education. Also understand the want to help your kids.
 

Hobbes

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tRidiot

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Here is an excellent article about this topic...
http://lifehacker.com/how-to-live-a-rich-modern-life-without-much-debt-1719813128


I will say that a credit card is gradually becoming a near necessity.
Without it, you are excluded from services like uber and lyft.
Besides, once you have àquired the necessary financial discipline a rewards card can provide a small savings in the budget.

Rewards cards... I've had those for years, and have yet to ever be able to use any points. Most stuff is s*** I have no use for or if I want travel help it's useless.


We're out almost $2500 next week on some plane tickets we bought. They want to charge us $1300 to change them, then we only have 6 months to use them and I don't see us being able to go anywhere in that timeframe. So no point throwing good money after bad. :( Stupid decision. <sigh>
 

Hobbes

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My rewards card pays cash back. 1% on everything I buy.
when I redeem the points they deposit cash into my checking account.

Same thing as buying everything 1% cheaper.

There is also a 5% rolling category of items that change every 3 months.
Right now it's 5% reward on gasoline.
 

Shoot Summ

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Rewards cards... I've had those for years, and have yet to ever be able to use any points. Most stuff is s*** I have no use for or if I want travel help it's useless.


We're out almost $2500 next week on some plane tickets we bought. They want to charge us $1300 to change them, then we only have 6 months to use them and I don't see us being able to go anywhere in that timeframe. So no point throwing good money after bad. :( Stupid decision. <sigh>

Everything I can put on my Southwest rewards card goes on it, including my business expenses. I fly family free all the time, plus my wife gets a companion pass every year so she flies free with me anytime I fly(business or personal). For me the SWA program is outstanding for domestic travel.
 

tRidiot

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Yes, please do teach your kids how to handle money. That way, when they start drawing Social Security, they won't have their guns taken away because they can't handle their own finances.

Woody

Get real... ain't gonna be no Social Security when I am of age, much less my son!
 

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