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The Water Cooler
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Teaching your kids financial responsibility
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<blockquote data-quote="Cohiba" data-source="post: 2771802" data-attributes="member: 2550"><p>#1. That money is not the root of all evil, it's what people do with or how they use tue money in a negative fashion that's evil.</p><p></p><p>#2. Unless you're a millionaire, you need credit. What I mean by this is; unless you have an almost unlimited amount of money, you need credit. You need a good to great credit score for loans (homes, cars, farms) and to maintain low interest loans and credit cards. If you have a lot of money...then you can have a low to no credit score..because you have the reserves to back up no credit.</p><p></p><p>#3. Learn, learn,...did I mention learn patience and temperance with credit. Know the difference between a want and a need. Know that if you put it on a credit card pay it off.</p><p></p><p></p><p>Credit and credit cards are like owning guns. Use them when you need to (at the range or protection) but don't go wild and crazy with them...it will get you in trouble.</p><p></p><p></p><p>****Always pay your debts****</p><p></p><p>In my life, by having excellent credit I have been able to negotiate low interest loans, low interest credit cards, and avoid loan insurance on several loans I've made to buy homes.</p><p></p><p>Good...well really excellent credit is like a seat belt in a car. It's great to have, use, and when you do need it you've git it.</p></blockquote><p></p>
[QUOTE="Cohiba, post: 2771802, member: 2550"] #1. That money is not the root of all evil, it's what people do with or how they use tue money in a negative fashion that's evil. #2. Unless you're a millionaire, you need credit. What I mean by this is; unless you have an almost unlimited amount of money, you need credit. You need a good to great credit score for loans (homes, cars, farms) and to maintain low interest loans and credit cards. If you have a lot of money...then you can have a low to no credit score..because you have the reserves to back up no credit. #3. Learn, learn,...did I mention learn patience and temperance with credit. Know the difference between a want and a need. Know that if you put it on a credit card pay it off. Credit and credit cards are like owning guns. Use them when you need to (at the range or protection) but don't go wild and crazy with them...it will get you in trouble. ****Always pay your debts**** In my life, by having excellent credit I have been able to negotiate low interest loans, low interest credit cards, and avoid loan insurance on several loans I've made to buy homes. Good...well really excellent credit is like a seat belt in a car. It's great to have, use, and when you do need it you've git it. [/QUOTE]
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