When our children enter college, many of them go with little to no knowledge on what it means to have financial responsibility. Most of them get bombarded with credit card offers and a wealth of financial resources. What they don’t realize is that this money is not free. They haven’t been exposed to credit or savings. Most schools do not teach these skills. Many parents give allowances without any notion of savings.
As a teenager, I was given a bit of advice from a customer at a retail establishment that I worked at. He told me to save $100 per month from my paycheck and I will be set for life within 15 years due to my age. Being a naive teenager and my parents not having taught me about savings, I didn’t think much of this advice. Instead, I ended up fixing up my car with the coolest rims and window tint. The car is long gone and I have nothing to really show for it. I calculated if I had listened to what he told me that I would have over $500,000 by now.
Thus, for my kids, I give an allowance but I also require my kids to put half their salary in a savings account. Of course, they do not like it but I’m, hopefully, setting them up to understand the power of savings and waiting for things. In addition, when the time is right, I will also educate them on how credit works and the huge financial impact a credit card can have if not handled properly.
Lastly, many of us were never taught about financial responsibility. Do not be afraid to be the bad person and say no to your child’s wants. It may be difficult at times but they will appreciate it when they are older. Think about yourself and whether you can always get what you want. You are limited so your child should understand early that they are limited.
Practice financial responsibility. Should you have any questions about being a champion or want to find out more details about soccer, feel free to contact me at president@murrietasurfsoccer.org.
Steve Haubrick is the MYSL/Murrieta Surf Soccer Club President. www.myslsoccer.org
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