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Old 08-29-2019, 07:10 PM
 
7,053 posts, read 3,915,648 times
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One thing I wish someone had discussed with me, when I was getting out of high school was FINANCES/MONEY.

1. Your daughter's been riding on your dime. She doesn't have a real sense of what things cost. She needs to know that. She'll learn it in time, but a heads up would be helpful. For instance, ask her to pick out some houses in your city that she'd like to live in. Then both of you look up those houses on Zillow to see what they cost. Or ask her to pick out some new cars she'd love to own, when she's older and working. Then you both look up what those cost, including options. Then figure out what kind of income she'd have to have to afford it. Go through a fantasy grocery shopping trip, pretending she has $250 to spend on groceries for the month. Things like that.

2. Explain to her briefly the different kinds of debt: credit card debt, student loan debt, mortgage, car loan. And why credit card debt is the worst and to be avoided at all cost. (I still remember my father saying, when I was a little kid, "If you can't afford to pay for it when you buy it, you can't afford it." Consequently, I NEVER had credit card debt. I was never ashamed to admit that I couldn't afford something.)

3. Pound into her head: Live within your means. Don't impulse buy too much. When all the fools around her are spending their last dollar on beer or new shoes, she can smile to herself and think about the money in her bank account. The tortoise wins the race. Of course, sometimes a girl just has to have the latest cool thing to wear, so it's a give and take on this one.

4. I'd lightly touch on the subject of investing. Sticking a few dollars every year into a no-touch stock index fund, and how it can grow. I'd look for a SLIM book on investing to give her the basics on this, learn the terminology. Every young person should know a little something about investing safely. That would give her a head start in an area she WILL need to know about later.

I was a litigation paralegal for decades, working most of that time at a large big city firm that had a lot of female attorneys. I can assure you that smart, professional, wealthy women are just as happy as other women, if not more so. Making a lot of money on your own, and getting the satisfaction of doing challenging work does wonders for one's fulfillment in life, not to mention pays for lots of great things. Women do have babies, of course. The women attorneys might opt to take off a year or two, or keep working & take maternity leave like other working women. They certainly can afford to pay for high quality day care.
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Old Yesterday, 08:00 AM
 
Location: around
754 posts, read 258,122 times
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Thanks for that.


Good idea and thankfully she does actually have a pretty good grasp on money things , well as much as she can without being out there yet.
She knows and hears a lot about my business , we looked at houses together prices costs renovations chose this place together because everything fitted, l often talk about the bills and repayments income and stuff too.
She did business at school too and l had to laugh but she gets the stock market knows how it all works and how l trade and everything , it really surprised me actually how in depth it was, property cycles and everything.
So l'm really pleased to hear you think it's a good thing , l thought so too.
l started being open with her on money 3 4years back because kids just think it grows on trees until they learn how it really is and how much goes into looking after them and life and house and cars and blah blah .
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Old Yesterday, 10:09 AM
 
183 posts, read 58,144 times
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Quote:
Originally Posted by hawk101 View Post
Thanks for that.


Good idea and thankfully she does actually have a pretty good grasp on money things , well as much as she can without being out there yet.
She knows and hears a lot about my business , we looked at houses together prices costs renovations chose this place together because everything fitted, l often talk about the bills and repayments income and stuff too.
She did business at school too and l had to laugh but she gets the stock market knows how it all works and how l trade and everything , it really surprised me actually how in depth it was, property cycles and everything.
So l'm really pleased to hear you think it's a good thing , l thought so too.
l started being open with her on money 3 4years back because kids just think it grows on trees until they learn how it really is and how much goes into looking after them and life and house and cars and blah blah .

One can never know "too much" about financial issues.

Try listening to Dave Ramsey on YouTube live every day. It is shocking and depressing listening to college graduates who have obtained degrees in economics, accounting, law, management....etc. Their ignorance regarding finances was not only poor before college and during college, but continued years after college.

Can't leave out the "college" employed folks that helped send them unwisely into debt.

Last edited by CentralUSHomeowner; Yesterday at 10:45 AM..
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Old Today, 01:42 AM
 
Location: around
754 posts, read 258,122 times
Reputation: 661
Yeah right ha, no surprises there.
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