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Posted
Jul 01 2008, 05:00 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Blogger Rosalind Mays gave her kids credit cards. What? Is she nuts? They're only in sixth grade or thereabouts. Explaining one of the more interesting methods we've encountered for teaching kids about money, she writes in a post at Real Life Debt: "But the catch was (cause there is always a catch), I became Visa. I've always wanted to be a banking giant."
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Posted
Dec 19 2007, 12:21 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Single Ma at Single Ma's Fabulous Financials likes to instruct by example, which we think is a great way to teach. (She also urges readers on a daily basis to "as always, be fabulous," which we consider great advice.) Sometimes she uses a not-so-financially-savvy relative in her examples. Thus, Single Ma tells how she was struck speechless when a cousin explained why she bought a new car.
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Posted
Dec 18 2007, 06:08 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
An article in Money Magazine has made a certain Miller couple the poster parents for overspending on children (and using a home-equity line of credit while doing it). Of course, this fascinating piece became grist for the personal-finance blogger mill, as well it should. "When you put your children's desires above your family's needs, your priorities are just wrong," writes Lynnae at beingfrugal. Her 5-year-old won't get the Wii he wants for Christmas because she and her husband can't afford it without going into debt.
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Posted
Nov 30 2007, 02:14 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Kay Bell at Don't Mess with Taxes -- in a post called "Are credit cards appropriate 'toys' for kids?" -- examines two trends that should give us cause to worry. She notes that a recent Charles Schwab survey found that almost a third of teens, if they had the option, prefer to pay with a credit card rather than cash. (Thank goodness only 10 percent have a credit card in their own name.) She also points to a disturbing trend in toys: For instance, the new Monopoly allows players to pay with plastic. And did you know that Dora the Explorer and Barbie carry credit cards? ("Not surprisingly; look at the clothes (Barbie) buys!" Bell comments.)
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Posted
Nov 05 2007, 08:20 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Pardon us while we get a broom. Our hair literally fell out when we read Stacking Pennies ' post about co-signing a family member's loans . She agreed to co-sign student loans for her sister (whose own credit had been damaged by past financial choices) and unwisely allowed the sister to sign Pennies' name on the loan documents. Thus, it was a total surprise when Pennies learned she is obligated to pay off $23,000 in loans if her sister does not make good on the debt. This is a touching story about a sister's desire to help and a wake-up call for anyone considering the same decision . You can go only so far to save other people from their own mistakes. Pennies says she regrets co-signing the loans. "But it is family, and it is money for education, and it is hard for me to turn my back on that," she writes. We can only hope this works out for the best.
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