Parents who have a valid interest in helping their young ones planning to attend a university or college know, or the very least, should understand the nuances and minefields of financing, need to get a grasp on one major concern; the bank of mom and dad doesn't teach them anything except how to frivolously spend money.
Okay, most parents who give their kids a “bank-of-mom-and-dad” “just in case credit card' are hopefully smart enough to ensure there is a limit on that card.
The thing here, folks, is that learning a semblance of personal finance education in the early stages of life is, or will be, the cornerstone of being a happy camper and perhaps having good health and success in whatever endeavor they choose with the ultimate target being managing their money and keeping debt on the plus side.
The “Gee,I screwed up financial boat” is full of young and old people who never bothered to learn and understand the “jargon” pros use when talking about money.
All that said, maybe it's time for you to learn the five commandments of personal finance.
And once you have finished reading this crucial information, best you make copies and put them in strategic places in your home or apartment refrigerator door and even in your vehicle transportation.
Thou Shalt Pay Off All Credit Card Debt:
For most people taking action on this commandment will be hard to do. Credit cards are like ants at a lakeside picnic – everywhere. It's also your worst enemy.
This type of debt can not only ruin your life, it can ultimately ruin your credit rating and FICO score. So take action and make it a top priority.
Thou Shalt Know The Difference Between Wanting And Needing:
We're talking about how much in love you are with that sky blue convertible on the showroom floor you surely can't afford.
Look, folks, there is nothing nasty or wrong about enjoying a small luxury or two, but once you realize the difference between wanting and needing, your financial ticket will always be on the plus side.
Thou Shalt Learn To Live On Less Than You Make On Your Job:
Here is another tough one to abide by. Ergo, get out a pen and paper and start creating a budget you can live with.
It's really not that hard to chop off some unnecessary costs.
Thou Shalt Pay Yourself First Before Paying Anything Else:
Simply said, don't pay any bills until you stash away, at least, ten percent of the money you take home.
Using your bank's automatic payment method works.
Thou Shalt Learn Responsibility And Financially Educate Yourself:
Becoming a responsible person for all your decisions is common sense. It doesn't cost any money to learn and educate yourself about money.
Spend time online and read financial articles or seek Web places that allow people to ask questions and get answers from professionals in the field of financing.