Straight Talk on Debt: Financial Lessons for Young and Old

Yesterday I wrote a guest post @EnemyofDebt entitled, The Lost Subject: Personal Finance. The post brings to light the fact that personal finance education is still not being taught in most schools or at home. As a society we can continue to place blame, but who is really suffering?

The unfortunate fact of the matter is that most of us have made financial mistakes, some of us have learned from them, and then there are a few who continue to repeat them. If we want to stop the cycle of poor financial decisions, mountains of debt, and inadequate savings for our future generations then we need to take action. This week's reading has some excellent financial education for the young and old-be sure to share!

Teach Your Children

• How a Lie is Helping Me Save for Retirement @sooverdebt "Now that I'm angry and the precedent is set, I'm looking forward to Jayden's future contributions to my retirement savings. I'd like to think this incident will cure him, but I know that liars often take time to reform. So I informed him of my other plans to help him conquer his filthy habit." 

• Know Your Student Loans Before Your Debt 'Bomb' Explodes @jefferytrull "A recent Bloomberg article states, "Student Debt Could Be Next 'Bomb,' according to U.S. Bankruptcy Lawyers." Yikes, that is a scary proposition but one that is a reality for millions of students who have completed their higher education and have hefty loans to pay back." 

• Spending Money On Kids @Money_Reasons "Much like adults, if the instant gratification factor is ignored, a kid (or person) will find that the item they wanted to spend money on will lessen with time. So I'll wait until next week, and then if he still says he wants to spend the two dollars I'll let him. But honestly, this will probably be the last I hear about the matter." 

Teach Yourself 

• Take Care of Your (Future) Self @freemoneywisdom "There's a science and psychology behind advertising and selling, because underneath every rational, calm exterior is a predictably irrational human mind that, with the right conditions, will fall prey to an impulse buy every time." 
• Battling Your Income Related Fears @MoneyTalksCoach "People have a lot of fears when it comes to their income. That's totally understandable. Your income is your primary source of survival. When it comes to income most are afraid of losing their current income. Some are also afraid they won't make enough. Or just plain afraid of being able to find a job. If you are unemployed this is a pretty significant fear." 
• Combining Finances and Efforts @MarriedWithDebt "If you are soon to be married and looking for a way to tackle the debts you have, or those that will be brought into the marriage, the first step once married is combining your finances." 
• Your Credit Score - It's Not a Measure of Financial Responsibility @EnemyofDebt "If I received a quarter for every time someone told me I "needed" a credit score I would be super rich right now. There are many myths surrounding the credit score and believe it or not, it's the financial world itself that continues to spread these myths. Ask any educated finance graduate if you need a credit score and you'll most likely hear a "default" answer of ABSOLUTELY." 
• Conveniently Wasting Money out of Convenience to Save Time @freemoneywisdom "Time is life. How you manage your time is how you manage your life." 
• A Guide To Getting Ready For Your Tax Return @DollarVersity "Another year has come to an end and that means it will soon be time to file your taxes. It may not be the most exciting thing that the new year brings, but it is a necessary evil nonetheless." 
• 5 Financial Myths That Could Cost You a Home @gogirlfinance "Maintaining a good credit score isn't rocket science; you just have to know what to do and what not to do. Keep in mind that while it takes time and consistency to build a good score, all it takes is an isolated slip-up to undo years of good credit habits."
• Bringing Order to Financial Chaos @MoneyCrush "If you find yourself looking for help and then rejecting all of the advice you're given, you aren't ready to change. You're still stuck in denial, whether you realize it or not. To move past that, you have to be willing to turn one or more of your "well but I can't do that because ____" statements into "I'm going to find a way to do that anyway." 
• Are You Making These 5 Mistakes That Can Ruin Your Retirement? @TheMoneyCoach "Here are 5 blunders that can derail your plans to retire in comfort and peace." 
• 10 Best U.S. Cities to Live In @MoneyCrashers "Americans are mobile people. In fact, the U.S. Census reports that about one in six Americans move each year. Though most moves are local, nearly one-sixth of all people who move change states."

Photo Credit

Suzanne Cramer   

Suzanne is a certified credit counselor and a Social Media Specialist for CareOne Debt Relief Services. Suzanne writes for Divorce, Debt and Finances and A Straight Talk on Debt. Follow Suzanne on Twitter @SuzanneCramer1  and @AskCareOne where she shares her insights on divorce and managing your finances.