Monday, November 02, 2009

Money Still Doesn't Grow On Trees

We live in a debt ridden, consumerist society. So much so, that our children are becoming wise to the pitfalls of instant gratification and seemingly easy credit. In fact, one of the most popular courses being taught on the campus of Wellesley College is ECON 223 a.k.a. Real Life 101. As one student puts it, "It may be stuff that people used to learn on the fly. That clearly hasn't worked out too well for the generation of grownups now losing their houses." I couldn't agree more. However, you don't have to send your child to a prestigious (and expensive) northeastern university to have him or her learn this same material. The Austin Public Library recently acquired for its collection a book entitled, Debt Information for Teens. In it, you will find chapters dedicated to the factors that determine interest rates, why having good credit is so important, the common problems with plastic, why making minimum monthly payments on out-standing credit card balances only make the credit card companies richer, predatory lending and payday loans, renting to own vs. no-interest financing, how to budget and save, signs of compulsive debting, as well as a directory of financial literacy resources. I've also listed a number of related items readily available for check out to help successive generations learn to avoid falling off a financial cliff.

Money Still Doesn't Grow on Trees: A Parent's Guide to Raising Financially Responsible Teenagers and Young Adults

Raising Financially Fit Kids

Teen Guide to Personal Financial Management

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