Would You Send Kids to Money Camp?

**htmlbasictutor** · 07-03-2009, 09:13 PM

A lot of the financial woes of today are from the mismanagement of money.

I don't recall money management being taught in school (other than making change=math lesson). It certainly isn't being taught now.

Would You Send Kids to Money Camp?

Quote:

...And in an economic meltdown caused in part by people who have frittered away their money buying on credit and not reading the bottom line, its clear our kids could use some good lessons in financial literacy....

...the use of debit and credit cards by high school kids is climbing, but as many as eighty-seven percent of teen users have no idea what they’d be required to pay if their card was lost or stolen, and less than half are aware they should and check their credit report annually. Some schools require financial training for kids, but more are pushing so hard to keep up with No Child Left Untested that there is no room for these basic life skills.

Sounds like a good idea to send your kids to money camp.

Maybe there won't be a recession as the next generation gets older? Or at least they won't be hurt as badly by circumstances beyond their control.

StrongInTheArm · 07-04-2009, 02:42 AM

I think most of the financial problems were caused by banks and big business being greedy and government not keeping a tighter grip on regulations. It wasn't so much about personal financial mismanagement. So I don't know if it would make much difference, unless all bankers and government officials are sent there first.

pctec · 07-04-2009, 05:41 AM

You can only spend what you have... If the greedy banks want to lend money to people who have no means to pay it back then there is going to a problem sooner than later...

Saying that, I think it is a great idea to teach our kids not to spend what they do not have. It worked for me for the most part

**htmlbasictutor** · 07-05-2009, 05:49 PM

Quote:

Originally Posted by pctec

...If the greedy banks want to lend money to people who have no means to pay it back then there is going to a problem sooner than later...

That's my point.

If kids were taught to not live beyond their means then they wouldn't get hooked on living on credit.

The lending companies don't care:
-they are in the business of lending to make money
-they will just take that car/home/boat/whatever back, leaving you with nothing.
-If it's an overextended credit card, they will ruin your credit rating and it will take you a long time to straighten out/fix.

What ever happened to saving up for what you want? If you are willing to do without to get something then it has more value to you personally. It won't be an impulse/whim purchase. You will have actually had to work at it to get it.

pctec · 07-05-2009, 07:18 PM

Quote:

Originally Posted by htmlbasictutor

That's my point.

If kids were taught to not live beyond their means then they wouldn't get hooked on living on credit.

Some so called "experts" say that credit is the only thing keeping the economy going these days. I tend to disagree however... I am sure a lot of bankers and other people who give credit would feel the pain if everyone stopped borrowing money but the economy would equalize...

Personally, I would like to see people of all ages learn the lesson about staying out of debt and not just the kids. I learned... the hard way

Now I am debt free and own my home mortgage free...

I love it!

KristysKnots · 07-05-2009, 08:10 PM

Isn't money created out of thin air to begin with? I think that is where the prob starts if so.

*crawls back under the rock*

pctec · 07-06-2009, 05:32 AM

Apparently it is... Zeitgeist explains it far better than I can...

w3bmaster · 07-06-2009, 07:37 AM

I encourage kids to do usefull things
This sounds intresting

quentin123 · 07-06-2009, 10:48 AM

Quote:

Originally Posted by pctec

Apparently it is... Zeitgeist explains it far better than I can...

I once tried to shar the movie on the forum

EPIC FAILURE

but it's quite a fascinating movie , not everything is true , but the second part of the movie is quite intriguing

is it true that for each dollards created the government has to pay something ?

KristysKnots · 07-06-2009, 06:25 PM

Quote:

Originally Posted by pctec

Apparently it is... Zeitgeist explains it far better than I can...

mmhmm that is where I started to research it when Atom posted that on here awhile back

Allen Farlow · 07-06-2009, 07:47 PM

Most people seem to think that the government makes the money, but they don't. The Federal reserve, a private institution, makes the money and the government buys it from the Federal Reserve, don't they?

Sending kids to money camp is a very good idea. They need to know what our public schools never teach, that money is nothing but a tool. Tools are used to get things done, and money is one tool that allows us to get things done as long as we have learned how to use that tool.

My free report in my sig teaches exactly that.

Money is only as valuable as the value we place on it. If I could take a small round rock into a grocery and trade it for food, that rock would have value. But the grocer would only accept it as long as he is confident that he can trade that rock to someone else, such as his suppliers, so he can restock the shelves.

Our money is the same. As long as we have confidence that we can trade it to someone else for something we need, it has value. We will then continue to accept it and trade it.

That's the basis of commerce. Trust and confidence in value. As prices rise, the value becomes less and less. That's why certain jurisdictions have printed their own type of money, called scripp, good only in certain stores. It's an attempt to keep the money local, to help the local economy.

kgshirley · 07-28-2009, 06:48 PM

I think children emulate what they see. I think the money camp is a good idea. But I think the lessons will have to be reinforced regularly. As adults we say a lot of the right things but do a lot of things that are contrary to what we say. A lot of us justify purchases that we later regret. We buy and buy and buy and children see us constantly buying. They witness us using credit cards and writing checks to get stuff we want. Quite often we never consider that we don't need what we are buying at the time we jsut want it. So that is the lesson we teach. If you want it just buy it. If you don't have cash in your pocket write a check or use a credit card, just find a way to take it home.

claire0917 · 07-29-2009, 02:30 AM

Based on my experience, I think children can learn money management by playing games that involve money.. Like monopoly, online games such as neopets.. They learn to save so they can afford bigger things and they learn to buy low and sell high.