Friday, July 1, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

*Includes FREE photo online! mywcn.com/lostandfound

VideoFound: male intact dog found in middle of road on 467 near Olmos loop area. Taking to a rescue or shelter soon. Cannot keep. If yours call Crystal at 830-832-4270.
Lost purse @ Maverick's Friday night June 24. Please return. No questions asked. Reward. 830-391-4013
More Lost & Found ads ›

Help Wanted

Experienced electrician needed. Call 210-885-4101, fax 830-393-0909, or email srallaelect@netzero.net.
Bail bond agent wanted for Wilson County and surrounding areas, available 24/7, customer service oriented, sales experience preferred. Call Monica, 210-897-8121 from 9-4.
More Help Wanted ads ›

Featured Videos





Video Vault ›
You’ve been granted free access to this subscribers only article.

The 411: Youth


Financial advice for kids




E-Mail this Story to a Friend
Print this Story
July 6, 2011 | 1,439 views | Post a comment

By Arkadi Kuhlmann

Parents are often more comfortable talking with their kids about sex and drugs than basic finance. As astonishing as that sounds, it’s exactly what a brand-new survey from my company, ING DIRECT, found after examining the financial education habits of hundreds of moms and dads across the country.

Nearly a third (32 percent) said they were prepared to talk with their kids about drugs and alcohol. Roughly three in ten (28 percent) were prepared to discuss sex and dating. Yet just 26 percent reported being able to talk money and finances with their children. This doesn’t bode well for America’s financial future. Parents are a key source of information about personal finances for children. Establishing good habits early in life is critical to healthy money management in adulthood.

Parents appreciate this. Our survey found that a full 95 percent believe they’re primarily responsible for their child’s financial education. Yet less than a third -- 29 percent -- actually consider themselves “excellent” financial role models. Combine these findings and a desperate picture emerges -- many children are being deprived of the knowledge needed to develop basic financial literacy skills. This must change. Fortunately, there are a number of easy ways for parents to impart the basic tenets of good money management.

Consider allowances. Children shouldn’t receive cash each week for simply mowing the yard or walking the dog. Instead, allowances should be used to introduce your child to saving -- starting with a piggy bank and eventually graduating to a proper savings account. Along the way, explain how and why you personally save -- and teach your child about the magic of compound interest.

Financial education can also be tied into traditional school. Once a child starts learning basic arithmetic, use personal finance examples to familiarize him or her with important concepts. Of course, finance isn’t just about mathematics -- it’s also about language. A credit card agreement, for instance, can be chock-full of opaque provisions that require a close reading to fully understand. So once your son or daughter moves up to critical reading classes in school, teach them how to translate those skills to documents typical of financial life, like checking account terms, credit card agreements, and mortgage paperwork.

Help your child create a monthly budget that tracks earnings, spending, and progress toward long-term goals. Ultimately, it’s your responsibility as a parent to enforce the terms of that budget and help them stave off impulses toward short-term thinking and spending sprees.

The next step is helping your child establish a checking account and get a debit card. Don’t just pick an account for your child -- have them join you in the selection process. And explain what features they should be looking for, like no minimum balance requirement or monthly fees.

Keep your child away from a credit card for as long as possible. Plastic makes it too easy to violate a budget and accrue debt. But once it is time for them to get a card, explain what goes into a credit score, and how a low rating can make it difficult to get a car, apartment, or even a job.

Finally, introduce your child to investing, starting at an early age. Avoid the all-too-popular practice of buying them a government bond for Christmas or a birthday, and then immediately filing it away with little explanation. Start by setting them up with a custodial account. Then purchase your child a handful of stocks, ideally in a company they interact with regularly. Help them track the stock’s progress by following relevant news stories and checking the price regularly in the newspaper or online.

There’s no better time for parents to start a conversation with their children about money management. Passing along basic tips, tricks, and habits at a young age sets them up for a lifetime of financial flourishing.

Arkadi Kuhlmann is president and CEO of ING DIRECT USA.
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

The 411: Youth Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. Area flute ensembles compete at state (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Donnell is a UNT grad (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Guzman is a Southside High School grad (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. LV students earn fifth in World Odyssey event (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Morehous graduates from UNT (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Peterson graduates from Eastern New Mexico (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Reagan Ehlers graduates from UTSA (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. SFA announces spring grads (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale’s Book Wizards clinch ‘Name That Book!’ title (June 29, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Baylor releases spring dean’s list (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Book it! Fourth graders become authors (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Poth Honor Rolls (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TAMU-Kingsville releases spring honors lists (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas A&M-Corpus announces spring grads (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Falls City Library plans summer activities (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia UIL competes at State (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Life Church plans VBS (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stuffed animals sleepover at library (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. ‘Who Rescued Who’ East Central student wins Congressional Art Competition (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Falls City Honor Roll (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Karnes City High School grads receive scholarships (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Luther Thomas Elementary School honor roll (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. LV Shoestring Stage Productions awards scholarship (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Poth students make a difference (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Sacred Heart Church celebrates its youth at Fun Day (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Students place in essay contest (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Take on Lego Robotics at library (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. UNT names Donnell to dean’s list (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Cadets win award! (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Fertile ground for graduates (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Maker Hangout in Poth, Stockdale (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Millionaire Club (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Students go the extra mile (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas Nature Challenge (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Vacation Bible School in June (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Witness balloon magic (June 1, 2016)
NIE school
Voncille Bielefeld homeAllstate & McBride RealtyHeavenly Touch homeTriple R DC Experts

  Copyright © 2007-2016 Wilson County News. All rights reserved. Web development by Drewa Designs.