Quote:
Originally Posted by bYuPride
at a local high school near my work on how to stay out of debt. i'm supposed to take up probably 5-10 minutes. I have a few thoughts I'd like to share.
1. The first thought I want to drill in their heads is when they take home their pay check they should be thinking "what can I do with this money to make more money." Whether it be to just throw it into a savings account or use it to buy things to make them more money, ie. lawn mower, supplies to detail cars, etc. plant the seed for those that have that entrepenuerial spirit.
2. Track your spending! Know what you have in your account at all times and only buy things you
3. Don't be an emotional spender. Ladies, when you are shopping at BCBG and you find that pair of shoes you just have to have, take a deep breath, walk out of the store and clear your head. If after a while you still feel like you have to have them and it's in your budget, go for it.
4. Be smart. Don't spend more than you have.
I have a bunch of other thoughts, but I'm not good at organizing my thoughts for stupid stuff like this. I tend to over analyze it and go off on tangents (a trait I learned from my dad) So any help would be appreciated...
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They probably heard a lot of that before, so the risk is it might go in one ear and out the other (if it isn't blocked by an earphone). I would do what I could to try to make it personal. Tell them about Apple. Look up when the Ipod first came out and see what would have happened if they had invested the cost of the Ipod in Apple stock, and what is the original Ipod worth today? Then ask them to start looking around and see that it is better in the long term to be the owner of the business or the consumer? There may be better examples.
I set up a small UTMA account for my nephew when he received his Eagle Scout and as an early HS graduation gift, I think he is A LOT more interested in the economy, business news, etc, now than before. We made some lucky choices for his small "portfolio" (I was worried the example would backfire since we could properly diversify).