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Community Manager
AARPLynne
Posts: 489
Registered: ‎10-11-2007

How do you make the most of your money?

[ Edited ]

How do you make the most of your money? Get to know the real possibility of taking control of your finances. Find easy-to-use tools and helpful tips for making the most of your money. Go to AARP Money>>

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Community Manager
AARPLynne
Posts: 489
Registered: ‎10-11-2007

How do you make the most of your money?

How do you make the most of your money? Get to know the real possibility of taking control of your finances. Find easy-to-use tools and helpful tips for making the most of your money. Go to AARP Money>>
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Trusted Social Butterfly
ASTRAEA
Posts: 12,460
Registered: ‎12-25-2011

Re: How do you make the most of your money?

Do you think that schools should include more about finances, in an age-appropriate way, as children go from kindergarten thru H.S. & college? Maybe more math examples that tie in with a child's allowance & dealing with holiday/birthday presents, and becoming more complex as students look forward to being able to drive & go to college?

 

Children whose parents include them in family finance discussions, have to wind up better at handling their money as adults!

Registered on Online Community since 2007!
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Community Manager
AARPLynne
Posts: 489
Registered: ‎10-11-2007

Re: How do you make the most of your money?

Growing up I'd sit with my father and watch him pay the bills at the dining room table. I remember one day adding up all the expenses in the checkbook and gleefully showing him how much money he'd have but for all the bills. I suppose that was kind of bratty of me...at least I was getting the concept of bill paying!

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Info Seeker
rp5720
Posts: 2
Registered: ‎09-19-2013

Re: How do you make the most of your money?

I 9th grade, at a small junior high school, I couldn't take algebra but they taught business math instead. That class was worth more than any other class I've taken. They don't mind making you read books that aren't even written in English. But they don't teach kids about the very things that will really help them make it through life, finances. Interest, savings, borrowing (the cost of borrowing), insurance, investments, etc.
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Info Seeker
bc6795
Posts: 1
Registered: ‎05-13-2014

Re: How do you make the most of your money?

I grew up seeing my parents getting two houses forclosed on them, all the while living from paycheck to paycheck. We only would have food for the first few days (we would usually go out for dinner), after that, we would get some food from the government, & some from the food shelf. Even with the little help from outside resources, I remember going to bed most nights with my stomach turning & cramping from not having any food in it. I also remember that about every six months or so, we would either have our lights, water, or gas shut off due to months of bills that were unpaid. There were numerous times that I recall having to get snow from the yard to boil on the stove for cooking, washing dishes, sponge baths, & any other reasons we needed water. We didn't have any snow left & we had a huge yard!
I remember hearing my parents say something about Chapter 13, but I had no clue what that meant. My mother would always hang onto any money that I would receive as gifts, saying she was going to save it for me. Although any time I asked for some of it, she would talk me out of buying whatever it was, saying I should save it for something big. In the end, I never saw a penny of my $3,000! Since I was under 18yrs. old, by law, she could keep it!
My parents NEVER taught me about financial responsibility. They never said that I shouldn't waste my money on unnecessary things, the importance of paying bills (& paying them on time), I never new anything at all about my credit (that it's basically THE most important thing to manage & maintain) until it was too late! Your credit is SO important! You really can't do anything, or get anywhere in life with bad credit! EVERYONE looks at your credit! Employers, banks, & they base their opinion of you on your rating, & your history! It only takes a few mistakes, to ruin your credit for years, decades! Depending on your mistakes, you can make it virtually impossible to get your head above water, & start to clean the mess you've made up! I bounced a handful of checks when I was 17 because the family I was staying with for free, didn't have appropriate clothing & food for their kids! I also paid for parts for their cars, so the dad could go to work. I had just lost my job & I thought I could get another one quick enough to put the money back. Of course that didn't happen, & then they expected me to pay for a new car for them because the one time I used one of their cars it blew a rod through the engine because the oil reservoir was bone dry, & they never said anything about it needing any oil. I always put everyone else's needs above my own, & I paid for it for years!
I have said for years, that there should be mandatory class time throughout a child's time in school, that teaches them responsible spending, saving, & borrowing habits! If it's a class that they have to take, then those kids that have irresponsible parents, can learn to break the chains that they were born into, & they will have a chance to be more than just a statistic! Heck, maybe they can teach their parents something!
Most of us in this country, don't have enough money saved for retirement. In fact, a lot of us may not be able to retire at 65yrs. old, & have to continue to work into old age just to have enough!
I know that teaching our kids to be responsible with their finances, doesn't benefit certain companies (ie. debt collectors & law offices across the country), but I don't think that we can afford NOT to teach them!!! I CERTAINLY know that I would have benefited IMMENSELY from good, accurate information!!!
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Bronze Conversationalist
WriterGirl
Posts: 15
Registered: ‎10-30-2008

Re: How do you make the most of your money?

I ABSOLUTELY DO ~ in a world where parents want to provide for their kids the gifts they wish them to have, we do not guide the kiddos to learn how to budget and earn for themselves. The GIFT should be to empower them via loving guidance so they grow in abilities and opportunities.

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Info Seeker
jb133184
Posts: 1
Registered: ‎05-29-2014

Re: How do you make the most of your money?

Ok, you caught my attention with, Don't throw away those egg shells. Then nothing about it. Can't say I like it.
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Trusted Social Butterfly
ASTRAEA
Posts: 12,460
Registered: ‎12-25-2011

Re: How do you make the most of your money?

AARPLynne wrote:
How do you make the most of your money? Get to know the real possibility of taking control of your finances. Find easy-to-use tools and helpful tips for making the most of your money. Go to AARP Money>>

I just reread this topic, and thought that the best way to make the most of your money, before worrying about "tools", is what Suze Orman talks about .. know what are "needs" and what are "wants". If you're not able to save money, or pay your bills, you sure better justify "wants" before spending money on them!

Registered on Online Community since 2007!
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Info Seeker
js10808002
Posts: 4
Registered: ‎06-12-2014

Re: How do you make the most of your money?

This is no doubt a good idea. How is it that schools don't teach more about finance and how it relates to everyday life?  It's one of the biggest issues people face their entire life yet it's hardly  part of the curriculum in schools!

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