I had a conversation yesterday with some of the BCG team and we all talked about the absence of one important conversation with our parents the topic, Credit. As an entrepreneur and a friend of several other entrepreneurs, there is one thing that we all know is of vital importance to our success and that is good credit. Credit, perhaps one of the most important words that our kids must learn now in order to have a good future. There have been several articles, news programs and stories on the importance of credit especially as it relates to race. Is credit the new way to keep blacks down? The fact is that now jobs check credit, thinking about going to graduate school? GradPlus loans are credit based so bad credit now equals no education. To me the most damning is still the fact that your credit can keep you from getting a job! Parents here are two resources that can assist you with talking to your kids about the importance of good financial management and good credit. As another fun way to teach kids basic money lessons, T. Rowe Price has introduced The Great Piggy Bank Adventure financial education activity book.
Click Here to download this free activity book, entitled “Journey to Your Dream Goal,” uses puzzles, games, and tricky challenges to guide kids through the process of making smart financial decisions. Along the way it helps kids become “finance smarty pants” by teaching them key lessons on the power of setting financial goals, the importance of saving and spending wisely, the effects of inflation, and the benefits of asset allocation and diversification.
Let’s start teaching our kids now about the importance of good credit. Stay tuned to BCG for more updates and resources on this topic!
This is SO true. I’ve been talking to my soon to be 16-year old about credit and finances. SHE’S the one who asked me to explain it. I think next month, I’ll sit her down with me when I pay the bills. Show her the balances, the installment payment, the interest charges & how after making the payment, the new balance is arrived at. I’m going to teach her about FICO scores, and everything I can about the advantages and the pitfalls of “the easy payment plan.”