Quote Of The Week: Financial Literacy Begins At Home

“Like most of life’s important lessons, financial literacy begins at home.”

Frederick P. Gabriel Jr., editor of InvestmentNews, September 9, 2012,  Help your clients’ kids avoid maxing out

In a recent article, Gabriel explains how he learned some financial lessons the hard way:

“I will be the first to admit that I knew nothing about handling money when I left my parents’ home for college.  I left home not knowing how to balance a checkbook, invest in a stock or mutual fund, or manage debt.  One of my biggest errors — and the one with the most serious consequences — involved overusing credit cards.  I soon found myself with more than $3,000 of credit card debt. Though that may seem small by today’s standards — the average credit card debt per household with such debt is nearly $16,000 — it amounted to more than a year’s tuition at the public college I attended. … As it turns out, my experience was not uncommon.”

The Takeaway:  Take time to talk to your kids about saving, spending and debt, and most importantly, show through example that good money habits pay off.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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