10-29-2009 10:13 PM
10-30-2009 03:42 PM
10-31-2009 07:33 AM
He's going to need some help managing it, but I can do that. That's not a basic life skill taught at school, but I'd be more than happy to take that on to ensure these guys don't run into trouble.
DD#2 got a student Discover card at summer orientation before her freshman year. It freaked her out so much that we helped her cancel it. If only we'd known...
10-31-2009 07:41 AM
IMO, be sure he has a checking and savings account to.
IMO: Have him enter any charge he makes into his check register like a debit so that the money is not "double" spent. Use of credit for the convenience, rewards, access to hotels/rentals/flights is all good. But actual use of "credit" meaning to spend then pay back over time with interest is a terrible thing for young people to get into the habit of.
I like to show them how to watch savings grow. To see the dividends/interest add up (getting paid interest rather than paying it) and to manage a checking account with checks and debit card so that expenses stay within income (including scheduled deposits to savings and emergency fund).
Congrats and good luck "Professor!"
10-31-2009 08:19 AM
10-31-2009 07:24 PM
11-02-2009 06:53 PM