Friday May 2, 2008 - Kids & Money: Grown Up Kids

[0:00] ..." On WBZ news radio 1030 with certified financial planner do you leave all the -- we've been talking about kids and money but today. A special kind of -- a grown up kid I -- the scary kind yet they spent a lot more and ask for more to me do. Now if the don't child brings up the subject of money it's often because you know they want to borrow money from you or they maybe went to -- cosigned a loan from them I strongly recommend you do not co sign alone militia have the cash available to pay for what ever their purchasing. Is that they default and that alone is your your loan that's right York credit rating exactly and you know what. They're driving off on a motorcycle you're still paying for yet so just be careful. That's hopefully"...

[1:46] ..." that you'll pay for them to meet with the credit counselor. Or financial planner to help them acquire budgeting skills get on the right track and yeah anonymously to postpone gratification that's something they're going to have to learn that's part of the passage to adulthood. The best way to help our kids is allowing him to solve their money problems on their own. If you really do need to loan the money formally to deal. Virgin money personal loan management company offers all the information you need to set up alone. Including what interest rates charged -- passed muster with the IRS and hope for the formal plan in place you'll be repaid okay a formal loan"...

[0:00]" On WBZ news radio 1030 with certified financial planner do you leave all the -- we've been talking about kids and money but today. A special kind of -- a grown up kid I -- the scary kind yet they spent a lot more and ask for more to me do. Now if the don't child brings up the subject of money it's often because you know they want to borrow money from you or they maybe went to -- cosigned a loan from them I strongly recommend you do not co sign alone militia have the cash available to pay for what ever their purchasing. Is that they default and that alone is your your loan that's right York credit rating exactly and you know what. They're driving off on a motorcycle you're still paying for yet so just be careful. That's hopefully top them all about money and finances. If you didn't consciously teach them. They've learned from your examples and studies have shown that most kids who learn their money habits from their moms but 80% is going -- money management their moms. That's it's also need to learn coping skills and those coping skills include money scales if you bailed kid out which -- fourteen because she spent all of her allowance the day you gave that your. Are you gave her money to order not to tell her father he did not do her favor. He sent the wrong message about money she's going to ask for bail -- when she's twenty or 25 exactly you know and kids understand the power of money. So -- you can -- because -- lost their job. Or some catastrophic incident is is noble. But the money -- money because they've used their credit card indiscriminately to live beyond their means is not a good -- to get in June. And can easily become a habit for these kids know which buttons to push and just what it takes he would take you don't don't say yeah -- K Danny right out the check. You are unable to tantrum in the store and they haven't held out and you give in yeah that's not the much different it's not. All if they show up at your door needing another alone it's time he suggests that you'll pay for them to meet with the credit counselor. Or financial planner to help them acquire budgeting skills get on the right track and yeah anonymously to postpone gratification that's something they're going to have to learn that's part of the passage to adulthood. The best way to help our kids is allowing him to solve their money problems on their own. If you really do need to loan the money formally to deal. Virgin money personal loan management company offers all the information you need to set up alone. Including what interest rates charged -- passed muster with the IRS and hope for the formal plan in place you'll be repaid okay a formal loan to your kid. I think it'll work okay good advice check the website WBZ 1030 dot com and -- more tomorrow. Here on WBZ news radio 1030"