I was a child, maybe 5 or 6 years old, I asked my mom for 99cents for some candy or baseball cards, I don’t remember what it was exactly that I wanted to have, but, I know for sure that I needed a specific amount of money to get something I wanted, from a shop. At that point in my life I started understanding what money is.
My 2 year old niece uses the word money as part of her vocabulary. For example: when she hears coins hitting the floor she would say immediately, money! We both know that she has no idea of what money is, but, I guess as far as she is concerned the word is important enough for her.
Managing Money at Home
By being a good role model you are in fact teaching the child with out talking too much, what money management is. Once they see you involved with managing money they will be curious and if your child acts responsible and even for a moment asks you anything related to personal finance never push them away. Tell them the answer to their question in a way they can understand. Try not to use the phrase “This is for grown-ups”; they might just wait to grow up before they ask you again…
The main idea is to let your children help you with managing money by letting them manage their own and at the same time making it fun and worthy for them and for you. So every child at a certain age should have a money management plan for his capabilities, remember, we are trying to implement the habit of managing money, so that in time it will be a lifestyle and a good one too.
Hoping School will do the Work
What ever your child studies at school is necessary. The books that the child learns history from or worksheets that he takes home to study with will help your child get a degree, but they won’t help do his monthly budgeting or manage his cash flow, will they?
As a child, did you have a class that teaches finance or even basic money management? If you did than you’re lucky, that’s the way it should be.
I think more than just teaching your children at home how to manage money there should be classes at school, just like math and science, which teach personal finance and money management. That’s something your child will use for life!
If you are a 6th – 12th grade teacher you might find this money management lesson to be fun, interesting and refreshing for yourself and your students.
Here is a great site I found that will help you teach your children how to manage money.
What other blogs say about children money management
» Should You Pay Your Kids for Good Grades? @ fivecentnickel.com – @Nickel:. Maybe you could make more clear the exact reason you are giving the allowance for. Although from the article, I gathered you do it as a way to train your children in the ways of finance & money management. DebtFreek! …
Money Management for Kids: Tips to Raise Money-savvy Children – Parents can cultivate good money habits in children by encouraging them to spend and save money wisely from young.
Pantagraph Blogs & Columnists » Several things can help teach kids … – Several things can help teach kids money management skills. Filed under: Hearts at Home — Jill Savage @ 12:00 am. Every child has a financial personality. Three of our children are savers. Two are spenders. Of course, they take after …
Shaping Youth » Money Management for Kids: Chores, Allowance … – Money Management for Kids: Chores, Allowance & Digital Nagging. Part Two of our interview with PAYjr CEO David Jones includes one of the rarely used aspects of PAYjr’s chore and allowance program (only 5% evidently) where parents can …
Teach Children about Money Management at a Young Age – If you have children it is important that you give them the knowledge they need to succeed. And while “book smarts” are very important, you must remember to teach your children about money as well. This is not a subject that is always …
Thousands of dollars are charged to victims credit card and in some cases scammers apply for a loan under the victims’ names. Unfortunately, credit card scams are rising every day.
Con artists use various methods to deceive and manipulate you, making you believe they are legitimate and convincing you they can help solve your financial situation. For now, we will focus only on one of them, but, once you understand how to apply this Telemarketing Credit Fraud Prevention Formula you will be able to identify if the offer you are given is fraudulent or not.
The Scam or, One of Them!
With the financial situation these days and the competition among credit companies, more and more people are applying for lower interest rate credit cards. Criminals take unethical advantage of the situation.
A recent method identified by the Federal Trade Commission shows con artists pretending to be financial institutions offering you a lower interest rate on your credit cards. Striving to live a financially balanced life and with temptation of the “best deal till now”, you decide to take action. Unknowingly you are caught in the “fraud net” and before you realize what really went on, you get your monthly bank statement only to see that you’ve applied for a $5000 loan without a dime left in your account, bought a car that you never drove and even paid for expensive gourmet meals that you’ve never tasted.
A Recorded Scam Attempt
The video below is a recorded fraudulent conversation where the criminals offer a consumer a low rate interest card offer. View to see how the criminal “phishing” for the victims private credit details.
Developing the Formula
After doing proper due diligence and by researching governmental, educational websites, this and other videos over the internet covering the topic of credit card fraud, I’ve identified specific patterns con artist use to disguise themselves, gain your trust and “phish” for credit information.
One of the most interesting things I found is that scammers will always find excuses to why they can’t give you there office phone number or in some cases they’ll give you a cellular phone number (making sure they can’t be traced). A trustable and respected financial institution will have a toll-free number 99.9% of all times.
Besides if it were a legit offer the company could supply you with alternative ways of entering your credit details rather than just shooting out “so, what your credit card number?”
These facts opened my eyes! I decided to create a formula anyone can apply to reduce and prevent telemarketing credit fraud – guaranteed!
Ask These Questions to Prevent Credit Card Fraud.
If they are too persistent about your credit card details or your personal information try to find out if you can get in touch with them directly by phone.
A polite, yet straight forward question to ask would be something like:
You caught me at a really busy time, let me get back to you in a few minutes – What’s Your Telephone Number?
That alone will catch them off guard. Make sure you get a number!
A legit company would naturally have a 1800-, or fixed land line telephone number for customer service, wouldn’t they?
In other words… if the crook’s answer resembles anything like “you can’t contact us”, or, “we contact you” their offer is 100% Bull S*** and even if the offer were legit, I personally wouldn’t want “long term financial services” from a company that doesn’t have a customer care center, would you?
If they did give you a 1800 number most likely the company is legit. However, make sure you write down the number and call them back. It’s very important that you call them, this way you know that you can really get in touch with them.
I don’t give away my credit card number or credit details over the phone, what solution do you have for people like me?
I love the 21st century everything is digital. Just to let you know today: you can touch tone your details keeping them safe, 128 SSL Encryption online or the old fashion way of visiting the office. You must get an alternative than just shouting out your credit details over the phone.
I want you to really grasp this! Credit card companies pay thousands of dollars for alternative ways there clients can enter their credit details and keep them safe.
So there isn’t any reason on earth you should deal with a company that doesn’t offer you safer ways to enter your credit details, right?
The company would, at a bare minimum, give you an address where you can visit them as well. If you didn’t get one after asking, or, got a cluttered answer, I advise you to hang up the phone, what do you think?
The whole idea behind this credit fraud prevention formula is to identify weather the offer is legit or not. By asking questions you are doing 2 things at once:
- Taking control of the conversation
- Showing the Crooks that you won’t be fooled
Remember you don’t need to be polite when you feel someone is trying to take your money, stand up for what belongs to you and ask the questions with full confidence. A legit company would appreciate you asking these questions. It only shows that you care about yourself and your financial well being.
By now you might have a few questions that you see better to ask, if you do, by all means, post them. Your questions can help more people prevent credit card debt!
Last week my wife came home from shopping for groceries, we shop once a month for the whole month. While helping out with unpacking the groceries I find myself stacking in the closet 16 tuna cans. I asked her for the reason she bought this unusual amount of tuna cans (which I think you can feed 12 marine solders with – on a mission to save earth) she says: “Honey we eat tuna and they were on sale!” She was right in a way and had good intentions, she wanted to save us money, but did she? It actually made me think! I wouldn’t usually pay attention to such a thing, but, it happened to hit me.
Why buy 16 tuna cans when we eat about 8 a month?
Sometimes we are introduced to these “amazing” sales and we’re sucked in to buying more than we really need at the moment.
How often do you come across?
“Buy 2 Get 1 Free” or “Buy 3 Get 2 Free” and the most famous – “Buy 6 and Win a Chance for a Brand New Mercedes!” These “sales” aren’t always profitable. Often during the sale one tuna can costs more than it normally does. Those are the times where you should be a smart buyer instead of an impulsive one. Purchase, if possible with discount coupons, only what you need for that same month or week or how ever often you go shopping for and what you save you can use to pay off more debt.
This taught my wife and I something very important when it comes to buying only what we really need for that month. Oh, and just to let you know we were so close to winning the Mercedes.