Comments on: Cris Carter on financial literacy

By: Laurie

Laurie — Wed, 10 Sep 2008 19:47:51 +0000

My parents never allowed me to have a job in high school because they’d both grown up working as kids and thought they were doing me a favor by giving me the time to focus on school. (They also didn’t give me chores or teach me to cook, for the same reason.)

I’m thankful that their financial prudence allowed them to pay fully for my four years at an in-state public university, but when I began working in college, I never had to think twice before buying something I wanted because I had no need to save money for any real expenses.

I wish in retrospect they had allowed (or even forced) me to work in high school, and drilled into me that you put a certain percentage of your paycheck into untouchable savings.

I bought my first car when I was 26 years old and my first house less than a year later. I thought my ability to buy these things meant that I was pretty succesful financially, for my age. But now I’m 29, spending 60% of my take-home pay on my mortgage, and finally realizing that my buy-what-you-want attitude (even when that thing I wanted was the supposedly sound investment of a house) has left me struggling.

By: Stacy

Stacy — Wed, 10 Sep 2008 18:52:03 +0000

When I was 8 and was arguing with my parents about clothing purchases, they set up a “clothing allowance”. I think I got $60 for 6 months, and when it was gone, it was gone. It was a good lesson, but it also encouraged me to hoard the funds — which wasn’t always good.

Once while a high schooler I found a pair of Levi’s on sale for $2.94 and bought them. My dad was so proud. But — they were a hideous mustard yellow and didn’t fit well, so I never wore them — another lesson learned.

I’m more financially conservation than my husband and most of my friends. Most of the lessons I learned were good — but several I’ve had to un-learn.

By: LDH

LDH — Wed, 10 Sep 2008 17:36:26 +0000

My mom taught me to balance my checkbook. Many people think it doesn’t matter when you can check your balance every day, but I’m glad to always know exactly what I have, even if everything cleared at the same time.

The only time I recall being taught this in school was the last week of 6th grade…

By: allison

allison — Tue, 09 Sep 2008 17:06:53 +0000

We were taught to always have at least 500 in savings for a rainy day. Also, my dad told me to always keep my checking account with a $100 pad. He had me subtract 100 from my balance and ignore it. odd trick, not really handy in todays world of electronic banking, but the lesson it taught works today. I start to go nuts if my checking account dips below a certain amount AND I am very proud to have several savings accounts that will cover a few months living costs.
Thanks Dad!

By: dc1515

dc1515 — Tue, 09 Sep 2008 15:23:26 +0000

MC - be careful with paying cash for the next car. I was able to put nothing down, even when I had the money to put down because I was able to get a finance rate much lower than the return I was able to get, even in a high interest savings account.

I’d say be conservative, but also use the tools that are available to you.

By: MC

MC — Mon, 08 Sep 2008 19:47:15 +0000

If we didn’t need it, we usually didn’t get it.

Conservative to point where no risks were ever taken. I’m still trying to learn my own risk tolerance… I really would like to take risks that pay dividends outside of picking investements in my 401(K).

If you couldn’t pay cash… for cars and such you couldn’t afford it. This hasn’t been my approach but I’d sure like to pay cash for my next car.