I didn't have a credit card in highschool/college, but I wish I did to have credit when I graduated. My parents are big if you don't have cash you don't need it people. They just got credit cards in the last year when I explained to them how rewards work. When I was in high school I just had a debit card because I really didn't need money other than gas, but making sure your kid has credit is a pretty good thing to do for them.

2 ...

Report Post

Posted by The Spleen

Member since Dec 2010

38865 posts

Posted on 7/27/17 at 10:15 am to Mingo Was His NameO

quote:
making sure your kid has credit is a pretty good thing to do for them.

I disagree. Making them understand credit and how to build their own good credit score is more important.

2 ...

Report Post

Posted by Volvagia

Fort Worth

Member since Mar 2006

51948 posts

Posted on 7/27/17 at 11:44 am to Mingo Was His NameO

quote:
My parents are big if you don't have cash you don't need it people. They just got credit cards in the last year when I explained to them how rewards work

My parents were the same.

In addition, they are close to retirement and I have been working on them for years they shouldn't have months and months of cash in their banking accounts at current rates. Invest it, or put it in intermediate term bonds at least. With a solid investment income stream, and good LOCs to cover emergency blips until you cut a check to pay it off, you really don't need more than a month or so in the checking account at a time.

Luckily the investment adviser they hired agreed with I've been telling them and they started to draw down that balance.

This post was edited on 7/27/17 at 11:45 am

0 ...

Report Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board