Tuesday, July 21, 2009

ENSLAVED BY CREDIT CARD DEBTS

Enslaved by credit card debts. (Photo: howstuffworks)


Warren Buffett did a one-hour interview with CNBC in December 2006. His advice still holds true for young people today. Our society is one where credit cards rule our spending. Instant gratification and deferred payment have ruined many young lives.
As parents, we are concerned about how our children manage (or mismanage?) their finances. Quite often children don't heed parental advice. Perhaps they might listen if it came from one of the world's richest men. Click here to read more.

(All slides from www.nidokidos.org )


It's a shame that our school curriculum does not cover financial education. Children should be taught from young how to save, budget and spend their pocket money wisely. When they start earning their own money, they would be in a better position to manage their finances efficiently, and live within their means.
Thrift and prudence are virtues that will tide us over tough times. Having millions in your bank account doesn't justify flaunting your wealth, unless it's to help the less fortunate.

2 comments:

Peter said...

I recently came across your blog and have been reading along. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Peter

el-f said...

Thanks for the kind comment, Peter. Always delighted to hear from a fellow senior blogger.