I have 3 kids with jobs. They get paid on Friday - broke by Monday. Over different periods of time I have let them do what they want with their money or forced them to bank half of the paycheck. The results are the same - broke before the next check. Whoever has money left in several days ends up being the banker to the other two till all three are broke and they all hit me up for a loan. They run out of money and have their phones shut off, then suffer withdrawal like a bunch of crack heads. I point out the money they made YTD and ask where it is and they look at me like I have 2 heads. "Why are you asking me that?"
Cash flow is king, friend. Perhaps they're not interested in personal finance? Have a heart to heart with your kids INDIVIDUALLY. Get 'em a copy of RICH DAD, POOR DAD. If they have the will, they can improve their finances. To answer your question.... I think it is hard wired because we're indoctrinated to become CONSUMERS. I hate consumerism...I'm a fut. trader & I Hardly buy anything! I'd rather have the cash in my margin account! GL with your progeny
Surely you jest, Way back when they got $10 a week allowance. I took them to Wall marts. One girl spent just under $7 on some jewelry. she had 3 and change left over, when we left the store she gave the rest of her money to a charity collecting at the door. Two hours later she was ready to buy something else and had no money. I tried to explain that 30% of her income to charity is a bit much, pfffttttt.
---------------------------------------------- Nutmeg: You are the soft touch and they know it. You are getting the poor results you asked for...... My "father" did me a favor two weeks befor Christmas 50+ years ago. After working everyday for him on "his" farm for my first 18 years, he had another "anger" (mental) event in which he tried to attack me with a pitchfork. I out ran him towards the nearest small town. The County sheriff and local Pastor were called in by other adults... That's how I left home. That wildly jabbing pitchfork comeing at me taught me to never be broke without a home and food etc etc again, if at all possible.. Your kids need to learn that but with you around they most likely never will.. ag
80% people do not know how to manage money in life,thats why we have so many people on welfare or live pay check to pay check.
Making more money is not the solution,then they will spend more,they must learn to save or be broke rest of the life.
I forget where I read it, but something like 55% of Americans will retire w/out having saved a dime.:eek: