What Are We Teaching our 2005 Graduates about Money?

Now that we are in the month of June I can't help but wonder if we have prepared our new graduates for the responsibility of managing and budgeting their money.

I had a very interesting conversation with my God-son, a recent graduate from a local Los Angeles high school. He assured me that he is ready to take on the responsibility of purchasing a used car because he was working par-time for a fast food restaurant. When I asked him how much money he had saved he quickly told me that he hasn't received his first paycheck yet, but would appreciate money as a graduation gift to purchase a vehicle.

We talked about the value of saving as well as more responsible things he could do with the money he was earning. I explained to him that having a job was a good step towards saving for a car. However, he was still lacking in responsibility for assuming everyone else would buy the car for him. I strongly agree with the lending belief of banks, "if you can't come to the table with some of your own money, I can't give you my money." So our conversation ended with an agreement that he would cover insurance and gas with his income and save at least 10% for college expenses and I would send him a cash gift towards the purchase of his vehicle as a graduation gift.

I do understand that now days getting a car as a graduation gift is much more common then when I graduated from high school. However, I would rather teach graduates the importance of being responsible with their money then fashionable with their peers. What are we teaching them by having the mandatory cell phones, computers, credit cards, digital cameras, dvd players, and mp3 players? I think the message is pretty clear, "consume more, save less and stay in debt."

Well, pretty soon he will be off to college where he will be bombarded with credit card applications, cell phone companies and many other vendors enticing him to get into debt. Hopefully he can learn how to be responsible with money before he earns his college degree. Otherwise my next gift will be for him to attend my debt management class. I don't think he would like that very much.

All Rights Reserved

Dina D. Harbour,
Financial Coach
http://www.wanteddebtoralive.org

---

Google News Updated : Thu, 24 Jul 2008 18:51:58 GMT FOX News Poll: No Bounce for Obama From Overseas Trip - FOXNews ABC News FOX News Poll: No Bounce for Obama From Overseas Trip FOXNews - 27 minutes ago By Dana Blanton The significant news coverage Barack Obama is receiving on his foreign trip has not translated into a bounce in his numbers, a just-released FOX News poll shows. Wanted: 2 million poll workers for November The Associated Press Comment by Leonard Steinhorn Prof, School of Communication, American University New York Times - CNN - United Press International - PolitickerCA all 689 news articles Publ.Date : Thu, 24 Jul 2008 18:24:50 GMT Ford Has $8.7 Billion Loss, Shifts Away From Trucks (Update4) - Bloomberg Ford Has $8.7 Billion Loss, Shifts Away From Trucks (Update4) Bloomberg - 44 minutes ago By Bill Koenig July 24 (Bloomberg) -- Ford Motor Co., the world's third- biggest automaker, posted a record quarterly loss of $8.7 billion and accelerated a conversion to fuel-efficient vehicles to wean itself from money-losing trucks. Ford's Worst Quarter Ever BusinessWeek Ford Posts Loss of $8.7 Billion on Asset Woes New York Times Forbes - CNNMoney.com - Reuters - Los Angeles Times all 1,181 news articles Publ.Date : Thu, 24 Jul 2008 18:07:48 GMT Would UN Security Council Postpone Any Prosecution of Sudanese Leader? - Voice of America Voice of America Would UN Security Council Postpone Any Prosecution of Sudanese Leader? Voice of America - 1 hour ago By Joe De Capua As the International Criminal Court (ICC) considers whether to issue arrest warrants for Sudanese President al-Bashir, some are calling on the UN Security Council to block the action. Sudan's Beshir pledges peace as he leaves Darfur AFP Jordan's lower house opposes charges against Sudanese president Xinhua Hindu - Los Angeles Times - istockAnalyst.com - AllAfrica.com all 1,823 news articles Publ.Date : Thu, 24 Jul 2008 17:30:10 GMT Arizona reports first West Nile death of 2008 - Bizjournals.com TheMedGuru Arizona reports first West Nile death of 2008 Bizjournals.com - 1 hour ago Arizona has reported its first death from the West Nile virus this year. It also is the first West Nile death in the US this year. First bird in Nassau tests positive for West Nile Newsday Fighting West Nile Alexandria Gazette Packet KTAR.com - AZFamily - FOXBusiness - Boston Globe all 231 news articles Publ.Date : Thu, 24 Jul 2008 17:45:00 GMT Health Buzz: A $500 million Antismoking Campaign and Other Health News - U.S. News & World Report BBC News Health Buzz: A $500 million Antismoking Campaign and Other Health News U.S. News & World Report - 3 hours ago Billionaires Bill Gates and New York City Mayor Michael R. Bloomberg announced yesterday that they'll contribute a combined $500 million to a worldwide antismoking campaign, the New York Times reports. Video: Gates, Bloomberg Pool Riches to Fight Smoking AssociatedPress The $500 million war on smoking Minneapolis Star Tribune Reuters - Newsday - Economist - California Healthline all 639 news articles Publ.Date : Thu, 24 Jul 2008 15:43:30 GMT Swimmer’s Positive Test Puts Olympic Berth Doubt - New York Times New York Times Swimmer’s Positive Test Puts Olympic Berth Doubt New York Times - 30 minutes ago By KAREN CROUSE The swimmer Jessica Hardy has not been penalized for a doping offense despite published reports that she tested positive for a banned substance. Video: Source:Hardy Tests Positive for Banned Substance AssociatedPress Sequence doesn't make Sense Los Angeles Times Gay Wired - Palo Alto Online - The Wenatchee World Online - The Associated Press all 750 news articles Publ.Date : Thu, 24 Jul 2008 18:21:30 GMT South Texas begins cleanup after Hurricane Dolly - The Associated Press Calgary Herald South Texas begins cleanup after Hurricane Dolly The Associated Press - 30 minutes ago HARLINGEN, Texas (AP) - Residents across south Texas slogged through knee-deep muddy waters, tiptoed around downed power lines and dug through debris Thursday, but were thankful that Hurricane Dolly didn't pack the wallop they had feared. Video: Tropical Storm Dolly Causes Flood Worries AssociatedPress Dolly weakens, pushes inland USA Today East Valley Tribune - AHN - KIII TV3 - KVIA all 7,399 news articles Publ.Date : Thu, 24 Jul 2008 18:21:14 GMT Rss Feed Reader Increased Website Traffic

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

Im Broke, How Can I Afford...

I'm still amazed every time someone comes to me complaining... Read More

How Electronic Checks Work ? Will Paper Checks Eventually Go Away?

Traditional checks probably won't disappear anytime soon, but processing checks... Read More

Benefits of Personal Finance Software

In this age of information, keeping track of your finances... Read More

Students Investing in Their Future Need to Manage Their Finances Today

With the A-level results coming out, the long wait for... Read More

Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud

ID theft is a major consumer concern, though there is... Read More

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even... Read More

Identity Theft ? More Tips on How it Can Be Avoided

Recent security breaches at several credit card companies continue to... Read More

Understanding Your Finances Can Give You Power And Choice

What is finance and what do you need to know?... Read More

10 Steps To Improve Your Financial Situation

Here are ten steps you can follow to help improve... Read More

UK Graduates Looking Short-Term At Their Long-Term Financial Responsibilities

With almost two thirds of university entrants from England and... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you... Read More

Banks Are More Than Just A Place To Park Your Money

If you've been to a shopping mall lately, you've probably... Read More

Budgeting Your Way to Financial Freedom

Financial freedom cannot be achieved without budgeting. Budgeting involves tracking... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

A Fresh Start for Family Finances in 2005

While 40% to 50% of us make New Year's resolutions... Read More

Personal Finance ? Why You Should Compare, not Despair

Sorting out your personal finances can be a tricky and... Read More

Do You Know What Tomorrow Will Bring?

I've been sharing the following idea with people for a... Read More

The Wright Place - Finances

Women have a love/hate relationship with money. Most of us... Read More

College Expenses: Seven Ways to Save on an Education

Many people graduate from college owing thousands of dollars in... Read More

Adverse Debt Levels Blight UK Consumers Personal Finances

Debt levels are at an all time high in the... Read More

Expenses A ? What Are They And What Can We Do About Them

It is crucial as an individual who is striving for... Read More

Save Money on Groceries: Part I

One universal of humanity, no matter who you are or... Read More

Top 10 Ways Managing Your Money Is Just Like Riding a Bike

An avid cyclist and bike racing fan, I sit transfixed... Read More

Do You Really Need the Power of Money Management Software?

I have been a loyal user of Quicken(R) for more... Read More

One Income Source Is Not Enough!

My personal opinion is that in today's new economy, it... Read More