Part IV: Teaching our children to be financially wise

4. Exposing conspicuous consumption.
Encourage your children to be suspicious of overt displays of opulence albeit an expensive car, fancy house, or designer clothing. This type of spending can create more debt than a person can handle causing stress and frustration, but never happiness. We have all heard the stories of friends or family members who blew their money on high living and ended up broke and depressed. Family fortunes have been squandered away leaving future generations without the financial ability to get a college education, buy their first home, or receive the slightest hand-up in life.
It is far better to drive an older car that is fully paid for, or to live in a home where the mortgage payment does not exceed 25% to 30% of your monthly income. This will free up your money so you can invest in a retirement account, build a savings and still take a small vacation with your family. This is the type of financial planning your children need to hear and encouraged to follow.




Watch for part V coming soon.


Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage
303-987-0622