Nancy Reagan started this anti-drug campaign back in the early 80s. Parents still talk to their kids about it on a routine basis. In fact, as the following article points out parents are more willing to have this talk with their kids than they are about finances. Only 7% of parents surveyed said it would be difficult to have the drug talk with their kids. That number jumps to 20% when parents were asked if it would be difficult to have a talk about money.
These are both important topics. If you are a frequent follower of this blog, you know that we touch on this topic frequently. Teaching your kids good financial habits now will benefit them in the future. Especially when they go off on their own and begin to be tempted by credit card companies. As the article points out, it is never too late to have this discussion with your kids. Further, studies have shown that adults whose parents were involved in teaching them about money had better credit scores and less credit card debt than those who didn’t get money lessons from mom and dad. Drugs and finances can both ruin a person, just in different ways. So why ignore one topic over the other? Take the time to talk to your kids about this so we don’t find them sitting across from us down the road, drowning in debt.
Kevin Fallon McCarthy
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