Tuesday, April 17, 2007

Bank of Mom & Dad

Today, I was doing the running the camera controls for Studio 5, which is why I was watching it, so I don't want any ribbing about that. Anyway, they had Connie Sokol on today. The topic was how to say "no" to requests. A lot of people have a difficult time saying no, myself included. Most of the time if I am asked to do something, I will do it, sometimes grudgingly. So I agree with what she said to a degree. We need to make sure that we are not agreeing to do so many things that we cannot complete our responsibilities to our family, church, and work. However, I hope to be the type of person that will agree to help out my friends or family if they need.

Another thing that she mentioned is that if one of your children asks for a loan, and they already have a loan out with you, that maybe you should say no, or at least work out a payment schedule with the outstanding loan first. She said that it is better that the child learn the principle of paying a loan back from Mom & Dad then the bank. While I agree with her, what I think would be a better solution would be to teach the child the importance of saving for something you want. If they want to buy something that costs $100, teach them to save $10 - $20 each month, and when you have enough saved up, then help them purchase the item. I don't want to teach my children to always want instant gratification. Our church leaders have warned against debt and I think that applies to children as well. If we teach our children that it is OK to get a loan for every small thing, even from the Bank of Mom & Dad, they are going to be more likely to do so later in life, again, for every small thing.

I don't have children old enough to ask me for a loan, so this is just my opinion - I am not speaking from experience. I have learned from experience, however, the importance of saving for wants and avoiding debt when possible. I hope to be able to pass that on to my children.

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