I was a toddler when my grandparents gave me money to buy a toy. Before my parents took me shopping, they said, “Remember, if you buy a toy in the first store, you won’t have money if you see a better toy in the second or third store.” By the time I could tie my shoes, I understood that I could not spend money I did not have.
I was in grade school back in the days when a child could bring a dollar to school once a week for the bank representative to deposit to your account. That lesson in compounding interest helped me understand numbers.
When I was a junior in high school, I got my first wage job. My parents taught me how to balance a checkbook, before I opened a checking account in my senior year of high school . By my sophomore year of college, I had in addition to a savings account and a checking account, student loans and my first credit card; my parents would not co-sign either the loan or the credit card application.
My Dad was around for my first credit card purchase. His advice has proven to be effective.
