Get Your Children in Debt to Keep Them Out of It!
Alloy your children to use you as a line of credit. The crap they want to buy suddenly start looking like crap. Very interesting concept. I may try this. Read more after the jump at the bottom of the post.
What do you think about this concept?
Here is an example the original writer used to help explain the concept:
When I was about 10 years old I bothered my parents endlessly for something that I don’t even remember. I can’t remember what it was but back then it meant the world to me. It was an overpriced gimmick made of cheap plastic; that I do remember. My father told me that he would lend me the money and I’d have to pay him back in increments. I was ecstatic; couldn’t have been any happier! Hours went by and I played and played with this gimmick; then days went by and after a week or so I had gotten completely fed up with it. It went into a pile with the rest of my belongings and just collected dust.
The difference between this discarded toy and the others was that I hadn’t even begun paying for it yet and the honeymoon was already over! I remember it took me months to pay this item back. I’d do my paper route and give over a portion each week to my father to pay for this item that I had no use for and had basically forgotten about completely. If I didn’t still have to pay for it I probably would have totally forgotten about it.
By the time I ended up paying my father back in full I had learnt an incredibly valuable lesson about debt; it’s to be avoided at all costs. Some things you have to go in debt for though such as a home or schooling if you don’t have any help from your family. Unless you strike it big early in life chances are you will have to have a mortgage. Apart from a mortgage, I’m proud to say that 17 years later I’m still debt free. I have never had a credit card balance in my entire life. Each month I religiously pay off my credit card. They charge you 18%! That’s highway robbery.
Add A Comment