Homeschooling Online - Teaching Financial Responsbility
Madonna, being the mother that she is– and the original “Material Girl”– wants her 9-year-old daughter (Lourdes) to start learning the value of fiscal responsibility, and has decided to give her kid a credit card with a $10,000 limit. Lourdes, as I mentioned before, is 9 years old…
This is what happens when celebrities who live in castles and can purchase half of the free world in cash, decide to instruct their bratty little offspring about “the reality” and “responsibility” of understanding economic concepts. The problem is… I’m not convinced Madonna understands it herself. This is sort of like a Klansman lecturing college students on the importance of cultural diversity.
And why does Lourdes need to know how to be financially responsible anyway?
Some people just miss the point. Assuming that Madonna’s child Lourdes will never have to worry about financial responsibility because Madonna herself is wealthy is like assuming that Michael Moore’s children will never have to worry about food because the famous film maker is overweight. Everyone needs to learn about financial responsibility, especially the rich if they expect to stay rich.
Then to say suggest that Madonna might not understand how money works because she is wealthy is just plain nuts. This blogger obviously isn’t familiar with Madonna’s background. The Material Girl wasn’t always wealthy. She made her wealth by developing a product (herself) and marketing it successfully to a number of people willing to purchase it. Indeed, Madonna is one of the most successful people in the world and one of the wealthiest self-made women in the world. To accomplish that feat takes some understanding of financial responsibility.
It doesn’t matter how rich or poor you are, teaching your children how to be financially responsible is non-negotiable. It is essential to their development into responsible and mature adults. Nine years old is a good time to start learning about credit. If you can afford a $10,000 credit card and that’s the way you want to go, fine, but most people can’t afford that much credit for their little angel. That’s OK because you can do it with a small allowance each week. The point is, set a spending limit. Once your child meets her limit then there is no more. That’s how you teach financial responsibility. Requests for more money is denied with an explanation that “you’ve met your budget. You’ll have to wait until the next pay cycle.” When your child gets old enough you’ll want them to start doing household chores in exchange for their allowance. Nine years old is a good time start, or sooner even.
Homeschooling Online