I’m in my fifties and have grown children. My mom died when I was 22 and my father had left us when I was 11. So I learned what I knew from reading, other friends, or not at all. In other words, I had no mentor or role model. I made many mistakes along the way that were costly in both money and time; but what choice did I have? Who should I have asked? Looking back, there were some very basic bits of knowledge I could have used and yet they were not taught in any school. So, as a public service, let me address the parents reading this article. When you have teenagers, this is the ideal time to bring these issues up for discussion. Then, before they go away to college or leave home, remind them again. Here they are, in no particular order.
- The value of credit: Get a credit card as soon as possible and a bank account. Only charge what you can pay off each month. Start with minimum balances and increase them as you are able, but pay them off each month. Then, when you need to get a mortgage or car loan at a later date, you’ll have good credit. It will follow you all your life. Good credit is essential in this complex world.
- Eat properly and exercise: Learn about nutrition and the benefits of a balanced diet. Watch your weight and start a regular exercise regimen. Even if it’s walking the mall or around the block, get moving, and not just in the car. Take a few basic vitamins and watch the fat content in fast foods. Better yet, avoid fast foods all together. Learn to like vegetables and fruit. Keep your weight in check and forget the sugary and high-carb snacks. Your body will respond and thank you in the end by providing a longer, healthier life.
- Floss and brush daily: In other words, employ good oral care. This sounds simple and silly, but it’s pretty important. Daily flossing prevents a multitude of problems later. The daily brushing of your teeth is equally essential. This is a cheap form of preventive medicine. Good dental hygiene will help stop gum problems like gingivitis, tooth decay, and possibly huge dental bills. And as a useful byproduct, it keeps your smile looking good.
- Have enough insurance: Health, auto, and later, life. Catastrophic accidents that force you into extended hospital stays can wipe you out. Also, you need some insurance to cover doctor visits and prescription medication. If you have medical insurance with an office visit copay, you are more likely to see a doctor when you have a health problem. Obviously, you will need auto insurance when you get a car, but learn what to cover and how much to pay. Once you have a family of your own, acquire a reasonable amount of life insurance.
- Establish a budget: Know what comes in and what goes out every month. Take your income after taxes and any other sources of revenue you might have. Make a journal listing the basic costs of living such as: auto expenses, clothing, food, insurance, rent/mortgage, utilities, and any loans for school, etc. Then allow for entertainment like eating out, the movies or sporting events. Toss in personal grooming like hair cuts and any dues, such as for the gym or your magazine or newspaper subscriptions. Once you have done all that, you have a good fiscal picture of where you stand each month. That way, you can see if you are in the black or red and if you have enough left over for travel and discretionary purchases. Also, you need some savings to cover emergency auto repairs and other unforeseen events. Most young people have no clue as to how they are doing. Therefore, many end up in debt with terrible credit (Please review item number 1). Change the amounts as they change and keep the budget up to date. Be forewarned: never spend more than you make.
I only wish I had someone lead me down the proper path when I was younger. At least now I can advise my daughter and sons. I have talked to them about everything listed above. They have an elemental blueprint for establishing their adult life and what is necessary for success. By using these items, they will be healthier, well-protected, and financially aware. I’m sure you can come up with dozens of other ideas that the next generation will require, and so this is just a framework. The main point is to pass on this information when they are at an early age and also follow the advise yourself. Don’t be hypocritical and tell them something you don’t practice. You are their mentor and they will most likely emulate your actions. Be the responsible parent and send your children into the world with some solid foundations that they will hopefully pass on to your future grandchildren. It’s the proper-parenting thing to do.
