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Author: Windowseat Big funky green star, 20000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311070  
Subject: Re: Parents as Role Models for Financial Matters Date: 4/19/2012 3:06 PM
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Very true. But again, if you have parents who look to the big IRS "windfall" at tax time, never really understanding that it's their money that they're loaning to the govt. at 0% interest throughout the year, then the chances that the offspring are going to get it and break that cycle are slim. Not suggesting that people can't do it, just saying that those who grow up with parents who can show them how to save and invest sucessfully are better off than those who probably regard March as "get a new car or couch month"

An additional problem with families that depend on the tax windfall is that they don't always understand the "save up to buy what you want" system, which means that if they need something they buy on credit and end up having to pay more because of the interest. Some kids understand this bit about saving even without having it explained to them, but others don't, and need to have it carefully explained to them. Like the Steve Martin bit.


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