10 Things They Don’t Teach You About Money In School (Part 2)

Here are more tips about money for kids. For tips 1-5, see last month’s newsletter.

Recognize what money really buys. Sure, money buys stuff. But the best thing money buys is control over your time, so you’re free to choose what to do and how to live.
Debt is a dangerous drug. There are some good uses of debt, like buying a house that appreciates in value. But borrowing for luxuries instead of waiting until you can afford them is an addictive habit. The pleasure wears off much sooner than the pain of interest payments.
Have the courage to change your mind. When we’re young, confidence often develops faster than ability. As a result, we tend to think we’ve got things all figured out. But as we gain experience, we begin to discard old beliefs and replace them with new truths. Be open to changing your mind.
Live with less and save the rest. There’s no need to become a miser. But if you can live within—rather than beyond—your means, you’ll always have money left over to save and invest for future prosperity.
Listen to advice, then make up your own mind. When someone gives you financial advice, it may be right for you and it may not. Think about it, test it out, get other opinions, then decide which direction works best for you. Remember, it’s your life!