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Raising Credit Smart Kids

MoneyWise

Christian talk radio with Rob West

December 14, 2019

The greatest financial gift you can give your children is training them to handle credit wisely. Most parents have high aspirations for their children⏤getting good grades in school, for example. But when asked what they hope their kids will avoid, many cite their own financial mistakes, especially debt! Today on MoneyWise, host and Kingdom Advisors president Rob West tells us how to bring up our kids with a healthy fear of debt. Think of the thousands of dollars in interest your children will save over a lifetime just by avoiding unnecessary debt! We always need to remember that God owns it all, whether it's in a checking account or a piggy bank. Not all debt is equally dangerous. Borrowing should only be done when there's an expectation of a great financial return. Delayed gratification. Teaching children to save a percentage of all money they receive enables them to better avoid debt when they're older. In today's show we also answer your questions: I have a low-interest car loan with $9,000 left and a home mortgage of $97,000 left to pay. Which should I pay off first? My elderly parents would like to put their house in my name so that it can never be taken away from them; but this is for Medicaid reasons. Is this a good idea? When should I pull money from retirement to pay off debt? Should I have an umbrella policy? Can an ABLE account help with my adopted children? Websites mentioned were specialneedsanswers.com, iable.gov, and ablenrc.org. Should we help our grandson with an education by allowing his Edward Jones account of $9,000 to be cashed out for this?

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