Cash Leaks among Youth

Was thinking back about times when I was a youth myself, read some articles on youth and conversations I have had with youth.

Wrote my brief thoughts in my biz blog below:

http://gloriouscash.blogspot.com/2010/11/cashing-in-on-your-youth.html

Without a doubt, the youth of today has much spending power but at what price? Whilst many are on the right track, there are still many who are completely clueless about $$$. Their pockets/wallets are full of leaks. Self-pleasure is more important than long term benefits.

Parents are giving $$$ all time time but where is the education? Where is the awareness? They’re only giving the children “fish” but not teaching them “fishing”.

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4 thoughts on “Cash Leaks among Youth

  1. The main problem with today’s youth and their cash leaks is caused by these youths wanting ‘instant gratification’. Everything is now, now, now! They don’t know what is called ‘delayed gratification’ and the benefits it brings. Thus all the money will be gone to satisfy their every whims and fancy, most of which are wasteful.

    Parents compound the problem when they want to ‘give the best’ to their children. In doing so they encourage the ‘instant gratification’ mantra. When a child demands a toy, the parents will buy it right away. This is bad. Even if the price is not high, one should not just give. Children must be educated on money matters. They must be thought that money does not grow on trees or keep flowing from their parents’ pockets.

    Give them an allowance and let them handle their own money. They can use the money however they wish but the amount is finite and if they finish the money before the end of the month or week and have no money for food during recess, then they have to live with the consequences. That will teach them to use money responsibly. They can splurge on toys and what not but they will have to face the consequences themselves. This is what parents neglect to do most of the time.

    Giving the best to a child does not mean giving in to their every wish and demand financially. If they fail to learn the value of money, we as parents could very well have destroyed their future when they get into debt and cannot bail themselves out. Parents cannot be there for a child forever. We must ensure that they learn how to fend for themselves financially.

  2. Hmmm, agree here. When I was a kid pops usually said I already gave u some money if u want something use that money heeeei he gave me dough only sufficient to buy a bottle of small coke not that I’m whining sometimes when I wanted something it take a whole year saving money, my dad was a doctor I knew he was not lacked some money or so. It’s just education he said.
    Compared to my nephew now sooooooo faaaaaar away ‘daddy I want some new I pod’, ‘mommy buy me a croch shoes other brand I don’t want it’, ‘buy 4 me blackberry all my friend use it’ if they we’re my kid I’ll kicked their ass so hard they’ll fly to the moon.
    What the hell do they think money come from heaven?
    It’s moral degradation of new age man.
    It’s sucked!

  3. Times are really different Jimmy. When we have kids we must make sure we do not fall into the same trap. We’re not loving our children but causing them more harm.

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