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Kids and Credit Cards: 7 Things Parents Need to Know (page 2)

Kids and Credit Cards: 7 Things Parents Need to Know

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Updated on Jan 28, 2010

The most important thing parents can do for their kids' financial future is to set a good example. “First and foremost, parents need to be role models,” says Foster. “Kids are looking at their parents today (in the midst of this financial crisis) and they are seeing poor spending habits, seeing them with mortgages they can't afford, swamped in debt and spending beyond their means and this is what they're being taught.” Levine agrees: “Parents need to remember that they are the first and best teachers about money,” says Levine, who says that even those parents who have made financial mistakes of their own can still positively affect their children's financial education.

“Parents are in a position to do an awful lot other than simply teach,” says Levine, who says that going to school board meetings, voting in your local elections, and meeting with teachers are all ways parents can incorporate financial literacy into their children's lives. You don't have to be a CPA to set your child on the path to economic enlightenment. There are things you both can do to ensure that if and when she does get her hands on some plastic, she knows how to use it.  

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