The rich rule over the poor, the borrower is a slave to the lender. Proverbs 22:7, TLV
Before and After the Mistakes! Here’s another proverb I truly wish I had known when I was young. Don’t borrow money. Nearly every financial mistake my husband and I made, began with borrowing money. The first mishap was buying a new car.
Remember my blog about co-signing? (Proverbs 6:1-5) What a mess! And, bottom line, had we not borrowed money, the other fiascoes would have been avoided.
Learn From the Baby Boomers’ Mistakes
The Baby Boomer generation abused credit cards, loans, and mortgages, but future generations don’t have to, if we teach them. We don’t want our children to be “slaves” to the rich — i.e., banks. For many of us, they definitely rule over us.
Parents, grandparents, aunts, and uncles, teachers, mentors, clergy, you can all help future generations by not only telling them about sound financial advice, but modeling it for them.
Young parents, are you still paying for college loans? That’s a great 
place to begin. Pray about if/how you will put funds aside for your child.
There are various formulas for determining what the costs might be. Here’s one that is helpful apps.collegeboard.com/fincalc/college_cost.jsp . The numbers are scary, actually. However, knowing is crucial to planning.
Just as a reminder, it used to be that kids worked their way through school.
Modeling Financial Wisdom
Grandparents and other mentors, you too can help model financial wisdom. Just be sure to discuss with Johnny and Susie’s parents what is being taught at home to be sure you don’t conflict with them. Same applies for gifts for Johnny and Susie, by the way.
To Young people . . .
If you are reading this blog, bless your heart. Most likely some adult loves you enough to point your nose in the direction of this website. I pray you take note. Learn from our mistakes, as well as those wise decisions we’ve made.
Begin by reading a chapter of Proverbs each day. Every day — as best you can — until you are perfectly wise. When is that? Ask your parents.
Next, if you are earning money — babysitting, cutting lawns, flipping burgers, etc. — learn how to manage those precious dollars.
- Tithe. Tithing is 10% of your gross income — that’s the money you have before the government takes their share.
- Savings. Whatever is left over, put some in savings, 10% would be great.
- The Balance. The balance, seek counsel with your parents or other wise people, and
- Read Proverbs (yes, I know I said that already) because it has hints to help you be successful in this world. It was written by one of the richest men in the world. Really.
If I had a time-machine, I would go back to when I was twelve or thirteen, when I began making money babysitting and cleaning my dad’s offices. I would tell young Terri,
“Don’t be an idiot like I was. Tithe. Save. Budget. Don’t buy it if you don’t have the money. You’ll thank me. Actually, future me will thank you!”
And one more thing,
“Wear your glasses. I don’t care if you think they look stupid.”
I hope my efforts to lighten this serious topic with a bit of humor 
hasn’t diluted its importance. While I am grateful to our Heavenly Father for helping hubby and I work through our mistakes, we could have spent our efforts and resources in much better places — for His Kingdom, our daughter’s education—had we been wiser.
Think More About It
What have you learned through life experiences that you could teach to the next generations?
Thanks for stopping by. I would love to read your comments and insights. And, as always, appreciate the shares.
