Scary Times

October 10th, 2008 at 02:11pm Larry Messing

You know for many of those that aren’t familiar with the history of our financial markets, I hear a lot of “The sky is falling” - type talk. For those of our youth who are overhearing this talk, it’s got to be very scary times.

Most of the pundits out there, for what it’s worth, have said that this will not turn into anything like the Great Depression. Our markets are more diverse. Action is being taken sooner (although some may say not soon enough).

Like I said during my last post, this is a great chance for kids to learn a little something about what’s going on. Where did it all start? How will it all end?

Maybe this is a good time to discuss the downsides of credit AKA “Getting in over your head.”

Remember, it doesn’t take much to do this. Many of us remember signing up for our first credit card right after high school. I got a free shirt for signing up and I thought it was a great deal. that was before I realized all the interest I would pay when I couldn’t pay it off each month.

Credit can sometimes be a slippery slope. Let our youth know to be cautious and money smart.

Entry Filed under: Junior Achievement, Financial literacy