Raymond Albrektson This is Me

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1. 1. Raymond Albrektson

   www.cbn.org/700club/profiles/R - [Cached]

   Published on: 3/22/2002   Last Visited: 3/27/2002

   Raymond Albrektson
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   Raymond Albrektson
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   Raymond discusses parenting penny-wise kids in a money-hungry world.
   
   CBN.com -
   
   Money-Hungry World
   
   Today's kids are at greater risk than ever of buying into the instant-wealth culture that dominates our society. Instant gratification and get-rich-quick mindsets have permeated our culture, and Raymond says our children are not immune. When it comes to developing the best financial plan for training our children, Raymond says the place to begin is the Bible. As parents, we are responsible for teaching our children ideas and values that are grounded in biblical values. "The payoff in developing your children in these areas is not the skill, like balancing a checkbook and not getting into major consumer debt," says Raymond. "It is the character that is developed that comes through the self-control in delaying gratification." When it comes to money-management, character means putting off short-term pleasure in favor of achieving a far more important long-term goal. And don't just assume your children will just naturally learn how to wisely manage their money. Parents can learn from the same lessons by teaching their children.
   
   Valuable Lessons for Life
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   Raymond has 5 principles on money management:
   
   Work hard. The "coolest" job in the world is doing exactly what you love. Work isn't a dirty word. Remember, your attitudes toward work rub off on your kids. Unpaid labor (chores) performed by family members should be introduced at a young age. Children learn that the welfare of the family and smooth operation of the home are dependent on every family member doing his part.
   
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   Raymond also says it is a good idea to give allowances, not as payment for chores, but to teach kids basics of wise money-management. Parents should teach kids to develop internal motivations for saving, giving and careful spending.
   
   Save wisely. Saving is not a popular value in today's society. Teach kids the valuable concept of delayed gratification. Help children exchange limited short-term pleasures for superior long-term rewards.
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   "You don't want him to learn the seductive joys of buy-now-pay-later," says Raymond. "It won't hurt him to save for a few more weeks."
   
   Despise debt. Instill in kids the healthy fear of debt. Show kids the fine print on the credit solicitations before shredding them. Make it a game to find the "gotchas" in every credit-card offer.
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   "Modeling remains the best way to get their attention," says Raymond. "So don't get sloppy in your personal life."
   
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