I have been an entrepreneur and self employed person my entire life. Was buying precious metals in my teens, purchasing homes in my twenties and by the third decade was doing on-line trading, acquiring land etc. To present times... i own/operate an Incorporated Company for the past 20+ years and I will pass on my experiences to you so you can achieve financial independence for you and your family. Terry Keys
Sunday, January 30, 2011
Pre Paid Cards
These forms of plastic do serve a purpose as many banks will not issue debit cards to teenagers, so if junior is on a trip/school term etc. it is handy for the parent to upload a set amount per month. Personally i feel there is no better lesson in finances than your siblings having the physical cash on them and as kids will do...... spend it all (lol) and then have that down feeling when their pockets are empty. That is what i call growing up pains and with the plastic card you simply don't have the same attachment. That being said, if you go the prepay route here are some rules to follow; A) look for the non activation fees B) what are the usage fees and shop around different financial institutions for quotes C) how much for inactivity fees and again compare prices D) avoid cards that allow you to spend over the limit and then charge for an overdraft fee E) look for the lowest fee for ATM's and monthly maintenance F) finally!!! go over the statements together to teach your kids fiscal responsibility as they go down the road to adulthood.