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College CNBC Article with Vince Shorb

In a recent CNBC article, Money Skills Your Teen Needs for College, the NFEC’s CEO Vince Shorb made some comments that some readers found controversial. Among those views are instilling financial skills into future college students that may seem like difficult lessons. Shorb believes that starting to learn about budgeting and other financial subjects earlier will better prepare students for the world they are about to face. In addition, there must be consequences to not properly budgeting once students reach college. “Instead of sending money, send a grocery store gift certificate” or other form of money that can only be used as intended, and will need to be paid back. Loans should also include interest. “Kids go from paying bills to all of a sudden having student loans and rent and eating out and groceries, so it’s all on them at once,” adds Shorb. “They need to build those financial muscles before suddenly having to use them”.

Please share your thoughts about his comments below.

Click here to read the full article – Money Skills Your Teen Needs for College.

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  1. Mimi August 5, 2015 at 10:21 AM

    The goal behind parenting is to prepare our children to live in society. Therefore we must train them in the way that we believe that they should go. Meaning they need to understand the benefits and the responsibilities of managing money. When a child is given allowance, their training should at that time. Do we really want our children to be responsible adults or people who are a drain on us and society?

  2. Kristine Labbus August 5, 2015 at 2:30 PM

    We are truly doing a disservice to our children if we don’t teach them money management skills before they move away from home. Teaching at home allows them to make mistakes while we can be there to coach them through their mistakes rather than make them when it is too late.

    We have been taught and learned most everything from our parents. This should be no different. Share with your children how much the electric bill is, how much you spend on food each month, what insurance costs. Conversations about money are no longer taboo, they are a necessity. Our country would not be in its current predicament if more people knew about money management, budgeting, and living within their means.

    As an educator of personal financial literacy and a parent, I cannot stress enough the countless questions I receive on a daily basis. Kids want to learn about their money, how to invest and make more of it. But they can’t do that if they don’t know how much they have, first! You have to have money to make money.

    Vince Shorb’s comments were right on point.

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