Top 10 money myths held by teens and how to change them

moneyWhat do teens know about money? It's green, they never have enough of it and for some it seems to magically appear from the bank of Mom and Dad. Perhaps a better question is what don't teens know about money, or for that matter finances in general?

Thanks to the fact that most teens rely on their uninformed peers to answer their pressing financial questions, there is plenty of misinformation passed around which makes it even harder for teens to get the straight facts about money and other personal finance topics like credit scores and banking.

To address this problem the Consumer Federation of America and FoolProofMe.com have gathered the Top 10 money myths held by teens.



Top 10 Money Myths Held by Teens:
  1. I don't have to worry about credit at my age.
  2. Bad credit can't keep me from getting a job.
  3. All loan companies have the same rates.
  4. All credit cards are alike.
  5. The job of financial advertising is to tell the truth.
  6. It's OK to bounce a few checks.
  7. It's OK to make minimum payments on a credit card.
  8. Paying late occasionally can't hurt my credit.
  9. Fine print isn't important.
  10. Young people don't have credit scores.
If you're a parent and you think your teen might believe some of these myths you're not alone. A survey performed on behalf of the Consumer Federation of America found that even though 98% of parents and guardians feel responsible for teaching their children about money, only 73% felt "very capable" of doing so. Just over half were "very confident" that their children would leave home with a good grasp on personal finance topics such as money management and credit cards.

Thankfully, even parents who don't feel confident in their ability to provide personal finance skills to their children can fall back on a program like FoolProofMe.com. As Steven Brobeck, Executive Director of CFA, told the press today, "Parents can play the most important role in teaching their children about money." Don't let a lack of personal finance knowledge or a lack of confidence stop you from teaching your children about money.

FoolProof stands out from other personal finance literacy programs by presenting the message in a fast-paced video series. Unlike other programs, the message presented by FoolProof is put together by young people like Will deHoo, the 29-year-old CEO of FoolProof, who strive to present personal finance knowledge in an engaging format.

I can't stress how important it is for teens to complete a program like FoolProof before they head off to college and start making financial decisions, and mistakes, which will affect the rest of their lives. Everyone likes to think of college as a place where young people can learn from a mistake without"real world" consequences, but ask any college student; money mistakes made in school will follow you around for the next 5, 10 or even 15 years.

If you want to learn more about FoolProofMe.com check out WalletPop's look at the various FoolProof programs, which includes sample videos, to see which would be the right fit for your family.

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Dereck

Do yourself a "HUGE FAVOR" and carefully read this:

The 21st Century Act: Final Amendments to Regulation CC Section:
"Prohibits" reimbursement of Credit, Loan, and Finance Balances to a "Bank Entity" leaving only "Nonbank Consumers" able to receive reimbursement, as specified on Pages 85 and 86.

The 21st Century Act states on pg. 85 and 86 that "Only Nonbank Consumers can suffer losses and File for
Re-credit or Re-claim on any Accounts under the Federal Reserve System" also “Any Second or Third Party Presenters utilizing a Banks Documentation, Contracts and/or Agreements to seek Claims shall be considered to be that Bank under the Rules and Regulations”, the Expanded Definitions also includes Credit Cards and Home Equity Lines of Credit.
Also on Pages 100 and 101 "In any Financial Claims the Indemifying Bank (Parent Bank) must be Identified".

(Left-Click to Search Link)
21st Century Act: Final Amendments to Regulation CC http://www.federalreserve.gov/boarddocs/press/bcreg/2004/20040726/attachment.pdf

This Federal Law signed January 1, 2006 makes it "Fraudulent" and therefore "Illegal" for the 3 Major Personal Credit Reporting Agencies: Equifax, Experian, and TrasUnion to allow the Banks and the Banks "Third Party Presenters" to place any claim of "Negative" or "Potentially Negative" Accounts on your Personal Credit Based upon the fact that they have no "Legal Grounds or Claim" to the Money.

This is an "Unfair Practice" that diminishes our Financial ability to support ourselves and adversely affects our ability to gain work in many areas which breaks "Antitrust Laws".

These Rules also back claims of: "Aiding and Abetting" Racketeering and Extortion (of Finance Accounts and Personal Credit Reports), Pandering (of Credit and Loan Accounts, and Conspiracy to wit), Theft, Fraud, Federal Mail Fraud, and Telephone Harassment. Also "Threatening of the U.S. Financial Infrastructure", which is a "Capital Crime".

In order to engage the Federal Trade Commission to act against this injustice we must File many Claims, as these Reports must be Filed by a large number of people in order for the Federal Trade Commission to pursue
"Legal Action".

(Left -Click to engage Email Address)

antitrust@ftc.gov

This is way easier than "Occupying Wall Street"!

March 11 2012 at 6:31 PM Report abuse rate up rate down Reply