Young or old, money management is vital at every stage of life

NASHVILLE, Tenn. (BP)--Financial expert Dave Ramsey in his latest book, "Total Money Makeover" from Thomas Nelson Publishers, offers plenty of advice for those who are in college, retired or somewhere in between.

-- College students: "Forget the credit cards. Don't be afraid to live on campus and eat the campus food to avoid debt. Pile up as much cash as you can pile up coming out of school. Statistically, you're more likely to move and get married within two years after you get out of college."

-- Newlyweds: "Together, you must manage money together. You're not a joint venture. The preacher said now you are one. Make the decisions together and leave mom and dad out of it."

-- Married couples: "The number one cause of divorce today are fights over money and money problems. There's no reason why you can't work together when it comes to money. It's vital you share a budget and a checking account you both can agree to."

-- Parents with young children: "Be very gentle and have lots of grace teaching them about money. Parents get so enthused about our program for kids that they want to teach them about cars when they're 4. Money is a life skill -- little guys can learn to work by learning to pick up toys and getting a big 'atta boy' as a reward."

-- Parents with teens: "If you don't teach them about money, they'll move back home. Don't let them get into car payments and credit cards. Do give them lots of responsibility. When my kids turn 13, they start managing a checking account and budget. We don't buy their clothes. The other day one of my kids bounced a check. We didn't beat them, but we did make fun of them to no end! But that's the time to learn, when you're 15 and you have dad to walk you through your mistakes."

-- Retirees: "The same exact steps apply for retirees as anyone else. You're just a little late for the party. You can still come and join in, you just have to play a lot of catch up. Maybe we can get you to the point of dignity. Hopefully we can get it so you don't have to work at 89. But what's the alternative? To keep doing what you're doing?"


For more information about personal finances, go to http://www.daveramsey.com.

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