Finding Your Financial Literacy

There was a chapter in my life where financial freedom seemed so distant.

After falling down many times, and getting up, I was eventually able to set myself straight and get on the right path.

Recently it came to my attention that my daughter was suffering the same fate.

Had I failed her as a mother? Had I not taught her all that she needs to know to go out into the world to find her own success?

As it turns out, the answer was both yes and no.

One of my greatest fears has always been that I don't provide my tools with the skills, instincts and knowledge I'm able to share so that she can make her own informed decisions.

When growing up, my mother wasn't there for me, in a number of ways. And I always vowed that I would do a better job with my own daughter.

You can imagine I was upset when I found out my daughter had taken out a payday loan. To make matters worse, she kept it from me, knowing I would be upset. But what mother wouldn't? They can be a debt trap. Also, she could have come to me.

She was short on cash and borrowed a couple hundred bucks. Which was a relief as I know she can cover it next payday. But I was concerned that she might have bigger problems.

Technology is a wonderful thing, sometimes. All these new ways to get money, like Earnin and others, but for many people they are their own worst enemy and don't manage things well, like finances and such. But those short on choices don't always have the best options either.

While it's easy to see benefits to using online payday loans can help in times of need of cash, in the wrong hands it can also create trouble, especially if you're not able to afford it in the first place.

With a number of alternatives you would hope those that need a little help when times are tight would have a place to turn. The banks aren't much help, with their bureaucracy and glacial speed, leaving many with limited choices for quick answers. One of those turned out to be Good Cheddar for help with debt with personal loans.

This might be one of those invaluable lessons to teach your children. I thought I had. What I learned was more that when some kind of shame or embarrassment was part of the equation, things were kept from me. This is also not ok, and as a mother I would want to be the first person my children come to when unsure where to turn.

If you haven't had "The Talk" with your kids, its high time you did.

They'll figure out the other stuff from their friends, but personal finances are no laughing matter. Good habit are born from good practices, and what you pass on to your children. It's not like this is taught in school, and I think it should be. But if your children are growing up it's one of the most valuable lessons you can share.