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Ask Neale: Credit Cards, College Portfolios and Lost Cash

Minyanville Staff Apr 14, 2008 4:47 pm

Ask Neale: Credit Cards, College Portfolios and Lost Cash


		Get answers to your financial parenting questions.

Q. My college student received a credit card from a department store and he charged more than he should have. He can pay it off eventually, but can't immediately meet the payments. Can he ask the store not to send his account for collection?

A. If your son is late paying his store credit card account he should contact the store's credit department immediately and ask to set up an alternative payment plan. He may be able to negotiate a reduced monthly payment or skip a payment without being penalized. In the future, he should contact creditors before they go after him.

Q. I have invested money for my children for college. My teen-age son wants to know where the money is invested and how it's doing. Should I tell him?

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A. It's great that your son is interested in his college portfolio. This is a good opportunity for you, your financial consultant and your teenager to sit down and review the investments. Make sure the consultant explains to your son how and why the portfolio was designed. Have your son track the investments. Just make sure he knows the money is for college, not a new sports car.

Q. My 6-year-old lost the $20 she got for her birthday from her Aunt Alison. I told her to put it in a safe place but she didn't. What should I do?

A. These are life's tough lessons. Stick to your guns and don't replace the money. Make sure your daughter has a piggy bank or wallet to keep her money safe. I'm sure next time she'll remember to put her money away.

Q. I usually pay $45 for my teen's sneakers. He has said he'll go nuts unless he buys the ones that cost $110. What should I do?

A. This one is easy. Your son can buy the $110 pair of sneakers he's dying for, no problem. But, the deal is you pay the $45 that you would normally pay for sneakers and he has to earn the rest.

Neale S. Godfrey, financial guru and former bank president, is an acknowledged expert on family finance. She is the author of 16 books that deal with money, life skills, and value issues. In August 2006, Neale revised and updated her #1 New York Times Best Seller, Money Doesn’t Grow on Trees: A Parent’s Guide to Raising Financially Responsible Children. She has sold over 1,000,000 books. Neale’s latest book is LIFE, INC: The Ultimate Career Guide for Young People. She has also created an educational program called The One and Only Common Sense/Cents Series. Neale has appeared on such TV shows as The Oprah Winfrey Show, Good Morning America, The Today Show, CNBC, NBC, and CNN.

Source: All text by Neale S. Godfrey. All text is the sole property of Children’s Financial Network, Inc. All rights reserved. Read more at Minyanville's .
Help kids learn about money at MinyanLand.com.


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