Their Need-To-Know Life Guide (Level 1) teaches the basics of investing, borrowing and protecting money, which equips readers with the ability to understand and eliminate debt, create personal wealth, establish emergency and retirement funds, and pass along knowledge to family and friends.
Founder and certified financial expert Megan DeCrosta says, “In addition to including our children in the financial picture as early as possible, it is equally as important to be honest and have a plan. Since children learn most from parents, it is essential we set an example and practice good financial habits for them to follow. It is pivotal to budget and self-educate in order to spend safely and borrow wisely.”
You can learn more in this interview.
Why was the Need-to-Know Life Guide created?
The extreme differences between my husband and I are what inspired the creation of Cut the Fiscal Fat.
We both grew up in lower middle-class families, huge dog lovers, and we are Giants fans... And that’s about it. We are a generation apart, have different music and movie tastes, different lifestyles and spending habits. Eric has always been a worker and a saver. And I have always been a worker and a spender. When we first started dating, Eric owned and lived in a three-family investment property, had a .9% auto loan, 2 savings accounts, and an 850-credit score. I had, let’s just say, a less desirable portfolio.
He learned all he knows after having to repair his credit from identity theft and asking countless questions along the way. In the years I have been with him, I have learned so much about credit, finances, leveraging equity, budgeting & saving; I always find myself saying ‘i wish I had known this sooner!’.
So, I launched Cut the Fiscal Fat & our 12 to 1 million campaign to help kids who grew up like us learn financial need-to-know. And learn it early enough to avoid the mistakes many of us have made (and some of us still make).
Why is it so important to have financial tips presented in a way that teens can understand?
When our children learn finances earlier in life, the better their chances of success to manage their money in the present and for the future. Just like everything else in the learning realm, finances are no different – it is important to be honest, have a plan, and try to keep it fun!
Like teaching them to ride a bike, the more repetitions &experience they get, the more control & confidence they have, the safer & more enjoyable the ride! When you present this fundamental education in a way teens can understand, you help empower them to take their futures into their own hands.
What are some topics that parents often overlook when it comes to teens and money?
It is critical to educate your child about the value of a dollar, the difference between credit & debit, and budgeting. They need to know terminology associated with borrowing and payment cards. Make them aware of interest, fees, & spending limits. Help make sure your child understands the difference between needs and wants.
It is easy to get caught up in credit card debt which can negatively impact your future. So have monthly check-ins to help them track their progress. Visit www.cutthefiscalfat.com for a free & easy to use expense tracker.
And some important beginner tips to ALWAYS remember & pass on:
- Always pay your bills on time, and in full whenever possible. If you can’t pay in full, keep your balances low!
- You CAN correct and/or dispute inaccurate information on your credit report.
- You CAN NOT ‘repair’ your bad credit history, & poor credit choices can remain on your report for 7 years. So, spend and borrow wisely.
Cut the Fiscal Fat is disrupting the way teens approach money and credit to build confidence and fuel further self-education. It starts with learning numbers and math, which leads to money and finances. Their Need-To-Know Life Guide (Level 1) is an online course that covers five components of financial literacy in addition to detailing the importance of credit and how it can truly benefit your life when used correctly and conservatively.
The company is making financial literacy commonplace in high school curriculums across America, launching within the Albany School District offering over 3,000 high schoolers the curriculum for free.
Please check out additional tips at www.cutthefiscalfat.com as well as on Instagram, TikTok and YouTube.
No comments:
Post a Comment