It is strangely ironic that the freedoms and affluence we enjoy in our society are the very things that stand to ruin our children if not addressed early and effectively.
The consumer-credit industry is doing all it can to get your kids to fall for the buy-now, pay-later lifestyle. If you do nothing to intervene, statistics indicate that your child is headed for a life that will be severely impacted not by credit—credit is not the problem here—but by the debt it can create.
When the following three characteristics occur at the same time in the heart and mind of a child, they create a kind of "perfect storm" that has all the likelihood of creating a disastrous situation:
1. Attitudes of Entitlement
2. Financial Ignorance
3. Glamour of Easy Spending
For our debt-proofing purposes, "entitlement" is that demanding attitude that says, "I deserve it now even if I haven't earned it or cannot pay for it." Some call it the gimmes, others the I-wants. No matter what you call it, this attitude is running rampant, and not only among kids. Entitlement affects kids and adults alike.
Entitlement is subtle. It creeps into our lives when we compare our lifestyles and possessions to those of the people we respect and want to be like. It shows up in new parents who throw all caution to the wind when it comes to nursery furnishings and "mandatory" equipment. It shows up in two-income families who, because they work so hard, feel they deserve to have nice things. It shows up in adults who feel compelled to conform to society's relentless ratcheting up of standards.