5 Hardly Wealthy Family Habits That Must End

by Minority Fortune

It isn’t a crime if your earnings are low. However, if your credit is bad and you have no savings, then the last thing you should be doing is paying big businesses all of your money. Yet, this is exactly what happens often in hardly wealthy families. They never keep their money and spend all of their power away. As a parent, you have to have the best interest of your child in mind and serve as a good model for them. After all, we don’t want the Teddy Riley Effect happening to you.

Designer Clothing: We’ve seen families abound with infants in expensive shoes and name brand clothing. Meanwhile, the family lives in a low-income area.
Lavish Christmas Gifts: If you can’t afford it, then you can’t afford it. People will blow their checks tenfold to get their children dozens of gifts. Growing up in an extremely poor area, we saw with our own eyes how parents would gift their children items and money totaling over $500 per child. Not smart.

Expensive Birthdays: While you may want to host a big birthday party for your child and invite the neighborhood, it’s useless if it ends you up in the hole. Instead opt for a homemade cake, a simple meal, and a gift of value (book, piece of needed clothing, a trip to a museum or free activities).
Not Investing in Education: Yes, education can be free in this country, but it’s no secret that it’s bad. So, no one is going to bat an eyelid if your child is failing a subject. If they happen to be failing, invest in a tutor. Take a page out of the book of many immigrant families who invest significantly in their children’s academic success. If they’ve taken a liking to a certain subject or productive hobby, help peak their interest by buying books and documentaries or finding role models who are successful in their field.
Getting Your Child Off to a Bad Start: Believe it or not, there are parents who make the poor decision to get bills or credit cards in their children’s names. There are others who constantly borrow from their children (imagine that) to continue their poor spending habits. This is the most heartless habit of them all, and it must stop. You face the consequences of your child being trapped in the debt cycle for the rest of their lives. So, anyone with half of a heart should NEVER trap their children in debt that they never asked for in the first place.

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