Ok, I have finished reading The Complete Financial Guide for Young Couples by Larry Burkett.  This was published in 1989.  I was not terribly inpressed by this book, but did take a few interesting  tidbits away from it. 

Passages that I found interesting or rang true in my life:

On the topic of spending…..

” More money is not the answer, more discipline is.  Until couples decide to live on what they already make, more money will not help.  As Solomon said, “He who loves money will not be satisfied with money, nor he who loves abundance with its income.  This too is vanity” (Ecclesiates 5:10). 

This one is the passage that spurred me to get our wills completed.  I don’t want my love one to need to pay so much in lawyer fees becuase I didn’t take care of doing a will. 
“In 1976, three men I knew died in accidents.  Two died in a plane crash and the third in a car accident.  Of the three men, only one had a will.  None had any major assets.  Their estates consisted primarily or life insurance that was assigned to their widows, so they felt they didn’t really need wills.  The settlement from the plane crash was over a million dollars, and the settlement from the auto accident was about $700,00.  These husbands had enormous estates and didn’t know it. 

By the time the estates were cleared and distributed, for the two without wills, it took nearly four years and cost over $300,000.  For the husband with the will, it took 60 days and cost about $6,000.” 

On the topic of Financial Training for Teens:

A Teen having or using your car:  Suggest rules:

–  They should pay their own insuracne ( I plan on having Josh pay a portion)
–  They should pay a portion of the maintenance and upkeep. I suggest a usage rate of 5 cents a mile. ( I am undecided on this)
–  They should provide their own gas and oil. (agree)
–  They should clean the car after every use or at least once per week (agree)
–  They should pay all of their traffic violations, and driving privileges should be suspended for serious violations. (agree)

Checking Accounts – “without hesitation, I can say that by age 16, your children should be using and maintaining their own checking accounts.  …….Remember that you’re not raising children; your raising future adults, and in our society checking accounts are a basic fact of life.  Don’t let your children leave home without the basic skills for survival.” (agree 100%)

Credit Cards – ” I do recomment allowing children to use credit cards.  Remember credit cards are not the problem.  It is the misuse of credit cads that create problems.  …..Credit is a fact of life.  So its’ best to teach your children how to manage and control it, not vice versa.  I would suggest allowing them to have a credit card in their name at about age 17 or 18.  The rules for using the card should be clear, written and absolute:

– The card can be used only for budgeted intems — clothes, gas, tires and so on.
–  The account had to be paid in full each month – no exceptions.
–   The first month the account isn’t paid, take the card back and destroy it.”

(not sure how I feel about Josh having a credit card, but these are the new rules we personally live by for our use of credit cards.) 

I do plan on getting a checking account for Joshua this summer as he plans on getting a summer job.  I want him to learn good money management skills before he leaves home!  I don’t want him to be in his 20’s and need to file bankruptcy due to stupid choices! 

I have a few more books on my reading list regarding personal finances.  I will share as I can or as they impact me.  I wouldn’t say this book had a huge impact on me….it was ok.