You, Finances and Your Parents

Was reading this article in the ST on 23 June 2008 about "How Financially Savvy Are Youth Today?"
Here is the link - http://www.asiaone.com/Business/My%2BMoney/Opinion/Story/A1Story20080624-72643.html

You can also download it here - http://firstdown80.googlepages.com/HowFinanciallySavvyAreYouthToday.pdf

Here is a quote from the article....

Is ignorance or materialism to blame?

REPORTS of people chocking up credit card debt abound and poor financial literacy has been blamed.

Maybe the problem stems from greed and the tendency of those in debt to live beyond their means.

When given a choice between a Mercedes and a Mitsubishi or a condominium and an HDB flat, many would probably go with the first and more glamorous choice.

They measure their quality of life from the things they own. It becomes a problem when, in trying to 'show off', people end up with irrecoverable debt.

Instead of teaching financial literacy, perhaps we need to examine the root of materialism in society.

Ng Yixun, 19, is a pre-university three student at the Millennia Institute.

Another quote....

You can't learn it from a textbook

IF SUCCESSFUL financial management could be learnt from a textbook, I dare say Singaporeans would be millionaires by now.

Introducing financial management in schools may seem practical, but in reality, it is only useful if one has already made a commitment to be financially aware.

It is a process that starts from a young age, in which parents play a fundamental role to teach and reinforce concepts like a budget and the value of money.

However, the final step lies with the individual's choice to make such a mindset a priority in life.

Melissa Khong, 21, is a final-year music student at the Manhattan School of Music.

I was browsing the Guitar4Christ forum and came across an article written by one of the members...

Here is the link to the article - http://www.guitar4christ.com/modules.php?name=News&file=article&sid=76

Download is available here - http://firstdown80.googlepages.com/YouFinancesandyourParents.pdf

I'll quote a few paragraphs, cause it's quite a long article....

How should we see finances according to the Word of God? In the Parable of the Talents, God wants us to be wise with our money. There is nothing wrong to try to earn more money - God is not against us having wealth. But God is against wealth having us. God wants us to be good steward, good manager of finances. But God doesn't want money to control the way we live. I have seen people, Christians, living their life under the constant fear of not having enough. Their time, commitments, strengths, are all channelled towards earning those extra bucks. No energy left to serve God or to worship Him. They would miss church services, cell group meetings or seminars (opportunities to strengthen their faith by the Word of God) just so that they can do OT, or take up extra jobs just to boost their income.

The Bible says "What profits a man if he gains the whole world but loses his soul?". It is possible to gain the whole world, the finances, the money, the prestige, the honor. But at what price? That you lose your relationship with the creator God, that you lose the love for people? Unfortunately, you can't just have it both ways - the Bible says that "..you cannot serve mammon(money) and God.." at the same time. There can be only one Lord and one all-consuming passion, and that's Jesus Christ our saviour. Money is a tool, not your life.

The Bible says that when we need to honor our father and our mother, we will "eat off the fat of the land" (i.e., becoming prosperous). There is no doubt in God's mind that He wants to be filial and honor our parents. God is the one that put our parents over us. We definitely didn't choose our parents - God did. Love God, and love His decision. Whenever you feel frustrated over the relationship with your parents, bring your grievances to God and He will comfort you.

Sorry for the long post, but I felt the articles affect us (youth and adults). I'm concerned because of my experiences with situations like this and I pray that our children are guided by the fear of the Lord.

Remember to read my past post in Apr 5, 2008 - http://razorback88.blogspot.com/2008/04/dont-adopt-pencil-attitude.html