So they can like you know for emergencies and people say this all the time you know well Tommy I want to get a credit card or a debit card for my kid for emergencies and here’s my thing that’s not a real good answer and here’s why because you should teach your kid how to have an emergency fund so in case anything does happen like their phone cracks or like you know they lose their phone they get stolen they can actually cover everything but usually when an emergency happened I just took the kids as a kid or also as an adult’s you know you never have enough money to cover eight that’s why you use a credit card but if you had an emergency phone the first.
You would never need a credit card so again don’t get your kid a credit card for emergencies get them to teach them good financial habits and how to do it now I know Dave Ramsey would disagree with me but my main thing is this people learn okay people are not stupid people learn people learn people learn but they can only learn once they have been taught just to clarify it now we all know this guy’s everything has pros and everything has cons so it stopped us in the comments about having your kid have your credit card from a very early age by the way the young tech scene is between like eight to fourteen years old pretty common when it comes to credit cards now do you think you can actually.
Establish bad habits from the very beginning when it comes to credit cards because for example you get your kid as an authorized user next you know he’s using the card he’s not really teaching responsibility he’s just on every single day maybe what you gave him but he doesn’t really understand exactly how to use it and how to pay it off every single month okay that can be a very bad habit especially when the average person in today America always runs six thousand dollars in credit card debt so imagine you this right maybe from a little kid you don’t know how to manage yourself and you’ve been half a credit card man we gonna do the type of damage you’re gonna do as soon as you turn like eighteen and you get a pretty good credit line because you have credit line established so in reality make sure your kids don’t develop bad habits and the best way to do that is by teaching them first before having them use it on top of that here’s my thing guys nobody really knows this but but in reality if my mom had a credit card and she put me in an authorised user and she went like delinquents rang she stopped paying .
When it closed whoa that can actually affect my credit score even though it’s not mine but here’s what you do hot tip nobody knows this you can actually call in Iraq so those are increase that should be removed from your credit score because you’re not really responsible for that debt but here’s also the third concert that you know if your kid does go out there and spends like three thousand dollars and the brand-new skin that fortnight is offering well you’re still responsible for that so you gotta make sure that whatever your kids spend the money on you know exactly what’s going on I usually teach them I’m gonna do it because again they can spend a ton of money but in the end you’re still responsible for all that money so it’s irresponsible you to make sure that your kids are using it correctly and on top of that if it does affect your credit score because you being a bad parent you’re not really teaching a good example or you just ask hard time and all depends you know people go through stuff but if you went delinquents just call in and said hey he’s not responsible to death just remove them and they have to remove it by law because again they’re not responsible if it tries to like you know if you don’t pay then your kids credits gonna be ruined to learn anybody well you say like hey.
I’m gonna take you to court I’m gonna you know just just fight this because it doesn’t make any sense and Jonas and trust me it won’t make any sense and you’ll win the case 1 000% so now that we know the pros the cons you know and all this fancy stuff even the place to have in YouTube here I actually want to tell you guys well Tommy what’s the plan of action so I can actually make sure that my kid does everything correctly now I know for a fact okay a lot of parents out there are like no no no when it comes to allowances because don’t want to teach your kids how to do things out of the kindness of their hearts and that’s all great until I have a job and they don’t know how to ask for a raise and that’s what happens here but usually thing I recommend you give your kid an allowance and then have that allowance there and every single month you sit down with your kids tell them hey you know it’s time to put the credit card how much you spend why do you spend it let’s use an allowance what you pay it off right but my thing you want to make sure you give them the money don’t be like okay I’ll just keep your allowance and we pay at the end a month no give him all the money and then that way that she learned how to handle it but teach him every single week you sit down.
With them he’s like hey you spent this you spent this is how much you make you can’t do this on top of that I recommend you give him a simple budget and here it is you know how much do you make how much you spend you know daddy I need to spend like ten dollars on Molly powers well you only make five so you can’t do that you can only spend $5 on lollipops well not really because although I do want to teach your kids exactly to do credit cards I also want to teach them how to save how to invest and also how to earn money earn issue allowances you know because you don’t we just give kids like money you wanna be like hey clean up all your messes over the place clean them up and I’ll give you five bucks make the bed make sure everything is clean I’ll give you five bucks and that’s how you get paid you know by the way this is why I like green light you know green light debit card like they have an entire TAS and like a whole bunch of things there that you don’t I’m your kid doesn’t ask they get paid out of math which is pretty cool but my main thing is this if you’ve got an allowance just make sure it’s for hard work on top of that they can’t qualify most likely for investment accounts but I recommend you open one for them and just like invest on their behalf but also make a will saying that this is their account so anything does happen you there secured on top of that they might not have a savings but I will be making a video on savings account so just wait for that so trying to channel but what I do I want you guys to put some money also in the same as got my way if you’re not a parent don’t worry okay.
I’m not a parent either but I want to make sure I know all this stuff because my mom didn’t know my mom’s mom didn’t know and her mom before that there’s no either but now that you know and you got a parent or you’re kidding like seventeen fifteen twenty thirty forty fifty whatever age you are now you have the information that you teach your kids your relatives your aunt’s your nephews all the information we can actually be better equipped for the future than you and I actually work and the hot tip is this guys what I recommend is this you know don’t start them out with a with a credit card start them out with a debit card and again I have full videos on this like from the current green lights and go henry cards i have everything the towns down below you can check that out but again start with a debit card first and then graduate them to a credit card you just want to like throw them in the seem like hey swim Billy swim I’m drowning I’m drowning so I’m swim you know you don’t want to do that you want to make sure they actually equipped it by having a debit card first and then transfer them over to a credit card which makes a lot of sense and now that you know everything from you know the pros the cons you know and everything from a plan so she has in place so they can actually you know to profit from this entire experience well not as temperature about the banks and what banks accept it the age range and how it actually works so, for example, the first one is actually American Express the AMEX card all those fancy golden cards and green cards and platinum cards.
You know they can actually get this between age 13 to 15 you guys you get a bar click card between like age 13 and up which is pretty cool but on top of that when it comes to chasing boa Capital One city and also walls Fargo the top five well they can ice to get a card no age limit so, for example, they were just born here you go you can be an authorized user Billy go buy your own diapers which is pretty insane but I’m a surprise on top of that you also have discovered and the US bank discover is age 15 u.s. the bank is 16 and you also by the way u.s. mega discover are like the most reasonable ones but again you know the earlier you learn the better it is I think Wolfgang um actually started playing the piano and compose it what I’ll compose him but actually learn how to play the piano and stuff like that what he was like four years old so it’s never really too early to start the earlier the better just make sure you like put all these happens your kids early on don’t wait until they’re 16 or 15 starts very young okay now coming down below guys let me know what do you think with the pros the cons you know the plan and also the banks out there you surprised you didn’t get a card when you like less than five years old.
it’s actually insane but I’m not surprised you know they need to make money too so they make the money but again you can adjust your benefit to actually make sure your kids that you set for life so comment down below let me know what do you think about the entire thing on top of that I wanna let I want to leave you guys with something right now okay I miss this you know a lot of parents out there kind of like you know you know you live and you learn okay you just live and you learn you know let the kid like make mistakes need to learn like that but in reality I’d rather have a parent that taught me from like age eight age five age 13 how to deal with money how to manage money so when I went to college I wouldn’t be really like owing a whole bunch of student loan debt okay because my people are out there they’re all thirty six thousand eighty thousand I don’t know what to do and the parents like okay you know you live what you learn well no I’m gonna live and I’m gonna learn like this forever because a lot of money that she owes so again it’s not you living you learn if you learn and then you live so if you’re a parent or you’re not a parent just make sure when you are or if you are right now make sure you teach your kids everything from the good to the bad before it’s too late and as always guys like this video with your big thumbs up I really appreciate stripes which a notification bus you get notified every time posted new video on topic one two three 101 una only just DMA on Instagram at Tommy Bryson.
I even have like a phone number now you can actually call me ass I’m gonna put it here as a DMA descriptor to get it if you need any help with anything now see you guys tomorrow in the next video before I go click this video right here to get the playlist through all the credit stuff and also click my face right here just graduate a note right now and see you guys tomorrow and I spit up that you’re watching and this