Hal's Mortgage Blog

In a nationwide survey, over 60 percent of parents say that the current economic crisis will have a long-term effect on their children.

Just as the Great Depression started a generation of savers – this crisis will change the spending habits and how they save for the future. Likewise, children surveyed have said:

• Parents have talked to them about the family finances and why they need to be more frugal.
• Allowances have decreased.
• Are required to do more chores around the house.
• Have been told there is less money for clothes & entertainment.

With unemployment at an all time high, kids are certainly aware that
they cannot rely on traditional employment. Expect an entrepreneurial
tsunami to emerge within a few years because your children will start
new businesses – like never before seen in the last 50 years. Set the
groundwork and encourage them to start small – maybe a newspaper
route, selling cards door-to-door or starting a website.

Children know that change is in the air and right now is the time to get
back to the basics of family values, savings, entrepreneurship and
volunteerism.