Comments on: Personal Finance Education: What’s Wrong with this Picture?

By: Susan Beacham

Susan Beacham — Tue, 17 Feb 2009 00:40:00 +0000

Just saw this story about our product. Spend some time on susanbeacham.com as this is where people can get education. Msgen.com, however, is meant to sell product that helps kids manage the choices they have for money and how to set goals for those choices – so they can practice the skill of delayed gratification.

The CardGuard is meant to help kids keep track of plastic. Gift cards, credit cards and debit cards. No, I am not a fan of credit – and I have long taught parents that the rule is coin before currency before checking, before debit before credit. But, credit is a reality that I hope to help kids learn to manage wisely – with tools like the CardGuard and the Money Savvy Pig.

The CardGuard comes with a purchase tracker to get kids to stop and think about what they are doing – since plastic is too abstract for kids to get their heads around – and we hope that the purchase tracker will make this abstract concept more concrete.

So far, my mission has been to create product to help parents help their kids manage their money choices. I give away my advice in my BLOG and my columns. We would rather have people purchase a tool that their kids can use than have them purchase a book that they will not have time to read.

I appreciate the input and would love to know what you think of our banks or our children’s books or the curriculum we have built for elementary classrooms. I think you would be pleased with the good work we have done.

Susan Beacham
CEO and CO-Founder

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Sun, 07 Dec 2008 01:01:50 +0000

@creditmom: I hope that means you will steer them away from credit cards because for too many parents, their only finance expertise is in the use of plastic.

@vilkri: I believe the purpose of the site is too sell stuff, not to educate.

@MGL: So true. If I read another “review” of some bank account or other product/service on a blog, I might go blind.

RDS: Sorry – I don’t buy that theory. Until young adults become financially independent and achieve the maturity that goes with it, they cannot experience the true downside of consumer credit. They don’t really learn anything valuable walking around at 16 with a credit card.

Stop: Tell your friends with children that because I am afraid we are fighing a losing battle.

By: Stop Getting Cheated

Stop Getting Cheated — Fri, 05 Dec 2008 03:11:50 +0000

This is an outstanding post. Timely, important, and troubling. Heading into 2009, we’re going to learn about the next round of the financial crisis due to non-payment of credit card debt. We do not need plastic in the hands of junior high kids.

By: RDS @ Smart Financial Values

RDS @ Smart Financial Values — Tue, 02 Dec 2008 20:02:49 +0000

I don’t disagree with what you say and I will not be ordering any CardGuards.

However, it is precisely because credit cards are so prevalent in our society – and on our college campuses – that I am in favor of high school students owning and using a credit card prior to moving out. Credit cards are useful tools, but one needs to learn how to use them. I plan to give my children experience using cards and paying off the balance in full every month before they leave home.

By: MoneyGrubbingLawyer

MoneyGrubbingLawyer — Tue, 02 Dec 2008 18:49:18 +0000

I think you’re spot-on in your assessment of these folks. They are in the business of educating children about money, but I suspect the true motivator for their site is to sell, sell, sell. Financial education isn’t their goal, it’s their product. They’re not the only ones, either- there are plenty of authors (and bloggers, for that matter) who are in the business of dispensing advice and products as a purely commerical pursuit. It’s capitalism at its finest, but it contributes very little to society. It actually brings to mind your post from a few months back about the world needing fewer MBAs and more engineers. Perhaps we need fewer profit-motivated snake oil and more genuine financial education.

By: Beef Up Your Piggy

Beef Up Your Piggy — Tue, 02 Dec 2008 15:56:55 +0000

This article is hysterical! I am so glad you pointed this out. Finance education should be about how to budget and deal with your finance. Credit cards are money you DON’T have therefore, shouldn’t be in the equation especially for children. I just did a post about how I paid off my credit card debt and talked about building up my debt WHILE in college. These jerks set up kiosks to sign you up for your first credit card in minutes and give away free stuff…let’s face it most college kids fall for free stuff. We should be educating children about the pitfalls of credit and to be skeptical when someone is selling something. Thanks for this one…cracked me up!

By: vilkri

vilkri — Tue, 02 Dec 2008 15:56:05 +0000

The intention of the website may be good, but the picture definitely sends the wrong message. How does the saying go? A picture says more than a thousand words. – I have to wonder what the real intent of this website is?