Kids should be able to make money.

a) Kids should be able to make money.
b) Video game currency right now is one way: You buy game credits with real money but you can’t turn it BACK into real money.  I think they should be allowed to turn it back into real money.  Make money playing video games.
c) Adults shouldn’t keep hogging up all of the jobs.  I was one of the last generations where kids having paper routes were common and we sold candy door-to-door.  Now, it’s really hard for kids to make money, doing chores and stuff.  Babysitting (I did it a few times) was an easy way to make some money but again; adults are hogging up the baby-sitting market.
d) Kids 11-13 should be able to have their OWN Savings accounts with a limited Visa Debit card; limit how many times a month it can be used (maybe 6 times), and with the bank account will come money management training.
e) Under 11, Savings accounts jointly owned by parents and kids without a debit card but with the ability to withdraw once a month with a parent.
f) 14+: Full savings and checking account (with training) and Visa Debit.  No limits to the amount of use

Credit cards are a tricky thing though.  I stress Debit Visa because you’re using your own money.  Credit cards, on the other hand, are a measure of “How trustworthy are you to pay us back?”

I was blasted with credit card apps the day I turned 18.  Even though I had a savings+ checking acct by then (I was lucky enough that the law still allowed kid accounts; they took that away from kids in the late 90s or early 2000s COMPLETELY); I screwed it all up quickly.

Maybe a limited Secured Credit card at 14; that’s where you would have to put, say, $250 in and you get a card with a $300 limit; and if you use and pay back faithfullly for a year, you get your $250 back plus interest.

But the credit card world is a dangerous place; it “feels” like free money; and it’s not.  I know; I know everything there is to know about Credit cards; fixing bad credit; establishing credit; because I’ve screwed it up a few times in life and kept trying to “beat the system”.  I can teach anybody about money and I can do it myself for years; but eventually, I screw it up again :P temptation is very difficult to beat, when you feel like you have free money, rather than actually owing.

Still.. perhaps a limited card; but with a main focus on savings, checking and Debit Visa, which still lets you buy what you want as long as you have the money.  And… maybe instead of just a debit visa, a secured credit card that lets you “go a little over” what you have in the bank a little, just so long as you pay it back like you would a credit card.

There’s just too much great stuff out there; and how else can someone learn to be good with money, if they don’t get the chance to screw it up a few times… and a chance to prove themselves.

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