Teaching Children to Save Linked to Avoiding Credit Card Debt
Written by CardRatings.com
Posted On: July 12, 2005
It's a Habit!, a publishing company located in Los Angeles that strives to educate children about personal finance issues through innovative approaches, recently announced that it has acquired the rights to "Sammy and the Karate Carrot," written by then third grader, Ryan Kang.
Sam X. Renick, author and founder of the It's a Habit! Company, Inc. said:
"I remember being filled with emotion the first time I read the story. I thought to myself, this is phenomenal. Ryan gets it. He has really captured the essence of Sammy and Sammy's philosophy to earn, save, spend and share. More importantly, Ryan proved what principals and educators have been sharing with us all over the country - students are capable, we need to expect more from them. This is a very gratifying moment for It's a Habit! Our mission is to empower children and families by encouraging strategic skills and habits like saving, reading, writing, etc. It has always been our hope and dream to actively involve students in the publishing and creative process. Now we have!"
An interesting residual effect of teaching children to save is that such behavior has been linked to helping future consumers avoid credit card debt.
"Making saving a habit is the key to financial literacy and a consumer debt free lifestyle. It is also a key to realizing our dreams. You won't typically find individuals or families who place a priority on saving, sustaining consumer debt and paying interest on it. Saving is an extremely empowering behavior. It leads to home, stock and business ownership. It prepares one for emergencies and opportunities. It better positions us to help others. It develops independence, discipline and confidence. Furthermore, saving provides security and reduces stress. Ryan’s story beautifully illustrates all these points. I strongly encourage parents and educators who are interested in helping kids avoid consumer debt, to start by teaching them to save and regularly exposing them to books, music and other tools that reinforce the development of an "equity," "ownership," mentality versus a "debt," "consumption" one."
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About It's a Habit!:
The It's a Habit! Company, Inc. (IAHC) is located in Los Angeles. It's mission is to offer families and educators affordable, educational and easy ways (through music, books, lesson plans, etc.) to develop habits and learn important life values such as saving money, reading and writing. The purpose of these tools is to assist children and families in realizing their dreams, despite their social, ethnic or economic background.