Being Debt Free Starts in Your Teens 

This is advice for young people to avoid the worries that debt can create in their future. The concepts are simple, and the only complication is being disciplined. And if you are a parent, pass these recommendations along to those you love.

​When I was a 12-year-old kid way back in 1962, my favorite treat was a Hostess Cup Cake, that chocolatey, icing-covered, cream-filled cake with the white twirls on top. I would slowly eat the icing on the cake’s circumference, then save the biggest creme-filled bite for last! I didn’t enjoy it very often because money was tight. Back then, a Hostess Cup Cake only cost 12 cents, but that equates to $1.26 in today’s inflated dollars. My mother’s waitress’s income was not sufficient to raise six children, let alone spend it on frivolous items like cupcakes times six children!

Today, I find Hostess Cup Cakes cost as much as $2.50! That’s double what inflation would explain. However, this tasty treat has been replaced by others; and although I can now afford them, the price seems high (with my knowledge of seemingly cheaper times) helping me avoid the temptation. But financially, buying a $5 chocolate chip cookie or cinnamon roll is a non-issue for me. I can buy them without financial guilt, only caloric shame.

Understanding the Value of Money
 
Where am I going with this? The cost of items you may desire should not be measured in dollars alone, but in the alternative uses of that dollar, AND the percentage of dollars you have available to spend on any purchase.
Think of dollars as water. The deeper the water, the more money you have. If your money is a small puddle, then removing a cupful will be noticed. If, on the other hand, you have a swimming pool of money, you could remove 100 bucketfuls and not notice the loss. Those are the extremes to illustrate the example of water as money.

My mother barely had a puddle of water in terms of money. Even removing spoonful would be noticed, and if not used to relieve debt or feed her children – it would be misspent. I, in turn, escaped the turmoil of my youth, and performed simple but important acts to build wealth, i.e. a deeper pool of money. Here’s how.
​
Lifestyle Choices and Financial Discipline
 
According to a study by the Brookings Institute, in order to not be poor takes three simple acts:

1. Finish High School.
2. Get a full-time job.
3. Wait until age 21 to marry and have children.

My mother did none of these steps, and worse, she married at 16 years of age to a man nine years her senior, who decided not to take care of his family. On the other hand, I unknowingly followed the advice of the Brookings study and went even further.

1. I not only finished High School, but received a scholarship, due in part to my financial need, receiving a college degree.
2. I joined the US Air Force right after college. A full-time job.
3. I didn’t marry or have children, until I was 25 years of age.

I was now able to build wealth or deepen my pool of water (assets) towards a large bucket of water from a puddle. But I didn’t have wealth immediately. I could have spent every dime on a decent home, a few essentials, and fun; but my bucket of money would have remained only a bucket.
Creating Wealth
 
To save money and create wealth requires taking and being faithful to these actions.

1. Know where your money is going. Have a budget and stick to it.
2. Make saving any amount a priority. The more, the better!
3. Save using automatic transfers to an interest bearing account or investment. You won’t miss it if you never see it.
4. Find ways to increase your income through working smartly and education.
5. Be disciplined. Have fun for sure! But be wise.

Too many young people don’t bother to fill their financial vessel, whether it’s a bucket, a bathtub, or a small swimming pool. With the steps above and persistence, their buckets can fill their bathtub, and their bathtub can feed into their modest but growing swimming pool of wealth. Sure, it takes time, but the rewards are well worth it.
 
Parental Guidance and Support

Parents play a crucial role in shaping their children's financial habits. Here are a few ways parents can support their teens in becoming debt-free:

• Lead by Example: Demonstrate responsible financial behavior and share your experiences and lessons learned.
• Encourage Open Discussions: about money matters, budgeting, and financial goals.
• Provide Resources: Offer books, articles, and online resources that teach financial literacy.
• Set Up Savings Accounts: Help your teens set up savings accounts and guide them in managing their finances.

 
Conclusion

Being debt-free starts with making informed and disciplined financial decisions from a young age. By understanding the value of money, building a strong financial foundation, and adopting practical steps to save and invest, teenagers and young adults can pave the way for a financially secure future. Parents can play a vital role in guiding and supporting their children on this journey. Remember, financial freedom is not about having a large income but managing the income you have wisely. Start early, stay disciplined, and enjoy the peace of mind that comes with being debt-free.
I’m not ‘yacht’ wealthy, but I am ‘new car’ wealthy, meaning I can’t but a yacht. That would empty my modest but sufficient pool of water (wealth). But I could buy a new car and not be in financial trouble. And most of us can reach a ‘new car’ level of wealth without being super-smart or a talented entrepreneur. Assuming you are healthy and loved, there is no better feeling than being debt-free!
 
Michael Byron Smith

Note: To read more about my childhood and escape, read my book; A Vagabond Life: A Memoir of Father Hunger (#avagabondlife).
To learn about the power of being a father, read my book; The Power of Dadhood: How to Become the Father Your Child Needs (#powerofdadhood).
​

At 73 years old, you like to think you have gained some wisdom. Well, I don't always feel wise, but I do try to help others, mostly young fathers. It's top of my mind to share what I have learned because being mentored came late to me. This experience is the topic of a memoir that is currently at my publisher.

The title is "A Vagabond Life - A Memoir of Father Hunger". I hope for it to be available before the end of the year.

Sometimes it's good to be reminded of things we may already know, or really never thought through. Here are some thoughts:

• The bravest person is not the most fearless. It’s the person that may be terrified but does what they have to do. 
• A beautiful person is not the most pleasing to the eye. It’s the person that is pleasing to all the senses. 
• A successful person is not measured by accomplishments alone, but by the failures that were overcome while serving others with kindness and grace. 
• A good parent is not one that gives without expectations and overly protects. It is the parent that guides, tests, and corrects while placing learning stresses on their children while preparing them for the world. 
• Honesty alone does not ensure respect. An honest person who can be believed without deception yet with thoughtful forbearance will be the most respected. 
• Those things that can be perfected will take away from other things that could be done better. Choose wisely. 
• Have integrity and you will have friends, influence, purpose, and meaning.

 
Michael Byron Smith 
Author of “The Power of Dadhood” 

(A Tool for Dadhood)

When I see a father holding his child's hand, or pushing a stroller, I get a mini-shot of endorphins in my brain. I admit being sensitized to the relationships of men to their families. It's in my DNA, background, and life mission since retirement. Holding your child's hand is simple yet effective, and most fathers do this automatically. But not every facet of fatherhood happens automatically. To be the best father you can be depends on your willingness to listen, learn, and contribute using every tool available. Occupations, sports, hobbies, etc. all have tools and would suffer without them. That brings me to a tool for  ‘Dadhood’, which is 'fatherhood with caring.'

A Tool that will make you an even better Dad!

In my book, “The Power of Dadhood,” Appendix B is a tool all fathers can use to evaluate their actions and skills as a parent. Its title is “A Dad’s Self Inspection (DSI) Checklist.”

Every year around Father’s Day I make the DSI Checklist available as a reminder to dads to think about their children in a focused way. It will take just a few moments to go over in your head and can be a tipping point positively contributing to being a more effective, loving, and caring father. Please read and think about every question that applies to your situation. It could change you or your children’s lives, or the checklist may validate that you already are an outstanding dad!

The DSI Checklist is an eye-opening and straightforward list of questions you can ask yourself as a father. If you would keep it handy, glancing at it occasionally, it can pull you back to your children in areas where you may have been lax. I developed it after I had written the book. Therefore, every question is a topic addressed in the book, helping with details.

HAPPY FATHER’S DAY!

​How to Encourage Self-Care For Kids

​Kids today live in a complex world where they have easy access to a wealth of information, which they don't always know how to process. From an early age, it's important that children learn coping mechanisms and how to de-stress from the frenetic world around them. When children learn self-care, it makes it easier for them to identify their own physical and emotional needs, which paves the way for handling stress well in the future. As a parent or caregiver, you might be wondering where to start with teaching kids about self-care. 

Be a Role Model

Parents or caregivers should practice self-care. Kids pick up on their caregivers' emotions and mirror what's happening in the home. Your anxiety and stress could rub off on them, so focus on maintaining balanced routines, eating healthily, and reducing work stress. 

Let Kids Be Bored

You don't need to provide constant entertainment for children. Let them be bored. Bored moments inspire creativity and provide a blank canvas for their young imaginations to run wild. When you leave kids to their own devices in a safe environment, you'll soon find them recreating scenarios from school, making up dance routines, and putting on shows. Boredom allows for expression and new ideas. 

Get Kids Involved in Arts and Crafts

Art can be therapeutic for children. It's an outlet for them to express their innermost emotions without having to verbally share them. Crafting can also improve hand-eye coordination and fine-motor skills, which builds confidence. 

Drawing is a great outlet for young people who suffer from anxiety, as it gives them a space to draw how they feel. Some kids are encouraged to match colors to emotions, which can help adults understand how they're feeling.

Encourage Time Outdoors

Encourage some time in nature, away from the screen. If you see your child is stressed, tell them about the calming effects of nature and instill a passion for the outdoors. As they get older, they'll learn that being outside is good for the mind and soul.

Find outdoor spaces and activities for kids. Try paddle boating on the river, have a picnic, or cycle on trails in your area.

Teach Kids to Breathe Mindfully

Teach your child that being upset and anxious is normal, but they can make themselves feel better. A simple technique is to get them to take five or ten slow deep breaths. Count with them until they learn how to do it themselves. It's a worthwhile technique for calming the nerves.

Schedule Family Time

Whether it's daily or weekly, schedule family time. Decide on an activity that everyone enjoys, such as walking the dog or playing a board game, and encourage everyone to participate. One simple daily practice is to each share one thing about the day that you really enjoyed. This encourages connection, gratitude, and positivity. 
​
Practice Self-Care for Happiness Kids need to learn that happiness is essential. When practicing self-care from an early age, children will learn vital skills to handle stressors later on in life.

This helpful article was submitted to 'Helping Fathers to be Dads' by Lacie Martin of Raise Them Well.org <[email protected]rg>
​

Nine Simple Yet Difficult Rules for Parenting

1. Be your child’s biggest advocate.
2. Find balance in your parenting.
3. Be involved with your children’s lives, but not too involved. (see #2)
4. Be a fun parent when appropriate. Be stern, when necessary. (see #2)
5. Be loving and show it—but have strict boundaries for behavior. (see #2)
6. Be consistent with rules and consequences, but don’t be totally inflexible. (see #2)
7. Never argue with your spouse in front of your children, nor use them as tools.
8. Treat all your children fairly, but you can’t treat them all the same. They’re individuals.
9. Remember that your child trusts what they see in you more than what you say.

An important consideration

Every child benefits by having two parents/guardians. Every measure and statistic support this statement. Often single parents, mostly mothers, are offended by this comment when they need not be. Most single parents are heroic in doing the job of two. Often, being a single parent is not a choice, yet children need the love and perspective of both a male and a female. Seek the help of a friend or relative to fill that void if it exists. (see #2)

My mother was married but raised six children alone. And while no family can follow these rules perfectly, it was impossible for my mother. She did her best without the help of my father. We all had to deal with the consequences of that situation; and there were many.
 
Michael Byron Smith
Author of “The Power of Dadhood” and the “Helping Fathers to be Dad’s” Blog (MichaelByronSmith.com)

​Kids go through stages. Stages of growing, learning, maturity, understanding, etc. There is a great lesson to be taught in every stage, whether it be how to share, how to be responsible, how to be kind, and so on. All parents know it takes a lot of patience and perseverance to teach these important characteristics. Some of us are better at it than others. There is, however, one lesson every kid should learn before they are tossed out into the cold, cruel world. It's a two-part lesson. From that time forward, it may be the last greatest lesson you can give them.

What is the first part of the lesson? It is one that will free them from many ills such as, dependence, regret, self-pity, misunderstanding, anger, and resentment. It is something kids are taught to be when they are young because it is an admirable trait. But, unfortunately, the lesson doesn’t always hold true in the real world. It’s not that it doesn’t happen frequently, but it can never be assumed or to be counted on. So what is the lesson?

I. Life is not fair and one should accept that reality.

It is true. Life is not fair as we all have experienced. There are many examples of it. Some people have fancy homes and cars while others live on the edge of hunger. That doesn’t seem fair at all. Some people are born into money, some are born with lots of intelligence, and others just seem to have more energy and better instincts. None of those things are fair, but you know what?  That’s just too bad and we must get over it! 

II. The second part the lesson: "Success is about leverage”!

Kids need to know that in the adult world, decisions are not always made according to fairness. They are more frequently made based on leverage. For instance, educated or skilled people have the leverage of better performance than those who don’t. They are the ones who are awarded scholarships, better jobs, and more money if they use that leverage!

Yes, you say, but there are some not-so-educated and not-so-hard working people that have more money. True, and that may not be fair. But surely they have leverage in some way that allows them to have more money. Any person born into a western culture like the United States has much more leverage than a very hard-working person born in the slums of Calcutta. The leverage in this example is birthplace. Again we see that it isn’t fair that some people are born less fortunate or in the wrong location. But life is not fair and likely never will be.

Note: Be as fair and ethical as possible, but don’t depend on it coming back to you!

Anyone can come up with examples they think are unfair. But in every one of those examples, there will be a situation where leverage has come into play. I thought that it was unfair when I went to college, that I was a commuter student without dorm friends who, I discovered later, helped each other study and had access to all kinds of old tests, etc. They had the leverage of instant help from smarter people who lived across the hall. It wasn’t fair to me, who studied alone. But I didn’t have the leverage of living in the dorms or knowing how things really worked in college. Yes, being naive is on me!

Note: There is NO leverage in being naive!

Here is another example. Should there be a minimum wage and is it fair to have one? Most people who have minimum wage jobs do not have the leverage of an education or special skills. People who hire them have the leverage of a large pool of non-skilled workers from which to choose so they can pay as little as it takes to get the employees they need. You can say it is unfair to these workers who may work very hard for their wages, but the employer has the leverage.

The only leverage unskilled workers may have is when the public, via their government representatives, has sympathy towards them. If deemed by law, these unskilled workers must be paid more than the market alone allows. This becomes fairer for the workers but unfair to the employers who now have to pay an artificially higher amount than the market. It may also be unfair for those that will not be hired because of the higher cost of labor. A majority in a democracy will almost always have leverage.

My wife was a teacher, my son is a soldier, one of my daughters is a college counselor and my other daughter is an occupational therapist. None of them make even one percent of the salary of an average major league baseball player. I think we now know that this is about the leverage of their talent, not the fairness of what occupations are most important in society. We accept that. And I do enjoy baseball even though they are overpaid in the minds of many. It’s not fair that some people have unique leverage that you could never attain, but you can’t wallow in that.

Note: There is no leverage in wallowing!

If your children can understand leverage and the ethical use of leverage, they have a tremendous head start over their peers! Being young, in itself, is a great leverage tool! Young people have time to earn, learn, and implement the things that will become leverage for them later in life, without ever depending on fairness or luck! Those people with this attitude are the ones who seem to succeed and be the most “lucky”.

Note: Understanding leverage IS leverage!

Leverage that doesn’t exist by chance can be built. Working hard in school to have good grades creates leverage over others to get into college or even a scholarship. The education attained via scholarship provides leverage over those without an education to get the best jobs. The money you earn is generally higher because fewer people have your education or skill. We all know that having money is classic leverage.

Note: There is tremendous leverage in a good attitude, a good education, a good work ethic, and a good understanding of how the world operates.

Like intelligence, a special talent, or being born into a well-to-do family, sometimes leverage is given to you. That is a gift. But leverage can be wasted if not valued. Also, leverage given to you can be taken away. It is the worst kind of leverage because you are counting on others and not yourself.

If your older children can grasp the notion that building leverage is to their advantage, that complaining about life not being fair is a waste of time, then you have given them a tremendous advantage in life. The leverage of understanding life, of having a work ethic, and knowing their success is basically up to them, could be the greatest lesson of their life!

Note: Having leverage is not always fair, and being fair does not always create leverage. But try to be fair anyway. It's best for you!