Montana, What Do You Think About Teens Getting New Online Payment Accounts?
There's an old saying that if you give a kid enough rope they'll hang themselves. Here is another example.
Today Venmo announced that they will allow 13 - 17-year-olds to set up Venmo accounts with their parent's permission. They will also allow them to have a debit card too.
I don't know how you feel about it but there aren't too many teenagers out there that are smart with money. I had a college kid that abused a credit card at college and that was the end of that.
In order to use the Venmo pay or debit card you have to have confidence that they are making wise purchase decisions. At 13? Hey, they are your kids you can do what you want.
Credit is something too that they should never have. Pay as you go until you are an adult and independent then all of your bad decisions fall in your lap.
I guess I'm old school but a thing like allowances never came into play either. You don't get paid to do things for the family and around the house. You should mow the grass because you should, not for money. Other people's yards, sure earn a few bucks but don't expect a weekly allowance from me. You are clothed, fed, housed, and have all your other expenses taken care of and now you want supplemental income? No way. Go earn it.
Then maybe the person you're doing the work for can Venmo you the money or pay you in Bitcoin. Credit is not something to get used to early or you will struggle later.
See ya tomorrow at 5 a.m.