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Is it the Simplest Way to Limit Your Kid’s Excessive Investing?

Wednesday, November 18th, 2020

Is it the Simplest Way to Limit Your Kid’s Excessive Investing?

A prepaid debit card may help your kid discover a little bit of monetary prudence.

The difficulties with prepaid debit cards have now been therefore well chronicled because of the news recently that anybody introducing one has to show up having a brand new hook that obscures what the item actually is: a no-frills bank checking account with a high charges much less flexibility. It being a salvo when you look at the battle resistant to the exploitation of almost every disadvantaged team you can imagine: “Debit cards are just what keep carefully the under-served — including minorities, immigrants, the indegent, soldiers, veterans and students — through the claws of payday loan providers and look cashers, from embarrassing lines waiting to cash their paychecks and then more lines to pay for their bills. as he revealed their RushCard, hip-hop mogul Russell Simmons touted”

But one of the most intriguing entrants in to the prepaid credit card industry is a business called BillMyParents, which includes embarked for an aggressive strategy to pitch the prepaid card CEO Mike McCoy, previous President of Wells Fargo credit rating Cards, told me represents “an possibility to show accountable investing also to get it done before teenagers allow us bad investing practices.”

The card that is prepaid with a few additional bonuses–and that’s where the possibility teachable moments come: it is possible to load the card together with your kid’s allowance then, each and every time your kid decides to buy something, you’ll be given a text notification. (more…)