Power Up: Taking Charge of Your Financial Destiny

Chapter Six

Introduction to Banking

Use this section as a guide to help your kids choose the right type of bank to save their money in, and as a learning tool or refresher course for yourself. Some of the topics may not seem relevant now because of your situation, but I think it’s important to examine this information for future purposes. You may not be in debt or you will not always be in debt, so I’d like to emphasize some types of loans and options you have to invest your money in once you start getting back on your feet.

You have a number of ways to save your money, invest your money, and keep your money safe. Now that you have seen the worst of what can happen to your finances, it’s wise to investigate the avenues available to you and your kids as you start the process of becoming financially fit again.

The optimal benefit that you can get from this section is a general education on the banking system and a means to begin building a suitable knowledge-base for your children. Remember, the more that you are informed the better off you are, because in the world of money and finances you are usually on your own to make good choices and bad choices. The more wisdom you have, the better choices you will make. Believe me, I have seen it all and I want you to become smarter and pass that intelligence down to your kids.

First let me start with an example. At a recent gathering with some friends I met a couple who recognized me from the advertising we do. They started talking about ...