Growing up in a large family, my basic financial needs were always taken care of but as for the extras -- it was like a bakery:  "Take a number and get in line."  It annoyed me and, at times, it embarrassed me when a friend had the latest and greatest gizmo and I did not.  But, it also motivated me to find a way.

I remember getting my older brother to let me clean his room for money, I took local babysitting jobs, and the moment I was old enough to put in for my working papers, I did.  Now my first job paid peanuts, because it was a "seasonal" job and didn't have to pay minimum wage.  So for $2.75 an hour, I worked at the local pool; but I was happy as a clam, because I was earning my own dough.

When I left for college, my parents paid the lion's share and I took out the standard $2,500 government loan and paid all my expenses:  books, entertainment, clothes, etc.  A funny thing happened.  Because I had earned money in the past, I wanted to earn again, and I did not want to have to ask anyone (even my parents) for money.  So, I started tutoring for $10 an hour (nice pay raise)!  And just as I was getting comfortable and into the groove the boom was lowered:  my Dad was retiring and we were moving to Florida.  He wanted me to transfer to a state school there.  Immediately I knew I had to do something to stop this. I didn't want to leave, but what could I do?  Click here to read more and for Tips for Raising Do-it Yourself Kids. 

Finding Financial Strength in Retirement 

Want to teach your young adult children to use credit responsibly, without worrying about covering outrageous bills?  Consider a secured credit card, which requires a cash deposit to secure the line of credit. The amount of the deposit dictates the credit limit.  For example, a $600 deposit would enable charges up to that amount. A bill is still issued, and needs to be paid on time, but the issuer is protected in the event of default. Look for a card with a low minimum deposit, no annual fee, and a reasonable interest rate.  Most important, make sure the card reports payment history to the three largest credit bureaus so credit history can be established.  Cardhub.com, a credit card comparison site, likes Orchard Bank Secured MasterCard based on the criteria listed above.