Cards for kids.

I saw an ad for some kind of tea online, an ad that tried to hit all those FOMO buttons. Each loving leaf of this tea was carefully curated by twelfth-generation tea growers in their paradisical tea garden in Teadonia blah blah blah. It occurred to me that so much of Internet advertising is essentially trying to find a way to get you to pay five bucks for a teabag. Because if you don't, you're missing out, you don't know what good tea is, and you're a loser. 

I mentioned to my wife that the young adults who might fall for this kind of appeal are likely the same ones who complain that they are unable to pay back their student loans. She raised an excellent point about a real hole in their education, one I would like to share today. 

But first, I want to say that I do sympathize with kids getting hammered by student loans. Colleges have become obscenely overpriced in the last thirty years, using guaranteed loans to guarantee themselves enormous raises while continuing to promote the idea that the only path to a fulfilling career is through their gold-plated doors. Knowing that much of college teaching is provided by underpaid adjuncts, we all should be asking: What the hell are you bastards doing with the money? That's all beside the point, but I wanted to note that I am aware college debt has gotten out of control since I was a fresh-faced undergrad. 

Now: To business! 

My wife and I were talking about the days when we lived in a much more cash-centric society. You could not put anything from an impromptu piano purchase to the change for the air machine to inflate your tires on plastic. Sure, some places took credit cards, fewer took ATM cards, and some people still wrote checks at the supermarket. For everything else, you got some cash and that was it until the next trip to the bank. 

This, as my wife put it, is why young adults now don't think through the ramifications of overpriced tea and the like. The junior varsity credit and debit cards they were given as kids, the ones that were supposed to teach them to manage money, removed the crushing fear of being caught short in a difficult spot. In our youth it was: No cash? No taxi. No cash? No Big Mac. Didn't bring your checkbook? Better not spend too much on the groceries or you'll have to make the Return Request of Shame. ("Um... Can I put the steaks? And the Frusen Glädjé? And the, er, toilet paper?") I prided myself on keeping a running estimate as I went, and I don't think I ever got caught short. 

Fear is a great motivator and can be a great teacher. You can learn about the wonders of store brands, the importance of learning to sew, the glory of not paying $65 for a pair of adult booties from Bombas. But when you're not thinking about the money you're spending and counting on that high limit and overdraft protection, you may feel fearless -- but it may be a whole different feeling when the texts from the bank and credit card company start pinging on your phone.

I never really thought those starter credit cards were a great idea. Better to open a savings account for the squirt and actually put cash into it. Yeah, the interest the banks give on savings is so poor these days that it actually counts as an insult, but that's not the point. The point is learning the value of money and why it's important to be careful with it. 

Insert obligatory final line here, wishing that Washington would learn the same lesson. Well, I can dream, can't I?