Yep, it's a two post kinda day for me. While we're on the oh-so-lovely subject of finance from this morning, I'd like to share a bit of news I just read on Google News- The Kardashian pre-paid debit card marketed to teens has been cancelled. Only two words come to mind...
THANK GOD!!!
This was such a bad idea, these are not the kind of girls you want influencing your kids. They may not be bad people, but certainly not who come to mind when I try to think of good financial role models. Didn't Kim have a shopping addiction at one point? Hmm... Yeah, let's let them teach kids how to balance a check book. That sounds smart.
Not only was this a dumb idea before the details were even finalized, it was so much more expensive than it was worth. Started at $99.95 for a year or $59.95 for six months, then $7.95 per month after that. Now let's think about this for a second... the whole point of this card was to teach teenagers how to manage their money. Correct me if I'm wrong, but isn't part of having good financial habits saving money where you can? These fees were MUCH higher than other pre-paid cards and even full service bank accounts. The message about these cards was not "use our card to help build solid banking habits and learn how to make good financial decisions." No, no... it was more like "pay us lots of money to use our card with our pretty, pretty pictures on it so you can pretend to be one of the cool kids and spend your allowance in plastic form." Apparently there were text features that kids could check their balances on, and again, not encouraging saving money. I pay for the unlimited text add on with Verizon for this purpose, and I get my money's worth. I makes me some good money choices, ma! Most people don't have this, especially parents of teenagers. Unlimited texts means unlimited distractions. So when they get all excited and check their balance after every purchase, they just spent $20 to check their balance 10 times in one day. Good managing of finances, I think not.
Here's another part of this that's just beyond me... if you're a high profile, good role model celebrity, you know it. If they had a Natalie Portman pre-paid card or a Kate Hudson pre-paid card, I could see that. Where are those cards? Those would be handy. And they probably wouldn't cost an arm and a leg to have. The Kardashians HAVE to know that they aren't America's favorite sisters. More like America's favorite eye-roll. Their show is appropriately titled, Keeping Up With the Kardashians. This just screams "high-strung." I'm sorry but I have enough trouble keeping up with my own family, why would I want to keep up with yours? No thanks.
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