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My parents (mostly my father) taught me excellent lessons on saving and saving for things I wanted, delaying gratification for the bigger goal.
However, I was not taught how important it is to invest early, often, and aggressively for the future starting right from the get-go like as a teenager. Saving is only one part of the equation, then you need to invest in more than passbook savings and make compounding really work for you. That's one way to be able to retire early 30's and 40's.
School didn't teach finance. My dad taught me although making money is important, learning to keep what you make is also important. He told me to be educated in taxation so you can be tax proficient and keep more of your money.
1. Houses/real estate are NOT always good investments
2. Paying cash for any big ticket item is usually stupid. Do the math.
3. 401Ks are over rated. Do the math.
I get what you're saying but at the same time many of those 13 year old will be taking out student loans in 4 or 5 years and not understand what compound interest is. Many kids will be far in debt before they actually have money to start looking to understand personal finance If personal finance was taught in school I there would not be over 1.3 trillion in student loan debt, that the tax payers finance. I know when I took out my student loans I didn't take the time to learn about money because I didn't have any. I also thought school taught me everything I needed to know. By the time I got my first job out of college, I had a petty big hole to climb out of.
The number 1 reason we have 1.3 trillion in debt is because we made schools parrot the idea that taking out student loans no matter what was good debt.
Anytime we systematically spread a message there will be positive and negatives effects.
We wanted every American to pursue higher education and now most do. That's the positive.
At the same time everyone translates what they are taught differently.
Some people work full-time and pay for college in cash (me). Some people study really hard or develop a skill and get a scholarship. Some people half-ass it barely graduate and take out loans to pay for "other" expenses.
No systematic approach will lead to only positive effects. At least not one we've seen on earth.
Early on - Checking Accounts/Savings Accounts and Certificates of Deposit
Budgeting 101 - Simple budgets, Tax Effect and connecting it to goals - Consumption
Liquidity - Why it's important and how to get there
Introduction to Debt - Credit Cards, Car Loans, Student Loans, Home Loans
Career - What do you need to get to get to a career. What don't you need. How to finance your education.
Introduction to Assets - What to expect from consumption spending, vehicles, insurance, stocks etc.
Lifelong Saving - Basic asset allocation strategies. 22 years of school. 40 years of working. 40 years of retirement...how to make it work.
Taxes and recordkeeping - It's your biggest expenditure so let's look at the basics
Business Cycle - Understanding broadly what it is and why it happens.
1. Houses/real estate are NOT always good investments
2. Paying cash for any big ticket item is usually stupid. Do the math.
3. 401Ks are over rated. Do the math.
Houses/real estate are the best hedge against rent inflation. Think of it as a defensive investment, not a growth investment.
Early on - Checking Accounts/Savings Accounts and Certificates of Deposit
Budgeting 101 - Simple budgets, Tax Effect and connecting it to goals - Consumption
Liquidity - Why it's important and how to get there
Introduction to Debt - Credit Cards, Car Loans, Student Loans, Home Loans
Career - What do you need to get to get to a career. What don't you need. How to finance your education.
Introduction to Assets - What to expect from consumption spending, vehicles, insurance, stocks etc.
Lifelong Saving - Basic asset allocation strategies. 22 years of school. 40 years of working. 40 years of retirement...how to make it work.
Taxes and recordkeeping - It's your biggest expenditure so let's look at the basics
Business Cycle - Understanding broadly what it is and why it happens.
Where does "The Rent Is Too High and it is skyrocketing" fit in?
School didn't teach finance. My dad taught me although making money is important, learning to keep what you make is also important. He told me to be educated in taxation so you can be tax proficient and keep more of your money.
I'd like to see schools teach finance for millennials who flip burgers while rents are necessarily skyrocketing.
Every personal finance author I've read seems to casually assume the reader has a mainstream income and needs only to optimize their finances. I've never seen poverty-level finance addressed.
Real estate wealth is built on the inability of others to retain their own wealth. Maybe finance education can address that.
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