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I'd prefer making "Your money or your life" required reading, but in all honesty we'd be better off teaching kids in HS about personal finance in general.
Quote:
Originally Posted by Lincolnian
Contrary to what many people believe, many schools do have financial literacy programs.
Interesting It's been about 17 years since I graduated HS, but we most certainly didn't have any financial literacy programs.
For those of you who are unfamiliar with this book, it was a study published in 1996 which revealed that, contrary to what the media would have you believe, the vast majority of rich people in America are not movie stars, professional athletes or CEOs.
Rather, most wealthy Americans are extremely frugal people who live well below their means. They live in middle-class or even working-class neighborhoods. They drive ordinary cars. They became millionaires in one generation. However, they do not display their wealth. You would never know how high their net worth is by looking at them. Appearances can be deceiving.
Do you believe most millionaires are just regular people hidden in the masses? Do you think "The Millionaire Next Door" should be required reading for Americans who want to learn the secret of managing their finances better?
It certainly should be required reading in the schools - ditch the Shakespeare, ditch the poetry, ditch the English literature, etc. Instead go with the financial classics -- some Peter Lynch, One Up On Wall Street. Throw in Buffett's biography while you are at it. Throw in some Enron material (Smartest Guys In The Room is my personal favorite). Throw in a book about Bernie Madoff.
There is so much great reading material that isn't being used, so you have to ask yourself.....WHY NOT? Who is benefitting from having a population that is financially ignorant? Somebody likes the system just the way it is.
It certainly should be required reading in the schools - ditch the Shakespeare, ditch the poetry, ditch the English literature, etc. Instead go with the financial classics -- some Peter Lynch, One Up On Wall Street. Throw in Buffett's biography while you are at it. Throw in some Enron material (Smartest Guys In The Room is my personal favorite). Throw in a book about Bernie Madoff.
There is so much great reading material that isn't being used, so you have to ask yourself.....WHY NOT? Who is benefitting from having a population that is financially ignorant? Somebody likes the system just the way it is.
^^^
My husband has a PhD in Education. He sometimes reminds us that the modern school system wasn't designed to make upstanding and well-rounded citizens, as we often hope it does today, but rather to keep urban gangs from causing social strife (Gangs of New York) and to fit kids for factory work.
My husband has a PhD in Education. He sometimes reminds us that the modern school system wasn't designed to make upstanding and well-rounded citizens, as we often hope it does today, but rather to keep urban gangs from causing social strife (Gangs of New York) and to fit kids for factory work.
Well, somebody needs to make some changes. I was on board with this 30 years ago when I was in school. Always hated my English classes and the reading assignments. It was always something I wasn't interested in doing.
Really? That is surprising. It makes you wonder why people would take out large student loans if that were the case.
Which high schools have courses on financial literacy? I’d like to look into those programs.
Many schools in my area have them as part of their curriculum and a prerequisite for graduation. As I said, it still doesn't override the impulsivity and idealism of young people and the fact that the majority have never worked a job before graduating high school. I can't speak for whether or not these programs are required in other places throughout the US.
Well, somebody needs to make some changes. I was on board with this 30 years ago when I was in school. Always hated my English classes and the reading assignments. It was always something I wasn't interested in doing.
But 16 year old you would be interested in reading about 60 year old dudes showing up to drink beer and answer questions about how they obtained their million dollars? I didn't have any idea about what things cost besides my gas and the beer I was trying to get people to buy for me when I was in HS. I think my parents could have done a better job of letting me know just how much money they were spending on me, although I don't know if I would have cared (I like to think I would have appreciated it though). I likely would have said something like...well everyone else's parents are doing the same.....
When I was 16 the last thing I wanted to do was drive a 1989 Toyota Camry when my friends had brand new Jeep Wranglers or Lexus'. Hell I remember explicitly telling a friend of mine in early grad school to take out the loans (fed subsidized) even if you don't need them and do something fun with the money because you'll always have bills. I was an idiot and that was at 24. Luckily I never really took my own advice
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