What I Would Like to See Re: Education
MayDay10
Posts: 11,757
I would like for one of the candidates or any politicians to propose a program for high schools to trade in some of their Social Studies requirements for a Personal Finance program. Students need to be taught the basics, tips, and pitfalls for personal finance, from balancing a checkbook, to investing, household budgeting, to proper use/abuse of credit.
This is probably the most important subject in our society, yet it isnt usually taught unless you have forward-thinking parents, or learn the hard-way. That is mind-boggling to me. Yes, I guess you can teach yourself, but why not drop Math from all schools so kids and young adults can teach themselves that as well.
Im a reasonably intelligent person, but never learned finance information in high school, never really researched it, my parents (good parents otherwise) never taught me finance other than credit cards were strictly forbidden (with no explaination). I got to college, ran up some debt, left college and lived above my means for a few years, made bad decisions, etc. I put myself in a nice hole which has taken me some years and luck to pull out of.
Now I believe if I was taught things I wouldnt have to learn the hard way. It seems like the country is horribly rotted right now from a lot of individuals' bad credit decisions. Yes, I realize a lot of the economy is helped by people running up the Circuit City cards, but there has to be a time where this is all scaled back drastically and I think that time is now.
This is probably the most important subject in our society, yet it isnt usually taught unless you have forward-thinking parents, or learn the hard-way. That is mind-boggling to me. Yes, I guess you can teach yourself, but why not drop Math from all schools so kids and young adults can teach themselves that as well.
Im a reasonably intelligent person, but never learned finance information in high school, never really researched it, my parents (good parents otherwise) never taught me finance other than credit cards were strictly forbidden (with no explaination). I got to college, ran up some debt, left college and lived above my means for a few years, made bad decisions, etc. I put myself in a nice hole which has taken me some years and luck to pull out of.
Now I believe if I was taught things I wouldnt have to learn the hard way. It seems like the country is horribly rotted right now from a lot of individuals' bad credit decisions. Yes, I realize a lot of the economy is helped by people running up the Circuit City cards, but there has to be a time where this is all scaled back drastically and I think that time is now.
Post edited by Unknown User on
0
Comments
Get this, it was offered when I was in high school as an extra circular class. Like it was fun to manage your check book. Ha! It should’ve been looked at as not fun, but necessary.
While I think this would help, parents play a roll too. Teach your kids to live within your means. Just because you can’t keep up with the Jones’s doesn’t mean you’re any less of a person.
Probably some of the math things could be sacrificed. Like that logic crap and advanced algebra. Also Social Studies doesnt need to dive quite as deep as it did and I learned the same exact stuff in college.
I definitely think it should be included, even if it's only for a semester or a couple of months per school year.
To the OP - You said your parents basically taught you not to use credit cards, but you went out in college and used them anyway (I'm guessing since you said you ran up debt). My question is that since you ignored the relatively simple advice given to you, would you have even applied the basics of personal finance if you'd take an class on it?
I did take the class on it, and I ignored it for several years.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
However, a lot of things I learned in Health Class: Dont drink, smoke, use drugs, I have violated at one time or another. So maybe it doesnt help. Then again, I always was somewhat responsible about that stuff, and today, I only drink occasionally.
We never had any finance electives available, and i graduated in 1996. Maybe this is something that is working its way into the system?
If kids use credit cards to afford education, and not to party, it is a crying shame they will be in debt for a good part of their lives because of that.
It’s flat out wrong!
(I don’t see how it’s ok to charge 100+ for a school book. Then every year they come out with a new edition that your class insist you have. Why not use that paperless book thing, Kindle?)
I had a highschool econ class which was a complete joke. Unfortunately, I don't think a personal finance class is the answer. Maybe an actual finance class.
And that "actual finance class" kinda addresses your second point. Credit is a must in our society. An absolute must. Saying you think it should be scaled back is not wise. One of the problems the economy is experiencing right now is the lack of liquidity or credit. I think you meant to say people need to know the repercussions with not paying a loan back. If that's the case, yes you are right.
But, if you think credit cards, mortgages, ect are not good, I'm sorry I can't disagree more. We need credit for our economy to function. The truth is people just need to be open about what they can and can't afford. I honestly don't think a highschool class will change that in people. People just have different hyperbolic discounting rates.... that's just behavioral science.
We actually need more math classes. That's the real answer. If you have $200 coming in over the month, you can only spend $200. Obviously, the algebra can get more complicated.... which is good. Kids need it.