Finance Education

[t_BuckeyeScott]

Not sure if this should go on the poly board or here.

I think everyone would nearly agree that as a nation the United States is terrible with personal finances.

If our grade school education is what we hold responsible for training children to have the bare minimum tools to be responsible educated adults should we have mandatory personal finance in high school curriculum?

I can see some arguing that some of its common sense. I agree that maybe it should be, but clearly it's not.

I can see some arguing that it's the job of the parents. I agree that parents need to step up, but don't we say that about all education?

Does anyone think that a better understanding of personal finance for all benefits all?

 

[AKAK]

Not sure if this should go on the poly board or here.

I think everyone would nearly agree that as a nation the United States is terrible with personal finances.

If our grade school education is what we hold responsible for training children to have the bare minimum tools to be responsible educated adults should we have mandatory personal finance in high school curriculum?

I can see some arguing that some of its common sense. I agree that maybe it should be, but clearly it's not.

I can see some arguing that it's the job of the parents. I agree that parents need to step up, but don't we say that about all education?

Does anyone think that a better understanding of personal finance for all benefits all?

Yes.

 

[t_BuckeyeScott]

Yes.

It seems so obvious that I have to be the 200th million American to come up with the question.

But that begs the question. Why hasn't or isn't it happening?

 

[Jagdaddy]

It seems so obvious that I have to be the 200th million American to come up with the question.

But that begs the question. Why hasn't or isn't it happening?

For the average person, the main lesson to be gained from financial education is simply "delay gratification". There appears to be no message that anybody in our society seems to be less willing or able to deliver, especially to children. IMO, it's a tragedy of the commons in that individuals can make a lot of money off of others' inability to delay gratification, at least in the short to medium term, even as society as a whole is beggared in the long term.

 

[Buckeyeskickbuttocks]

It would be a short class if I taught it.

I seem to remember having some level of "life skills" classes back in grade school - I do distinctly remember being taught how to write a check. Not sure I was ever taught anything about the concepts Jag touches on, and I'm with him on that. My first couple credit cards .... maxed em out.... hell it was free money.... until I was made aware that it certainly wasn't free money.

 

[Buckeye86]

But that begs the question. Why hasn't or isn't it happening?

because there is a ton of money to be made off of dumb asses too stupid to handle their finances in a responsible manner... or at least that would be my guess

 

[Bucklion]

My mother taught in middle school (history and reading, mostly), and she used to make a point of taking one day a year and teaching the kids how credit cards work. She was often surprised how many of even her smarter kids had zero inkling about any of it, be the ridiculous interest rates or the penalties or how many times you actually end up paying for something once you finally pay the balance off, or the perils of credit card jumping, which a lot of college kids do...it wasn't in the curriculum, but she thought of it as a life skills service. I hope they appreciated it. Maybe their parents should have come to school that day to get the same lesson.

 

[t_BuckeyeScott]

because there is a ton of money to be made off of dumb asses too stupid to handle their finances in a responsible manner... or at least that would be my guess

It would be a short class if I taught it.

I seem to remember having some level of "life skills" classes back in grade school - I do distinctly remember being taught how to write a check. Not sure I was ever taught anything about the concepts Jag touches on, and I'm with him on that. My first couple credit cards .... maxed em out.... hell it was free money.... until I was made aware that it certainly wasn't free money.

For the average person, the main lesson to be gained from financial education is simply "delay gratification". There appears to be no message that anybody in our society seems to be less willing or able to deliver, especially to children. IMO, it's a tragedy of the commons in that individuals can make a lot of money off of others' inability to delay gratification, at least in the short to medium term, even as society as a whole is beggared in the long term.

Is it unfortunate that I think you all are right? I think I was hoping that you weren't.

 

[stxbuck]

Would this be a good idea in general-absolutely. Will it ever take hold-no. Why-b/c it would absolutely gut the mindless, trendy, small-dollar purchases that make up an increasingly large % of consumer spending. Chill out on the Starbucks and get gas station coffee-OMG!!!!!! Actually SAVE to buy that new flat screen or rims for the whip-that sucks dude! Stay away from Sephora-like, that's like, horrible!
Telling consumers to curb their impulse buys would throw a major monkey wrench in the economy.

 

[Crump's brother]

Also, many of the people I teach with (with whom I teach) are in such severe credit card debt that they can't afford to retire. There are more leased Kias in the school parking lot than most minds can fathom.

 

[Buckeye86]

Also, many of the people I teach with (with whom I teach) are in such severe credit card debt that they can't afford to retire. There are more leased Kias in the school parking lot than most minds can fathom.

Yeah right, commie.

Teachers are all lazy slobs living a life of luxury stealing all of my hard earned cash. Turn on Fox News once and awhile and learn the truth.

 

[sandgk]

Turn on Fox News once and awhile and learn the truth.

Do they schedule that during the wee morning hours?

 

[Crump's brother]

Yeah right, commie.

Teachers are all lazy slobs living a life of luxury stealing all of my hard earned cash. Turn on Fox News once and awhile and learn the truth.

Nice.

To clarify, most of my co-workers are terrible at managing their money. They stroll in every day with a $2. cup of coffee and yet bitch about gas prices. They lease Kias because they'd rather have a new car than spend the same on a two year old Honda or Toyota that will outlast their Korean shitbox and give them something to trade in when they need a new car.

Gotta go, my comrades are calling.

 

[t_BuckeyeScott]

Nice.

To clarify, most of my co-workers are terrible at managing their money. They stroll in every day with a $2. cup of coffee and yet bitch about gas prices. They lease Kias because they'd rather have a new car than spend the same on a two year old Honda or Toyota that will outlast their Korean shitbox and give them something to trade in when they need a new car.

Gotta go, my comrades are calling.

Not having spent much time previously thinking about US finance, this thread and one in the poly board has led me to conclusion that are economy is based on cannibalism.

It seems like most of our wealth in this country is created by causing someone else to go in to debt.

 

[muffler dragon]

They lease Kias because they'd rather have a new car than spend the same on a two year old Honda or Toyota that will outlast their Korean [Mark May]box and give them something to trade in when they need a new car.

Never owned a Kia; however, I have owned four Hyundais which is essentially the same manufacturer (Sonata, Santa Fe, Elantra and Accent). I have found the performance and safety to be at least equivalent to what I would expect out of the more expensive Hondas and Toyotas (and this is when they're used). The only part of your automotive gripe that may have any traction is the leasing part.