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Why kids should be taught personal finance in school - and at home

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  • #16
    Lesson no.1: Live within your means and never try to keep up with the Jones

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    • #17
      Originally posted by Cal76 View Post
      Lesson no.1: Live within your means and never try to keep up with the Jones
      And if you're last name is Jones?

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      • #18
        I really wish most of you would take the economic debate to another thread.

        Back on topic:
        I certainly wish there was a mandatory course in personal finance when I was in school. I certainly could have benefited from an early understanding of banking, credit, investments, equity, assets, stock markets and such in ways that my parents could not (besides, I didn't listen to my parents when I was a teen). Me and some of my friends had a mentality of a credit card being extra cash instead of a loan you have pay back - if I knew better then I wouldn't have racked up a large credit card debt back then. After university then I listened more closely to my dad and encouraged me to buy a place and do RRSPs at the start of my working career.
        “You have to dream big. If we want to be a little city, we dream small. If we want to be a big city, we dream big, and this is a big idea.” - Mayor Stephen Mandel, 02/22/2012

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        • #19
          100%

          Many many of my friends have been ruined due to poor choices based on a lack of understanding of basic finance.

          Things like minimum payments, budgets, interest rates. How about starting a small business? Paying taxes? In my highschool you had to take it as an 'option'.

          Hey kids you can only pick one option - "Gym, Drama, Band or Finance'
          youtube.com/BrothersGrim
          facebook.com/BrothersGrimMusic

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          • #20
            Originally posted by Komrade View Post
            Hey kids you can only pick one option - "Gym, Drama, Band or Finance'


            Finance teacher takes yearbook photo of Komrade - his only student.

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            • #21
              I remember the teachers touching lightly on personal finance in school, but it wasn't until later on in life that I learned so much more after going through it first hand. I would definitely like to see a bigger commitment hammering home personal finances in schools, as it so important in life.

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              • #22
                Originally posted by Sonic Death Monkey View Post
                I really wish most of you would take the economic debate to another thread.

                Back on topic:
                I certainly wish there was a mandatory course in personal finance when I was in school. I certainly could have benefited from an early understanding of banking, credit, investments, equity, assets, stock markets and such in ways that my parents could not (besides, I didn't listen to my parents when I was a teen). Me and some of my friends had a mentality of a credit card being extra cash instead of a loan you have pay back - if I knew better then I wouldn't have racked up a large credit card debt back then. After university then I listened more closely to my dad and encouraged me to buy a place and do RRSPs at the start of my working career.
                It's all related. In fact, personal finance courses are pretty dull and forgettable without a discussion of the real world. I know because I've taken a few courses plus read extensively on personal finance. One of the first books I read was Galbraith's Great Depression. Have kids read that in high school and they'll be craving personal finance education for the rest of their lives.

                My parents opened a savings account for me when I was around six years old. I didn't make a single withdrawal until I was around 18 years old. So I could see it grow and grow and dipping into it felt very unsettling. (The amount in there would be a pittance today but that's not the point, it's about learning to save and not immediately spend.) I also bought my first stocks as a teenager. Some money in the game helps build interest. That said, governments could do wonders by giving kids an account and some nominal amount of investable money and disallowing the right to withdraw any funds. Maybe a mandated investment in index funds.
                Last edited by KC; 14-10-2015, 09:36 PM.

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