Comments on: Personal Finance 101

By: jay

jay — Mon, 01 Mar 2010 19:07:26 +0000

I strongly agree that personal finance should be a major subject in high school. Its amazing how kids in college today are even unaware of simple issues such as credit card interests.

By: Barb

Barb — Sun, 28 Feb 2010 21:10:50 +0000

AWESOME POST!!!! Most of us learn by doing. Unless we have responsibility for paying the bills and our own lives....most of the finance ed will go down the drain. When I was younger, before I had any money, I really didn't care about financial matters. Once I started working, saving etc. managing the cash became REALLY important. Now, as the mom of a teen. I think the hours of financial education I have bestowed upon her have not made a dent! .-= BarbÂ´s last blog ..Are you Already Rich? (Part 2) =-.

By: J. Money

J. Money — Sun, 21 Feb 2010 20:32:41 +0000

I WISH high schools would teach more about personal finance than stock games and the like. That’s wonderful you had this opp and that you remember it! It is funny we no longer use checkbooks anymore :)

By: Avi

Avi — Wed, 17 Feb 2010 20:18:56 +0000

I think you’re definitely right that most people don’t realize the importance until after the fact, and even I haven’t gone through it all as much as I tell myself I need to. And it absolutely has to come from the student’s own interest and will, which can’t necessarily be controlled. But there needs to be more of a serious attempt at education which I’m sure would make a dent in the amount of students who come in unprepared.

By: Daniel

Daniel — Wed, 17 Feb 2010 16:05:39 +0000

That’s great that you had someone come in and discuss it with you. Did everyone understand why it was important? It seems like people always realize how important it is in retrospect but don’t appreciate it when it happens.

Hopefully it becomes more common in high school. But in the end, a booklet is still a booklet and that means that it’s up to the student to open it and read it. You find it interesting, which is great, but do your peers? If they had given everyone a biology booklet, how many people do you think would open it?

Do your friends in other grades or other schools have the same training? It sounds like most people do not, but I wonder if maybe it’s becoming more common.

By: Avi

Avi — Wed, 17 Feb 2010 15:52:52 +0000

During my senior year, someone actually came in to speak to us for about an hour and a half about these issues. They supplied us with a booklet which had educational information about such things as budgeting, credit, and just financial goals in general. I haven’t gone through the whole booklet yet, but I know I will before it’s too late, and I agree that it really is important for high schoolers to get that kind of education. Maybe it’s going to become more of a trend now?

By: Lbergs

Lbergs — Wed, 17 Feb 2010 05:43:40 +0000

You couldn’t have written this post a couple years ago??!!! where were you when I was in highschool!! … I’m counting on you to help me through my student loan debt that is probably piling up as I write this post.

Also remind me to go home and YELL at my parents for making me pay for college! :-)

By: Steve

Steve — Wed, 17 Feb 2010 01:57:32 +0000

The idea of a course, or maybe just a mini-course for high school students is a great idea! Why don’t you start developing a curriculum – bet a lot of schools would buy in.

Steve

By: Austin

Austin — Wed, 17 Feb 2010 00:46:28 +0000

Great advice, Daniel. I completely agree that students need to be drilled about how hurtful debt is. A lot of my friends casually carry large amounts of cc debt and they have no idea how much it’s hurting them.

I’d love to see a mandatory high school and college course implemented soon.

Austin @ Foreigner’s Finances

By: Little House

Little House — Tue, 16 Feb 2010 21:10:11 +0000

I’m taking a “Teaching mathematics to elementary students” class and I think that teaching kids to understand math in real life situations is also beneficial. The class I’m taking focuses on teaching through problem solving to build higher-level, critical thinking skills, a method that is just beginning to take off in schools. Previously, and still currently, most math classes are teacher directed or lecture classes and the students really don’t leave the class understanding math or having obtained basic math skills, a very important skill for future personal finance.

And I have to agree with LeanLifeCoach, I don’t know of many schools offering personal finance classes in high school. Hopefully this will change in the future.
.-= Little HouseÂ´s last blog ..Making the Most of a 3-Day Weekend =-.

By: Daniel

Daniel — Tue, 16 Feb 2010 21:09:34 +0000

PLEASE don’t confuse that vague 20 minute lecture with real training! I wish I had something formal that prepared me for what was ahead.

By: LeanLifeCoach

LeanLifeCoach — Tue, 16 Feb 2010 20:56:00 +0000

@sahmCFO – I’m with you! My kids learned to always save 20% before they learned table manners (we are still working on the table manners :-))

Daniel – I think you are the first blogger to share they actually had any PF training in high school beyond how to write a check! This is a sorely missed subject in our educational system for sure. Last I checked only 21 states require any form of PF education and much of it is lacking.
.-= LeanLifeCoachÂ´s last blog ..The Value Of DIY Is Greater Than Just Savings =-.

By: sahmCFO

sahmCFO — Tue, 16 Feb 2010 15:52:14 +0000

Almost every time I pay the bills I wish I could be transported back to my naive careless college self and yell, “DON’T BUY IT!”. AND my parents gave me all the right advice along the way of course I didn’t listen. I think unfortunately some people (like myself) will only learn the hard way. I intend to try to teach my kids the importance of personal finance. If three out of my three kids “gets it” and avoids being in debt I’ll consider myself BEST PARENT EVER:)
.-= sahmCFOÂ´s last blog ..Living Paycheck to Paycheck? â€“ Start saving NOW for Christmas. =-.