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Why don’t schools teach basic personal finance skills?


Wouldn’t this be more useful than 99% of what they cram down our throats before throwing us out onto the streets?

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I couldn't agree more, financial education and work ethic should be a class required all over America and other places where freedom reigns...commies and dictators may disagree but screw them

What's really egregious is when you go to college you get credit cards tossed at you from every direction, Hey little lamb, meet the slaughter!

My cousin committed arson on his credit by his mid-twenties and he certainly wasn't the only case I know of
He was finally able to buy a fine house and big yard two years ago, he's in his mid-40s...20 years later and he works hard too

Credit Cards are bullshit, to be used in EMERGENCIES only
Cash remains The King, if you can't pay for it out of pocket you don't deserve it

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Yes, exactly. Credit cards are extremely dangerous.

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Indentured Servitude man...Cash or GTFO

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It's about the user rather than the instrument.

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I am the banks worst nightmare because I have never paid a penny in interest on a credit card in my life. I have a direct debit that clears the balance on the first of the month. I know exactly how much I have in cash and therefore never exceed this amount. The advantages of using a card in this manner include: -
Having all your purchases protected
Not having to carry too much cash
Collecting various points or air miles

Obviously, if you don’t have the cash, then they’re a disaster.

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I'm with you. Credit cards are great tools. I've never carried a balance and I never use cash.

I've been getting cash back and interest-free loans since forever. I love them.

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I normally rack up about £1000 a year in Harrods vouchers, plus enough air miles to have a couple of free holidays. Used correctly, credit cards are fantastic.

I use cash for to pay gardeners, plumbers, sparkys etc

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I only use cash if cc is not accepted for some reason (which is rare). I can go for months -- or a year -- with only a few dollars in my wallet. I don't even remember that it's there most of the time.

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The one thing we don’t do anymore in the UK, is write cheques. Nowadays, if cc isn’t an option, we just BACS money straight from one account to another.

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yeah, I don't do checks either. Once or twice a year, person-to-person.

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I think they’ll phase them out here soon.

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you do crypto yet? I still find all that too fishy at this point.

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I say this to all my clients, “as soon as your taxi driver starts talking about where they’re investing, then that boat has already sailed”. I wouldn’t touch crypto currency with a barge pole.

Having said that, unbeknownst to me, a client of mine bought around 5K about ten years ago and cashed it in a couple of years ago for 110K, which he then invested with me (wise fellow), but this is the exception.

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I have a friend who dipped his toe in but he didn't get out while the getting was good. But I was just speaking more as a payment method than as a speculative investment.

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No, I don’t use it, but then I don’t tend to buy things that take crypto currency, like a lot of the stuff that’s available on the dark web (so I’m reliably informed - ahem!).

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I don't either, but blockchain is the future.

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I just have this horrible feeling that it’s all going to end in tears.

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A capitalist society teaching young people how to responsibly manage their finances would be like McDonald's teaching young people how to cook their own food.

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LMAO.

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Americans don't seem to understand teaching usable skills. Europe I believe has more technical schools then we do here. When I lived on the East Coast they had more tech schools for high schoolers, but people considered you stupid if you attended them instead of preparing for "real" college.

Well I can tell that I learned very little about how to be successful from my college experience. I did learn how to pay off a boat load of loans:)

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If colleges would start letting people earn a degree in the field they are interested in and only take classes that apply to that rather than requiring credits in totally unrelated courses, that would be a step in the right direction. Who really needs PE credits or English Lit 101?
Teach the basics in grade school and then specialize in college or tech schools.

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My school does. I am a teacher in British Columbia. All high school students take courses about Career and Life Skills and it includes budgeting, applying for jobs and interviewing, banking, etc.

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In Alberta in the 90's it was called C.A.L.M. ( career and life management) no ideal what it is now. But yeah, we learned a lot of that stuff. I remember one class we did the math on owning versus renting which included compound interest.

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They used to teach kids that. It was the most useful class I ever took before graduating high school in '05. It was called "Economics" class, similar to "Home Ec," or "Parenting." It was required for me to graduate, and to be honest, I think it should be mandatory for all high school students to learn, because the class taught us skills you can use in real life, and adults use it all the time! We were taught:

- How to work with a budget. (Such as when to spend, when not to spend, and when to save money).
- The importance of insurance and how it works.
- Why we even have insurance to begin with. (We watched a cheesy, but informative video about it).
- Finding a home or renting an apartment.
- What the bills for said home covers: water, gas, and electricity, as well as rent.
- How to balance a checkbook and write checks (I don't care how digital we've gotten, it's still an important skill to know)
- How to write resumes.
- How to plan vacations financially. (We had a very talented travel agent come in for that).
- The power of advertising.
- How stores get you to buy stuff. (They used the psychology malls take advantage of, but all businesses still use these tactics).
- How to take advantage of sales at stores.
- Understanding investments of all kinds (like buying something you'll only use once, vs. something you'll use again and again).
- How to buy a car or house.
- Car/House maintenance.

Our public schools are seriously under-equipped in teaching in this area. I was one of the lucky students.

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I have a 5 year old grandson and seriously doubt he will be taught these things in school. I'm almost retired so I will have time to start early with basic math and logic. My only concern is if I teach him math the right way, will it just confuse him when they start on Common Core?????

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Uh, they didn't teach us this stuff until we were 18, near the end of our high school careers. He's a bit young to learn this stuff right now. And if you knew what was good for him, you'd get him out of that crappy public school and send him to one that does not use Common Core math.

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In Catholic school in the 1980s, we had lesson plans teaching us "practical" math skills, like how to calculate things like sales tax.

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I was at a Wendy's the other day and the cashier actually counted my change back - can't begin to remember when that happened last - what a shock!. She was older and we chatted for a moment and agreed that kids, (and probably some adults), today have no idea how to give change back unless the resister tells them how much.

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Having run a financial consultancy for twenty years, I couldn’t agree more.

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It was being taught to us in grade school!

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Where?

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Mostly Army bases. But I suspect that I'm alot older too.

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Yeah apparently they used to do it but not so much anymore. Wonder why. I’m sure base schools were superior.

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Unusually progressive compared to public schools, especially in the South, in the '70s.

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