Principles Of Finance Value Today With 15 Years Of Payments Why We Must Teach Financial Literacy In School

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Why We Must Teach Financial Literacy In School

Some parents of grade school, high school or college students will disagree if you say; We need to teach basic economics and financial literacy as an integral part of our education system, and yet, we don’t? Why – Well, this question was recently posed in our think tank. What can we teach children?

How to balance a checkbook, how to calculate simple interest and amortization, and how about personal budget and credit card debt issues? What about the tradeoff of student loans for college tuition — oh yeah? Is that a taboo – sorry, but why not, why should anything be off limits. Let’s talk.

You see, a think tank type told me he liked this theory and was surprised it wasn’t part of the curriculum already. Of course, he also told me that my ideas of ‘balancing the checkbook’ were a little archaic. “Seriously? How many people still use checks – haven’t written one in decades.”

Well, I concede that point, still the principles of looking at a bank statement are valuable. Interestingly, I’ve only written a handful of checks this year to think of it myself.

Another two points – in the United States we see 1.3 trillion dollars in outstanding tuition loans – 40% behind in 90-days, most of those students will eventually default, even worse they are financially enslaved because they can’t get rid of that debt. Bankruptcy, at least not yet, Democrats want to forgive and eventually free college tuition, even if those loans are taken on unwisely.

Another challenge is auto loans, zero interest, zero payments until next year and loans to those with very poor credit, another sign of poor decision making. What if those people had better knowledge about interest, debt and money?

When people took out ARM home loans in the run-up to the 2008 financial crisis, many said they didn’t understand what they were signing. Maybe they did, but used it as an excuse, either way, they should have known what they were signing and getting themselves into.

Why are we in such a hurry to trap the future generation in debt? They get out of college and can’t buy a car, start a business, or buy a house, how does that help our economy move forward? Something is wrong, and it’s something we can fix by teaching financial literacy, which is just as important to success in life as math, science, reading and writing. Please consider this.

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