| Speaking as an ex-teacher, I find it very sad that our | | | | It's not. What do they need to learn in good financial |
| students are leaving school with little if any financial | | | | literacy education? I believe the bare basics of |
| literacy. Our young people for the most part leave | | | | financial literacy would include:o Setting financial goalso |
| school without receiving any financial literacy | | | | Creating your budgeto Itemizing your expenditureso |
| education. | | | | Planning for high-budget expenditures (including buying |
| The problems are even more deep seated than just | | | | a home)o Basics of banking (account types and |
| not receiving any financial literacy education. As | | | | interest rates)o Basics of investing (into stocks, |
| Robert Kiyosaki states in his book "If You Want To | | | | bonds and mutual funds)o Planning for retiremento |
| Be Rich and Happy Don't Go to School?". "It is my | | | | Insuranceo Taxeso Understanding the impact of |
| belief that the first duty of any society is to teach | | | | inflation and interest on money and investments. |
| its people the basic skills necessary to be successful, | | | | However there is more, much more. Our students |
| happy, contributing citizens. Judging by what I have | | | | need to know that they have to work towards a |
| observed, our educational system has a long way to | | | | financial situation where they are not dependent on |
| go before we can give it a passing grade. In most | | | | their employment as a source of income. One |
| schools, students can get straight "A's" throughout | | | | strategy would go something like this. Their car |
| twelve, sixteen or more years of education, yet still | | | | shouldn't be a new one. A good reliable second hand |
| not even have a basic understanding of those | | | | car is all they need. |
| money-oriented skills that we need to survive and | | | | The first house they buy should be a rental property. |
| prosper in our society." | | | | When their equity increases in the first house, this |
| Students, in many schools, are still being told that the | | | | increased equity is their deposit on a second house |
| key to a successful life is to get a good education, | | | | and so on. They will get to a stage where their rental |
| then get a good job where you are permanently | | | | income will be enough to let them buy their own |
| employed. In this day and age very few employment | | | | house and their dream car. There's more top the |
| positions are permanent. | | | | strategy but that can come later. |