FINANCIAL EDUCATION FOR OUR KIDS IS A MUST

by Michael on September 7, 2011

When you were at school, did you learn about money ? I bet the answer is NO. For myself it was not until I took A-Level Economics that I learnt about the Monetarism and the Money Supply, taxation policies, the accelerator effect,… etc : but even so THIS WAS NOT REAL FINANCIAL EDUCATION.

 Most of the children that leave school at 16 and older are financially illiterate (I challenge anyone to tell me otherwise) and that is a scandal – I am not surprised that so many people are in debt over their heads. Financial education in schools for kids should be on every Governments’ Education Policy. We should be teaching them about money, inspiring them to start businesses and instilling the thoughts, beliefs, attitudes and habits of wealthy people while they are still young and with this they will learn the values and life skills they’ll need to be successful in the world.

 Financial education and money management skills is a must in order to rein in the out-of-hand spending habits and create positive and beneficial saving and investment skills that will stay with our kids all their lives.

 Most retirement schemes for the average man in the street are inadequate and this is directly due to having NO financial education. The Governments of the world are GUILTY and should make amends for this.

 Lets introduce Financial Education as part of our schools curriculum’s to make learning about money fun for kids, whilst sharing the values, habits, tools and skills for financial success. By introducing principles of prosperity, saving and investment to your children at an early age you help prepare them to make sound decisions later in life and protect them from painful financial pitfalls.

  We can start with the Basics:

  •   Pay yourself first,
  • Get saving when you are young and save on a regular basis,
  • Get your money working for you – treat each dollar, pound, euro as a worker who will report to you every day on his productivity,
  • Spend less money than you earn !
  • Invest in assets that produce interest / passive income,
  • Only borrow money when it is going to make you money,

 Okay. Rant over. Hope you agree with me by getting our teachers to start Financial Education for our kids.

Have a good evening everyone.

Michael.

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