Why We Must Teach Financial Literacy In School

Few parents of students in grade school, high school or college would disagree if you said; we need to teach basic economics and financial literacy as mandatory parts of our education system, and yet, we don’t? Why – well, that was the question recently put forth at our think tank. What might we teach the kids?

How about how to balance a checkbook, how to calculate simple interest and amortization, and how about personal budgeting and credit card debt issues? How about the tradeoffs of student loans for college tuition – whoops? Is that one taboo – sorry, but why not, why should anything be off-limits. Let’s talk shall we.

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

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

Another couple of points – in the USA we see 1.3 Trillion Dollars in outstanding tuition debt – 40% over 90-days in the rears, most of those students will default eventually, worse either way they are economically enslaved as that debt cannot be discharged by bankruptcy, at least not yet, Democrats want to forgive and eventually give free college tuition, still those loans were taken out unwisely.

Another challenge Auto Loans, zero interest, zero payments until next year and loans to those who have very substandard credit, that’s another sign of bad decision making. What if those folks had better knowledge about interest, loans, and money?

When people took out ARM Home Loans during the run-up to the 2008 financial crisis, many said they didn’t understand what they were signing. Maybe they did, but used that 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 economically enslave the next generation with debt? They get out of college and cannot buy a car, start a business, or buy a home, how does that help our economy moving forward? Something is amiss, and it is something that we can fix by simply teaching financial literacy, which is just as important for success in life as math, science, reading and writing. Please consider this.

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A Guide For Future Undergrads

Choosing a good undergraduate program can be a difficult task for you. In this article, you will know some important factors that you should take into account for choosing your bachelor degree without any problem.

Selection of an institution

First of all, you need to choose a good institute. You should not underestimate the importance of getting your degree from one of the best schools or universities. What you need to do is make sure that the institute you are going to choose is renowned for its services. However, keep in mind that even the top university may have its weaknesses.

Consider the alumni network

Your school or university will be more than that. It will be a strong alumni network for you. When considering different universities, we suggest that you also take into account its alumni network. Not all of the alumni networks offer the same level of efficiency. As a matter of fact, the alumni network of a small institution will be more efficient.

Your career

Make sure that the study program you choose will help you make a career in your desired field. Nowadays, companies expect that young graduates should be knowledgeable, operational and adaptable. You need to be able to understand the complexities of the world of business. Moreover, you should be able to change according to the changes in the organization you are working in.

Employment statistics

You should go for a program that won’t close the doors for you down the road. It may be fascinating to study some subjects. But do you really want to study a certain topic for three years despite knowing that it won’t take you far enough in the field? Did you look at the employment statistics for the degree holders of that subject? Nowadays, employers look at the relevance between the qualifications of the candidates and the jobs they are offering.

International university

Did you do your research to find out if the university you are considering offers scholarships for students to study abroad? Learning is more fun if you study in a university where students from various cultures sit together in the same room.

Content matters

Do you know the content that you will get? Often, students don’t give much importance to the teaching style of teachers in the universities. Some schools and universities are known for their research; however, their teaching style is not so great. As a result, students that come from a different culture find it hard to follow the teaching style. So, make sure you understand this point ahead of the time.

There is no doubt that choosing a study program involves a series of personal choices like studying in a cosmopolitan city or getting a scholarship, just to name a few. At the end of the day, what matters is that the institute must be a combo of personal and rational elements. However, you should keep in mind that if you choose the right undergraduate degree, it will be the best investment of your life and you will get the highest return on this investment. Therefore, we suggest that you consider the factors given in this article before choosing to study in a certain university.

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