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Author Topic: Teaching money Managment  (Read 1319 times)

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Offline ShrowdedPoetTopic starter

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Teaching money Managment
« on: September 24, 2008, 01:30:14 PM »
So what do you think?  I feel that money management is not taught like it should be.  Parents should certainly teach their children but I think it needs to be taken farther.  I think it should be required in schools.  When I was in school the courses I took were like "Credit bad!  Don't get it!!"  They didn't teach what to do if you did get it, what to do if you make a money management mistake, or how to handle credit or money.  It's Kind of like teaching abstinence as the only way. . .it doesn't work.  So what do you think?

Offline RubySlippers

Re: Teaching money Managment
« Reply #1 on: September 24, 2008, 02:06:02 PM »
I had a semester in HIgh School called Consumer Studies required that covered common law, loans, different types of credit, doing a budget, savings and retirement planning and understanding advertising. The best class I ever had.

In my case my parents also taught me by their example and advice that hard work leads to rewards later. Right now I hold two part-time jobs one doing accounts for a persons eBay business and selling hot dogs at the beach on weekends. I'm self-employed dong some phone sex eight hours a week, collecting cans to crush and sell at a can machine that spits out coins for them and do some tax returns when its season in addition to attending college on a lighter schedule of classes full-time. What do I show for this? No school debt my parents pay the tuition but I pay for everything else they insist on it. I have $8000 in the bank saving for the down payment on a house someday. I have another $10,000 in my IRA. I have a decent amount of savings and for my age a nice rising credit rating.

I don't understand some of my friends they make fun that I works so hard and collect cans for money and sell hot dogs, these people are in debt and think some jobs are beneath them. I feel if a job is legal and it pays and you can do it then do it you have bills to pay. That is not taught in school that is taught by family though.


Online Oniya

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Re: Teaching money Managment
« Reply #2 on: September 24, 2008, 02:13:19 PM »
We were taught how credit cards work - not "credit cards bad!" or "Like, OMG, get a platinum and max it ouuuut!" Just, "This is what you pay if you pay cash.  This is what it is if you pay $X per month.  This is what it turns into if you make the minimum payments.  Your call."  It scared the crap out of me.  To the point where I didn't even own a credit card until a few years ago, and even now, I only use it in the direst of emergencies - like when the basement flooded.

Offline ShrowdedPoetTopic starter

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Re: Teaching money Managment
« Reply #3 on: September 24, 2008, 02:16:16 PM »
Maybe it's just where I live cause there weren't any good classes for money management. . .of course. . .the schools also taught abstinence as the only way. . .

Offline RubySlippers

Re: Teaching money Managment
« Reply #4 on: September 24, 2008, 02:30:37 PM »
I have ONE credit card, its one of the school ones I liked it and some money goes to it but the thing is I have it because I want to build my credit and when I use it and pay it off its good for that. And its easier to get one in college than later. But to be honest if I get a better one later I'll pay it off and switch to the new one then cancel the school sponsored one. I just use it carefully for small purchases I can afford to pay back. Its all about discipline.

I remember watching Opray a couple had 29 Credit Cards and aruged it was not THEIR fault the Credit card companies kept sending them pre-approved card applications. Give me a break!

I'm not going to blame schools parents and people taking loans and using credit should educate themselves as well the local library if full of books on that, I checked.

This is a real story a freind wanted help cutting her expenses. I looked at her budget and said if she just went from her High Speed Internet to dial-up it would save her $20 a month. Then went down the list telling her to get rid of her cable service, don't eat out as much and made some other suggestions. She thought I was nuts. No cable! No high speed interent! No eating out four days a week but once! I pointed out all this was generally luxury. Then I suggested since she was married but has no children to work part-time and put that toward her debts putting 60% for that and 40% for savings. She again thought I was nuts. I din't say it had to be another twenty hours even 10 hours of work would be an extra $80 a week perhaps after taxes, that is not bad another $320 a month is real money.

But are we surprised the government spends money like water and there is no consequences the people see that and think they will get bailed out.

Offline ShrowdedPoetTopic starter

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Re: Teaching money Managment
« Reply #5 on: September 24, 2008, 02:36:17 PM »
I didn't say blame parents or schools.  People don't self-educate very well anymore either.  It's a scary thought. 

Some people just can't think to live without those things. . .they've probably never had to.

Offline Jefepato

Re: Teaching money Managment
« Reply #6 on: September 24, 2008, 02:44:51 PM »
Consumer ed was required in my high school.  It wasn't all money management, but it did go into things like how not to screw up with a credit card.  I got it over with in summer school.  I might have been the only kid paying attention.

I ended up giving a presentation in my college's (pointless but required) communications class on basic credit card use.  It mostly consisted of the incredibly basic stuff I learned in summer school.  This turned out to be new and shocking information to most of the class.

I have a couple of credit cards just in case, but I only ever really use the one, and I pay it off every month.

Offline Inkidu

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Re: Teaching money Managment
« Reply #7 on: September 24, 2008, 04:24:38 PM »
I don't see what this has to do with politics or religion, but I took one of those courses my junior year of high school and it was one of the best courses I ever took. It taught me how to balance my check book and handle apr and things like that. Yes it should be a mandatory thing. My dad taught me the little tricks like buying an appliance when it has so many months no interest and you divide up the payments and get it paid off before interest even hit.

Credit cards are tricky. You have to makes sure to pay it on time at the least and always try to make more than the minimum payment. You're right though, it should be taught how to handle credit, but a credit card is something to be careful around.

Offline Mathim

Re: Teaching money Managment
« Reply #8 on: September 24, 2008, 04:46:39 PM »
I think lots of courses should be taught at high schools that aren't. Multicultural studies for one, so people understand each other better. There were lots of different minorities at school and they really weren't very friendly toward each other.

But I think budgeting and stuff like that would be an awesome course to have. Classes sort of touched on that a little, but nothing that anyone took seriously. I believe that if an entire semester would be devoted to managing money and stuff, people would have no choice but to take it a lot more seriously. But they could do other things in that class like teach about financial aid before the kids even got to college, and talk about student loans and things too. Man, I should run that by a few people, maybe get a temporary job teaching that kind of thing.

Offline RubySlippers

Re: Teaching money Managment
« Reply #9 on: September 25, 2008, 06:41:13 AM »
Good luck now they are teaching to tests, I went to a private high school for me it was easier to take classes that were not so focused on passing state tests.


Offline Revolverman

Re: Teaching money Managment
« Reply #10 on: September 25, 2008, 06:47:19 AM »
I blame the parents, those who get there kids cards, and buy them cars. Real life hits like a tonne of bricks.

Offline RubySlippers

Re: Teaching money Managment
« Reply #11 on: September 25, 2008, 07:01:33 AM »
True the only expensive things my parents bought me were power wheelchairs and house improvements to get around our home with some dignity at least that was something any parents would do. I still had to get a job at sixteen or not have any money, and I telemarketed credit cards to people like college students as my first job. Did I feel guilty- no. I can't be responsible if some others are not responsible now can I. And I was good at it for my 16 hours a week I made around $300 after taxes.
 ;D

But your right parents should be the examples but whatif they have no clue, and the people simply won't go to the library and get one book to read on this either.

Offline Revolverman

Re: Teaching money Managment
« Reply #12 on: September 25, 2008, 07:03:24 AM »
Oh man, you cant imagen my pride when I was able to make my first 1000 dollars. ;D


Oh man, the Library is such an underused resource for... well everything.

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Re: Teaching money Managment
« Reply #13 on: September 25, 2008, 07:21:51 AM »
But your right parents should be the examples but whatif they have no clue, and the people simply won't go to the library and get one book to read on this either.

That's yet another ball of wax.  Our local library was surprised that I brought my daughter in every week to get a book to read.  Too many people aren't reading enough period - much less useful stuff. -_-

Offline RubySlippers

Re: Teaching money Managment
« Reply #14 on: September 25, 2008, 07:29:28 AM »
Well its proven children that go to and use the Library are smarter and do better on tests and in school in general. And I still go every week to get one fiction book, one non-fiction book and a few DVD's the rental price can't be beat. But this belongs in another thread but to make it fit will say they have ample money managing books at most of these fine and noble institutions so why not use them? Funny I have yet to find a parent not take their children to the Library iof they want to and it teaches so many lessons being responsible for other peoples property (books and the like) for one and for me holding my own card made me feel all grown up.

On another note all this economic meltdown is making me rethink my plans for college I'm going for a legal studies degree as my main one with a paralegal concentration, a bachelors offers so many options over a lesser degree in the field. And a double minor in Education (this is new it is to get you ready for school district level certification training) and the other in Philosophy (I like philosophy). I feel this way I can enter the legal field or go to law school, but have the ability to enter educatiion if I want to after I earn my degree. I can't afford to waste my degree my parents are helping with my bachelors after that I'm on my own. And some students are losing their financial aid as banks are pulling them that is sad they started classes and now many have to leave school in most cases. Often because they or more likely their parents have a poor credit rating.


Offline Caehlim

Re: Teaching money Managment
« Reply #15 on: September 25, 2008, 11:06:27 AM »
I was surprised that my school never taught me how to file a tax form. My parents taught me, but it always seemed a bit strange that such a vital life skill was left off the corriculum.

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Re: Teaching money Managment
« Reply #16 on: September 25, 2008, 12:54:50 PM »
Likewise.  It wasn't until I'd had my first job that I learned how to file the EZ form.  I'm still at sea when it comes to the full form, but I know enough to find help when I need it.

Offline Mathim

Re: Teaching money Managment
« Reply #17 on: September 25, 2008, 01:16:56 PM »
Filing is extremely simple. All you need is the booklet for, like, one line of calculations. If you ask me, that amount should be on the form (since if you're filing the EZ, you can't be making THAT damn much!)

I think schools ought to also teach a year-long Nutrition course in addition to P.E. classes. Too many people in this country are obese and otherwise unhealthy and if the schools are going to sell junk food at the cafeteria, they can at least explain in classes WHY those things are bad.

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Re: Teaching money Managment
« Reply #18 on: September 25, 2008, 01:49:42 PM »
I've moved well beyond being able to file the EZ - filing jointly, house, kid, two incomes... yeah.  :P  On the bright side, I'm usually getting back.

I'm not sure how our local high school and middle school are for teaching nutrition, but I have been run through the new pyramid (apparently 5 food groups wasn't enough), and I have a seven-year-old who can use the word 'carbohydrate' in a sentence correctly, and has been known to pick fruit as a dessert instead of candy or a cookie.  (She also identified me fairly correctly as 'nocturnal'.  ;D

Offline Trieste

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Re: Teaching money Managment
« Reply #19 on: September 25, 2008, 06:23:57 PM »
Ehm. They teach a money management all through high school, and most colleges require a basic education in it, too.

It's called 'math'.

You learn about compound interest and whatnot in basic math classes. That takes care of interest. You learn addition in grade school. I remember doing multiplication tables in third grade. Seriously, people, I am not a numbers person and I am a fantastic budgeter, to the point where I was able to survive several months of unemployment with very little savings (much less than I would have preferred). It's not that difficult.

I do agree about the tax forms, though. For me, I just thought I could keep claiming 'exempt' if I was under a certain budget. Hoo, man...

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Re: Teaching money Managment
« Reply #20 on: September 25, 2008, 06:46:00 PM »
Ehm. They teach a money management all through high school, and most colleges require a basic education in it, too.

It's called 'math'.

Someone after my own heart.  Probabilities class taught me why I shouldn't waste money on the lottery, too ;)

Offline RubySlippers

Re: Teaching money Managment
« Reply #21 on: September 25, 2008, 07:04:42 PM »
Well I get one quick pick with one number fixed, adding up all the numbers in my date of birth. Hell its $1 and you might win, although I will switch when Florida does the interstate lotto might as well go for the big bucks its a long shot in the long shot anyway.