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Teaching Kids About Money

Saturday, September 21, 2013 - 7:54 PM
There's been a lot of talk in the U.S. about this, but so far no
liftoff; looks like Britain is a step ahead on it:

     "The U.K. is gearing up for mandatory financial education classes next
      year in grades K-12, cementing its place among the leaders of the
      global movement to teach kids about money.

Read more:
5
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,374
1. Sunday, September 22, 2013 - 8:21 AM
Hooray for Britain!!  When I was in High School, I was told I "had" to take Algebra.  Well, I tried it out and knew for what I was going to do with my life it was not going to help me one iota but Business Math would.  I had a "tado" with my Counsellor and convinced her I was right. She switched me to Business Math. I also told her that the day would come when governments would get smart and teach kids a course in finances so they could learn what my own mama had to teach me.  She said it would never happen.  Well, it looks like it is happening in the UK!  I am so happy about this because learning how to handle finances is an important part of everyone's life no matter if they are a janitor or CEO of Wendy's.  I just hope the US will get some smarts and put Finance and Money Management courses in our schools.  Young brains can absorb information a lot better than my senior brain so the earlier the better! 
2
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
2. Sunday, September 22, 2013 - 12:54 PM
Given the current fractured political climate in this country I doubt this could be implemented in our public school system.  Some group(s) would raise a stink about it, regardless the obvious advantages of such a curricullum.
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
3. Sunday, September 22, 2013 - 1:41 PM
Shorebreak:  "What" type of group could raise a stink about teaching children especially the middle class and poor ones, how to handle the money they may have in life?  This is not **** education or religion, it's about monetary survival.  I would love to teach especially the poorer children who may not have the chance to get richer how to be able to live a good life with less money.  It's all about knowing what to do with the money you have and training yourself to be disciplined enough to do what it takes to live better on less.

I can't imagine in any way even the more radical groups not wanting kids to learn about finances.  It could be left up to the parents but not everyone is lucky enough to have a mom like I had.  Most are so busy being single moms and working to make ends meet that "they" could probably use a few lessons in how to manage the money they make much less teach their kids.  Let them raise a stink.  "I'll" raise a bigger stink to get some sense in our government to help our kids.  The plan Britain is using seems to be an excellent one and they could buck it up with having a "day at your local bank" to make it more fun.  Learning about finances can be fun as well as extremely educating.  I started going to banks and handling passbooks before I could even see over the counter and you can bet I was able to know if the amounts put in were correct. I was about 9 years old when my education started and it never ends.
2
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
4. Sunday, September 22, 2013 - 4:12 PM
In my state, paricularly in my local school district, it would be a non-starter. Any course mentioning the Federal Reserve Bank, U.S. Treasury or money management would be under intense scrutiny. Heck, they didn't even allow the students to view a televised spot from President Obama advising them to stay in school and study hard. That and financial education are viewed as parental responsibilities and not to be infringed upon. "...the federal government is supporting through research and by providing learning materials" would put the end to it right there.
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
5. Sunday, September 22, 2013 - 4:32 PM
Goodness Shorebreak, I don't want to be living in your state because I would be battling that issue out with my reps constantly.  So if finances should be the responsibility of the parents, why don't we just "home-school" all our kids and then we can teach them whatever they really need to learn. 

I would love to know how Britain is getting around this with their government officials so we can use it here.  Anyone know?  I think I will write to my senator and ask him what is the chance this can be done in the US and if not, why not.  If they are going to say "no", I want a reason for the no.  We can work around the Federal Reserve and Treasury issues.  First teach them everything else and when they are older, by that time, we can bring in the FED etc. as a part of Civics classes.  They do have a right to know how their own government is run.  This is how we can get in the stuff others might want to hide.  It can be done.  My kids are adults now but I think we need to stand up for these kids who are growing up with such financial problems and need to learn how to overcome them. 

Let's knock out Physical Education!  Wow!  Michelle would turn purple over that idea. I sat out most of my PE classes.  Exercise can be done after school.  Ok, I will exchange them PE for Financial education.  I need to find out more about what Britain is doing and how they stomped out their opposition, if they had any.  "It's not over until the fat lady sings."  I don't intend on allowing any fat ladies to sing on any mission I have.  So be optomistic Shore.  It can be done!
1
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
6. Sunday, September 22, 2013 - 4:43 PM
"So if finances should be the responsibility of the parents, why don't we just "home-school" all our kids and then we can teach them whatever they really need to learn."

Now you got it! That's the goal of the majority political party in my state.
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
7. Sunday, September 22, 2013 - 5:11 PM
Is your Majority Party the Libertarians??  Are you joking with me Shorebreak?  Is all this just a ruse for home schooling?   People can do that now.  What's the big deal.  Problem is most mothers are out working and not able to be home to school their kids.  I am all for home schooling.  The most important information I learned was at home or on my own.  I just don't understand if you are being serious or not.
2
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
8. Sunday, September 22, 2013 - 5:23 PM
I'm perfectly serious. Just ask that governor that travels around the country attempting to steal jobs from other states.

Not only the governor but...
Ron Paul (Republican): More women should sacrifice career to homeschool kids
http://blog.chron.com/hottopics/2013/09/ron-paul-more-women-should-sacrifice-career-to-homeschool-kids/
3
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
9. Sunday, September 22, 2013 - 6:17 PM
9. Sunday, September 22, 2013 - 6:14 PM

SB:  Are you referring to that Texas governor who tried to run for President and lost??  And what is wrong with Ron Paul wanting women to give up jobs to home school?  Why can't he put his energy into getting the government to allow the children to learn finances in the schools they go to?  I think all women do a lot of schooling to their kids even if they are in school but to take on the job because the government doesn't want to do it is ridiculous! 
1
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
10. Sunday, September 22, 2013 - 7:37 PM
I have a friend who is a retired high school computer science and shop teacher. He could have gone into business and earned so much more money but he loved teaching children so much that he went into that field. I would love to have you throw your rant into his face and see the result. You would be lucky to pick yourself up from the floor. I wouldn't bother to help you either. You don't know what you are posting about when it comes to teaching. That's obvious. Don't bother even advising young people regarding finance. You are too risk adverse to have an unbiased opinion.
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
11. Sunday, September 22, 2013 - 9:22 PM
As a freshman in high school well over 50 years ago it was required to take a class called orientation. Each student represented a family of a mother, father, 13 year old boy and 10 year old girl. We had to find a job for the father, either buy or rent a home, buy a car, car, house and life insurance. Make a budget, look at the grocery ads and make a grocery list and prepare a menu for the week. Kids had allowances. Had to purchase clothes and tell where we purchased them and how much it cost. Had to shop for appliances when they broke down and also furniture when the teacher said the leg broke on the couch or the kitchen chair fell apart etc. Had to pay the gas, electric and phone bill. Had to go to a bank and find out about checking and savings accounts and get fake checks to pay for bills, We were given $10,000 to buy stocks and bonds. Had to keep daily track of the stock and bonds. At the end of the year had to do the income tax. It was the most amazing class and should be mandatory in every high school. That teacher was my home room teacher and also the football and basektball coach and he sold mutual funds in the summer and weekends. He had 7 kids and he volunteered at the school 6 hours a day after he retired. A great husband, father, teacher and friend. 
2
AllyAlly785 posts since
Jan 16, 2010
Rep Points: 2,281
12. Sunday, September 22, 2013 - 9:40 PM
#11 Ally   Wow!!
2
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,374
13. Monday, September 23, 2013 - 8:53 AM
#10:  Are you happy with yourself?  When I posted:

Even at my age, I could turn out a load of kids in better shape to face the world than the schools are doing!"

YOU know very well I was referring to the shape many of our schools are in and not ALL teachers in general.  I have seen some excellent teachers and I have seen others who were not fit to sell burgers yet they were allowed to keep teaching because of "tenture".  Your friend may have been one of the good ones and we are thankful for those but they all don't fit in his category.  Maybe the schools in different states are different but in my former state we didn't get the cream of the crop!  And yes, I know I could do better than those teachers because I "had" to!  YOU were the one that got me on the topic of "home schooling" so how can you be such a hypocrite and now pretend to come to the defense of "all" teachers? I had a fantastic teacher who changed my life completely by something she did for me in my personal life and I know some teachers were born to be great teachers.   To pretend they all are because we don't want to pay for the best is hypocritical. 

As for my advising people on finances because I am too "risk adverse" did you wobble onto the wrong discussion group?  I don't read Ken's articles or posts daily teaching us to take risks.  DA is mainly about buying CDs!  Maybe you are the one who needs to be picked up off the floor because you don't seem to know where you are.    BTW, saying you would never help me speaks very loudly about your true intentions when you respond to my posts.  So why don't you ignore my posts or "rants" as you seem to think they are.  
2
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
14. Monday, September 23, 2013 - 8:57 AM
Ally, that Orientation Class you wrote about is exactly the type of class I was referring to.  How did that teacher get to teach it back then and we can't have the same class for the students now?  I wonder if it is because no one has tried to implement it.  Maybe the teacher was smart enough to call it "Orientation" and no one realized what she was really teaching.  Too bad we don't have more teachers like her to do something like that today in the schools.
2
paoli2paoli21,148 posts since
Aug 10, 2011
Rep Points: 5,122
15. Monday, September 23, 2013 - 10:46 AM
It was a catholic school that cost only $15 per student and $30 for the family (back then) and the teacher was a lay teacher and it was a HE that was also the basketball and football coach. Back in those days you did not have a large selection of classes. As a freshman a student took the required classes of english, history, orientation, religion, and the electives of either bookkeeping and shorthand, and typing, or the other choice was latin, algerbra and biology. You had to be rich enough to go to college to be allowed to take latin, algerbra and biology. Not many of us were able to take the college classes. Big choice huh? Girls had no gym. From first grade on there was at least 1 hour of homework every night and this did not include studying for tests or monthly projects that had to be turned in and it did not include extra credit projects. Girls did not even have recess.  The only sports the school had and only in high school was boys football, basketball and tennis. Nothing AT ALL FOR THE GIRLS except cheerleading of course. 
2
AllyAlly785 posts since
Jan 16, 2010
Rep Points: 2,281
16. Monday, September 23, 2013 - 12:44 PM
According to a white paper put together by the Consumer Financial Protection Bureau, just 22 states require high school students to complete an economics course before graduation, and just 13 require any kind of personal finance schooling.

http://files.consumerfinance.gov/...r-Final.pd
4
ShorebreakShorebreak2,380 posts since
Apr 6, 2010
Rep Points: 12,706
17. Monday, September 23, 2013 - 1:06 PM
Re #16 Shorebreak

Solid proposal; education early and often would certainly
make a dent in the problem.  Good post Shorebeak.
3
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,374
18. Thursday, October 10, 2013 - 9:04 PM
Why We Want—But Can’t Have—Personal Finance in Schools

From Time magazine:

     "The drumbeat for teaching personal finance in schools has been heard.
      Doing something about it is proving more difficult.
      [...]
      We are suffocating under too much choice, which leads to inaction.

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1
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,374
19. Tuesday, November 12, 2013 - 4:55 AM
I think in our time all children should be taught how to treat the movey, it is important 
1
James33James332 posts since
Nov 10, 2013
Rep Points: 2
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