Paul Simon lamented “all the crap I learned in high school” and I tend to agree with him. I wasn’t a great student, but most of the coursework wasn’t great either. Much of it was too specialized or abstract to have value to most students.
A new North Carolina state requirement is putting a personal finance course into their classrooms. I think this is terrific. Everyone benefits from a basic understanding of saving, investing, borrowing, contracts, insurance, and taxes.
Our son, who is in college, has a good understanding of how money works, but he grew up during our FIRE journey when we talked about money a lot. When he was in Boy Scouts, I was the ‘Personal Management’ merit badge counselor and I was always surprised by how little most of the scouts knew about personal finance.
Perhaps some of us involved in the FIRE movement could take on financial literacy as an educational ’cause’? I think Brian at Debt Discipline has already done work in this area. It seems natural that those of us that have succeeded financially would be good advocates for improving this aspect of our kids & grandkids future.
Anyone have any experience with teaching kids personal finance?
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