Financial literacy for young people extends way beyond taxes. Because of the decline of defined benefit plans, spiraling health care costs and extended life spans, there could be major issues in the future. Young people need to defer gratification of fancy cars and large houses and save for their future or there will be an economic tsunami in 30 years that will rival the depression.

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Posted by meansonny

ATL

Member since Sep 2012

25753 posts

Posted on 3/28/24 at 3:15 pm to BThibodeaux

quote:
Young people need to defer gratification of fancy cars and large houses and save for their future or there will be an economic tsunami in 30 years that will rival the depression.

I don't agree that cars and houses should be lumped together.
One is a depreciating asset.

Land is an appreciating asset. And based on location (location, location), often sees huge inflationary price pressures.

My hope is that my kids grab home ownership as soon as possible. I was 25 when I bought my first home. I'm open to ways that help my kids best that age.

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Posted by WhiskeyThrottle

Weatherford Tx

Member since Nov 2017

5345 posts

Posted on 3/29/24 at 8:24 am to BThibodeaux

I certainly agree with you 100% that the world could use a little less art class and replace it with a basic money management course. It would go a long way if there were a course per year of high school required for budgeting and money management. Seems like students graduate without any concept of income required to do what they want to do. And even stupider is pursuing a college education that is worthless and not understanding why they can't find a job making enough to cover their overpriced loan.

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