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Personal Finance Class
Posted on 4/12/13 at 7:59 pm
Posted on 4/12/13 at 7:59 pm
If you were to teach a personal finance class, what would your first lesson be and why?
I think I'd talk about credit cards because many don't understand them.
I think I'd talk about credit cards because many don't understand them.
This post was edited on 4/12/13 at 8:04 pm
4
Posted on 4/12/13 at 8:10 pm to wegotdatwood
It would depend lots on who is in the class and how much they already know. Some people need to learn how to quit spending so much. Some already know and don't know what to do with what they've saved.
Posted on 4/12/13 at 8:47 pm to foshizzle
Say and high school class or college class since that age group would need it the most.
Posted on 4/12/13 at 9:11 pm to wegotdatwood
Importance of saving early and often
Posted on 4/12/13 at 9:17 pm to wegotdatwood
quote:
If you were to teach a personal finance class, what would your first lesson be and why?
Budgeting because it's required, regardless of anything else you do.
If there's no budgeting, nothing else matters, because it is utter chaos.
Posted on 4/12/13 at 9:45 pm to wegotdatwood
The power of compound interest.
Posted on 4/12/13 at 9:48 pm to Bayou Tiger
quote:
The power of compound interest.
Best way to teach that iyo?
This post was edited on 4/12/13 at 9:49 pm
Posted on 4/12/13 at 9:50 pm to Bayou Tiger
Second day - If somebody has such a great stock tip or other quick way to make money, why are they calling random people about it instead of profiting themselves?
Third day - Let's talk a little bit about your brother's friend who wants to sell you whole life insurance
Third day - Let's talk a little bit about your brother's friend who wants to sell you whole life insurance
Posted on 4/12/13 at 9:53 pm to Bayou Tiger
quote:
Third day - Let's talk a little bit about your brother's friend who wants to sell you whole life insurance
Oh wow, this happened to me 2 weeks ago.
Posted on 4/12/13 at 9:54 pm to wegotdatwood
The best way to teach compound interest is with the classic example where somebody starts saving a small amount of money every month at age 18, then it grows to 2 million dollars by age 60. Then the other guy starts saving way more money every month at age 30, and it ends up as slightly less than 2 million dollars.
I remember being in second or third grade and thinking that was insane. It made a big impression.
I remember being in second or third grade and thinking that was insane. It made a big impression.
Posted on 4/13/13 at 6:41 am to Bayou Tiger
quote:
The best way to teach compound interest is with the classic example where somebody starts saving a small amount of money every month at age 18, then it grows to 2 million dollars by age 60. Then the other guy starts saving way more money every month at age 30, and it ends up as slightly less than 2 million dollars.
I remember being in second or third grade and thinking that was insane. It made a big impression.
I really do wish I had learned this when I was 18
Posted on 4/13/13 at 6:45 am to Boomshockalocka
quote:
budgeting
Someone please make sure congress and the president attend that class
Posted on 4/13/13 at 9:22 am to BACONisMEATcandy
quote:
Someone please make sure voters attend that class
Fixed.
Posted on 4/13/13 at 12:17 pm to Bayou Tiger
quote:
The power of compound interest.
This was relavant back when CD and savings account rates were actually greater than the rate of inflation, but if you can only earn 1% or less on your money it becomes just an exercise in theory, and not a viable financal tool.
Posted on 4/13/13 at 1:41 pm to EA6B
Thanks for the enlightenment. I look forward to learning more.
You must be more of bitcoin investor, right?
ETA: That probably came across a bit dickish. "Saving money" doesn't literally refer to a bank savings account only. Perhaps you actually do appreciate the mathematics of compound interest and that there are numerous investment vehicles available for saving money.
You must be more of bitcoin investor, right?
ETA: That probably came across a bit dickish. "Saving money" doesn't literally refer to a bank savings account only. Perhaps you actually do appreciate the mathematics of compound interest and that there are numerous investment vehicles available for saving money.
This post was edited on 4/13/13 at 1:57 pm
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