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cajuntiger26
Member since Jan 2013
312 posts

Financial Life Skills - Developing a class
I have been interested for a long time in developing & teaching a class on basic life skills/financial basics. I always wished it was taught in high school.

The purpose of the class is not to make money, just a way of giving back. It would probably be targeted at recent high school grads or underpviledged/less educated people without much knowledge at all.

I’m posting here just to get general thoughts and what types of topics you all think would be most beneficial? Was thinking the class might be held through a church or at the public library.

Potential Topics
Buying a Car
- How much can I afford
Financing
House
- How much house can I afford
- Buying vs renting, what’s right for you?
Building & Understanding Credit
- Why credit is important
- What your score means & how to improve it
Debt
- Getting out of debt basics
Retirement Savings
-Planning, Social Security etc



This post was edited on 3/15 at 8:41 pm


HailToTheChiz
Auburn Fan
Back in Auburn
Member since Aug 2010
29693 posts
 Online 

re: Financial Life Skills - Developing a class
Mortgages
Credit cards
Loan
Reproducing
Investing (retirement/stock)


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thatguy777
LSU Fan
br
Member since Feb 2007
1739 posts

re: Financial Life Skills - Developing a class
Most important things people for any age can learn:
1)time value of money
2)power of money
3)profit


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lynxcat
Rutgers Fan
Member since Jan 2008
19990 posts

re: Financial Life Skills - Developing a class
Compounding interest
Credit cards
Student debt
Building a budget

This is great BTW.


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deeprig9
Georgia Fan
Member since Sep 2012
32804 posts

re: Financial Life Skills - Developing a class
What is your strategy for changing people's philosophy? That will be your biggest hurdle.


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
540 posts

re: Financial Life Skills - Developing a class
-Long term cost of debt and how/ why avoid it
-How interest works
-401k/Roth IRA
-Stocks, mutual funds, ETFs
-Why you need an emergency fund
-Needs vs wants (deferred gratification)
-Assets vs liabilities
-Renting/leasing vs owning (when renting is better and when it's not)
This post was edited on 3/15 at 10:46 pm


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Twenty 49
LSU Fan
Shreveport
Member since Jun 2014
10771 posts

re: Financial Life Skills - Developing a class
The episode of Cosby where Bill talks to Theo about the cost of living is an excellent example.

Kids should have to learn the starting salary for their anticipated job. Determine take home pay. Apartment or buy a home? What kind of car you driving? You want kids? Private School? You want health insurance or will you hope to be so penniless you are a Medicaid case? Start doing the math.


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LSUJML
LSU Fan
BR
Member since May 2008
9710 posts

re: Financial Life Skills - Developing a class
Budgeting
Balancing a check book


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GulfCoastPoke
Oklahoma State Fan
Port of Indecision
Member since Feb 2011
907 posts

re: Financial Life Skills - Developing a class
Insurance
Teach them that there is a multi billion $ industry designed to separate them from their $ and it takes intentional effort to combat.


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southside
SW of Monroe
Member since Aug 2018
55 posts

re: Financial Life Skills - Developing a class
-Understanding the credit and debit system of a checking account.
-Balancing a check book/checking account.
-Creating a monthly budget, tracking it, and forecasting saving.
-Understanding how to read a paystub, what "tax deductions" are on a paystub, and what the difference in net and gross are.
-Understanding how the progressive tax system works.
-Understand how a credit card and personal loans work.

I participated in something like this very thing you are talking about years ago. The initial plan was big and bright and to teach all these people about savings, credit, and retirement planning. Turned out that 95% of the class didn't even know/understand the topics I mentioned above. So the leader of the class simplified his goals and taught the very simple basics. It is scary to think of how many people don't even understand how to interpret their paystub.


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Bow08tie
LSU Fan
Louisiana
Member since Oct 2011
1349 posts

re: Financial Life Skills - Developing a class
Excellent idea and much needed for young people...kudos

I've lost track of how many times my children (now young adults) and their friends have said "I wish they would have taught us about money in school"

This type of information/education is greatly needed


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saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
23185 posts

re: Financial Life Skills - Developing a class
This is a fantastic idea, keep us updated on the progress. My friend runs a non profit in New Orleans for inner city kids and this would be something so beneficial for them.


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TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
9754 posts

re: Financial Life Skills - Developing a class
That's essentially what Junior Achievement is here in New Orleans. Maybe not as comprehensive but they go through the basic concepts.
This post was edited on 3/16 at 10:25 am


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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
30935 posts

re: Financial Life Skills - Developing a class
Nm
This post was edited on 3/16 at 2:31 pm


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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
30935 posts

re: Financial Life Skills - Developing a class
cost & benefits of higher education


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
540 posts

re: Financial Life Skills - Developing a class
This page has links to a lot of free curriculum and other resources. Financial Literacy for All
Perhaps you can use some of these in your program. It's unfortunate more schools don't use these. I suspect many in the education field aren't financially savvy themselves. Kids would retain more and also get more enthused about math if it was applied to real world finance issues they're soon to face.


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
363050 posts
 Online 

re: Financial Life Skills - Developing a class


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Upperdecker
LSU Fan
BR
Member since Nov 2014
16915 posts

re: Financial Life Skills - Developing a class
Costs of reproducing would be a good addition


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TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
540 posts

re: Financial Life Skills - Developing a class
ROI for education. Expected salary for various careers vs community college, in/out of state or private tuition. Financial aid/scholarships vs loans.


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Azazello
Duke Fan
Chicago
Member since Sep 2011
2616 posts

re: Financial Life Skills - Developing a class
quote:

-Understanding the credit and debit system of a checking account.
-Balancing a check book/checking account.



Waste of time imo.



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