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re: Personal Finance Class
Posted on 3/27/19 at 1:14 pm to WhiskeyThrottle
Posted on 3/27/19 at 1:14 pm to WhiskeyThrottle
quote:
I think it's cool as hell you're doing that with your daughter. Kids develop habits so much easier at a younger age. Nice work.
Thank you. It wasn't my idea. I stole it adapted it from people smarter than I am.
I grew up poor as dirt. When I was 3 years old my grandmother died and left a house to my parents. If not for that, I would have probably grown up in the projects or a single wide trailer in the armpit of Alabama. Not having a house payment helped my parents make ends meet.
I got absolutely zero financial wisdom from my upbringing. My mom had hidden cash and secret accounts from my dad, and my dad did the same to my mom. Providentially, I dated a girl in high school whose parents really had it together and it opened me to the reality that financial life did not have to be the way that I had seen in my own home.
I was the first to go to college in my family, and I have put back at least 10% of every paycheck I have ever received. Compound interest is a wonderful thing. I can't say Ive been perfect (I had a season of credit card debt in my 20s), but now that I have my own family, I have committed myself to win financially and teach my children better than I had.
Anyone working a decent job should be able to save $1 million in a lifetime. If I am able to leave $1 million to each of my two children, and they invest wisely, they can leave $25 million to my grandchildren. That's going from eating government cheese sandwiches in a single wide trailer to really not ever worrying about money in two generations of easy investing for dummies.
2
Posted on 3/27/19 at 1:37 pm to anc
quote:
Providentially, I dated a girl in high school whose parents really had it together and it opened me to the reality that financial life did not have to be the way that I had seen in my own home.
Oh, now I want to know if you married her or not. If not, you should track them down and send them a note about how much they impacted your life, assuming they're still kicking.
Posted on 3/27/19 at 2:03 pm to hungryone
quote:
Oh, now I want to know if you married her or not. If not, you should track them down and send them a note about how much they impacted your life, assuming they're still kicking.
No. This was a high school fling.
I grew up in a small town where most people did not go to college. Both of her parents went. He was a small town bank president. When I started dating his daughter, he got me started with a bank account, invited me to church, and even took me on a college visit with his daughter - its the only visit I went on because my parents weren't taking me. He really did make a positive impact.
It didn't work out between us, but no hard feelings. She's great and she is now a cardiologist. But you know what's cliche? She had a brother who turned out to be a turd and get into all kinds of small town drug problems and such.
Posted on 3/27/19 at 2:14 pm to anc
quote:
Providentially, I dated a girl in high school whose parents really had it together and it opened me to the reality that financial life did not have to be the way that I had seen in my own home.
to my Presbyterian friend 
Posted on 3/27/19 at 2:54 pm to bayoubengals88
quote:
to my Presbyterian friend
You know we Calvinists love that word!
But seriously, whether you believe in the complete sovereignty of God or "everything happens for a reason," that was a relationship that did a lot to prepare me for a different life.
My parents weren't in and out of jail or anything, but they were always "barely getting by." My mom was on her second marriage and didn't really respect the sanctity of marriage. Having that close relationship with her and her parents inviting me to the dinner table instead of warming up a TV dinner and eating in my bedroom, going to church and actually having meaningful conversations rather than gossiping - I took a lot from that.
This post was edited on 3/27/19 at 3:03 pm
Posted on 3/27/19 at 5:04 pm to anc
quote:
A few years ago, Mississippi had a movement to make a Personal Finance class part of the required graduation requirements. The Pay Day Loan lobbyists fought it and demonized it as "making it tougher for black kids to graduate" and successfully killed it.
holy fricking shite...
link? i need a link to believe that
This post was edited on 3/27/19 at 5:06 pm
Posted on 3/27/19 at 5:39 pm to anc
quote:
anc
Stringing along some high quality posts! Awesome story, congrats
Posted on 3/27/19 at 6:30 pm to TexasTiger34
I believe it was proposed in the 2015 or 2016 session. It never made it out of committee. I know that there was some talk about it on Supertalk when it was going on.
Mississippi has more payday lenders per capita than any other state. The lobby is strong. We are also the only state in the country that received a grade of F on adult financial literacy.
Its bad here. I mean - most adults do not have checking accounts bad. I paid for dinner one night with an AMEX Platinum card and the waitress called other waitresses over to look at it bad.
Mississippi has more payday lenders per capita than any other state. The lobby is strong. We are also the only state in the country that received a grade of F on adult financial literacy.
Its bad here. I mean - most adults do not have checking accounts bad. I paid for dinner one night with an AMEX Platinum card and the waitress called other waitresses over to look at it bad.
Posted on 3/28/19 at 5:20 pm to anc
My son had to take a personal finance class in high school. He had to partner up with a classmate (girl). They were 'married' (or shacked up) and had to create a budget to cover all basic expenses after they had randomly assigned jobs with differing salaries. I think it opened his eyes a lot but he still lacks the practical application in 'real life'.
I appreciate your perspective on wealth and that everyone can easily be a millionaire. Once I learned about the magic of compounding interest in high school I was on my way. I was already a saver, but that sealed the deal for me. So much in life is about making the right decisions and so it's crucial to get the information to kids soon enough so they aren't ignorant of the power they have in controlling their financial lives.
I appreciate your perspective on wealth and that everyone can easily be a millionaire. Once I learned about the magic of compounding interest in high school I was on my way. I was already a saver, but that sealed the deal for me. So much in life is about making the right decisions and so it's crucial to get the information to kids soon enough so they aren't ignorant of the power they have in controlling their financial lives.
Posted on 3/28/19 at 5:48 pm to Aubie Spr96
I don't agree with some of the things that Dave Ramsey says, but if you are looking for a good easy to understand investing/saving class then he is a good option.
Posted on 3/29/19 at 6:45 am to anc
I had a good friend who's parents implemented something similar to this when we were teenagers.
Instead of him getting all of his necessities and then an allowance, his parents just gave him a lump sum and he had to manage it himself. He was provided 3 meals a day AT HOME, a bed to sleep in, and anything needed for his education. IF it was other than food, shelter, and education than it was on him. He learned very early on that if he wanted new fly shoes for basketball season, than he probably should pass on the banana split from sonic on the bike ride home from school.
If I ever decide to have children I will definitely have a program similar in place.
Instead of him getting all of his necessities and then an allowance, his parents just gave him a lump sum and he had to manage it himself. He was provided 3 meals a day AT HOME, a bed to sleep in, and anything needed for his education. IF it was other than food, shelter, and education than it was on him. He learned very early on that if he wanted new fly shoes for basketball season, than he probably should pass on the banana split from sonic on the bike ride home from school.
If I ever decide to have children I will definitely have a program similar in place.
This post was edited on 3/29/19 at 6:48 am
Posted on 3/29/19 at 9:20 am to Dawgfanman
quote:
Why not a regular undergrad finance 101 class. Learning time value of money and business budgeting and apply it to personal life
Why does there have to be a class for everything? We are getting to the point where schools are expected to teach their kids how to wipe their arse.
At this point people expect schools to teach kids how to bathe (personal hygiene), how to have sex, how to change their car engine oil, how to bake cookies and do laundry, how to balance a check book, and whatever else society can think of.
What exactly do parents do?
Posted on 3/29/19 at 5:37 pm to Jp1LSU
quote:
Why does there have to be a class for everything? We are getting to the point where schools are expected to teach their kids how to wipe their arse. At this point people expect schools to teach kids how to bathe (personal hygiene), how to have sex, how to change their car engine oil, how to bake cookies and do laundry, how to balance a check book, and whatever else society can think of. What exactly do parents do?
The class I suggested is the same one business majors take. You learn basic finance. Sort of needed for further finance studies or for completing a BBA in any other major. A side effect is applying the lessons learned to your personal life. I’m not the one who started the thread so I have no idea why you directed your “parents suck” Rant at me.
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