Financial education and why it should be a priority. - page 7.

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Quote from: Barikui1 on January 14, 2024, 01:55:41 PM

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

You have a point, why don't they still include financial education in the subjects, it would be of great help if there is a subject like this. Yes, you can learn it through experience, but it's still okay to include it in education because it's what's important right now.

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Financial education is actually taught earlier in schools but you can never expect that the school will thoroughly focus on that as there are a lot of other vital lessons that are needed for a man's daily survival.

What we need is not actually the theories we learned from schools, but what we have learned from our experiences, as one gets to learn more by simply learning by doing.

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Quote from: icalical on January 16, 2024, 08:31:43 PM

I don't know about other countries education curriculum, but when I was kid in elementary and middle school, I was taught about saving money, tax, and stock, not in detail just a rough explanation about all of that, and how to do it. For saving money my elementary school gave us an account that we can safe some of our lunch money. I guess the reason why there is no advance financial education like investment is because it's too risky to be taught on underage and maybe not suitable for everyone.

I think it's similar to teachers in my country, especially in the area where I live, only I've never heard about investment from them. just a sentence that saving is the basis of wealth, that's why my classmate and I were advised to save by my teacher, from the pocket money that I have to set aside every day, maybe this is a good habit since childhood even though we know that inflation continues to haunt people who save fiat, but in terms of character education it is very good in my opinion.

Yes, I agree, why don't schools teach investment or about money excessively during elementary or middle school, the risks faced are indeed large, funds will become a problem if something goes wrong. However, at high school to college level, not being taught about money is a wrong thing that must be corrected, because that is the right time as maturity awareness begins to grow.

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Quote from: DVlog on January 14, 2024, 02:18:38 PM

Quote from: Barikui1 on January 14, 2024, 01:55:41 PM

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

Financial education can be learned from experience. It is not true that financial education is not taught in schools the thing is traditional education curriculum taught us only that is needed to be a good worker, not an entrepreneur. Many developed countries where the education system is much more advanced taught higher education about business but in 3rd world countries they give priority to being a skilled and efficient worker.

I'm afraid you're not getting what OP meant to say.

Learning how to be a skilled and efficient worker won't teach you anything about financial education at all. Financial literacy is about how you will make, spend, and save money. I'm in a third world country and they don't even teach students how to be a skilled and sufficient worker. They just teach what's in their curriculum and it will all depends on you how you will figure it out by yourself after you graduated in college.

I wouldn't even call it an advantage that you have to experience it first in order to become financially literate person, I mean it is an advantage if it is being taught in school in the first place but sadly not all of them do.

So yeah, you have no choice but to do self-taught in order to save yourself from wasting money on things that will not bring you anything profitable at all.

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It depends on the course I guess most of them will just teach in the Senior high school or college, but in high schools below it depends on their curriculum based on my experience there's a limited topic taught to us regarding the financial literature, I don't know if they don't want let those students getting aware as possible or only on the designated courses related on this like finance and accounting. You will experience this now by getting experience through your journey and mistakes. For me, it's suited if they teach this field so the student knows how to handle money and assets properly and get well educated and not just focus on the things they didn't apply on the path they are taking.

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Quote from: EluguHcman on January 17, 2024, 06:05:42 AM

Financial education is an disciplinary studies which entails about financial managements and so as entrepreneurship to creating financial sources.
However, this course of financial education should not be a must expected to be a departmental course of studies in the schools before one would admit to its sequences.
So, everyone whom has a financial goal must individually be adherence to this factor that financial education is a literacy adventure for financial successiveness

I have always said that it should be taught at simple levels to kids first, not like 8 year olds, they will not remember anything about that, I think high school kids would be a lot better. The problem of the new generation is that they were born with the fact and knowledge that they will never be rich, they have to be in the very few percentile of their peers to be rich, and they know most of them will not get it and they lost morale because of it and not caring about anything in the world.

Our generation knew that there was a possibility and turns out there wasn't, but we grew up being taught that if we finish college, we could live a decent life, but we didn't and our parents lived a decent life even without a college degree. If we teach kids about finances, and show them how they could be richer, maybe that would help their morale a bit, like give them some purpose and a goal.

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You are right very much. The thing is, current education system don't want you to be financially literate. If you know finance, you'll know how money works. You'll understand how businesses work. If you understand all those, you'll become a guy who runs his own business. If everybody starts their own business... who'll be wage slaves? People go to school so they can be white collar slaves. Not too stupid to fuck shit up and not too smart to start their own start-up. People who see through this scam don't really give a fuck about a college degree. Imagine having the best college degree only to work for somebody else. You can't be dumber than this.

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Quote from: Barikui1 on January 14, 2024, 01:55:41 PM

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

Financial education is very important but it is sad that our schools and institutions don't know the importance of this to be a subject in school, since this is not available in our school atleast common sense should make one to know how important Financial education is. We spend money sometimes in a way that after realising that money was spent in a wrong way, this makes one to feel bad. The way we spend money wastefully sometimes and the reaction when we realise money was spent badly should be a reason why one must be discipline when it comes in spending money.

Financial education can be earn sometimes by reasoning and asking some questions to yourself like if I spend this amount of money on this, what will be my gain? If their is no gain in spending money or something their is no need on spending money anyhow. Money should be spent only no things we need.

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Quote from: topbitcoin on January 16, 2024, 04:37:23 PM

Regarding financial education, this is also taught in schools, especially high schools. It's just that he taught briefly, not explained in depth, about how to manage finances well. And indeed regarding knowledge and ability in terms of good financial management, this is something that we must and must have and master. And before you even have an income, you need to have knowledge and skills about this. So that when you have income in the future, whether from the work you do or from the business you manage, the results of your hard work can be utilized as best as possible to become something more useful and meaningful. Because without good money management, no matter how much money we earn, it will have no meaning at all.

And to maintain economic and financial stability, we must also try as much as possible to increase our income and earn as much money as possible. But on the other hand, it is important for us to continue to pay attention to our lifestyle. Because there are quite a few people who have an elite style but the economy is difficult. So this encourages him to behave wastefully.

Financial education in schools? Yes, it exists, but let's face it, attempting to learn to swim in a puddle isn't very realistic. It's not nearly enough, but it's a start. We require more than just a cursory glance. It's true that money management is essential; think of it like the steering wheel of your life. You're just floating aimlessly without it. Indeed, information is power, but when it comes to personal money, it's more than that- it's your life preserver amid an ocean of uncertain economic conditions.

Make more money and spend wisely. The real kicker, though, is that managing your income is more important than earning a certain amount. Too many high rollers have fallen from grace because their expenses exceeded their income. It's about drawing the correct lines, not about taking short cuts. Your financial situation should define your lifestyle rather than the other way around.

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Quote from: fruktik on January 17, 2024, 03:50:06 AM

The fact of the matter is that you don’t need to strive to earn a lot of money, but you should learn the process of investing in order to make a profit and free up more personal time. That's the point. Many people, like you, do not understand this. If you spend your whole life earning money, your financial needs will never be solved. Remember this. You need to work not with your hands, but with your head. Only then will you have decent capital.

No need to work hard to earn a lot of money?
I don't agree with what you are saying here, although it may be true that investment will bring a decent profit, but how can we invest without working hard? there must be money for us to invest, right? although we may have money to invest, but also keep in mind that in investment it will take a very long time to take profit. and in that long time where can we fulfill our daily needs without having to work? if you know how, please tell me.

On the other hand, I agree that we also have to work with our heads, which I usually call smart work, but for me it must also be balanced with hard work. I think both should go hand in hand.

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Quote from: Jawhead999 on January 17, 2024, 03:15:16 AM

Quote from: RockBell on January 16, 2024, 11:43:59 AM

I believe this is a follow-up product as no one can provide genuine financial guidance. As you mature, you may encounter difficulties that require intelligence to overcome. Failure to learn at a young age might lead to financial instability and a lack of seriousness. I will invest in stocks because your money will grow when your business succeeds, rather than simply keeping it and saving it, invest it in something that will yield a consistent profit.

Yeah intelligence is the answer and... it also depends where you come from.

People who live in third world country thinks working abroad is better because they will earn more than working in their country.
People who live in first world country thinks better to work in tax haven country.

In terms of money management, the poor is scared if he lose his money if he invest in stock, gold, Bitcoin etc. So he thought saving is better because he can earn 4% APY, but he forget interest/gain is taxed and fiat is inflated.

We need to think other way to enhance our skills since technology is evolving and we might be eliminated if some new innovation out there will take out our jobs. That's why we need to learn this financial literacy thing or education called so that we can be aware about many things that there's a lot of opportunities there that can give us some decent profit and we should not rely on our jobs since that doesn't gives us financial security.

Can't blame people on third world country to go abroad since there's lacking of opportunity in there country and their immediate solution is to find job overseas and get better pay rates. What bad thing there is if they can't manage their financial matters since the same as before they provably struggle to survive on daily basis. So they should upgrade theirselves and get a lot of knowledge about business also with investments since this will play a huge part on their life.

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Financial education is an disciplinary studies which entails about financial managements and so as entrepreneurship to creating financial sources.
However, this course of financial education should not be a must expected to be a departmental course of studies in the schools before one would admit to its sequences.
So, everyone whom has a financial goal must individually be adherence to this factor that financial education is a literacy adventure for financial successiveness

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Quote from: AYOBA on January 16, 2024, 06:08:37 PM

Both our parents and teachers can teach us financial education at home and at school. After our parents, these individuals are the second set of people who can taught us a variety of topics related to money management that will benefit us in the future.
Some people argue that teachers don't teach financial management in the classroom, but I disagree because there are many teachers who give their students advice on how to manage they can control their financial, and From there some students may go on to make plans for themselves.

It is true that parents should teach their children about financial management well and do not let them use the money given to their children for things that are not necessary, because if parents do not teach their children financial management then whatever snacks they give their children won't be enough.
Even though it is not a teacher's job to teach financial management to every student, of course a teacher teaches their students about financial management to their students, such as inviting their students to save for fellow students and use their savings, such as taking them on holiday after exams using their own savings.

Quote from: fruktik on January 17, 2024, 03:50:06 AM

The fact of the matter is that you don’t need to strive to earn a lot of money, but you should learn the process of investing in order to make a profit and free up more personal time. That's the point. Many people, like you, do not understand this. If you spend your whole life earning money, your financial needs will never be solved. Remember this. You need to work not with your hands, but with your head. Only then will you have decent capital.

Investing will certainly be profitable if you understand investment well, but the process of learning about investing is not as easy as seeing the success that other people have had, you need to study properly so you don't make mistakes in investing.
If they only collect money and never make investments of course they have to always work to be able to meet the needs they need, because if they stop working of course they will have no income apart from their work and for those who have been able to invest and run well of course they don't have to work hard until they are old and can enjoy the results of their investment.

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Quote from: topbitcoin on January 16, 2024, 04:37:23 PM

And to maintain economic and financial stability, we must also try as much as possible to increase our income and earn as much money as possible. But on the other hand, it is important for us to continue to pay attention to our lifestyle. Because there are quite a few people who have an elite style but the economy is difficult. So this encourages him to behave wastefully.

The fact of the matter is that you don’t need to strive to earn a lot of money, but you should learn the process of investing in order to make a profit and free up more personal time. That's the point. Many people, like you, do not understand this. If you spend your whole life earning money, your financial needs will never be solved. Remember this. You need to work not with your hands, but with your head. Only then will you have decent capital.

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Quote from: RockBell on January 16, 2024, 11:43:59 AM

I believe this is a follow-up product as no one can provide genuine financial guidance. As you mature, you may encounter difficulties that require intelligence to overcome. Failure to learn at a young age might lead to financial instability and a lack of seriousness. I will invest in stocks because your money will grow when your business succeeds, rather than simply keeping it and saving it, invest it in something that will yield a consistent profit.

Yeah intelligence is the answer and... it also depends where you come from.

People who live in third world country thinks working abroad is better because they will earn more than working in their country.
People who live in first world country thinks better to work in tax haven country.

In terms of money management, the poor is scared if he lose his money if he invest in stock, gold, Bitcoin etc. So he thought saving is better because he can earn 4% APY, but he forget interest/gain is taxed and fiat is inflated.

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Quote from: icalical on January 16, 2024, 08:31:43 PM

I don't know about other countries education curriculum, but when I was kid in elementary and middle school, I was taught about saving money, tax, and stock, not in detail just a rough explanation about all of that, and how to do it.

In my school, we were only taught about saving but not about taxes, stocks and any other investments. It's like a mindsetting that we should save for our lives to get better but if we're going to look at that situation today, that's not going to do any good for your growth. I think as someone who saves, you'll be able to growth in terms of discipline and management. But if you're going to compare that with investing, that's far obviously from the successful ones.

Quote from: icalical on January 16, 2024, 08:31:43 PM

For saving money my elementary school gave us an account that we can safe some of our lunch money. I guess the reason why there is no advance financial education like investment is because it's too risky to be taught on underage and maybe not suitable for everyone.

IMHO, it should better be taught at that young age so that their curiosity will tick in and that's going to develop them to keep on trying new things that's related to money and to also be aware of the good risk to take and the risks that they shouldn't take, especially the scams. While the minds of the young ones are still fresh, it's best to open it for them to get ready in the future of themselves and get aware of what path they must take if it's about financial management, assets, savings and anything related to finance.

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Quote from: icalical on January 16, 2024, 08:31:43 PM

I don't know about other countries education curriculum, but when I was kid in elementary and middle school, I was taught about saving money, tax, and stock, not in detail just a rough explanation about all of that, and how to do it. For saving money my elementary school gave us an account that we can safe some of our lunch money. I guess the reason why there is no advance financial education like investment is because it's too risky to be taught on underage and maybe not suitable for everyone.

Totally opposite here in our country on which it isnt really that included on the curriculum on which you are the ones who would really be needing to learn up if you are really that eager to
learn up financial education but these things could be understand on later years of education and not when you are on gradeschool but once you do step your foot into highschool into college
then you would really be taught about saving money and other things which would really be that correlating into the course you are taking. If you are really that having that Business Administration
or Finance kind of course then it would really be mainly thought but if we do speak about other courses then it wouldnt be taught.

I agree on some points above that later years then it would really be impossible that you wont really be able to make yourself wary about into those possibilities that you could really be able to
encounter certain situations or conditions which you would really be having those realizations that you should really be learning at least the basic or good financial education at least.

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I don't know about other countries education curriculum, but when I was kid in elementary and middle school, I was taught about saving money, tax, and stock, not in detail just a rough explanation about all of that, and how to do it. For saving money my elementary school gave us an account that we can safe some of our lunch money. I guess the reason why there is no advance financial education like investment is because it's too risky to be taught on underage and maybe not suitable for everyone.

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Quote from: bbigtart on January 16, 2024, 05:13:13 PM

Yes, actually financial literacy should be taught in schools because this is important for them in the future. When I was in school, I was never taught how to manage money, but in developing countries like Japan, they have money management lessons in schools. In my opinion, every school in a country must start teaching financial literacy to its students starting from the most basic things, such as how to manage money so that it is not wasteful or how to save properly, because currently students have to learn financial literacy themselves at home.

Because at school they don't teach you how to manage finances, parents must teach their children financial management so that their children can manage their finances well when they grow up. Where parents must always teach children about the principles of financial planning and financial management, there are three important things that must be taught to children, namely, how to set aside money, secure money and how to start teaching them to invest.

the same with tax education make me wonder why in school there are lack of education for financial and tax and by the time we went to college there are also lack of such topic making us overwhelmed when we get to the real world and earning money.
as I've seen the impact of these lack of education in regard of financial is that so many people are taking loan irresponsibly that causes them to get entangled in debt which definitely gonna make them homeless if this continues on since the interest right now are quite high everywhere around the world even worst when we have floating interest if world went to crisis we basically done for.
the most important thing that i've learnt from the financial education that i've went through is that loan should have ratio that are proportional toward our salary like for example if our salary is $10,000 then we should only use not more than half to pay some mortgage, car lease or anything like that and that definitely motivate me to increase the income instead of just went full all in with the loan and get entangled with it later on.
honestly such precious lesson that I doubt you will get in any traditional schools.

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Personally, I think financial education is very important. Because it will become capital in the future and this needs to be educated as early as possible.
Most people at school don't pay enough attention to financial education lessons, because they think it's not the time yet.
And most people only learn when they are adults, some even don't know how to manage their finances until they are old.
In fact, financial education will be our capital in the future so that we can manage our finances well and also use them wisely and can make us financially successful. And most of those who don't care about financial education can't manage their finances well so they are wasteful and always spend money only on what they want, not on what they really need.

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