by Damian Papworth
In high school, there's always one wiseacre who loves to get on the teacher's case, making jokes about how useless the material will be in practical life. "Will I ever use this skill?" he asks, smirking all the way. It didn't matter which class or which subject, the question always seemed to pop up at the wrong moment, causing the frustration of any teacher.
It would be quite an experiment, if someone had a record of everything they used in life and which part, if any, came from classes in high school. Maybe the wise-crackers would be right most of the time, but we'll leave that discussion for another day. There are definitely a few subjects which every student could use, and one of them is Financial Literacy. For whatever reason, the principals and education experts have never made this a requirement, though it is hard to think of a better idea.
Financial Literacy as a subject in school would be a course examining the impact of certain decisions on your finances, encompassing major and minor decisions. Basically, the goal would be to arm students with enough knowledge of the financial world that they wouldn't go out and make the foolish mistakes that drive so many people to financial ruin every year. The curriculum would go in the following direction.
Week 1. Is that a scam? How to recognize scams and not get involved in them. All they are, are people stealing your money.
Week 2. How much can you borrow? This lesson would teach you to calculate how much money you can borrow for personal or business purposes, on a variety of mediums. This would include credit cards, personal loans, business loans and mortgages. It would mainly concentrate on cash flow issues, but also touch on the tax effectiveness of some of the different loans.
Week 3. How can you evaluate assets? Students would get an idea of how to size up their assets. Appreciating assets would be contrasted with depreciating assets. Consumables would be contrasted with earning assets. Students would see how purchasing different assets affects net worth over one's life span.
Week 4. Investment strategies. Any investment you take has a number of consequences and risk potential. Students will be given the tools necessary to tell what a risky investment look like. Also, when the signs point to a winning gamble, they should be ready to pull the trigger. Although it takes a good amount of courage and a little recklessness, great investments can turn a life around.
Week 5. How should you leverage investments? Working with investment portfolios, students would be instructed on the process of leveraging. Tax concerns would be part of the lesson, as there are significant tax breaks available when taking out a loan for an investment.
Final module. Coming to the end of Financial Literacy class, students would try and see the big picture. Laying out the biggest mistakes made by the young would be an excellent closing statement. Along with any cautionary tales, there would be a way to approach finances proactively. For the young, the advice given would be to work with what you have, and line up ways to increase your earnings without taking on high risks. - 41115
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New Unique Article!
Title: A Case For A Financial Literacy Class
Author: Damian Papworth
Email: articles@oceanfeather.com.au
Keywords: debt management,bankruptcy,budgeting,credit,loans,personal finance,wealth building,retirement planning,finance,investments,investing,business,family
Word Count: 533
Category: Finance:Credit
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