A Brief Summary Of Chad Foster's Financial Literacy For Teens

Americas debt has doubled over the past several years, and most Americans do not know how to manage their finances. One of the only solutions that come to mind when thinking of how to make the economy better is financial literacy courses. [Thesis] Students should be required to take financial literacy class before graduating high school because [Reason 1] people need to learn how to logically make financial decisions, [Reason 2] and also to prepare people to make important economic decisions in an ever changing economy.

Economic knowledge is very important to have, especially in modern America. Dave Ramsey, a speaker, and guide for the public helps better educate on the importance of money and how it works. From a series of videos by Dave Ramsey, he brought to my attention a few important parts of saving. One of them is to always pay with cash. Another being avoiding acceptance of loans. Lastly, Ramsey hammered in the idea of always looking for opportunities to save money. These three points stood out to be most important to me.

Throughout unit three of the Financial Literacy lesson, payment types, I learned many things. To begin, I learned about credit. Credit is an agreement where a borrower receives something of value now and agrees to repay the lender at a later time. This is very useful, because it not only allows you to make large purchases, but it allows you to make purchases with ease. When considering getting a credit card, it’s important to research some information about them. This includes the interest rate charged by your credit card company, special fees, rewards, and the maximum amount you can charge to your card. While credit cards can be fun to use, it’s important to use them responsibly. You should make your payments on time (this will help you stay

The earlier you start learning about Finances the better. If I were to help a client out that was a child or a young adult I would explain to them the importance of finances. A child around the ages of six to ten I would explain why it is important that they open a savings account or help their parents to find a bank or credit union in a nearby area. These will protect your finances and pay you interest for the amount of time you keep your money in their without touching it. If the bank goes out of business the federal insurance insures you get a full refund. It is very important for a child to open an account around this age not only because they can with parental permission but it also helps them start to understand finances in a more adult

Those born with a silver spoon in their mouth are destined to be wealthy. Not only because they come from old money, but because those who come from old money teach their kids about money. Although economics and finances have recently been added to the curriculum of American schools, there is only so much that can be learned from a book. This kind of knowledge is gained mainly through life-experiences and there are many people who believe it is the parent’s job to make sure their children are prepared to deal with finances in the future. Many people who are not of old money are financially illiterate; they have little to no education about finances. They may know how to make money, however, they probably have no idea how to keep their money. Therefore, they have no idea how to teach their children how to keep money. For this reason, a large portion of the population is focused on get-rich-quick schemes hoping to “make it big” or “strike it rich”.

Investing was not the only vehicle used to accumulate wealth. Saving your money effectively is one of the strongest vehicle for wealth. It is not how much money you make it is how you manage it that counts. The best rule of thumb to use the 5% percent rule. This is where you save 5% of your check before you even spend it on bills. So if your check is $100 you save $5, then you will pay your bills. The reasoning behind is that percentage you are saving is going towards you and not anything else for your personal gain. From 5% you will work your way up to as high as you want as long as you can also pay your bills. Financial literacy is a problem in this country which is affecting the nation negatively. If we knew how to use our money properly

Thinking of the other things I can do with the money, and others wants I can fulfill; such as new weather shoes or the latest trends. Sing makes really good argument, within the book that is very successful in having me re-think my approach, to

The quote, "If your real desire is to do good, there is no need to wait for money before you do it” means in order to become something in life, one should not wait until it is handed to him. One should go after his dreams, and pursue what he

In the article “Teaching Personal Finance to College Students: What Matters to Them,” the author, Elven Riley, reveals how he taught a personal finance course by using real-life situations that his college students would soon encounter instead theoretical situations often found in textbooks. His main goal in doing this was to show that in order to get the students to truly understand these financial concepts, you need to relate it to them and their lives. He used the actual experience, grades, and feedback from his courses to support his belief. This article was quite easy to understand and I felt connected to it because I also tend to understand and learn better when I can immediately see the connection the lesson has to my

Financial literacy has been one of the many courses that are not being recognized enough in schools today. Only about 13 states require their high school students to take a finance or economics course before they graduate. Although some people think that financial literacy courses are not efficient and should not be incorporated in schools due to ideas that it will harm the individuals instead of helping them. Financial literacy should be required because it helps the new generations understand the importance of money management in the real world, increasing awareness overall, and students are able to receive the necessary help from their teachers while learning about loans, budgets, and expenses.

The author cite research that consistently concludes that money is identified as a major source of stress in our lives. In a modern industrialized society, money is one of the only things that touches on and impacts each of every one of our needs (p.21). Financial health is not that complicated if we just know how to spend it wisely. It’s just a major problem in our lives if we spend money more than what we earn. In order for you not to be stressed with money, we need to spend our money in important things and we need to save and invest our money.

"In my last year on Wall Street my bonus was $3.6 million -- and I was angry because it wasn 't big enough." This opening sentence really grabs the attention of the reader as Sam Polk tells his audience of one of the biggest social problems Americans face: money addiction. However this addiction is not discouraged the same as drugs or alcohol, rather society actively encourages it. Many people measure their success by comparing themselves to others’ wealth. Thus, to be publicly successful, one must strive to earn wealth. However, just like other addictions, the addiction to wealth can be distracting; enough is just never enough. Sam Polk realizes, however, that money dose not fill the voids in one’s life. He recognized that being a wealth addict working on Wall Street is like being an alcoholic working in a liquor store; there are too many temptations. Thus, Sam left his high-paying job and sought counseling and is a happier man today than when he was earning multi-million dollar bonuses.

Let monetary abundance be the medium to fund personal goals because lack of financial resources leads to unpleasant circumstances and crimes. To name a few: prostitution, illiteracy, domestic violence, divorce, family conflicts, anger, stress, stealing, debts etc. (University of Minnesota, Library). Through attaining adequate financial funds, family will feel secure and enjoy greater peace knowing that they have achieved financial reserve. This inevitability plays an important role, which lessens the worry of everyday life and enables them to focus on other matters, whether educational, emotional, physical, or spiritual goals (Focus on Family Finances, Ensign, June

As money seems to be the central mean in the positive and the negative aspects of life, it is no doubt that money can be a barrier in becoming the person one sets out to be. This lecture presented to the class will begin talking about the unexpected expenses that life has to offer, before moving on to the basic necessities that each and every human being need to survive. The lecture will than go on to talking about individuals who struggle financially throughout life who than begin to realize it is time to start making arrangements for retirement, when the body cannot meet the demands of work no longer. After addressing these three main financial mishaps. The lecture will than go on to talk about what happen when money begins to become

Source one provides the best information about financial literacy for high school kids because they actually wanna learn how to balance their money and not just have people push the into the real world when they graduate with a blindfold on. The difference between source one and source two is that source two thinks that the students should be worried about their other grades. “High school students who took a semester-long personal finance course and tested worse than those who didn’t”. Some of the schools where saying that it’s a disaster that they put the course in their schools. Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy.