Tuesday, September 1, 2009

Should Personal Finance Be taught in School?




Few things are more important than your personal financial situation. Health, of course, is paramount, followed by your personal relationships. But your personal financial situation has to rise above biology, chemistry, and the literature classes I never liked. Trade in the Beowulf for some Buffett and now we're talking about something useful.

While financial planning encompasses a vast number of things, if we just focus on one key element, the importance of teaching it will be readily apparent. That key is the cornerstone of finance – the time value of money.

Financially literate people understand and can calculate the time value of money. That's a huge advantage. If you can't calculate the time value of money for yourself, you'll always need other, more financially literate, people to do it for you and, of course, potentially take advantage of you. Here are a few things this small part of personal finance can teach you to do.


Click to read more.

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  2. I did an internship for a financial firm that allowed me to meet with clients on a one on one basis. I was blown away by how many people did not understand the concept of inflation and the purchasing power of money now and at some point in the future. Personal finance should be taught to everyone to help avoid this.

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  3. I believe it should be taught in schools simply because money is a very powerful aspect of our lives. If personal finance can be taught to students, they may have a better understanding of managing their money and investing in the right things.

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  4. I think in today's world knowing how to manage your personal finances does determine how healthy you and your relationships are. I know people don't really like dealing with the numbers, but I personally feel like looking at it as what it's paying for not just the money itself. In the US money is a necessity.

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  5. Personal finance is crucial.Everyone needs to have his/her own asset to survive in this world.
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  6. There are some simple rules to personal finance help to intended .You should always put money away for an emergency. The recommended amount of time that you should save money is anywhere between six months to a year. This should be put into an account in which you cannot withdraw money for a specified amount of time or for a specific reason. By having the money in such an account you know it will be there any time you need it.

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  7. I think personal finance should be taught at school but first and most of all, it should be taught at home. We are taught how to work for money, that’s fine. But we often only see examples of how to spend money – we miss the good opportunities to make our money grow, by lack of awareness. We are not taught to be financially wise at all in the current system. He also get the Currency rates from stock market.

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  9. But of course. Regardless of where we stand as far as our choice of career is concerned, personal finance is something we carry wherever we go. And with good skills, we get a step up in the survival scale because we're equipped with the knowledge on how to prioritize our finances wisely. If accountancy is one of the things businesses rely on for their growth, we as individuals also rely on our financial capabilities in order to be self-sufficient.

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