Course on money/finances helpful?

[Frknfly]

Hi everyone! As I think we're all aware, education around finances/money is lacking in most schools. I'm was thinking of putting together a course around those very topics (budgeting, credit, buying/renting a house, taxes, etc.) aimed at high school age students, and was wondering if other parents thought.

Would that kind of information be helpful/valuable to you? If so, would it be more helpful if it was a "how to teach" for the parents, or if it was written directly to the children? Any other thoughts on what would make it valuable to you personally are much appreciated! Thank you!

 

[Loyce KG]

Hi everyone! As I think we're all aware, education around finances/money is lacking in most schools. I'm was thinking of putting together a course around those very topics (budgeting, credit, buying/renting a house, taxes, etc.) aimed at high school age students, and was wondering if other parents thought.

Would that kind of information be helpful/valuable to you? If so, would it be more helpful if it was a "how to teach" for the parents, or if it was written directly to the children? Any other thoughts on what would make it valuable to you personally are much appreciated! Thank you!

This is a brilliant idea. Am not in the U.S but I think financial manegement/money handling etc should be taught in schools. It should go beyond accounting& commerce to the basic skills and knowledge that most of us lack in our adulthood. I have personally struggled to manage my finances and learnt the hard way when I lost everything.

My suggestion is for you to tailor a curriculum for young people and one for adults-with biblical proof/application as well. Parents can't teach what they don't have.

Shalom

 

[Frknfly]

Thanks so much for your in input! As someone who has struggled personally with such topics, are there any key topics/concepts you think should be included?

 

[Frknfly]

This is a brilliant idea. Am not in the U.S but I think financial manegement/money handling etc should be taught in schools. It should go beyond accounting& commerce to the basic skills and knowledge that most of us lack in our adulthood. I have personally struggled to manage my finances and learnt the hard way when I lost everything.

My suggestion is for you to tailor a curriculum for young people and one for adults-with biblical proof/application as well. Parents can't teach what they don't have.

Shalom

Thanks so much for your in input! As someone who has struggled personally with such topics, are there any key topics/concepts you think should be includ

 

[Sabertooth]

We had consumer education in high school. They taught us to manage our money out of a single account. We went bankrupt because it was too easy to lose track of money allotted for different functions.

Using free checking and Paypal accounts, I recommend having eight accounts,*

1. Processing: receive pay checks, auto-pay regular bills, send remainder to accounts below.
2. Short-term savings: store unbudgeted income & refunds for a rainy day.
3. Larder: all groceries & dining.
4. Household: all cleaning agents & toiletries.
5. Routine gasoline (for car).
6. Personal allowance (for wants, not needs).
7. Unbudgeted remainder: for all expenses not covered above, like OTC meds, co-payments, routine clothing, gasoline for special trips, etc. (or paper checks when cards are not accepted).
   
8. High-risk: internet purchases and biller-driven deductions, when necessary. (Normally low balance, except for approved amounts.)

Using cards in most of these accounts, you know where you stand in each fund at a glance. You won't have to wonder if you left enough grocery money for the remainder of the month. It will be the balance in account #3.

*You can combine two for fewer accounts. We combined 1 & 2, 6 & 8 (for me), 4 & 6 (for wife).

(I found out that this is a variation of the "envelope" accounting system.)

 

[Loyce KG]

Thanks so much for your in input! As someone who has struggled personally with such topics, are there any key topics/concepts you think should be includ

Yes;
-how do I save money.
-investment tips-when to invest and how much of my earnings should I invest.
-planning for retirement
-insurance(education for children etc)
-how much should I give to church or when should I give(case by case basis)
-how do I track my expenditure and how should I spend money(priorities)
-debt management
-is saving better than investment? (eg in a start-up)
-is it healthy to take up a loan to start a business or buy a personal car etc
-should my kids work for me to earn their right to receiving money(groooming children to be responsible with money)? Is it a good practice to give kids money when they ask for it? If not, at what age should this stop?
- about get-rich-quick schemes (pyramid). So many young people in my country esp fall prey to these schemes yet they are learned.
- which side-hustles can I take advantage of for a quick buck besides the normal 8-5 job.
-what does the Bible teach about working, stewardship, money,giving, borrowing etc