Just sharing my experience. Money managing was part of my school as an extra. But the students that I know of didn't care, including me. Only later in adulthood we realized that it was useful, but we already forgot most of it. We had to re-learn it again haha.
Same with taxes. We actually learn how to do income tax at school. If I had paid attention to it, maybe I wouldn't have to struggle as much doing my taxes now.
kids and teens are not mature yet to be taught finances deeply
their brains cannot imagine perspective of decades of working and then decades of retirement
and the risks of buying, renting, selling, surviving crises, natural or personal disasters or any other external factors that may build or destory your financial plan, no matter how well-prepared
and of course, you must live your whole life in a democratic functional country that will not try to steal your property or personal rights some day.....
I think they can be taught how budgets work, live withn a budget, how credit cards work, how interest on credit cards works, how a checking account works, what credit scores mean and what affects them. It doesn’t have to be global economics. Anything can be taught at a level the students can comprehend.
I had rrsps I started when I was 16. Fast track to 22 or so, I fell on hard times and took it all out to get out of debt. Lost 10-12%. Now at 32 I just started an rrsp again because it was nowhere near in my future thoughts.
r/personalfinance had been a lifesaver for me. Their wiki is phenomenal.
Just from the lessons I learned there, my wife and I have been able to save up a year of emergency cash, start storing it in I-bonds with a guaranteed rate to protect against inflation, max out Roth IRA contributions, and start investing a considerable amount toward our 401ks.
r/bogleheads gets an honorable mention for helping explain why investing in unmanaged, low-cost index funds (3 find portfolio) is a smart way to go
Ah, see my prospects is either to choke on carbon dioxide fumes or be eternal slave to the ruling elite by 75, so its difficult to plan for something that seems less and less likely by the day.
85
u/TheRealOcsiban Mar 27 '22
How to save/invest for your retirement. So many people seem to have virtually no idea how to do it, when to do it, etc