One must remember CA is closest to the Pacific rim that manufacturers all the tech
*Investors Blog*
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They teach it here. It doesn't take. How can a 16 year old with no life experience, not having to manage any kind of family budget or whatever, going to learn personal finance. They have no context.
Besides what are the parents doing while the state is supposed to teach everything?
What if the parents don't know? Or worse, have the day trader gambler approach?
The 16 year old needs to be exposed to personal finance and expand the knowledge each year.
I knew about money at 16 because my Dad wouldn't give me any, so I mowed lawns, had paper routes and warshed winders.
Personal finance starts with the arithmetic, but then goes into career planning. The way people think about work and money surprises the heck outta me. They blame everything (starting with the government) and everyone except themselves. Give kids a fighting chance.
Not disagreeing with your premise - just explaining reality.
Its a required course here. Its called business something or other. Starts by how to open a checking account and make a budget and goes all the way into stocks and bonds and how debt works. My kids took it. It looked pretty good to me. Yet the kids here don't seem to be further ahead than anywhere else and people here manage there money just as poorly.
Just explaining reality. You can wish for whatever you like.
I tell people "I have a working man's PHD from the school of hard knocks". LOL
It's what you observe and what is taught in the home that sticks. I was taught budgeting from the age of 5 by my parents. They are good with money. I am good with money. My 4 year old is now learning how to manage money. Generational blessings.
What makes most people good with money are the ones who earn it themselves and understand the connection between hard work and what money will get you in return. And the less people make, it's typical that they spend it more wisely. Of course there are people that don't know how to manage their money no matter what.
I think what makes people good with money is, they practice, "It's not how so much how much you make, rather it's what you do with it."
And how! For me being self employed for probably 90% or more of my life I learned early how to save for retirement and a rainy day. If I wanted to buy something I really didn't need I would think of how many rooms, ceilings, windows, etc. I had to paint to get it. Many times I passed. Then I realized quickly to charge top dollar for quality work, this way I'd have to paint less to get more.
Many people would recommend us saying they're not cheap. That's fine by me, and it worked.
Zee09
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Same here. The older you get the faster the money disappears...And how! For me being self employed for probably 90% or more of my life I learned early how to save for retirement and a rainy day. If I wanted to buy something I really didn't need I would think of how many rooms, ceilings, windows, etc. I had to paint to get it. Many times I passed. Then I realized quickly to charge top dollar for quality work, this way I'd have to paint less to get more.
You can't keep creating debt if your wore out body can't work...
I have not observed that - quite the opposite.
I’ve seen people who make very little be absolutely profligate in their spending, making $25,000/year and buying a new $45,000 car on credit, for example. I have seen hundreds of examples of that.
Very few examples of what you suggest.
People who understand money exist across all income levels. Just as people who don’t understand money are at all income levels.
You should be working to turn your toil into real wealth. Then this real wealth works for YOU.........................
.............................and those around you and the government and people in far distant places and a greasy scammer in his dark corner. And maybe some left over for the odd offspring.
Most people in the USA spend more than they can afford and take in frankly.
The opposite is true in my case. I live dirt cheap; that was the objective all along.
I do not have a job, but investment money rolls in on a regular basis.
Zee09
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I live dirt cheap as well and most likely cheaper than you as I live on the east coast. I work for myself, trade daily, and invest in real-estate which is all mortgage free and my stock market interest pays my monthly bills. That said I am frugal and more so than ever.
Do you help your kids if they need some financial assistance ?
Zee09
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I have helped everyone in my life to a fault.
The people I know who don't make much money spend it wisely. The people that don't manage their money very well have a lot more problems in their life beside how to spend money wisely. People who are poor and overspend don't last long financially, and then typically file bankruptcy, depend on friends or relatives or are standing on a corner with a cardboard sign or falling into a life of crime unless they correct their spending ways. Of course if someone basically has no income at all, they have big problems too because you can't manage what you don't have.
Of course, and my last sentence in my post 6,490 is saying that too. Millionaires can go bankrupt too if they are complete spending maniacs and burning money with nothing to show for it - ie, some lottery winners.
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