Should schools teach people abauth money

[Yunru]

Absolutely. I'm not one of the people that doubts geometry's usefulness as a subject, but I do think the lower levels of education have to be considerably updated and modernized.

Same goes for cooking. I know many people who dont know how to cook or they started a fire because the school cut out the cooking learning part.

And for usless i would also count:
Algebra
Religious Education (its usualy seperate, but not everywhere)
Your nation language (its so different here because books are outdated) or lets just call them Language Arts
Latin
Gender Studies
...........and more

[Agrossive]

Why so? School does its job as far as I'm concerned.

I think schooling should be focused on real life applications instead of concepts and theories of stuff we never use. Should be mandatory to have full comprehension of a 2nd language.

[Daedius]

Business Studies, and basics in Home Economics, teaches this... no?

[Kasierith]

Kind of feeds into the larger debate of should baseline academics be about practicality or setting up a baseline for college, which is where it's focused now. There really isn't enough money in the pot to do the ideal thing and have highly competent and funded teachers give the baseline for everything and have life skills mixed into regular curriculum across the board.

[Kasierith]

Same goes for cooking. I know many people who dont know how to cook or they started a fire because the school cut out the cooking learning part.

And for usless i would also count:
Algebra
Religious Education (its usualy seperate, but not everywhere)
Your nation language (its so different here because books are outdated) or lets just call them Language Arts
Latin
Gender Studies
...........and more

You realize that algebra is actually dressed up logic, right? It's very important for setting up the bedrock for basic problem solving skills. Calculus is the one that drifts off into uselessness if you don't have a field that implements it.

[Jonnusthegreat]

Oh and dont let me mention credit card companys.

The only thing people need to know about credit cards is that if you don't pay off the full balance every month you're an idiot. Can I take the final exam now?

[Yunru]

The video is laughable nonsense. You aren't being programmed to be poor.

And, I don't know where you went to school, but there has always been some degree of home economics classes at some point (generally middle school / junior high from my experiences in both the mid-West as well as East coast). Just because you ignored it doesn't mean it didn't happen.

Furthermore, what magic do you think should be taught? Don't blast money on stupid things? Do you really need to be *taught* that?

And even if you were taught that, would you even follow that advice? Of course not. I see people all the time on these boards complain that they weren't taught anything useful in school which really means that they were too busy goofing off in class to have learned much.

This is just another useful scapegoat for the fact that the real reason people are poor is because of poor impulse control combined with a super-rich class who does everything in their power to provide the most minimal compensation possible to everyone else. The super-rich are, many times, just as susceptible to poor impulse control, but they simply make (or, much more often, inherited) enough money that they remain financially viable.

It depends on a person/location. Some will follow, some wont. Its a natural selection pretty much.
Here we could say we are still recovering from communism, so its expected that your old leaders wanted you to be stupid and only just a workforce.
Also there are poor people who got rich, by thinking smart.
If you go with normal life living paycheck to paycheck, you will never be rich. Some people want to be and some dont.

Exeption to those rule are people who are born to rich familys.

- - - Updated - - -

The only thing people need to know about credit cards is that if you don't pay off the full balance every month you're an idiot. Can I take the final exam now?

Wrong. You are a idiot if you go past the limit in first place.
Well this is how they make money. Of the stupid people.
Unless you invest into something that will make more money after, you should never go into minus.

[Jonnusthegreat]

Wrong. You are a idiot if you go past the limit in first place.
Well this is how they make money. Of the stupid people.
Unless you invest into something that will make more money after, you should never go into minus.

You can't go past the limit. That's what limit means.
And that's not actually where they make their money. They make it from vendors.
What does going into minus even mean?

[AeneasBK]

Out of interest, on the topic of finance, would it make sense as a student to use a credit card to pay your rent? As opposed to direct debit or cash/cheque.

[On the assumption that you're going to be paying the rent on time every month], would shifting the payment through a credit card and paying it off fully each month (at 0% interest which I understand is common with CC if you pay them on time), mean that the only real difference is that when you finish your course you'll have a much stronger credit score?

Or is there something fundamental I'm misunderstanding?

Was talking about it with a friend the other day and neither of us was sure.

[Yunru]

You can't go past the limit. That's what limit means.
And that's not actually where they make their money. They make it from vendors.
What does going into minus even mean?

Limit as how much money you can spend, before going broke.
You have 1000$ on card.
Your card can go into -250$.
Now you have a new tv and you are in - 150$ (tv costed 1100$).
Now the credit card company will charge you if you dont pay out those -150$ by the end of mounth (or whatever services put in the contract).
To make it simple, lets say you own 5% for every time you dont pay on time.
157.5
165.4 etc

[Captain N]

Limit as how much money you can spend, before going broke.
You have 1000$ on card.
Your card can go into -250$.
Now you have a new tv and you are in - 150$ (tv costed 1100$).
Now the credit card company will charge you if you dont pay out those -150$ by the end of mounth (or whatever services put in the contract).
To make it simple, lets say you own 5% for every time you dont pay on time.
157.5
165.4 etc

If you go past your credit limit the card will be declined. If you go past your limit on a debit card/checking account then you get hit with a Non-Sufficient Funds Fee.

[ghotihook]

Limit as how much money you can spend, before going broke.
You have 1000$ on card.
Your card can go into -250$.
Now you have a new tv and you are in - 150$ (tv costed 1100$).
Now the credit card company will charge you if you dont pay out those -150$ by the end of mounth (or whatever services put in the contract).
To make it simple, lets say you own 5% for every time you dont pay on time.
157.5
165.4 etc

That's not how a credit card works. If the limit on your credit card is $1000, you can never charge more than $1000 on it. It's literally impossible.

[Kasierith]

Out of interest, on the topic of finance, would it make sense as a student to use a credit card to pay your rent? As opposed to direct debit or cash/cheque.

[On the assumption that you're going to be paying the rent on time every month], would shifting the payment through a credit card and paying it off fully each month (at 0% interest which I understand is common with CC if you pay them on time), mean that the only real difference is that when you finish your course you'll have a much stronger credit score?

Or is there something fundamental I'm misunderstanding?

Was talking about it with a friend the other day and neither of us was sure.

The length that a line of credit is in active use and consistency of paying off balances for this line of credit are both factored into credit scores. Beyond that, a lot of credit lines like Chase Unlimited have a % back (mine is 1.5%) that I use for everything big, builds up quite a bit.

[Beazy]

Yes. I literally squandered 10 years of retirement, not because I had bad spending habits, but because I thought "Meh, I dont need to contribute to 401k, I'm only 20, that shit is for old people".

If I had a time machine, I would go back and slap the ever living fuck out of my face.

[zenkai]

I always wondered why we got no education when it comes to life finances. And no math doesnt count.
Its more or less banned topic there.

With the growing amount of payday loan places I see, I think people need to learn how interest works.

[Usernameforforums]

They already do. Understanding money is also about being decent at math.

That’s what everyone would assume but you can be the best math nerd out there and be broke af due to poor management skills.

[Jingoism]

School should teach you the basics about the world, some things you should learn on your own.

[Katchii]

The schools just need to have a few days or something applying math to real world money scenarios and that should be fine for most people. The problem isn't that people can't use math on their finances, it's that math is only a portion of what it takes to budget (a HUGE portion, yes, but not all of it).

It's pretty easy stuff, but you still need to learn it to be effective. While learning, most people make mistakes. Problem is once you get into the real world, making mistakes with this kind of stuff can REALLY fuck up your life, for a pretty long time depending on what it is. Obviously people will learn it eventually, but by that point how badly did they fuck up their credit/ financial situation? Hopefully not too badly.

[Draco-Onis]

I was fortunate enough to have economics class in high school, it was the best thing to ever happened to me. My parents are not very good with money and really no one would have taught me about it otherwise, I feel bad for those people who don't have access to this.

[Sunseeker]

If you didnt take finance in highschool, you went a shitty school.

Well, probably. But kids dont get to pick their schools. So you can't really blame them for the school not teaching it.