We need to equip our nation to succeed in life.
I believe in self responsibility, but we need to equip the American people with the tools to successfully do this. I want a Basic Finance class that will help people live their lives without having to worry about going into bankruptcy or having trouble getting back in life. This basic class outline should be taught in EVERY high school and should be a required part of the curriculum. Our citizens need to be equipped with the set of tools and values to succeed in life.
• Paying bills (even paying online now)
• Credit cards and their interest implications
• Credit Reports and credit score: how it affects their lives
• Checks
• Balancing a check book
• Making a budget
• Loans: Types. Interest, implications
• Mortgages: Types, implications, affordability
• Interest and interest rates: how they work
• Retirement Savings: Types, why, and implications
• Income Taxes: Basic understanding of their W-2 and maybe TurboTax
• Dangers of bankruptcy
• Living within their means
There are more to add but this is a start.
In this day and age of bankruptcy and mortgage crisis, the importance of a good understanding of basic financial principles has become apparent. We need to get past the mindset that it is not our problem and that they should have known this before or their parents should teach them, but if their parents don’t know, how can their teach their children. We need to start now educating Americans with the tools to succeed in life. Most people in this country do not have the opportunity to go to college and therefore we must teach this in high school. Please help me get this movement going and I want to give this idea to Obama and for him to implement because I know this is the type of message that he has been discussing with the American people.
Update:
WOW! Thank you everyone, I never thought I would get into the Rec list.
I see alot of you are saying there already had a class like this, and thank you for sharing that, but I want ALL people to have it and have it required because people really need this. I am an accountant and I know the importance of having the facts and knowledge to succeed. I have always thought about teaching but my life took me on a different path, but I have aways wanted to someday to go back and teach.
Thank you everyone
2nd Update
Thank you for the great suggestions. Here are some of the suggestions that have been made below that I think should be included:
- Shhs said : Add basic contract and propert law, which would help with purchasing a home, car, or renting.
- It was also suggested to add some basic Interview skills, which is a great idea
- It was also suggested to maybe make this part of the math classes, which is a good idea, make math come to real life situations
3rd Update
How do I get this suggestion moved forward? How do we get this done?
4th Update
Wow, even my very Republican mom just said it was a great idea. She even suggested sending this letter to the State of Ohio's Board of Education. I am going to do it and I want to get this accomplished for the country's sake because every time someone's house goes into foreclosure, it brings everyone else's house value down so it affects everyone
5th Update
I sent this around to all my department (10 people) and they all loved it. It is big because 3 of them ALWAYS vote Republican.
Thank you to everyone that posted and thanks for the great suggestions
6th Update
Should I start a petition for this? Would anyone sign it if I started one?
7th Update
Thanks to Jay D, he has a great point: "you'll need to protect it from corporate sponsors ". I would add that they would be barred from interfering in this class
8th Update
I never expected this to get on the Rec List, thank you for the love and the posts. I am happy to see so many care about this idea as much as I do. I would however suggest that with almost 500 posts and over 1000 votes, it might be time for another needed Diary to be elevated to this spot. So if the moderators want, I will concede my spot on the list.
Thank you to the 1000 votes and the almost 500 posts, it means a lot to me and I will continue this cause. If anyone wants to help, please let me know or pass this on to anyone that can help.
Thank you and have a great day.