![]() ![]() Lesson 3: Know the difference between an asset and a liability One major takeaway: It’s not about what you make (income), it’s about how much you keep (expenses). One of the foundational elements of financial literacy is understanding how to read and understand a personal financial statement.Ĭlick here to learn more about the personal financial statement and how to begin using one today. A banker wants to see your financial statement-your report card when you leave school." Rich dad often said, "Your banker never asks to see your report card. Lesson 2: Understanding your personal financial statement If you want to learn more about how the history of money is impacting your life, check out this >post about fake money. education systemġ971 - Nixon takes the dollar off the gold standardġ974 - Congress passed the Employee Retirement Income Security Act Below are some dates that are important:ġ903 - Rockefeller's General Education Board takes over the U.S. It's important to study money to grow rich. It's gone from being an object to an idea, so it's no longer tangible and intuitive. Money has progressed over the centuries from something pretty simple, like bartering, to something pretty complicated, like derivatives. It's important to understand how money works, and part of doing that is by studying how it's worked in the past. Even if you’re not in school anymore, these are valuable lessons to study and learn on your own as part of your financial education. This begs the question, what would it look like to teach financial education in our schools?Ī successful financial literacy program would include the following 17 financial lessons. Additionally, over 40% of Americans avoid investing altogether, because they feel uncomfortable with their level of knowledge. Whatever your definition of financial education, it’s clear that there’s one thing we can all agree on-financial education is nearly non-existent in our schools.Īccording to, over 50% of Americans feel they need more education about investing. What is financial education? That’s a good question, and one that has many different answers depending on who you talk to.įor some, financial education means teaching kids how to save money, balance a checkbook, and use a credit card responsibly.įor others, it means teaching how to invest in the stock market and manage a 401(k). ![]()
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