We all have our regrets, some secret, some openly expressed. Coming in at the top of the heap of the latter would be personal financial matters that we wish we had done much earlier in our lives.
– Would it not have been great had we bought XYZ shares when they were only 20% of what they are being quoted for now?
– If only I had purchased the property in XYZ location in 1997, when the owner was almost giving it away?
– If only, if only…..
Of course, many of these regrets are with the benefit of hindsight plus the knowledge that we have gathered over the years on personal finance and its management.
If personal finance and its management had been taught in schools, we would have at least had some ideas on :-
a) Credit Cards and the double edged swords that they actually are,
c) Investing and an understanding of the associated risks and rewards,
d) Savings and the tremendous power of compounding,
e) Market Cycles,
f) Asset classes,
as we started on our working lives.And be able to plot our own approaches to taking advantage of the many opportunities that would have come our way. For sure, we should be better off today.
www. PracticalMoneySkills.com is a website designed to help educators, parents and students practice better money management for life. It is a partnership between VISA and leading consumer advocates, educators, and financial institutions to launch a program to improve the nation’s (USA) financial skills.
(It quotes a VISA survey that 77% of parents rank personal money management as only below that of writing, as requisites for their children.)
This resource rich website offers online tools and free classroom material that educators can use to teach personal finance. It offers teachers’ guides, student worksheets and quizzes that can be played by students.It covers lessons for young toddlers from preschool stage to college going young people aged 18 and more.
Now if only our policy makers and educators would listen to the silent pleas of parents, and include this so important skill as part of the school curriculum.
As for me, I have asked my elder children (who should be graduating next year) to form peer groups that would have personal finance as a core issue in their “hang out “ agenda.
You know…the “birds of a feather” principle. I am sure, that this peer group, if correctly “switched on” will do far more that any amount of parental advise. I am still figuring out what else I can do to actively promote this, without irritating my daughters.
I seek your ideas and opinions.