Forum Replies Created
-
AuthorPosts
-
dharmagirl
ParticipantYou make excellent points XBoxBoy. Loved the popsicle story. Reminds me of a study on delayed gratification I read ages ago in and from what I remember kids are given the choice of something like 1) a whole donut right now, or 2) wait 20 minutes and have 2 donuts. If I remember correctly, the kids who snarfed down the donut right away were upset that they didnt get a second donut later. Sounds like highly leveraged home owners, eh?
Anyway, apart from feeling glum about the state of the world on this rainy day, I still maintain that if kids are required to take P.E. – which does not guarantee they will be athletes or live healthy lifestyles – they should also learn basic money management in school.
However, people dont stay at jobs for 35 years anymore. And we certainly dont take comfort in the fact that employers will “take care” of us.
ParticipantYou make excellent points XBoxBoy. Loved the popsicle story. Reminds me of a study on delayed gratification I read ages ago in and from what I remember kids are given the choice of something like 1) a whole donut right now, or 2) wait 20 minutes and have 2 donuts. If I remember correctly, the kids who snarfed down the donut right away were upset that they didnt get a second donut later. Sounds like highly leveraged home owners, eh?
Anyway, apart from feeling glum about the state of the world on this rainy day, I still maintain that if kids are required to take P.E. – which does not guarantee they will be athletes or live healthy lifestyles – they should also learn basic money management in school.
However, people dont stay at jobs for 35 years anymore. And we certainly dont take comfort in the fact that employers will “take care” of us.
ParticipantYou make excellent points XBoxBoy. Loved the popsicle story. Reminds me of a study on delayed gratification I read ages ago in and from what I remember kids are given the choice of something like 1) a whole donut right now, or 2) wait 20 minutes and have 2 donuts. If I remember correctly, the kids who snarfed down the donut right away were upset that they didnt get a second donut later. Sounds like highly leveraged home owners, eh?
Anyway, apart from feeling glum about the state of the world on this rainy day, I still maintain that if kids are required to take P.E. – which does not guarantee they will be athletes or live healthy lifestyles – they should also learn basic money management in school.
However, people dont stay at jobs for 35 years anymore. And we certainly dont take comfort in the fact that employers will “take care” of us.
ParticipantYou make excellent points XBoxBoy. Loved the popsicle story. Reminds me of a study on delayed gratification I read ages ago in and from what I remember kids are given the choice of something like 1) a whole donut right now, or 2) wait 20 minutes and have 2 donuts. If I remember correctly, the kids who snarfed down the donut right away were upset that they didnt get a second donut later. Sounds like highly leveraged home owners, eh?
Anyway, apart from feeling glum about the state of the world on this rainy day, I still maintain that if kids are required to take P.E. – which does not guarantee they will be athletes or live healthy lifestyles – they should also learn basic money management in school.
However, people dont stay at jobs for 35 years anymore. And we certainly dont take comfort in the fact that employers will “take care” of us.
ParticipantHi JennyO –
Yes, it does sound similar! There is nothing wrong with my work ethic. I started babysitting as soon as I could, and at age 14 I lied about my age to get a summer job making sandwiches at a little family owned dump – for $2/hour cash. I worked 40 hours a week and every Friday, when the dad/owner peeled off eight $10 bills to pay me, I was ecstatic.
My motivation to work hard was that my mom refused to spend extra money on Calvin Klein jeans, Adidas shoes, and designer hair products. We agreed that she would give me the amount that she would have spent on Toughskins and Sears brand shoes and I would either make it work of find a way to supplement it if I wanted designer stuff. The thought of going to school in Toughskins was, indeed, a powerful motivator.
However, no one ever taught me about saving, etc. So, when I rented my first apartment, started a cool new job, I just used my credit cards to buy everything. I never thought about how I would pay for it.
At the other end of the spectrum, one of my best friends had to give her parents at least 30% of anything she earned (including gifts of money) so they could put it in a money market account for her. It started with babysitting money and went on through college. By the time she married at age 25, she had at least $25,000 in the bank which, of course, thrilled her thrifty husband.
When you consider how little it takes to build wealth (the miracle of compound interest) if one gets an early start, it’s mind boggling. Yet, to my knowledge, no one FORMALLY teaches kids about this.
ParticipantHi JennyO –
Yes, it does sound similar! There is nothing wrong with my work ethic. I started babysitting as soon as I could, and at age 14 I lied about my age to get a summer job making sandwiches at a little family owned dump – for $2/hour cash. I worked 40 hours a week and every Friday, when the dad/owner peeled off eight $10 bills to pay me, I was ecstatic.
My motivation to work hard was that my mom refused to spend extra money on Calvin Klein jeans, Adidas shoes, and designer hair products. We agreed that she would give me the amount that she would have spent on Toughskins and Sears brand shoes and I would either make it work of find a way to supplement it if I wanted designer stuff. The thought of going to school in Toughskins was, indeed, a powerful motivator.
However, no one ever taught me about saving, etc. So, when I rented my first apartment, started a cool new job, I just used my credit cards to buy everything. I never thought about how I would pay for it.
At the other end of the spectrum, one of my best friends had to give her parents at least 30% of anything she earned (including gifts of money) so they could put it in a money market account for her. It started with babysitting money and went on through college. By the time she married at age 25, she had at least $25,000 in the bank which, of course, thrilled her thrifty husband.
When you consider how little it takes to build wealth (the miracle of compound interest) if one gets an early start, it’s mind boggling. Yet, to my knowledge, no one FORMALLY teaches kids about this.
ParticipantHi JennyO –
Yes, it does sound similar! There is nothing wrong with my work ethic. I started babysitting as soon as I could, and at age 14 I lied about my age to get a summer job making sandwiches at a little family owned dump – for $2/hour cash. I worked 40 hours a week and every Friday, when the dad/owner peeled off eight $10 bills to pay me, I was ecstatic.
My motivation to work hard was that my mom refused to spend extra money on Calvin Klein jeans, Adidas shoes, and designer hair products. We agreed that she would give me the amount that she would have spent on Toughskins and Sears brand shoes and I would either make it work of find a way to supplement it if I wanted designer stuff. The thought of going to school in Toughskins was, indeed, a powerful motivator.
However, no one ever taught me about saving, etc. So, when I rented my first apartment, started a cool new job, I just used my credit cards to buy everything. I never thought about how I would pay for it.
At the other end of the spectrum, one of my best friends had to give her parents at least 30% of anything she earned (including gifts of money) so they could put it in a money market account for her. It started with babysitting money and went on through college. By the time she married at age 25, she had at least $25,000 in the bank which, of course, thrilled her thrifty husband.
When you consider how little it takes to build wealth (the miracle of compound interest) if one gets an early start, it’s mind boggling. Yet, to my knowledge, no one FORMALLY teaches kids about this.
ParticipantHi JennyO –
Yes, it does sound similar! There is nothing wrong with my work ethic. I started babysitting as soon as I could, and at age 14 I lied about my age to get a summer job making sandwiches at a little family owned dump – for $2/hour cash. I worked 40 hours a week and every Friday, when the dad/owner peeled off eight $10 bills to pay me, I was ecstatic.
My motivation to work hard was that my mom refused to spend extra money on Calvin Klein jeans, Adidas shoes, and designer hair products. We agreed that she would give me the amount that she would have spent on Toughskins and Sears brand shoes and I would either make it work of find a way to supplement it if I wanted designer stuff. The thought of going to school in Toughskins was, indeed, a powerful motivator.
However, no one ever taught me about saving, etc. So, when I rented my first apartment, started a cool new job, I just used my credit cards to buy everything. I never thought about how I would pay for it.
At the other end of the spectrum, one of my best friends had to give her parents at least 30% of anything she earned (including gifts of money) so they could put it in a money market account for her. It started with babysitting money and went on through college. By the time she married at age 25, she had at least $25,000 in the bank which, of course, thrilled her thrifty husband.
When you consider how little it takes to build wealth (the miracle of compound interest) if one gets an early start, it’s mind boggling. Yet, to my knowledge, no one FORMALLY teaches kids about this.
ParticipantHi JennyO –
Yes, it does sound similar! There is nothing wrong with my work ethic. I started babysitting as soon as I could, and at age 14 I lied about my age to get a summer job making sandwiches at a little family owned dump – for $2/hour cash. I worked 40 hours a week and every Friday, when the dad/owner peeled off eight $10 bills to pay me, I was ecstatic.
My motivation to work hard was that my mom refused to spend extra money on Calvin Klein jeans, Adidas shoes, and designer hair products. We agreed that she would give me the amount that she would have spent on Toughskins and Sears brand shoes and I would either make it work of find a way to supplement it if I wanted designer stuff. The thought of going to school in Toughskins was, indeed, a powerful motivator.
However, no one ever taught me about saving, etc. So, when I rented my first apartment, started a cool new job, I just used my credit cards to buy everything. I never thought about how I would pay for it.
At the other end of the spectrum, one of my best friends had to give her parents at least 30% of anything she earned (including gifts of money) so they could put it in a money market account for her. It started with babysitting money and went on through college. By the time she married at age 25, she had at least $25,000 in the bank which, of course, thrilled her thrifty husband.
When you consider how little it takes to build wealth (the miracle of compound interest) if one gets an early start, it’s mind boggling. Yet, to my knowledge, no one FORMALLY teaches kids about this.
ParticipantYes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.
I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?
When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.
Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.
That IS scary….
ParticipantYes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.
I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?
When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.
Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.
That IS scary….
ParticipantYes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.
I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?
When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.
Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.
That IS scary….
ParticipantYes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.
I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?
When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.
Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.
That IS scary….
ParticipantYes, and a certain portion of the population will also be drunks, drug addicts, murderers, adulterers, etc.
I still believe that financial education – of some sort – should be required. If Phys Ed is, why not finance?
When my aunt was in 8th grade (in the 1950s), her public school taught the basics: how to balance a checkbook and how to create a simple budget. I think it’s a shame that schools don’t teach this stuff.
Two years ago, I took my 15 year old godchild shopping for her birthday. She desperately wanted a $70 pair of shoes from Nordstrom’s. I caved in and bought them for her. When I mentioned they were expensive she quizzically said, “Is $70 a LOT of money?” I explained that she’d have to work for 11 hours at Starbuck to buy those shoes. She started laughing and said, “oh, very funny!” She thought I was JOKING.
That IS scary….
-
AuthorPosts
