Reply to Do you colleagues/friends talk about money? Ever surprised by what you hear?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I was really uninformed/ignorant in my 20s and had no idea what maxing a 401k meant. I didn't start saving until 30 and even then I only did 10%.

Reading DCUM was an eye opener and encouraged me to start maxing both 401ks and be more aggressive saving for college.

I wish more people openly chatted about this at work or wherever, because unless you start reading books about finance it's not really covered anywhere.

[b]I also think they should teach a basic personal finance course in high school. [/b]At least it gives kids a basic foundation if it's but something their parents discuss. [/quote]

You are so, so right.  They really should.  My parents did discuss finances with me, but without that I wouldn't have known what to do.  [/quote]

I know people say that but if they do it at the high school level you know it'll be watered down to checking vs. savings; how to write a check; credit scores etc. Do you really think they'll cover 401ks vs. IRAs, mortgages, HELOCs etc. with a bunch of 18 yr olds. And do you really think those 18 yr olds will listen and absorb it? Those who will absorb it are the ones who already have some interest and they would be the types who would look into retirement savings post college on their own and/or they have some parental discussion of finances happening at home. Unless 18 yr olds are SO much more mature than they were 15 yrs ago -- I don't see even 50% of kids in my high school having any interest or doing anything besides rolling their eyes.[/quote]

When I was in HS (this was in the south in the 90s and actually seems pretty progressive in my opinion), we all had to take a life skills class.  One of our assignments was being given a job assignment with designated salary.  We then had to go out to leasing offices and pick up an apartment application to find rent within our budget.  We also had to learn to budget for groceries, transportation, etc.  Part way through the class, we had to draw a card with a life emergency such as being off work because of a medical issue, needing an expensive car repair, job loss, or the like.

I was in all sorts of honors and advanced classes, but this one class really stands out in my memory as helping prepare me for life.  We got to learn about the importance of saving, compounded interest, etc.

I also remember taking an economics class in which we had to "invest" in the stock market.  I hated it at the time because I thought it seemed boring, but it was interesting to see whose investments did well.

Maybe the lesson won't stick with every kid, but for many it may be the only financial literacy they receive before becoming inundated with credit card offers at 18.[/quote]

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