Is Financial Education for Students Really An Effective Solution?

Students in a classroom

As someone that deals with the aftermath of the financial mess, my answer will surprise you. Yes, there should be classes, but it is NOT a vaccination against financial problems, but it might be part of a longer-term multifaceted solution. My observation is that teaching personal finance in high school is a bit like requiring … Read more

Financial Literacy is a Dumb Waste of Time and Money Because It Just Doesn’t Work

Financial literacy – the most misunderstood and abused good intention. It is alarming how we love simple solutions for complex problems. We want politicians to solve our ills in a soundbite and we want money problems to go away with a class. The reality is neither of those solutions is ever going to work. I … Read more

Most College Students Massively Fail When it Comes to Understanding their Student Loans

I’ve been helping people with financial problems since 1994. And in that time I’ve seen all sorts of suggestions to inoculate consumers from money problems. Most of the suggestions surround the need for kids to have more financial literacy education. Sounds logical, right? But my mouth is hanging open as I read the latest college … Read more

Debt Consolidation USA Helps Explain The Concept Of Money To Children

Dallas, TX (PRWEB) April 07, 2015 Debt Consolidation USA shared in a recently published article how parents can best explain the concept of money to their children. The article titled “5 Things To Help Children Understand The Concept Of Money” aims to guide families and households in carefully explaining to children how money and finances … Read more

The 4 Things Kids Need to Know About Money

One of the direct results of my time working as an accountant was the realization that money habits, good or bad, start young. It didn’t take long, after I brought a sweet bundle-of-joy home for the first time, for me to start planning her financial education. I wanted her to see money as a tool, … Read more

I Buy Junk Mail. Sell Me Your Junk Mail.

I’m back in the market for advertising letters and mailers (no emails) people receive promising some sort of debt or credit help. As a reward for helping me scout out the latest mailers so I can review them I’m reinstating my “I Buy Junk Mail” program I offered a few years ago. Why I Do … Read more

U.S. Government Teaches Kids to Save Money by Stealing Twitter Bird and Not Drinking Juice or Soda

Kids.gov recently published these comics designed to teach kids all about learning ways to save money. The first is aimed at younger kids with an interesting message that you can buy stuff you really want if you use your own money. It struck me as an interesting message since it seems to be a tacit … Read more

Financial Literacy For Kids: How To Really Teach Kids How To Manage Money

When I was 8 years old my dad took me into Citibank to open my very first savings account. He said it would teach me the value of a dollar and the importance of saving. I don’t remember how much I started my account with and if I deposited on a regular basis but I … Read more

Financial Literacy is Not a Vaccine, nor is it a Solution. It is an Excuse.

One of my Twitter buddies, Thomas Fox (@thomasjfox) sent a tweet about an article titled “Financial Ignorance is Not Bliss.” When Americans were questioned by the National Foundation for Credit Counseling, more than 41 percent of adults gave themselves a grade of C, D or F when it came to their understanding of financial literacy. … Read more

Money Personality Quiz

What’s Your Money Personality? Are you a balanced spender/investor or are you a Binge Spender? A Big Spender or a Micromanager? Take this fun quiz to find out which money personality best describes your style of money management. You may find that two or more answers to some questions seem correct in describing you. In … Read more

Financial Literacy Not a Band-Aid to Change All Factors for Smart Money Management

The Centre for Corporate Law and Securities Regulation in conjunction with The University of Melbourne released a Research Report in March 2011 about Financial Literacy and “What Causes Suboptimal Financial Behaviour? An Exploration of Financial, Social Influences and Behavioural Economics”. This following article will showcase their report and findings. All quotes and data used are … Read more

Financial Education For High School Students Does Not Work and Could be a Waste of Time and Money

In what feels like a never-ending series of debunking articles about financial topics, like why a 15-year mortgage is less safe than a 30-year mortgage, here is another installment, this time about financial education. Typically financial education classes are touted as some sort of inoculation that can be given to high school students to prepare … Read more