<p>Are there certain college classes about personal finance that you would recommend for students to take? As a young person, I want to be prepared for the future when it comes to independent living.</p>
<p>I don't know about classes but both Suze Orman and Dave Ramsey have some good books/websites.</p>
<p>I took a class on personal money management at the local JC my senior year in HS - still use many of the things I learned there. </p>
<p>From a book point of view, one book I strongly recommend is Tobias' "The only Investment Guide you will ever need." It is in about the 20th edition - and still spells out the basics of investing.</p>
<p>My son will be taking a 1-credit course at his university this coming semester called Personal Finance. I hope it covers the basics of what he needs to know in this day and age, and I'm hoping it interests him enough that he'll follow up by reading books such as those mentioned above.</p>
<p>Here's the description:
[quote]
PERSONAL FINANCE </p>
<p>Teaches students the basics of managing finances during college, and upon graduation. Topics covered are revenue generation, credit, real estate, taxes, and investing.<br>
[/quote]
</p>
<p>I think courses like this, offered in college, are a terrific idea. I wish I had learned these things in my 20's instead of in my 40's. If I had started investing 20 years earlier, armed with some knowledge instead of fear and confusion, I'd be in much better financial circumstances today.</p>
<p>I took Personal Finance as an elective my senior year. It was one of the most valuable classes I've ever had. It touched on nearly everything you would encounter in your financial life after college - risk/reward, the power of compounding, dollar cost averaging, budgeting, checking accounts, different types of mortgages, investment vehicles, credit cards, car loans, insurance, taxes. Great stuff. </p>
<p>You are going to work hard for the money you make all of your life, and early mistakes can be very costly. I think classes like this can really help people get off on the right foot, especially if they were never exposed to the information at home, or didn't have a good financial role model. Many colleges and community colleges offer classes like this.</p>
<p>^^^ Just curious, I wonder how many parents teach that, along with safe sex and don't drive drink & drive ? </p>
<p>We do with our kids. We find after their first job with W2s and paying income taxes they are very receptive. Recently we showed them the power of compounding with the small savings and investments and life insurances we purchased in trust for them and they are starting to understand the power of compounding. </p>
<p>We may have gone overboard a little because they are starting to make some decisions that are too "money driven" - I feel a tad sad because I think it's the prerogative of the young to dream and take risks and maybe fail as a result. (I am conflicted as usual) :confused: </p>
<p>ETA: I just realized my post sound as if I don't see the value of personal finance classes. It's such an important area of knowledge and have such an impact on our lives that courses are great. The kids' high school had one and it's a required course for graduation.</p>
<p>^. I understand your angst on PF. We had the same conflicts for the kid, knowing that anybody whether young or old, could take PF as a motivator or a limitor in future endeavors. We too set up various PF programs for the Kid far earlier than he could practicably understand their meaning. The time will come when he understand and when he does, the programs we set up will be an immediate benefit.</p>
<p>I would read MONEY Magazine for one year. In one year's time, you'll cycle through all the important topics.</p>
<p>Personal failure programs? Could you explain? What exactly did you do?</p>
<p>DS took a personal finance course as an elective his senior year. He says...it was one of the hardest courses he took and he got a C+ in it. BUT he said it was well worth it because he learned so much about personal finance and the real world. While he would have loved a higher grade, the info was really more important to him. He thinks it should be a required course for ALL students.</p>
<p>This has always been a dining-room table subject for us. Our son has picked up on it much more so than our daughter.</p>