It should be a required class because no one should be in any debt whether it be credit card, student loan, or car loans. Everyone should have an emergency fund, be saving for retirement, and following a budget. Dave Ramsey foundations in personal finance should be the version that all high schools require.
@NASA2014 how was this class? Did it teach to make better financial decisions?
I agree. Not only on general finance issues but how the real world works regarding money. Also, every kid should learn the basics on investing, saving etc.
I was pleased when my children’s elementary school covered the difference between needs and wants. Great foundation! DS’s JROTC class did budgeting, resume writing, general financial issues. I think the class should be live. I twice taught general financial/banking information session in high schools and more questions came up that I could address right then.
Even with DS, he did not realize that companies would accept applications when they did not actually have any immediate openings or that you needed to submit several applications to find one job, due to competition and lack of actual openings.
And everyone should get a pony too.
If it were only so simple that everyone had an emergency fund. And what happens when you have an emergency and use the fund?
“My kids both had some financial ed during 9th grade health, including making a budget – projected earnings and expense” - That’s a good way to handle it. Also every student should learn (in math or other ms or hs class) the concept of compound interest!
" And what happens when you have an emergency and use the fund?" - You start rebuilding it when back on track.
Not everyone has a job, can save. Emergencies do happen, financial or medical. To say ‘everyone should be just like Dave Ramsey’ is naive. Dave Ramsey invented his program because he was bankrupt. He focuses on people who have huge credit card debt.
If everyone wants to get rid of student debt, we can eliminate student loans. I think that would make colleges even more elite than they are, but it’s a valid government action. We could also get rid of VA and FHA mortgages. If no debt is good, we should help all Americans to have no debt.
Dave Ramsey is proud of people who get completely out of debt and that’s why people come on his show and do there debt free screams. If your not in debt, he says you shouldn’t go into in the first place. Dave Ramsey emphasizes the three factors of going to school debt free are college choice(making sure the school you attend is affordable), scholarships, and working while in your school. Dave Ramsey emphasizes making sure what you study while in college has application in the marketplace. Loans can still be an investment if you study something very marketable and there people who become successful starting out in debt but Dave Ramsey doesn’t teach people to borrow money because “the borrower is slaved to the lender”. I’m kind of unsure if starting investing is the right thing to do while in college.