If you want your kid to be financially healthy, you can move to Utah or start listening to more hip hop
So let’s just imagine for a second that your kid’s school sent a note home today and said that they’ve decided they’re eliminating the following classes from the school’s curriculum.
The note reads:
We apologize, but we no longer have the resources to support a broad-based curriculum, so we are eliminating components of the curriculum that we think are superfluous and/or can be taught at home.
For K-2, this means that we will no longer be teaching:
For 3-12, we will no longer be teaching:
- English/Language Arts
Best wishes to you and yours,
Your friendly neighborhood school
My bet is that upon reading the note, you’d:
- Check your calendar to see if the date was April 1.
- Start making your protest sign (“Kids cant funkshun wthout inglish instruckshun!!!!)
When you think for even a split second about your child being illiterate or unable to perform basic mathematical computations as an adult, it’s literally a scary notion.
Now think for a moment about your child not understanding basic financial terms, and what that might mean for their lives. I’d argue that if you think about it hard enough, it’s an equally scary notion.
Imagine how they’ll feel when they hear someone use the following terms, they don’t know what the terms mean, and they’re too afraid to ask:
- Compound Interest
- Brokerage Account
- Interest Rate
To many adult Americans, these financial terms are like a foreign language – I might as well have written them in German. And yet, each one of them is critical to your child’s financial future.
So how do we help parents – who were not raised with personal finance instruction in schools – to teach their kids the core principles – and language – of basic finance?
We’ve got 3 suggestions:
- Move to South Carolina, Indiana, Michigan, Georgia, Mississippi, New Mexico, or Utah.
Yep – there are only 7 states in our country that require personal finance classes to graduate high school and also include it in standardized testing.
Picking up and moving out of the question? Don’t worry – we still have 2 more solid suggestions. Keep reading.
- Get educated with Goalsetter’s Urban Financial Dictionary. Run – don’t walk – to https://blog.goalsetter.co/know-your-money/ and explore our Urban Financial Dictionary with your kid. We promise – it’s fun AND will teach your kid the 50 financial terms that every person needs to know in language (and lyrics) that they understand.
- Want to hear Rick Ross explain stocks and bonds? We’ve got you.
- Didn’t realize that Tupac was talking about Compound Interest when he said “I’m tryna make a dollar out of fifteen cents”. Yep – he sure was.
- Want Destiny’s child to explain why an emergency fund is so important? (hint: if they had one back in the day, they wouldn’t need anyone to pay for their telephone bills or auto-mobiles.)
- Start taking Goalsetter’s Weekly Financial Quizzes. Even if you think the only money moves you’ve got are the ones that Cardi B taught you, our fun quizzes are a way for you to challenge your kids, friends, family, bae’s and boo’s to see who’s going to be the next money mogul. We’re betting on you. Take our current financial quiz right now to prove us right.
Let’s start making literacy something that every kid can attain – whether they’re learning about phonics and pronunciation, or investments and diversification. Both are critical to their health, wealth, and happiness.