It’s amazing that most schools in the United States still don’t offer courses to students on personal finance. Don’t get me wrong, while physics and trigonometry II are essential skills needed in adulthood (insert eye-roll here), most young adults will never receive the financial education they need to be financially literate and empowered adults. Understanding money goes far beyond spending and saving. There are many more crucial elements involved that should be taught.
Here are three crucial financial topics that are often not taught in school, but should be:
Negotiation Skills: One important skill that is often overlooked is how to negotiate effectively. Negotiation skills can be applied in various aspects of adult life, such as advancing in the workplace, building business relationships, and resolving conflicts. Learning how to negotiate can empower individuals to achieve better outcomes in financial transactions.
Credit Building and Management: Understanding how to build and leverage credit is essential for financial success. A good credit score and history offer advantages like lower interest rates, favorable loan terms, and more choices when it comes to lenders. Teaching students about credit can help them develop responsible spending and saving habits, live within their means, and maintain a strong credit score.
Generating Income Beyond a 9-5 Job: It's important for students to learn about alternative income streams outside of traditional employment. Exploring ways to generate income through hobbies and skills can lead to opportunities for passive income. This can include creating and selling online courses, publishing e-books, or investing in rental properties, among other possibilities. Understanding these options can help individuals diversify their income and build wealth.
(Source: Max My Money, Finance Buzz, Teens Wanna Know)
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