What Kids Should Be Taught In Schools

As parents, teachers, and school administrators, it’s our duty to ensure that our children are prepared to make sound financial decisions throughout their lives. With the rise of consumer debt and the increasing complexities of the global economy, it’s important that schools begin to provide students with the skills and knowledge they’ll need to make smart money choices.

The following topics should be covered in schools to prepare students for life and financial future:

1. Understand the Basics of Finances: It’s never too early to introduce children to basic financial concepts and to help them understand the importance of money management. Simple topics such as the difference between needs and wants, the importance of budgeting, and how to save money can all be covered at an appropriate age.

2. Money and Credit: Understanding the fundamentals of money and credit is essential for financial success. Schools should cover topics such as types of credit and credit scores, how to use credit responsibly, and common investment vehicles.

3. Risk Management and Insurance: Teaching students about risk management and insurance can help them manage and protect their finances over the long-term. Schools should introduce basic concepts such as types of insurance, strategic use of insurance products, and how to select a plan that’s right for them.

4. Investing and Retirement Planning: Educating students about investing is essential for preparing them for a successful financial future. Schools should teach basics such as the stock market, types of investments, and retirement planning.

5. Financial Planning and Personal Budgeting: One of the most important topics to cover is personal financial planning and budgeting. Students should understand the basics of developing a budget, setting short-term and long-term goals, tracking expenses, and making sound financial decisions.

By teaching our children these essential financial topics, we can ensure that they have the skills to make smart financial decisions throughout their lives. With the right education, students can become financial literate, allowing them to make the best decision for their future.

In addition to the topics already mentioned, it is also important for schools to educate students about the importance of real estate and the role it plays in long-term financial success. Real estate is arguably one of the most secure investments available, and learning about the fundamentals, such as types of properties, financing options, and returns, can help students make informed decisions on how to leverage real estate for long-term financial security.

Another important topic that should also be covered in schools to prepare students for life and financial future is trusts and wills. Trusts and wills are legal documents that enable individuals to guide the distribution of their assets after their death. It’s important for students to understand the basics of trusts and wills, such as types of trusts, the difference between wills and trusts, and the benefits and drawbacks of each.

In addition, students should be aware of the importance of setting up a trust or will early in life. Often, legal complications can be reduced or avoided altogether if these documents are in place prior to death. Students should also understand the logistics of setting up these documents and the importance of making sure that the language of the documents is clear and concise.

Lastly, students should realize the importance of finding qualified professionals to help them with their trusts and wills. Estate planning attorneys and financial advisors can provide invaluable guidance in the creation of these documents, and it’s essential for students to know when it’s time to seek professional help.

By covering the all the above topics in schools, we can ensure that our children get the right education giving them the knowledge they need to make informed decisions and to be able to plan for their future.