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I can't seem to find it now, but whoever posted that we should have mandatory financial education in school hit the nail right on the head.
This is the problem - people don't know what the fuck to do with their money when they have it, even if they only have a little. I don't represent 2000 families studied from 1984 to the present, so take this as you will - but I've seen in my own experience many many examples of people with "a little bit" of money, say five hundred bucks, go out and buy a new TV or something rather than use it in a more constructive way such as investments or groceries. Then, when they've got the "thing" that they wanted, they're back to zero. Anyone else know anyone in this situation? They call it "living paycheck to paycheck."
It's easy to say that parents should teach their own kids about finances. Well that's fine, if your parents are financially-savvy and not poor and destitute. Clearly if you are not good at something you shouldn't teach someone else how to do it and expect them to succeed. Hell you could say that parents should teach their own kids about history, or math, or science, also, but many parents don't know much about those subjects either, that's why we have school.
Mandatory financial education would go a long way towards closing the gap. Wouldn't change things overnight, but it damn sure would make a difference in the long run. Hell, in my own life, it wasn't until after I started seeking financial education that I was able to put together a plan to increase my wealth and stop being a poor, in-debt and frusterated.
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These are the good old days...
formerly Murp0434
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