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UK makes personal finance classes mandatory for kids


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#1 allkill326

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Posted 16 February 2013 - 09:03 PM

TIME.com@TIME
UK makes personal finance classes mandatory for kids | http://ti.me/15kP9U3 (via @TIMEBusiness)
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#2 Caboose

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Posted 16 February 2013 - 09:19 PM

This can only be a good thing.

I'm nearly half way through tenth grade and not once have we learned anything to do with finances.

I hold a part time job like most kids my age, yet I had to take my own initiative to learn what to do with my money.
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#3 allkill326

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Posted 16 February 2013 - 09:25 PM

This can only be a good thing.

I'm nearly half way through tenth grade and not once have we learned anything to do with finances.

I hold a part time job like most kids my age, yet I had to take my own initiative to learn what to do with my money.


Come on man, smart people like you don't need to take those courses. You already probably know all of that stuff.
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#4 Dittohead

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Posted 16 February 2013 - 09:29 PM

Pay attention there is a Currency war going on the G20 deny this ofcourse. usually whatever the Federal reserve says is a lie.


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#5 Wetcoaster

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Posted 16 February 2013 - 09:33 PM

TIME.com@TIME
UK makes personal finance classes mandatory for kids | http://ti.me/15kP9U3 (via @TIMEBusiness)

Something that I have advocated for years along with courses on consumer and employment rights.
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#6 DIBdaQUIB

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Posted 16 February 2013 - 09:38 PM

Pay attention there is a Currency war going on the G20 deny this ofcourse. usually whatever the Federal reserve says is a lie.

http://www.youtube.com/watch?v=Oe0fGXzKb1o


There absolutely is. Governments are getting increasingly desparate to find ways to get out from under their over-taxing, over-spending, and over-indebtedness. The only thing for sure is that it will be the consumer and tax-payer that gets it in the end. What a wonderful financial world we are leaving for our kids.
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#7 allkill326

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Posted 16 February 2013 - 09:40 PM

Something that I have advocated for years along with courses on consumer and employment rights.


Do you think this type of education should be implemented throughout North America?
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#8 Dittohead

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Posted 16 February 2013 - 09:41 PM

This is a good one.


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#9 Dittohead

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Posted 16 February 2013 - 09:42 PM

And one of my favorites. some language in there view @ own risk*


Edited by Dittohead, 16 February 2013 - 09:47 PM.

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#10 Dittohead

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Posted 16 February 2013 - 09:51 PM

Criminals

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#11 Blue90

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Posted 16 February 2013 - 09:58 PM

Should be mandatory in middle/high school here as well. So many idiots out there that don't know how to manage their finances. I spent a few years working for a bank and so many people didn't understand how their credit card worked. And so many that were just clueless about their accounts.
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#12 Wetcoaster

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Posted 16 February 2013 - 10:11 PM

Should be mandatory in middle/high school here as well. So many idiots out there that don't know how to manage their finances. I spent a few years working for a bank and so many people didn't understand how their credit card worked. And so many that were just clueless about their accounts.

Personal finances are not the proper subject for schools. This is something that should be learned in the home. It is up to parents to decide when and how much of this sort of information should be imparted. Amirite???
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#13 nuckin_futz

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Posted 16 February 2013 - 10:15 PM

This can only be a good thing.

I'm nearly half way through tenth grade and not once have we learned anything to do with finances.

I hold a part time job like most kids my age, yet I had to take my own initiative to learn what to do with my money.


First of all kudos for educating yourself and having a PT job.

I graduated high school many years ago. In the years since then, not once have I ever had to calculate the area of a circle or use 90% of the other useless knowledge they imparted on me.

It's utterly amazing to me the percentage of students who leave high school not having a frigging clue how the world works. They are just sent out there like the socially inept, ill-equipped dullards that the system as made them. Most have little chance to succeed.

The system is designed to keep the masses ignorant and obedient. Just like in Dittohead's George Carlin clip. Those who actually take the time to educate themselves on what it's really like have a chance.

This may be a little selfish on my part but I actually like having most of the population on the 'dumb' side of the ledger. Makes my life so much easier.
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#14 nuckin_futz

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Posted 16 February 2013 - 10:23 PM

Pay attention there is a Currency war going on the G20 deny this ofcourse. usually whatever the Federal reserve says is a lie.


Was just a week ago Venezuela devalued the Bolivar by approx 46%. Who's next?
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#15 pwnstar

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Posted 16 February 2013 - 10:39 PM

Canada starting the same, while americas still teaching their kids how to use credit cards and borrow money.
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#16 Dittohead

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Posted 16 February 2013 - 10:44 PM

Was just a week ago Venezuela devalued the Bolivar by approx 46%. Who's next?


Japan has been doing it for a while now. I'm investing in Gold and Silver for the long haul now wish i had started sooner in that but I follwed the invest every month rrsp. it's done ok but not as good if I had gold and silver....that's gone up 600% since the 90's China,Russia are hoarding Gold, Germany and many other countries want their gold back from Manhatten we might see China and Russia Iran back their currency with Gold or as some think there might be a huge collapse or reset and go back to the gold standard.

Edited by Dittohead, 16 February 2013 - 10:50 PM.

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#17 Dittohead

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Posted 16 February 2013 - 10:56 PM

http://business.fina...mbers-flaherty/
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#18 nuckin_futz

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Posted 16 February 2013 - 11:03 PM

Japan has been doing it for a while now. I'm investing in Gold and Silver for the long haul now wish i had started sooner in that but I follwed the invest every month rrsp. it's done ok but not as good if I had gold and silver....that's gone up 600% since the 90's China,Russia are hoarding Gold, Germany and many other countries want their gold back from Manhatten we might see China and Russia Iran back their currency with Gold or as some think there might be a huge collapse or reset and go back to the gold standard.


Japan has been debasing for more than 20 years. Where has it got them? Absolutely nowhere.

If you're investing in Gold and Silver get the actual bullion. Not through ETF's which claim to be backed by the actual physical bullion. In many cases they don't have enough physical backing them and you're just buying BS promises.

Lots of countries are hoarding gold. Mexico has made huge purchases as has India. Then again Indians have always been huge hoarders of gold.

If you are buying actual physical gold beware of of fake bars being passed around. ........

Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District


It is one thing for tungsten-filled gold bars to appear in the UK, or in Germany: after all out of sight, and across the Atlantic, certainly must mean out of mind, and out of the safe. However, when a 10 ounce 999.9 gold bar bearing the stamp of the reputable Swiss Produits Artistiques Métaux Précieux (PAMP, with owner MTP) and a serial number (serial #038892, likely rehypothecated in at least 10 gold ETFs across the world but that's a different story), mysteriously emerges in the heart of the world's jewerly district located on 47th street in Manhattan, things get real quick. Moments ago, Myfoxnyreportedthat a 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit. The discovery was made by the dealer Ibrahim Fadl, who bought the PAMP bar in question from a merchant who has sold him real gold before. "But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten -- not gold. The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce."

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Oops.

From your link posted above.......

"Finance Minister Jim Flaherty says the threat of a “currency war” among Group of 20 members has been quelled, with finance ministers and central bankers saying markets should set currencies levels, not governments."

Then why do they (especially the Japanese) constantly intervene in currency markets?

Don't believe a word out of Flaherty's mouth.



Sorry for getting this thread a little off track. Let's get back to discussing financial education.

Edited by nuckin_futz, 16 February 2013 - 11:06 PM.

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#19 van_ws

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Posted 16 February 2013 - 11:06 PM

It should be taught in North America as well. Many Canadians and Americans could take away something from this. Based on the large number of people that are having debt and personal finance problems, it sometimes astounds me that many can be completely clueless or have little to no knowledge of personal finances and investments. This is far more useful than a lot of the crap that is taught in high school.

On the surface, the basic principle is not difficult to understand: Have less expenses than the revenue (i.e. - employment and/or other income coming in), and do not borrow or take on loans that you cannot afford. In reality, some people face more underlying issues when it comes to this.
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#20 nuckin_futz

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Posted 16 February 2013 - 11:12 PM

On the surface, the basic principle is not difficult to understand: Have less expenses than the revenue (i.e. - employment and/or other income coming in), and do not borrow or take on loans that you cannot afford. In reality, some people face more underlying issues when it comes to this.


Is one of their names Barack? ::D
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#21 Special Ed

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Posted 16 February 2013 - 11:18 PM

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#22 canucks.bradley

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Posted 16 February 2013 - 11:28 PM

this should be standard. cut all the bull crap calculus and science stuff (no offence to people in science, but its just not practical for those who don't go on to use it)

teach people personal finances, basic mechanics, basic electrical, basic plumbing, basic cooking...the stuff people actually need to use to survive in real life.
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#23 Dittohead

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Posted 16 February 2013 - 11:30 PM

I'll be digging some holes soon. some of my mutual funds have physical gold but some in the casino. silver is manipulated big time by JPM. it's comical.
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#24 El_Capitan

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Posted 16 February 2013 - 11:34 PM

Amazing idea. I've always wanted to see a book published for high-school/university kids that revolves around personal finances, loans, lines of credit and how to buy your first house etc.

A sort of "The Wealthy Barber" for the younger generation.
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#25 nuckin_futz

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Posted 17 February 2013 - 12:00 AM

I'll be digging some holes soon. some of my mutual funds have physical gold but some in the casino. silver is manipulated big time by JPM. it's comical.


Silver is the most manipulated metal I have ever traded. I believe JP Morgan and to a smaller extent HSBC was actually short many times more silver than had been dug out of the ground in the history of mankind. How the CFTC let's them get away with this is criminal.

When silver crossed $50/oz a few years back they allegedly called in some major favors at the COMEX exchange. As a result COMEX increased margins on silver way more than usual in an effort to halt the rise. When this worked and the price began to go down COMEX inexplicably increased margins many more times as the price was falling. Must be nice to have friends in high places.

Edited by nuckin_futz, 17 February 2013 - 12:01 AM.

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#26 literaphile

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Posted 17 February 2013 - 12:20 AM

this should be standard. cut all the bull crap calculus and science stuff (no offence to people in science, but its just not practical for those who don't go on to use it)


If students aren't exposed to "crap" like calculus, science, etc., who will ever choose to pursue those options as careers? A big reason for such a wide high school curriculum is to introduce kids to as many broad subjects as possible. If you just cut them all out and teach kids basic plumbing and whatever other life skills you want, after a generation or so we won't have anymore scientists.
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#27 Mr. Ambien

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Posted 17 February 2013 - 12:39 AM

Adults very well understand the elementary concept of "you don't spend more than what you have". Obviously making courses mandatory isn't going to help whatsoever.

So when that inevitably fails maybe they can implement a class on how to make a government pull it's head out of it's ass.

People are spending themselves into debt because they can thanks to governments like the United States' giving incentives to lenders to issue credit to people that very clearly shouldn't have it. Their government interferes with natural caution that should be taken with credit by the lender and gives incentives or financially backs such risks so when they inevitably go down the crapshoot it's taxpayers that are on the hook for it.

Or, in all seriousness, people should be taking a class on how to elect government officials.

Edited by zaibatsu, 17 February 2013 - 12:46 AM.

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#28 pwnstar

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Posted 17 February 2013 - 02:06 AM

uk is going to crap financially isnt it?
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#29 Dittohead

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Posted 17 February 2013 - 09:58 AM

Silver is the most manipulated metal I have ever traded. I believe JP Morgan and to a smaller extent HSBC was actually short many times more silver than had been dug out of the ground in the history of mankind. How the CFTC let's them get away with this is criminal.

When silver crossed $50/oz a few years back they allegedly called in some major favors at the COMEX exchange. As a result COMEX increased margins on silver way more than usual in an effort to halt the rise. When this worked and the price began to go down COMEX inexplicably increased margins many more times as the price was falling. Must be nice to have friends in high places.



No doubt, I've been stacking silver for only a couple months now got my self 200 .oz in bars and coins so far. like I saud I wish I had started doing this sooner but I spent last 10 years paying off my business loans and a divorce. So now that's all dealt with I can start to invest more. this time I'm keeping my wealth in my vault not the banks.

Edited by Dittohead, 17 February 2013 - 09:59 AM.

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#30 Electro Rock

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Posted 17 February 2013 - 01:38 PM

Finally a good idea from the U.K., though the first thing they should be teaching kids is that private central banking is bad.
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