I went to high school in Colorado, and a Personal Finance course was offered as an elective. I learned about debit versus credit, created a budget, filled out 1040 tax forms, and handled an imaginary stock exchange account based on real world stocks. Best class I took while in high school.
And who controls the schools? Time to wear the tin foil hat now: Could politicians be bribed by banks and private companies to avoid educating financial literacy?
Learning by yourself is not bad, though. You pick up the basic tools at school (reading and writing comprehension, numeracy etc) and you're able to learn anything you wish.
one things thats awesome about teaching yourself is as long as the info is correct your literally being taught the way thats best for you.. nobody knows you like you!
I learnt it first from my father. You see, my father used to earn about a $100/month salary, a whopping $1200/year. Not bad for a government servant in Socialist India back then. He still asked me to earn my pocket money. . My job as a paperboy earned me 1cent per day and if I didn't show up, I would loose 1.2 cent of my salary. So delivering newspapers on bicycle earned me 1/14 cent per kilometer of cycling. This, taught me to respect money. . So even though I earn almost $900/month now, I respect every cent I earn.
It used to be legal to beat employees for misbehaving. So... Think about that. That's where our country really came from. No, not slaves. I mean employees. This world has never been fair. It never will be. It's your job to make it fair for yourself. No one else will, ESPECIALLY not the people that claim they will.
Well, when the government is on the payroll of big business, what to expect? Reclaim your country and put political control on business, not vice versa.
I am 35 years old and finally deciding to take charge of my finances. Unfortunately I didn't learn anything about finances in school or at home and now that I think of it I was never in the company of any friends who were financially smart too. I am learning a lot through RU-vid videos and starting the new year onwards my goal is to keep educating myself in this area.
I started learning after taking an *excellent* macroeconomics class at Valencia College taught by an actual economist with Wall Street experience. Among the top 7 classes of my engineering degree. From there, I started reading classic/modern personal finance & investing books from the local library during my summers at college. Almost immediately after I graduated, I shifted my focus into 4th gear, and restructured my investment portfolio, built an emergency fund, maxed out my Roth, turned to budgeting apps/software, and moved to higher-level holistic personal finance books. Thanks for the resources, because learning is a lifetime pursuit! A small snippet of the books I've read: - "A Random Walk Down Wall Street" by Burton Malkiel - "The Next Millionaire Next Door" by Sarah Stanley - "Your Money or Your Life" by Vicki Robin - "The Dollar Meltdown" by Charles Goyette
I took a business and personal finance class in high school (usa). It was mostly about businesses - types of business, accounting, and stock market. We learned how to write a check but we never really went into detail on personal finance; saving and investing our money or making a budget. Most of the stuff I learned is from RU-vid, my dad, and different articles. Thank you guys so much for making these videos!
Lainabell1496 we never had a class like that in hs.. hell even as an it business grad they didn’t teach in college. I believe the government run education system wants spenders not savers thus refuse to educate children on it. I’m glad you seemed out the knowledge though.
The 'system' wants to keep people being deaf, dumb, blind and stupid consumers. Teaching 'kitchen sink' economics in high school would be considered 'anti - American"!
My high school had an entrepreneurship class as a mandatory requirement. We learned how to create a business plan but not how to create a budget : | strange priorities, these schools
A lot of people are aware of how to become financially savvy but they are unmotivated so they choose not to make the moves, failing to realize how much it impacts them☹️👎
they say a job is a safe bet. How is it safe, if you depend your livelihood on someone else's good grace and their desire to make a profit off your labor? Starting your own business is way to go.
FW Poon it's nice to take care of your own interests. You never know what your boss is thinking. The business could close down, you could be fired etc.
Talking about money was a no no at my house. I learned to be a saver because of DELAYED GRATIFICATION. When I asked my parents to buy me a toy, they said no... over and over again. I stopped asking for toys because I knew what the answer was. We weren't poor by any means... I never qualified for free lunches or financial need based scholarships. We had a home and it's paid off now. I didn't learn about credit cards until one of my last years of college.
Dear Philip and Julia, I absolutely love your videos, and completely agree that financial literacy is something that should be increasingly taught in schools. While some of the points raised in the video are true, it does not necessarily capture the full picture of the situation in my home country of Sweden. Due to several factors such as low interest rates and tax treatment favouring mortgage debt and home ownership, Swedish households have been able to borrow money at almost no cost for decades. Today, this has landed us with sky-high house prices, young people struggling to enter the housing market, an average household debt of 88% of GDP and 176% of disposable income which is one of the highest in the entire European Union. This can be compared to the Government's own debt of 38.8% of GDP. Afraid to pop the bubble, recent Governments (both Conservative and Labour) have ignored the warning signs, and only introduced some light mortgage repayment requirements as late as in 2016. (Source: eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52020SC0526&from=EN). Greetings from Sweden :)
Wow a nonsense opinion the blind leading the blind. Take classes from registered and qualified individuals. Not youtube content providers that are not qualified trying to make a few bucks.
@@raymondchu7609 Looks like you’ve missed the entire takeaway of this channel. It’s an educational channel that talks about aspects of finance and money management. In addition, both Philip and Julia have experience with financial management and aren’t just random people picked to talk on the channel. Also, if you haven’t noticed, two cents is under PBS which is a public network so you can view this on their website if you wanted with no ads. I doubt that Two Cents is being run simply for profit.
I always stick to my frugal lifestyle when asked to contribute to Patreons. But I love you guys too much. I'm gonna do it. Consider yourselves patronized.
I think the best parent is transparent about what they don’t know. Teach your kids what you know, and show them how mistakes you’ve made cost you. They’ll learn from it. My mom’s horror stories prevented me from making many mistakes
When I went to Jr. High school back in the 80's they used to have a class called Home Economics in Los Angeles. I grew up poor and my grandmother also told me about saving money as a very young kid. I took that advise very well. It taught you how to save money and get the best value for your Dollar. Budgeting, difference between wants before needs, reading labels to find the best value and cooking at home to save money. And saving money for the future, they even supplied false checks to teach you to pay by paper before CC's were prevalent and teaching you how to write a check. We don't have kids but I suppose that class isn't taught anymore. I'm happy to say that I have used credit cards since the age at 19 and have NEVER paid a penny in interest to those credit card companies. I have a couple of cash rewards cards and man, I sometimes feel bad at taking all the benefits for free! Actually not! 😉 And I have a credit score of very close to 840 too. That home econ class and grandmothers advise was sooo helpfull! 😁
You read my mind and I am so happy. I really hope people do reach out to their libraries and credit unions as many offer courses. In fact, just as in the video, a local credit union in our town offers courses at my job, their bank and as well hosts them at the library. Even if you're just starting out they are amazing. Best of all, they're completely free! 😎
I'm so glad I found this channel! Very insightful. My parents come from Mexico with literally no experience in budgeting and finances in general. As a result, my siblings and I did not have any idea about savings, credit cards, loans etc. I learned by reading articles, attended a seminar on personal finances, my credit union and from you guys! Thank you for providing these videos :) Simon
This is the first and only channel I've ever supported on Patreon. You guys do amazing stuff, and I'm extremely happy to see that there's a method to support financial wellbeing and literacy that isn't beholden to bottom lines or commissions. Thank you for doing what you do :)
Which is a bad government. Still Americans are all pointing at Socialist countries like Denmark, Norway and Sweden as "BAD" countries. Especially the right wing. They are just stupid.
I think my parents were a bad example when I was a kid on how to actually manage money and pay your bills. We were always having utilities shut off and debt collectors calling when the phone wasn't disconnected for non payment. They did teach us about hard work. I did mow lawns and deliver papers. It was someone from the paper company that helped me get bank accounts and learn about that. Older aunts and uncles and grandparents would answer questions and show me stuff. Now as an adult I pay on time, have a savings, no credit card debt, no student loans and a great credit score. I still have to be careful about what I buy and how much I spend.
I've always been interested in finance so I got an entry level job at an Independent Financial Advisory firm. They paid for my exams to get a diploma in financial planning so I could become a fully qualified and regulated IFA.
The elephant in the room is that financial literacy has always been historically low among Americans because most Americans lack the desire to understand or self discipline to maintain good financial behavior. No American "accidentally" became wealthy. They took the initiative to learn how money works where others didn't want to and they persisted. Expecting schools and parents to inculcate a child with the desire to be financially sound, while well meaning is unrealistic. That child will become an adult and make their own choices. And some will choose not to bother.
Where did I learn about money? My college offered a semester long class on personal finance. In recent times, internet personalities like Dave Ramsey and Mr. Money Mustache have taught me a lot. However, I think a better question is why learn about money. At one point, I had a very unpleasant employment situation that I've never forgotten that has greatly motivated me to passionately pursue financial independence. Looking back, that horrible work situation was probably the best thing that ever happened to me.
My moms been living paycheck to paycheck for most of my life, so ive been looking for other ways to understand money and build my finacial literacy. I mainly go on youtube and watch the finacial diet. But i also ask adults that i know who understand money and it really helps to have peoplw there that you can trust to talk about finances and not feel judged
I’m Arab so we also have a saving mindset, and I picked that up from my parents. Its not AS taboo to talk about money in our culture. I also learned a lot over the past year from youtube channels like yours :) I started looking at personal finance because about a year and 3 months ago, I got my first consistent job and I started budgeting just 3 months after I started getting paid and have been doing it ever since. Thank you!
I remember my high school tried a pilot program to teach kids who wouldn’t pass algebra 2 and trig and other 12 grade math classes gave a class on basic value of stocks interest and real life math problems it was canceled after 3 years but I learned some basics and avoid credit issues until I lost my job last fall
When I was in grade 7, my parents put me in a saturday school class on financial literacy for a few weeks. I enjoyed every second of it and this class has paid off.
I’m 16 and I stumbled upon your channel on accident. It has been so helpful and educational for me, I feel a lot more confident now that I’m looking into college and my future after high school.
The only economics class I had in high school was locked behind another course on top of it which was U.S. government. Unfortunately, (btw I'm from California) this course is only available to high school SENIORS. This was the one class I was dying to put on my class registration since middle school. Due to distance learning, our year long class was cut short down to a semester. We spent so much time learning about U.S. gov. that we barely had 3 days to cover econ (and learn about financial literacy) before the the semester ended. A lot of my peers were incredibly lazy and didn't do any work, so during the U.S. gov portion of the class, the teacher was held up and which caused the entire class to be delayed on lectures. In the end, school didn't teach us anything worth while. Most of my financial literacy came from mimicking my mom, personal experience, and watching RU-vid videos.
4:00 I didn't learn anything about investing and stuff in school though. I learnt most from my parents and books I read on my free time. But sure, swedes have a strong saving culture, which you would think is good but today bank accounts have stopped paying any interest at all. So sadly there are many swedes today that looses money due to inflation.
My dad was a lousy example of investing money. He gambled on sports, bought individual stocks, panic sold at the crashes, and made poor real estate choices. We stayed in a terrible house too long and he sold a nice house he should have held onto 10 more years. He never gave me good investment advice and never told me that mortgages pay the interest first, for example. But by informing ourselves, we are debt free, paid off appreciating dream house, millions in indexed funds, and pensions when we retire.
I'm very thankful for your videos, I set budgets, got rid of bad spending habits and I am paying off debts consistently every month. Thank you so much for helping me in growing my financial stability and independence.
Congrats on your success. I have been binging this pretty hard lately. I am 31 and had to take an online personal finance class to understand and care about my finances. I have been able to help teach my parents some good stuff too.
I became obsessed with watching Suze Orman in college and that's what really launched my personal finance education. I read her book and Dave Ramsey's as well as started following financial blogs/vlogs such as yours.
I intentionally took business class and an Accounting class my senior year of High School. In addition to my own financial mistakes/ experiences and the willingness to learn new skills to better my financial health. Also seeing my parents poor financial choices used to give me anxiety until I learned better financial habits.
This is absolutely true ..I'm 41 years old I got my first credit card my first year of college$ 500 dollar limit that was in the year 2000 I've have been in debt ever since ..I'm now working to 2 full time jobs to pay off all my debt,my financial literacy was learned on my own ,I was on the verge of filing for bankruptcy...I decided to work the two full time jobs pay off the debt ...remember the borrower is slave to the lender
@Hector Pintor Debt is great if you know how much you can tolerate and how to minimize it. It's understandable Dave hates it given his personal experience and the general person who abuses it,
There is good debt and bad debt. Loans are a tool like any other. If you learn to use them well, in a disciplined way, they can help you greatly. In the long run a mortgage can save you a lot vs. paying rent for the rest of your life. Getting an education from a reputable school to get skills that are in demand is worth a loan. Getting a loan for a $9k car is better than saving cash to buy a $1k car that's always breaking.
I learned about finances by having an unreliable mom and step dad that constantly brought stress and evictions to our tiny trailer. Got a little bullied for it too. Age 16 I told myself I'll never borrow money or student loan!! Growing up with less is what taught me about money. Being stationed overseas has helped
I feel like I'm from a different planet. Back in the 1950's my parents, uncles & aunts [all grew up in the Great Depression] forced us kids to track our expenses as kids and toddlers. And then every 2 weeks when our father's got paid, we sat down around the dining room tables with check book open to discuss distribution of money and budgeting. Then in school we kids bought these red stamps that went into a book that went to buy US gov't bonds. We were also given a white book that we'd take to a bank so that the change could be placed into our savings acct. For crying out I remember being forced to memorize the compound interest formula in 1st grade. In addition to this, all of our fathers worked in the mills and factories, and about every 2 years, they were on strike. So all of the adults in my family created a 2nd job for income [my Dad fixed up old run down shakes and then flipped them]. Then during hunting season, we all went hunting for wild game and us kids were also taught to forge for wild food. By the mid-60's when we were teenagers, most of us stopped this. But when I got older, I went back to these old habits like several of my other cousins.
I was lucky that my high school offered a business and technology pathway that freshman could choose to take. By the time I graduated I had developed all kinds of useful skills that I wouldn't have even known that I needed to know and I'm miles ahead of the average adult in terms of financial literacy. Even with that experience I still learn something new every time I watch your videos!!!
It's incredible how much of an impact financial literacy has on us. Finding Two Cents and Dave Ramsey changed the way I think about money entirely. Wish I'd found them sooner.
I am a finance student I have been teaching my siblings (7) and parents about personal finance. Some of my younger siblings have even shown a great interest in following in my footsteps.
I knew so little about personal finance that I dove in headfirst and made it my whole career. #MoneyNerd Now after a couple degrees, certifications and experience helping others with money, I love sharing what I’ve learned with whoever will listen and apply the knowledge! -Akeiva
6:46 I really like where this is going. You guys do a great job giving out information about finances. It’s not easy making a RU-vid channel, but you all pulled through!
The severe lack of financial literacy in America is a major reason I'm majoring in accounting and finance. My desire is to help both individuals and small businesses become far more financially successful, in addition to simply helping them with records and statements. For me, it's this simple. 1) live on a budget. 2) spend less than you make. 3) stay away from debt. 4) keep a descent emergency fund. 5) save for large future expenses. I keep a strict budget and keep track of every penny I make and every penny I spend. I have no debt, outside of a mortgage; but, I'm paying that off as quickly as possible. I keep a rainy day fund, for minor unforeseen emergencies, of $1,000. And, I keep an emergency fund of 3 to 6 month's living expenses, as well. What do I do with the additional income above my expenses? I save it for several things: future marriage/family, mission trips, car/truck upgrades, and simply putting some towards extra principle payments on the mortgage. As far as investing and thinking towards retirement, I set aside some matching contributions through my job. I don't think it's a good idea to every fully retire. You can definitely slow down and do lighter work as you age, but the idea of ceasing to be productive altogether seems a bit absurd to me. So, I simply save/invest to allow myself to simply slow down.
Im from scandinavia but i dont recal learning about finance in school. And Sweden had a huge interest crise in the 90 is where the intrest rose to a stagering 500%
As a Gen Xer. The high school I attended had required courses of either economics or business classes for 1 year. There were trade programs (welding, mechanics, etc...) and programs where some students could attend community college courses, which were used as high school and college credits. Of course, that was back in the mid to late 80s' and I'm sure those programs no longer exists.
I got one lecture at the end of my senior year about credit cards. That’s it. Most of my money knowledge comes from a book I got as a kid, RU-vid videos, and listening to people talk about their own money problems.
Crazy to me that Missouri is one of very few states with a compulsory personal finance course in high school. We had to research standard vs Roth IRA, choose our own theoretical car to purchase and finance, and compare many interest rates. I assumed it was the norm, since I'd never lived anywhere else at the time.
I live in Alabama. My financial literacy class lasted one day and my teacher told us to pick a city where we wanted to live, see how much money the average person makes a year and build a budget off of that. She also told us to get a credit card.
We had half of our 10th grade year dedicated to “health” and the other half to “personal finance”. For personal finance my teacher only showed us Dave Ramsey DVDs... I am from Missouri.... It got me to want to save up but that’s about it.
I definitely first learned about compound interest and saving for retirement in grade 11 math class but I've gotten a lot more specific education online from programs like twocents.
Hello 2 cents! I’m a huge fan. I was wondering if you guys could do a video on what to consider when thinking about relocating and working in a different city/country....
Since economics is usually a requirement class in high school, schools should add at least a few months of personal finance. My school offered that, but I graduated high school early. Luckiky, I have been learning about money on my own for years.
@1:13 "the average college student carries about $30,000 in loans" WRONG - about a third of students graduate debt free. Media almost always neglects this fact. The median loan debt is much lower than the average, closer to $13k. US students all take health classes but yet many are overweight or obese and more states are legalizing weed despite the many health risks. Schools and governments shouldn't always be the first thing people think of to address a social problem
I started by listening (and watching) Dave Ramsey, but I found that there were parts of his program that did not make sense to me. Later, I started watching the Financial Diet and One Big Happy Life, and eventually this show. They tend to make more sense to me because they talk about the importance of investing when you're young. Had I done that instead of trying to (admittedly halfheartedly) follow the Baby Steps, I would have a much bigger nest egg than I have now and still be paying extra on my debts.
I finally became financially literate after learning from bad financial decisions I made over the years. I certainly paid for my mistakes literally speaking.
You are wrong. There is no proper family unit to educate the young in USA which has led to current results. Americans, two generations ago have had high savings culture. Come to any South East Asia, India or East Asia : middle class are taught to get an undergraduate degree and a home first .Normally , at least 30% of their income are saved or invested every month. Moreover, they do not abandon their parents like you.
We’re in the age of the internet and RU-vid, we can literally have virtually any audiobook on our phones in seconds. People have no excuse not to be financially literate. Look at what’s trending on RU-vid and you can see what America’s priorities are. It’s this lack of personal responsibility that leads to socialism.
God bless you both in making and hosting such great content. I have learned a little bit from high school during "business" class and some in college through accounting. My mother did teach me about saving and open a savings account. She taught me little about paying bills and budgeting. The rest like investing and the like i was self taught and learned late in life. So glad my mother gave me the basic foundation about money management.
This is yet another great video by two cents! Great job guys! This is where I watch most of my financial conscious videos. Your videos help me understand how, where, when and what to spend on. I greatly appreciate your knowledge on this topic. You guys are awesome!
I learned from making more money than I was used to and then spending it unnecessarily. The Financial Diet RU-vid channel and this one helped me get back on track
I obtain my financial education mainly through youtube videos and books, until I became a stock broker and studied for my series 7 and 66. Big crash course lol Love this channel tho, always great to go over the fundamentals!
Having financial literacy means the USA can't capitalize off being uneducated anymorr. The more people stay in the dark the more money this country makes. It's quite sad
I love your channel, and this video was excellent. It would be amazing if you made video explaining exactly how financial illiteracy falls on society as a whole and not just on the folks who are financially illiterate!
