Why teach personal finance?
Here are the facts: • Each year, over 1 million personal bankruptcies are filed. About 100,000 of those are by people under the age of 25. • Very few schools require courses on personal finance. This lack of education makes students a prime target for financial companies. That’s why credit card companies have flooded every college campus. Often a person’s first lesson on financial education is provided by a salesperson. • Because of compound interest, for every day someone under the age of 30 waits to invest they must work an extra week before retiring. • The financial world is getting more and more complicated and woe to those who don’t keep up. 30 years ago, one could not borrow more than 80% of a home’s value to borrow it. Now lenders will loan you over 100% of the value of a home. Credit reports once enjoyed the fairness of human evaluation. Now credit reports are all electronic and the computers don’t care about your personal problems. In short, it’s tougher now to have good credi
