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Hello my friends. Welcome back to Passive Real Estate Investing where we dive into the world of real estate investing among other related topics. To help you with your real estate investing journey, today we’re doing something a little different. We’re going to take a trip down memory lane and showcase an important episode from the past on what we call our throwback Thursday episode. Now, whether you’ve been with us since the beginning, which goes back to 2015, or you’re tuning in for the first time, this episode is a must listen, we are revisiting one of our more popular episodes from the past, and believe me, what we discussed back then, whether it’s six months ago or six years ago, is just as relevant today. So sit back, relax, and let’s rewind the clock for this great episode. Enjoy.
You know I love this quote from James W. Frick. He said, don't tell me where your priorities are, show me where you spend your money, and I'll tell you where they are. So today we're going to talk about financial literacy and why financial literacy is so important. So first of all, what is financial literacy? Well, financial literacy is the education and understanding of various financial areas, including things such as managing your personal finances, money, borrowing, and very importantly, something I talk about all the time investing. But in the United States, in America, we spend literally billions of dollars helping our children master reading, writing, and arithmetic. And then we send them out into the world lacking the basic skills to prosper in life. Things such as understanding personal finance and economics. Did you know that in the US more than one in six students do not reach the baseline level of proficiency in financial literacy?
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Throwback Thursday Episode (The episode originally took place in the year 2019)
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If you missed our last episode, be sure to listen to The Real Estate Investor’s Wake-up Call: Why Waiting is Costing You Millions
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Nearly a quarter of all millennials spend more than they earn, which is unbelievable to me. And 67% of generation Y have less than three months' worth of emergency funds. And that's scary because all you need is one car accident or medical emergency and you're essentially bankrupt. So there are only seven states in the United States that require standardized testing today for personal finance education for high school graduation. And those seven States are Colorado, Georgia, Michigan, Missouri, Oregon, Texas, and Utah. So that means that 43 other States plus DC don't have high school courses and testing requirements. So every two years, the council for economic education and we have a website, you can go and look this stuff up. It's pretty interesting. So the CE or the council for economic education, they conduct a comprehensive look into the state of the K through 12 economic and financial education in the United States.
And they collect data from all 50 States and the district of Columbia. So in their most recent survey in 2018 they show that there has been little increase in economic education in recent years and no growth in personal financial education. So since 2016, not one single state has added personal finance to its K through 12 standards. Only 22 of those states require high school students to take a course in economics. Only 17 of those states require high school students to take a course in personal finance. And ever since 2014 there has been no change in the number of states requiring standardized testing of economic concepts of any kind. So the consequence of not addressing financial literacy in students graduating from college is really daunting amounts of credit card and student loan debt. Today, student loan debt in 2019 is higher than ever before. Americans own over 1.5 $6 trillion in student loan debt.
You know I love this quote from James W. Frick. He said, don't tell me where your priorities are, show me where you spend your money, and I'll tell you where they are. So today we're going to talk about financial literacy and why financial literacy is so important. So first of all, what is financial literacy? Well, financial literacy is the education and understanding of various financial areas, including things such as managing your personal finances, money, borrowing, and very importantly, something I talk about all the time investing. But in the United States, in America, we spend literally billions of dollars helping our children master reading, writing, and arithmetic. And then we send them out into the world lacking the basic skills to prosper in life. Things such as understanding personal finance and economics. Did you know that in the US more than one in six students do not reach the baseline level of proficiency in financial literacy?
– – – – – – – – – – – – – –
Throwback Thursday Episode (The episode originally took place in the year 2019)
Get your FREE copy of The Ultimate Guide to Passive Real Estate Investing.
If you missed our last episode, be sure to listen to The Real Estate Investor’s Wake-up Call: Why Waiting is Costing You Millions
Give us a Rating & Review
Nearly a quarter of all millennials spend more than they earn, which is unbelievable to me. And 67% of generation Y have less than three months' worth of emergency funds. And that's scary because all you need is one car accident or medical emergency and you're essentially bankrupt. So there are only seven states in the United States that require standardized testing today for personal finance education for high school graduation. And those seven States are Colorado, Georgia, Michigan, Missouri, Oregon, Texas, and Utah. So that means that 43 other States plus DC don't have high school courses and testing requirements. So every two years, the council for economic education and we have a website, you can go and look this stuff up. It's pretty interesting. So the CE or the council for economic education, they conduct a comprehensive look into the state of the K through 12 economic and financial education in the United States.
And they collect data from all 50 States and the district of Columbia. So in their most recent survey in 2018 they show that there has been little increase in economic education in recent years and no growth in personal financial education. So since 2016, not one single state has added personal finance to its K through 12 standards. Only 22 of those states require high school students to take a course in economics. Only 17 of those states require high school students to take a course in personal finance. And ever since 2014 there has been no change in the number of states requiring standardized testing of economic concepts of any kind. So the consequence of not addressing financial literacy in students graduating from college is really daunting amounts of credit card and student loan debt. Today, student loan debt in 2019 is higher than ever before. Americans own over 1.5 $6 trillion in student loan debt.