financial knowledge
Finance is not something taught in school.
Yup, sometimes the basics of the science of Economics are taught, but they don't teach the basics of Investing, of researching bonds and stocks, of reading financial news, companies reports or governments statements.
This is one of these major differences between the ones who learn it home or during studies and work, and those who never learn. Differences which make the world the has and the has-nots.
Although a part of my training (law) was supposed to include some financial knowledge, and although finance was a field I've been interested in for a long time, until I actually began investing, I didn't really understand the field. The impact of emotions on a stock holder viewing his stocks tumbling down. The impact of a stock soaring upwards without any coherent reason. As times passes I'm slowly realizing how much I don't really know, how much books can deceive or misguide, even though they are talking the right talk.
Finance is one of those fields where you have got to learn to walk by yourself. And this makes the barrier for the have-nots even higher.
Which brings us back to school. The only time when children from poorer families can actually experience correct financial behavior, is by learning it in school, in practical lessons. It does not have to be done with real money. The natural competitiveness of humans, put together with the knowledge that they are learning a practical field, a knowledge that can be put to the test immediately going out of class, by listening to news, by trying save or at least realizing where it is possible to save, by learning the real life of finance, the next generation may reach a higher knowledge of financial behavior - for all, and thanks to it, greater welfare, for all.
Yup, sometimes the basics of the science of Economics are taught, but they don't teach the basics of Investing, of researching bonds and stocks, of reading financial news, companies reports or governments statements.
This is one of these major differences between the ones who learn it home or during studies and work, and those who never learn. Differences which make the world the has and the has-nots.
Although a part of my training (law) was supposed to include some financial knowledge, and although finance was a field I've been interested in for a long time, until I actually began investing, I didn't really understand the field. The impact of emotions on a stock holder viewing his stocks tumbling down. The impact of a stock soaring upwards without any coherent reason. As times passes I'm slowly realizing how much I don't really know, how much books can deceive or misguide, even though they are talking the right talk.
Finance is one of those fields where you have got to learn to walk by yourself. And this makes the barrier for the have-nots even higher.
Which brings us back to school. The only time when children from poorer families can actually experience correct financial behavior, is by learning it in school, in practical lessons. It does not have to be done with real money. The natural competitiveness of humans, put together with the knowledge that they are learning a practical field, a knowledge that can be put to the test immediately going out of class, by listening to news, by trying save or at least realizing where it is possible to save, by learning the real life of finance, the next generation may reach a higher knowledge of financial behavior - for all, and thanks to it, greater welfare, for all.
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