Losing the personal finance race on day one

The personal finance race begins day one of a consumer’s life. The race is a cradle to grave marathon, and the ability to successfully complete the race is because of the knowledge and experience given to an individual at the onset of learning. This race is so important to an individual to navigate the events of life, and the quality of life is a direct result of the ability to successfully manage the personal finance race. Because of the importance of personal finance to one’s life, the prevailing thought is personal; finance would be a cornerstone of the education system, financial system, and regulatory system. As However, the literacy of personal finance is not a focal point of any portion of the American education, financial, or regulatory system.

As a review of recent history, the bright, intelligent high school student would graduate with honors and a diverse background of knowledge including subjects such as Calculus, Physics, Chemistry, Algebra, and Sex Education (Public Schools). This bright student has been accepted into a respectable university of higher learning to experience the best days of a young person’s life. However, the first few weeks of college are filled with many different organizations in the courtyards or lunch area that advertise all the activities and benefits of being a student including the ability to obtain a credit card. This interaction is the first educational exposure for many students in the realm of personal finance, and the otherwise benign credit limit of $500 becomes a menace for many otherwise bright, intellectual students. This student is very capable of handling the college course load to successfully graduate and obtain initial employment. The personal finance race is not as certain as a first mistake on a small credit card could lead into a life of personal finance disasters that will eventually crippled the quality and existence in life. What a difference could be made in the educational programs of personal finance in elementary school to having a positive impact on the individual, community, and real economy in a financially healthy and educated community.

However, the first college credit card is the introduction to personal finance for many. The tardy start in personal finance is creating a financially weak society even among college graduates. Many individuals do not pursue higher education after high school, and the impact of bad financial choices is even higher.

As a result, the personal finance race is lost at a very young age that leaves a consumer unable to manage the laws, reality, or the structure to master personal finance to become savers and innovators in society. The race is lost and the negative impact is on the quality of the individual’s life, community, and real economy.

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