I remember starting junior high (8th grade for those who don’t have that level) and being told the curriculum, would include a mandatory class called Personal Finance. I remember thinking how odd it was to have a class on common sense, adulting things like how to write a check and balance a checkbook, how to pay bills responsibly, etc. I legitimately did not know that most American families don’t talk about personal finances.

Whether it’s an outcome of being born into a culture that stereotypically, over emphasizes the importance of financial matters or simply due to the fact that my family specifically has always discussed finances, either way, understanding finances has always been a thing for me.

I was 15 when my mom got me a low limit credit card “for emergencies”. She explained that it would help establish my credit for when I became an adult. She didn’t just give me the card. She took the time to outline the consequences of bad credit and overspending. Of course, she also threatened me with mild violence if I used the card for any other reason except for emergencies and as allowed by my parents. I think the veiled threats helped to solidify the real world consequence of bad credit with something a 15 year old teenager would be able to understand. Lol.

There are 5 Key Concepts that most educators emphasize when it comes to Financial Literacy:

1. Budgeting – “Adulting”
2. Savings – “Pay Yourself First”
3. Credit – “Using Someone Else’s Money”
4. Debt – “Like weight, it’s easier to gain than to lose.”
5. Interest Rates – “3 Card Monty”

We will be delving into all those concepts in the coming days! Stay tuned.