Personal Finance 101

One thing obvious from the Great Recession – there is a lack of basic personal finance knowledge among a significant portion of Americans.  How do you explain negative amortization mortgages, no interest loans, no “doc” loans and “ninja” [no income, no job, no assets] mortgages?   Apparently none of the consumers who financed their house purchases using such exotic financing ever read Home Buying for Dummies.

Personal Finance is not on the curriculum of many schools across the country.  Should personal finance be taught in the schools?  I say, YES INDEED.

I’m a history buff and enjoyed taking history/social studies throughout my educational development.  But, less be honest – what’s more practical  – – history or personal finance 101.? You guessed it, the latter.

Not all children have the benefit of  parents who can educate them about personal finance issues.  Offering such basic programs through the school is a greater equalizer.

I enjoy helping others with basic personal finance questions or issues.  I don’t want to see individuals hit with tons of fees because the person did not quite understand the credit card application or how the overdraft protection works.

I’m not impressed with businesses, such as the “big banks”, making their money off of late fees, overdraft fees, etc.

[To be continued tomorrow]

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