Education Archives - Debt Discipline

Financial Literacy Interview: Super Saving Tips

April 30, 2017 Brian

This post may contain affiliate links.

As part of Financial Literacy Month (#FLM2017) I will be featuring interviews with fellow bloggers to get their take on the subject. Please join me in welcoming Gary from Super Savings Tips to the blog today.

Please tell me a little bit about yourself and your blog.
Gary: I had a 40-year working career that involved a number of business and executive positions. I spent 30 years in retail management where I ran company operations and did almost everything from budgets to advertising, from personnel to construction. Then, during the last decade of my career, I worked as a financial specialist with several banks where I was involved in both business and with private clients advising them on their personal finances like investments and retirement planning.

Now, in retirement, I wanted to share my experiences with others through my blog, Super Saving Tips. I never thought of myself as a writer but I’m stimulated by doing just that. Hopefully, it educates and helps others to learn and avoid the mistakes I, and some of my customers, have made over the years.

financial literacy

Financial Literacy for Millennials

April 25, 2017 Brian

Millennials have a lot going for them; better education, access to information and groundbreaking technological innovations, and more economic participation to mention but a few. However, at the same time, they have to deal with greater financial difficulties than their predecessors did.

For generations, young adults have been welcomed into the real world by the harsh realities including the hassles of finding a job, paying bills and the need to make major purchases such as a home or a car. In additions to these financial pressures of youth, millennials have to deal with inflated student debts in an uncertain economic climate. The unemployment rates are higher than ever but even for those lucky enough to have full-time professional jobs, budgeting and saving for a house or retirement seems like a far-off dream.

I recently came across an article titled “credit concerns” where an exasperated mother was expressing her bewilderment at her bank’s dubious services that destroyed her unemployed student daughter’s credit. Despite not having a savings history, the bank sent the girl a credit card on her 18^th birthday and a few years down the line she was deep in debt with no way to climb out since she was unemployed. The bank knew that the girl, at her young age was predisposed to lavish spending and lacked the financial acumen to manage her personal finances. This is just an example of how such banks and other predatory entities are setting up millennials to fail.

Millennials have been described as spoiled, materialistic and saddled with a sense of entitlement but in truth, many odds have been stacked against them. According to new research conducted by George Washington University, millennials are highly engaged in their financial lives, at least on paper. Majority of them are banked, about 51% have a retirement account, 40% are homeowners and a fourth have invested in bonds, stocks or mutual funds. On the flip side, a majority of millennials are heavily indebted. They could be facing one the bleakest financial futures in generations. The only way to survive and thrive against these odds is through financial literacy. (#FLM2018)

financial literacy

Financial Literacy Interview: Enemy of Debt

April 23, 2017 Brian

This post may contain affiliate links.

As part of Financial Literacy Month (#FLM2017) I will be featuring interviews with fellow bloggers to get their take on the subject. Please join me in welcoming Travis from Enemy of Debt to the blog today.

Please tell me a little bit about yourself and your blog.
Travis: My wife and I racked up over $100,000 of credit card debt, and used a debt management program to dig out way out. In 2010, while working our way through that program, I started blogging about our financial failures and our journey out of debt. A few years ago I became the featured writer at Enemy Of Debt, taking the reigns from my good friend, Brad Chafee, who decided to focus on other things in his life. EOD focuses on sharing my financial failures, successes, how to get the most value for your hard-earned cash and how I pass on those lessons to my kids.

financial literacy

Financial Education – School or Parent -Which is a Young Person’s Best Bet?

April 20, 2017 Brian

Many American households struggle on a daily basis to make sound financial decisions. A large number of them fail and end up on the fringes of financial disaster. At this rate, future generations are very likely to face similar struggles meaning a lot of work has to be done if this gloomy forecast is to be averted. April, being National Financial Literacy Month (#FLM2017), is a good time to assess if we are making any strides towards making sure that our young people will not need rescuing from poverty in their old age.

I believe that a level of financial literacy is necessary in today’s uncertain financial environment. Learning the ABCs of personal finance, the benchmarks by which financial literacy is measured, can go a long way in helping majority of millennials avoid financial missteps while making important financial decisions such as taking on student loans and making retirement plans. While financial knowledge may not guarantee success in life, ignorance about money management, budgeting and other financial concepts often carries a high price.

Financial skills are undoubtedly critical life skills. They should be taught from an early age and honed throughout one’s life. The concern however is, who should be responsible for giving our young ones the much-needed financial education? Should high schools and colleges provide mandatory personal courses or should it be the responsibility of parents to educate their children on financial matters?

financial education