I was reading the Sunday New York Times yesterday and came across this lament from comedian Adam Corolla:
First, I don’t know why the school systems are doing it, but they’re acting as if you’ll never see money your entire life. They’re so focused on cooking classes, ceramics classes, sewing classes, French, German, Spanish. Literally, I took agriculture, horticulture and five semesters of ceramics when I was in school. I never took one class in basic finance. Never learned how to handle a credit card. Never learned about compound interest.I think credit cards exist in commerce for the same reason that casinos use chips for betting. When you're tossing a plastic coin onto red-14, it's designed to detach you from the reality that you're laying down $100 in cash or next week's groceries. Corolla is correct: why don't schools teach the basics of finance? You know: saving, deferred gratification, planning for emergencies, living within one's means?
Pay for everything with cash for a month and you'll say: "Whoa, there goes my money."