So, what IS the best way to learn about personal finance? :/

If everybody knew how to handle their finances properly, it wouldn't be a problem per se, but it would definitely change the whole of society as we know it...

I had at least three high school classes that taught me what an asset and what a liability is. It likely came up as a irrelevant side issue in many more because those are common words in the English language and everybody knows that they mean (well everybody except for Kiyosaki). I can't imagine anyone over ten doesn't know what a bank is.

Nobody needs to be told why they need to save money. Everyone knows that they need to save some money but they have to choose between saving money and buying the stuff they want and so they make the irresponsible choice. It isn't that they don't understand the need to save money it just isn't a priority to them. This isn't a knowledge problem but rather a priorities issue and it is really hard to teach people to be responsible. There is certainly no way for a high school to do it.

My view is that people do need to stop being ******s when it comes to money but that isn't something that can be taught. The isn't a knowledge problem but rather an attitude problem. Maybe at a low enough socio-economic class it does become a knowledge problem but most of the people who get into financial trouble are working class and middle class. I'm not really sure how you change attitudes. I used to think severe enough consequences would do the trick but that seems to fail compared to the attraction of living a life you can't afford. Some people learn after they implode but most people have unrealistic expectations about how the future is going to be better than the now or they just don't devote a second of energy to thinking about the consequences of their actions.

These places exist because people are desperate. Nobody fails to grasp how expensive these loans are they just don't have any other choice. Depending on if the loan is for a need or a want you can argue that they lack control or make stupid decisions but they fully understand the costs and if a cheaper option was available to them they would use it.

I've taken numerous seminars/workshops in personal finance offered by my university (budgeting, investing, how banks operate). They were free but I had to make the effort to find out about them.

I'm sure there are numerous free opportunities in any city to learn the ins and outs about personal finance. They're certainly a lot more useful than Kiyosaki's book fwiw lol

Henry sums it up here tho:

I think Henry17 has hit the nail on the head. When I was at school I was considered one of the brightest in my year. Always had my head in a book and got good grades. I even took Business Studies in high school and was a member of http://www.young-enterprise.org.uk/.

I has only been in the last few years that I've started to think properly about what I'm doing with my money. Partly has a result of being homeless on various occasions (as well as squatting) but mainly since I made the concious decision to settle down and move towards starting a family.

The only thing holding me back now is the fact that my partners financial attitude is where mine was about 10 years ago so I spend a lot of time time trying to get her to learn from my mistakes! lol

I read the book about 10 yrs ago shortly after it come out. i thought it was a good read for people who don't get the basic thought process of investing. I never considered it a detailed plan more of a thought process of a direction to look.

I actually offered my wife 10k to read the book, just read it and then go blow the money on anything you want...we were having some difficult times do to my investing and her reluctance to it.

at the end she never read the book, realized I had a solid plan on investment and the problem went away - without her spending spree!!

I think we should skip trigonometry cause no one knows how to do that anyway and make a sophomore year in high school class about personal finance. Balance a checkbook, save money, appreciation vs depreciation, a little tax talk in there...

Please understand that an A+ bookworm and a guy who has the free time to seek out university classes are not who I have in mind when I think of people who need financial lessons. Trust me you guys live in a completely different world from the people I'm thinking of. You both are well-educated, were raised by parents that practiced decent money management, middle/upper class, have the time and knowledge to seek out leisure learning, etc. No one is worried about people like you.

At no point did I argue that personal responsibility isn't a part of the problem. But I do believe that financial ignorance is also a really bug part of it.

MikeSki, if you think it's really important for a person to find free financial education classes somewhere why do you think it's wrong to offer free financial education classes in High Schools?

The argument in favor of what you're saying was/is exactly the foundation of Kiyosaki's marketing/advertising/selling strategy.

His angle has always been, "Unfortunately, you were taught geometry not personal finance in high school. That's why so many people like you have fallen short financially in their adult lives. I'm your savior. It's not too late to get the real life education (personal finance not geometry) that the school system taught you." Or something like that.

Fwiw, I went to the top 3 public high school in my home state (on the coast too and not small) which was extremely competitive. Got into a solid college and basically was the definition of the well educated middle class.

I got absolutely zero formal financial training and everyone around me was even worse. My well respected college did however let credit card companies pitch during formal freshman presentations.

Henry17 achieving unprecedented levels of ****tard ITT, even for him.

The first lesson in finance is understanding that there are two basic groups of people: borrowers, and lenders. Describing those groups goes a long way in getting people to understand how things work.

The point is, despite my prodigious knowledge of finance etc., I still went through stages of extreme poverty. Mostly caused by myself. I don't think education is the be all and end all...

A material portion of our economy depends on financial ignorance. Just as Social Security depends on people dying for it to function. (earlier the better obv.)

I do think high schools should offer free financial education classes. All I'm saying is that if you want to learn about personal finance on your own the options are available. There are lots of opportunities available at your local university con-ed department. If you're unwilling to take advantage of those options then taking mandatory high school class wouldn't help either since you'd ignore it anyway.

QFT

My parents were working class and financially illiterate. They didn't have an ATM card until I was in my late teens and they got their first credit card when I was already gone to university. They never took advantage of their RRSP until I had enough money to force them to. They have no investments and just keep everything in a basic savings account. They do ******ed things like pay off their mortgage (with an early payment penalty) even though it was at a very low rate.

Most of the people I know who get into debt issues are university educated. If your point is that people in the projects need education then I have no opinion on that. My objection is to people who got into university then using the excuse they got in trouble because there was no formal education telling them to not spend more than they make. If that is really an acceptable level of stupidity we need to start culling humanity.

It isn't wrong but just a waste of time much like free classes are almost certainly going to be a waste of time. I wish they would teach personal finance because even though it would change nothing at least people would lose the ability to use this excuse.

This is my experience with people as well. Of the scores of people who have asked me for advice after ****ing up only two got their for reasons that were not based on making ****ty choices. All of them had a good working knowledge of personal finance they were just irresponsible.

Such an out of touch, effete, fool.

Keep up the good work, Henry17!

I found an interesting site a few years ago. The guy is named John Reed, and his site is at JohnTReed.com. He rates all of the real estate guru's, including the Rich Dad Poor Dad fraudster. This John Reed fella has a way with words. You can spend hours reading on his site. It is a bare bones site, but it is pretty valuable info.

Below is his Kiyosaki review. He brutalizes him. Funny, too.


http://www.johntreed.com/Kiyosaki.html

So how do you learn not to spend 100% of your wages in one day?

I don't understand your question. But, I am not very bright, as opposed to Henry17, who surely is the smartest man on 2p2.

People do not have an innate sense of what is good and bad financial practices, despite what Henry believes. People in general are not so smart, and that is doubly true for young people. For certain they are not as smart as credit card companies whose practices can be described as predatory.

Henry probably also thinks that people know the basics of car ownership. It's so simple, drive carefully, get regular maintenance, keep the tires at the right pressure, be insured.

WRONG. There are plenty of dingbats who go 50,000 miles without thinking about this ritual we call OIL CHANGE, and they end up with a engine that cracks in two pieces.

People don't just know things, and there is no reason to expect that they would know things automatically, things need to be learned.

And anyway, the business/econ literate people know very well that the financial system is designed so that there are winners and losers. And the winners have no interest in educating the losers on how to become winners. Which is why kids dont learn about finance in schools.

Not really interested in debating this, just think Henry is being his usual gross self (is there actually anyone who is more repugnant?) and I wanted to say something. I know people call him on his bull****, but not nearly enough imo.

Here we go with the -- credit cards tricked me into getting into debt bs that everyone who makes stupid decisions likes to use as an excuse.

Credit cards might very well count on people behaving irresponsibly but they don't make people behave irresponsibly. Everybody knows that if you use a credit card you need to pay back more than you borrowed. This isn't a surprise to anyone yet people who choose to act irresponsibly nevertheless like to pretend it is.

You are too far out of touch with reality for me to even bother trying to reason with you. I have read enough of your dribble over the years to know that nothing really penetrates that skull of yours, and that you are actually more of a perpetual contrarian troll than the measured, critical thinker you have convinced yourself to be.

We just have a different way of looking at the world. You are one of those "being stupid should hurt" people, and that is your right. But it comes with a cost, and the cost is that most people think you're a repulsive *******, whether you are aware of it or not.

But I also know you well enough to know that you won't lose a wink of sleep about this. lol.

In case anyone is wondering, yes, I am Robert Kiyosaki.

would read again