Friday, January 29, 2016

Conversations with my son - Hairs on Coins

First of all, I would like to apologize to the teachers and educators reading this post. I am sure that teaching a bunch of wild kids can be difficult and tiresome, and this post is not meant to be critical of your excellent work. 

A couple of weeks ago, I blogged that our kids are not taught basic finance in our (US) schools. 

Well, I was wrong! Apparently, they do teach this stuff at schools. 

My son had a good 2 weeks of financial education with creating budgets, income and expenses (spending). It's a shame that they don't go deeper - eg warning about expenses > income etc, but hey, it is a start. 

However, I was stunned that my son’s teacher did not know what is meant by public funding. I suppose, government spending is something that is very much hidden such that our teachers don't really know what it is. Does it matter since it all comes from the people? 

I was also amazed that they started drawing “hairs” to count coins instead of using simple multiplication and addition. Come on… Put a couple of eyes and a mouth, and you can create a smiley face. 

But still, I was wrong about the financial illiteracy of America. 

At the end of the day, it was all good. During dinner, my son and I discussed further on income and expenses. I told him that it is very important keep expenses in check. Moreover, the difference is what you can save, which ultimately is what you can use to invest. The importance about getting a good education which will kick start your earning potential. Moreover, it's important not to forget key values, like family, religion, charity etc. 

We even had a laugh about hairs on coins. 



  1. My son is an Eagle Scout and one of the merit badges has to do with Personal Management, including handling money. It is one of the last badges most of the Scouts complete, so they are a little older - 15-17 years old. Even though many of them have part-time jobs, I am completely surprised how little they seem to know about managing money. All are good at shopping and SPENDING money - few have savings accounts or know anything about simple investments.

    1. Thanks for visiting and commenting on my blog!
      I agree with you. I was at MCD the other day and I gave the cashier $10.04 for a $5.04 meal so that I get a $5 note back. Unfortunately, I confused her and she didn't know what to do.
      While inside The restaurants, I see all the kids with the latest iPhones/iPads with the beats (?) headsets. Way too much money to spend. :)