American Youth Financial Literacy
In the first episode of the successful series, The News Room, news anchor and star, Jeff Daniels, is asked by a fresh-faced college sophomore, "What makes America the greatest country on earth?" His accurate but caustic response gets the anchor some free time off, when he says, "No, America is not still the greatest country in the world, but it could be again."
He points out how our lackluster K-12 educational system compares internationally, especially in math and science, how deficient our healthcare system is in scope and reach, and a myriad of other statements that demonstrate America has lost its global standing as "the greatest country in the world."
This makes for great TV, but the accuracy of his statement should make all Americans uneasy. The fact is, many of our kids are losing their chance to attain the American Dream. They may not have the skills, education, or training necessary to compete for future jobs. Twenty percent don't graduate from high school, let alone college. There is also an additional skill set that American kids lag their international peers. What is it? Financial literacy--how to budget, save, and invest their way to financial security. Too many of our kids, even those with degrees, have never been taught financial skills or are woefully in debt due to school loans and credit card expenses. Debts they may never be able to pay back.
The brutal truth is that the majority of our kids don't have a clue about financial security or how to obtain it. Even sadder, neither do their parents! Yes, the price of not learning budgeting, saving, and investing techniques at home and in our school system is costing our youth their hope, and their chance at financial freedom.
It is not their fault! A kid with modest income and a pile of debt has little or no chance of building a wealth nest-egg for emergencies, home ownership, or retirement savings. Throw in a car loan, a mortgage, marriage, and possibly children, and our young adults may not be able to contribute to their IRAs or 401(k) plans until they are well into their twenties or thirties. This is a huge setback toward financial security and a massive drain on our economy! Is it any wonder why 56% of Americans in the workforce have less than $10,000 saved for retirement? The "wealth gap" this scenario has created is one factor why the growth of the middle class has been crushed.
No more! The Kid$Vest Project has the simple strategy of teaching parents, teachers, and communities about youth personal finance and investment action steps. You will learn how delayed gratification and compound interest can positively impact your kid's lives today and when they retire. So, if want to make sure your kids don't make the same financial mistakes we did, then pick up a copy of this book.
We can all learn together how to teach our sons/daughters, grandsons/granddaughters, how to become financially secure. Welcome to the Kid$Vest world!
