The financial education system in schools across the United States is failing students. Students are funneled into a system to pay debt and work “hard” for a “safe” job. This is anything but“safe.” Rather than teaching students the power of capital and wealth creation principles, students are funneled into fighting for middle class jobs that are changing rapidly.
This “Industrial Age” lack of innovation mindset is setting up numerous students for failure. A lack of financial education is leading to students being exploited by the system itself. Teachers should be teaching students at an early age to have money work for them, rather than work for money.
Students say they want to be “rich,” but it is not possible because they do not have the right education. Those that understand concepts like compound interest or passive income have a profound advantage over their peers.
It has never made sense to me that people work their whole lives for this concept of money, but do not understand the easy ways to become wealthy. It has been long taught that debt is always a bad thing, but this is not true. Debt can be wonderful. Once again, those that understand profit from it, and those that do not pay for it. I feel a deep sense of responsibility internally to express the fact the education system is failing in this respect. Academics widely preach that you should live within your “means,” but should be teaching how to expand your means. You should be able to buy a Lamborghini if you want to. There are several ways to purchase a Lamborghini without paying for it yourself.
Overall, I hope going forward the we can together fix the broken financial education system that
is failing students.
John Tierney, Economics Major, University of Massachusetts Class of 2019
