Financial Literacy Beyond The Classroom By Richard Thaler

Money, something that is always finding it’s way into our daily needs and want’s, the thing that is usually the solution to all of our problems. Money is no good without knowing the basis of how to use it. Knowing things like how to avoid bankruptcy, knowing how to differentiate the different financial aspects of it, and understanding its value can help anyone out in the long run. The only way to learn something like financial literacy is to be taught, and the best place to be taught is in school!

Getting into the negatives is scary when talking about money. Not knowing how to save and use money is something lots of people don't know how to do, but we can make it so more people can learn how to save and conserve their money to stay

If you run a small business, you must know how to have money to run your business and to take care of daily needs, if you have a low income you need to know how to spend enough money on needs while having some left for wants, and therefore we need to be able to differentiate the different financial aspects of life. In “Financial Literacy, Beyond the Classroom” by Richard H. Thaler, Thaler goes to give examples on how to save money and use for times like the future by saying “it might help to offer simple guidelines like invest as much as possible in your 401(k) retirement plan," "save 15 percent of your income," or "get a 15-year mortgage if you are over 50.” And he said, “but simple rules—like keeping personal money and business money in separate drawers—led to better outcomes.” Though these things are said like they’re to grasp and understand it can still take people years to fully understand this. If not taught early in someone’s life, they can quickly go into debt when all of this could be avoided with having the knowledge at a young

Worse, they may actually hurt, in part by making their graduates overconfident about limited skills.” With courses not working what about the kids whose parents do teach them? Well Bernard had said that Michael S. Gutter had talked about how "social learning is also very powerful as well," and mentioned/implied that social learning is something parents can teach and not have to depend on school to teach. But then there is the questions of, what if someone doesn’t have a parent? Or what if someone doesn’t have a financially stable home where they can’t easily ask for help with money and how to get through life with it? It hasn’t exactly been proven to work the greatest to have a financial literacy course but if parents have ways to teach their own kids, then they should be the courses for kids who can’t learn from their parents. Burn even said that Shawn Cole a professor behind the report, titled "If You Are So Smart, Why Aren't You Rich?" even had agreed that it would still be good to have this course even when there is the option of more math