Financial Sense for Strong Families

Wouldn’t it be great if all of us—especially our kids and grandkids--had a solid understanding of basic financial principles like creating and living within a budget, how to plan for retirement, how to fund college, or how much to withhold for income taxes? The need for government assistance and bailouts would be drastically smaller, and our communities would be stronger if they used the tools available to navigate their own financial well-being.   

Those who are financially literate have great advantages. But anybody can have them! They just need to access to the tools and support that give them stability and opportunity for themselves and their families.  

This week we share some points from Brittian Rivington, Marketing Director of Wealth Wave, The Money Milestone Company. Thank you, Brittian! This information will do a lot to promote Strong Families in Arizona! ~ Kim 

A major force that stands in the way of having a financially literate society are the scarcity of financial education and the overwhelming and confusing financial industry itself.  

Only 23 out of the 50 states require high schools to teach at least one class in personal finance. Arizona is not one of them. Currently, Arizona requires a literacy course to be offered, but the coursework can also be integrated into other subjects.  This is leaving the youth to learn by trial and error causing them to begin their adult life not equipped with the necessary financial discipline and knowledge to find success early on.   

What can you do to ensure you and your family know the basic financial principles? Watch these short videos with your kids that are 5-minute lessons on fundamentals of money like the difference between debit and credit cards and understanding taxes. New Hampshire’s State Board of Education just approved incorporating PragerU’s “Cash Course” into earning credit for high school graduation.  

Perhaps Arizona could do the same! Contact your State Representatives and ask them to propose a bill that would require students to take a half-credit financial literacy course for high school graduation. Modeling Florida’s recent  law requiring high school students to take a financial literacy course would be a good starting point.  

For those who homeschool or don’t want to wait for a law to be passed, resources like this one and this one are great. I’m happy to answer any questions or to help you, please send me an email with any questions.