Young people should learn finance lessons - Bills.com News

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Young people should learn finance lessons

Thursday, Oct 15, 2009
By Lucy Sanderson

A recent column called for financial education to be a part of school curricula in order to help future generations avoid needing debt relief.

In writing for the Huffington Post, financial expert Don McNay keyed in on the lessons available in a book by Dr. Keen Babbage called "Extreme Economics," of which a second edition was recently released. McNay, who endorses the book, noted that it is aimed toward educators, thoughstudents could benefit from reading it as well.

"Smart money management sounds simple: spend less than you make, and save the rest. I don't think Americans, especially young Americans, get it," McNay wrote. "Babbage has some ways to help them understand."

Education, McNay said, is one way for people from tougher economic backgrounds can get ahead with their finances. By learning to not spend more than they make, young people may avoid problems such as credit card debt.

Along with McNay's advice, there are a number of things young people can
do to avoid needing debt relief in the future. For example, they may avoid using credit cards. New laws will actually restrict people under 21 from getting credit cards unless they can get a co-signer for the account.

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