Monday, January 23, 2006

Kids in College Woefully Uneducated About Money

My mom sent me this article she found (thanks mom!) about students in college who have no idea how to manage money or can even do simple math. Education about money and its uses (and misuses) is the main reason why this blog exists. Learning about how money can be used and the tricks of the trade help everyone better their lives, be more efficient, and plan for their future (and not get ripped off).

Had I not decided to get an MBA at the University of Iowa, I would also fall into the group the article mentions. Fortunately, my classes, along with good discussions with my classmates, have helped me learn more about how to manage money and do so with a goal in mind. No longer will I unknowingly pay the "Foreigner Tax" within my own country. Probably the most important thing that was spelled out to me was the time value of money.

Don't be ignorant about money. Ask questions. Read books, take classes, and visit Cashtalk or other financial sites. Take the time to learn how your income can be used to make your life better and those around you (in a responsible way). Don't wind up being the subject of an article about how people don't know anything about money.

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