January 14, 2009 11:34am CST
The current educational system is fractured and needless to say hardly provides the youth with wings to be financial independent. Many financial geniuses and young entrepreneurs with natural talents are supressed by the current education policy. It is never too old to start earning but it is never too early either. Mistakes are a part of entrepreneurship and early beginning allows for the youth to understand the power of money, thereby reducing mistakes and gain maturity pretty early in life. So in the long run, it would take them lesser time to reach that first million. It is important that the youth are caught young so that their want to consume is not converted into debts but diverted into entrepreneurship so that they can earn the money for their wants. Instead of getting into the ill-habit of taking loans. In entrepreneurship, perhaps the dynamic youth maybe much more productive than an experienced old-timer businessman.
• Greenwood, Mississippi
15 Jan 09
Many financially successful people that I've read about became entrepreneurs as schoolkids. One current fund manager whose name I've forgotten started off by buying chocolate bars in bulk and selling them to his classmates! Others had lemonade stands or did lawn work; probably the new generation are starting Internet businesses as teenagers. I don't disagree with you that the education system could be improved, but personal initiative is ultimately something every entrepreneur needs also. Nothing is stopping the kids from researching business or even starting one on a small scale even if they're not exactly encouraged into doing those things. Perhaps the subject of personal finance is what is most needed in the schools -- some many people don't know a stock from a bond but yet have multiple credit cards, student loans, car loans, and other debt! We often learn how to go into debt before we learn how to save, unfortunately.
14 Jan 09
Considering that most stuff learned at school is never used again after schooling is finished, it's pretty appalling that basic finance, something you will use almost daily, is not taught at all in most schools. Never mind more advanced finance. Perhaps if people were taught from an early age basic money handling skills, financial crises like the current one could be avoided.