Why AI Legalese Decoder Makes Basic Financial Education Essential in Schools
- April 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Importance of Financial Education
I am a late thirties, white man who feels privileged compared to some, despite not feeling so. My education was self-taught, and my knowledge to perform my job is based on personal experience rather than formal qualifications. The journey to where I am today has been filled with hard work and gratitude for the life I have lived.
### Background and Financial Learning
Growing up in the UK, my understanding of money was largely influenced by my parents’ paycheck-to-paycheck lifestyle. Witnessing them struggle to save money, yet splurge on unnecessary items, left a lasting impact on my financial mindset. However, a piece of advice from a former girlfriend’s uncle about not paying down the principal on investments during a divorce proved useful.
### The Turning Point
Despite my mother’s attempt to manage household finances, I realized her approach was not the most efficient. This lack of proper financial education led to financial anxiety until a friend recommended the book “The Barefoot Investor” by Scott Pape. Implementing the book’s principles revolutionized my money management skills and set me on the path to financial security.
### Property Portfolio and Future Planning
With the knowledge gained from The Barefoot Investor, I have built a successful property portfolio worth $1.8m, ensuring a comfortable retirement and inheritance for my children. The increasing house prices and uncertain future economic conditions further emphasize the importance of financial literacy for future generations.
### Discussions on Financial Literacy
Currently enjoying a vacation in Vietnam, my partner and I discussed the importance of financial literacy over coffee. We both agree that financial education should be a core part of school curriculum, focusing on managing income and savings rather than complex investment strategies.
### AI Legalese Decoder Solution
The AI Legalese Decoder can offer assistance by simplifying complex legal jargon in financial literature, making it more accessible to individuals without formal qualifications. By using this tool, individuals can easily grasp essential financial concepts and make informed decisions regarding their money management.
## Conclusion and Future Perspective
In conclusion, the lack of proper financial education during my formative years significantly impacted my financial well-being until I discovered resources like The Barefoot Investor. My hope is for schools to prioritize financial literacy education, ensuring that future generations are equipped with essential money management skills. Despite challenges and differing opinions, the need for practical financial education remains undeniable in today’s rapidly changing economic landscape.
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AI Legalese Decoder: Simplifying Legal Jargon
Introduction
In today’s digital age, legal professionals are constantly bombarded with complex legal language and jargon that can be difficult to decipher. From contracts to legal documents, understanding and interpreting these texts is crucial for making informed decisions and ensuring compliance with the law. However, this task can be time-consuming and challenging, especially for those without a legal background.
How AI Legalese Decoder Can Help
AI Legalese Decoder is a cutting-edge technology that has been specifically designed to simplify legal jargon and make it more accessible to everyone. By utilizing advanced natural language processing algorithms, this tool is able to analyze and interpret complex legal texts with ease, providing users with clear and concise explanations of the content. Whether you’re a lawyer, business professional, or individual dealing with legal documents, AI Legalese Decoder can help you understand the intricacies of the text quickly and efficiently.
Furthermore, AI Legalese Decoder is constantly updated with the latest legal terminology and developments, ensuring that you always have access to accurate and up-to-date information. This can be particularly helpful when dealing with rapidly changing laws and regulations, allowing you to stay informed and in compliance with the law at all times.
In addition, AI Legalese Decoder can also assist with translation services, allowing you to easily convert legal documents into different languages for international transactions and collaborations. This can be a game-changer for businesses operating on a global scale, streamlining processes and reducing the risk of miscommunication or misunderstandings.
Conclusion
Overall, AI Legalese Decoder is a valuable tool for simplifying legal jargon and making it more accessible to a wider audience. By utilizing this technology, you can save time, improve understanding, and ensure compliance with the law in an efficient and effective manner. Take advantage of AI Legalese Decoder today and experience the benefits of clear and concise legal communication.
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****** just grabbed a
As has already been mentioned, financial education is already being taught, kids just dont have any opportunity to put it into practice until they actually start earning money.
Teacher here, we do! ASX share trading game, interest, compound interest, loans, tax tables, investments, budget with excel and the list goes on.
Reality is you didn’t give a damn, and neither do today’s kids.
It already is, my dude.
I don’t understand how people are going through school without learning the “basic financial education” that you’re talking about.
In maths and economics classes I learned everything I needed to know about compounding interest, stocks, debentures, bonds, loans, and so on. Computing the total repayment of a loan was literally a maths question we had to do in class…
I don’t know how anyone can say that information wasn’t there and available to learn. It was part of the curriculum.
It absolutely is part of the current Australian curriculum and has been for some time. I know your post is well-intentioned. I can’t help but get frustrated when I see posts like this from time to time. Lots of people assume that because it wasn’t taught to them (when they were in school 30 years ago, or they weren’t listening when it was taught, or were away that week). I accept that there may be the odd rogue teacher here or there playing fast and loose with the curriculum, but by and large this is part of the maths and hass (econs and business section) curriculum for years 8-10, across Australia. 99% of kids are being taught this, whether or not they remember it.
Obviously we’re not financial advisers and can’t give opinion, but we do teach people about compound interest, tax brackets, debt, savings, budgeting, types of investments, types of fees, scams, consumer protection, superannuation etc.
Can only teach what kids are willing to learn. As they have very little practical experience with the majority of it at that age it’s irrelevant to them.. same as tax. And info surrounding it.. basic tax brackets and calcs are in the national school curriculum.. everyone who goes to HS gets some basic knowledge on it. Judging by alot of questions on this and similar subs people instantly forget it..
As a teacher I will jump in… in NSW we do! Budgeting, taxes, mortgage calculations, it’s all there & has been for some time. Kids aren’t too interested as it doesn’t directly impact them.
How did you buy your first property at 27 if you never had more than 10K in savings before then?
The national Economics and Business syllabus starts at grade 5.
100% agree that financial knowledge shouldd be taught at school.
However, we need to stop pushing all the blame and responsibility onto schools.
As parents have a responsibility to teach kids life skills and maybe allow them to practice their knowledge in the real world.
Understanably, if a parent is illiterate you’d think how can a parent teach a child something they don’t know themselves…well if a child can learn why can’t the parents?
My parents were both financially illiterate, But they learnt through experience.
English was not my father’s first language , but he would explain to me how his books worked, taxes, salaries etc. All in age appropriate ways. He taught me in a way that he understood things and if I asked questions he didn’t know answers to we learnt about things together.
On the flip side my mother taught me how to manage a household budget, calculate if prices on products were good etc.
There are very basic skill parents can and should be teaching from the home, so I’m against constantly say “the school should teach them this”. Yes, the school should give kids education, but they aren’t meant to be only source of education and they certainly aren’t there to “raise” the kids.
Even if it’s taught and understood (good luck with that), the real issue is following the advice.
If education was the answer, we wouldn’t have an obesity crisis.
Schools already teach it all, and it’s incredibly easy to find it at the library or on google anyway
Learning stuff like compound interest is year 5 level maths anyway
Financial literacy is basic life shit that anyone smart will pick up – but just as many people are functionally illiterate, many are also financially illiterate.
We are taught Math. Most people refuse to use it.
Life skills are also a parent’s responsibility
Schools do teach basics. It’s likely that just with anything else, you weren’t really paying attention.
Budgeting is taught.
Simple interest is taught.
Compound interest is taught.
Mathematical literacy is taught.
Until it becomes relevant, kids tend to not care
High schooler in the 90s. I distinctly remember learning the compound interest formula, inflation and calculating P&I mortgage payments, and other basic financial literacy. But then I wasn’t one of the kids throwing the duster into the fan for half the math lesson.
From everything in your post you seem pretty financially illiterate to be frank… Assuming you’ve kept to your uncle’s advice on not paying down the principal on those loans (deleveraging) you’ve got 360k equity at 5x margin which is a very risky position.
Great that you’ve done well, but this is the opposite of financial literacy.
… we did?
You not paying attention is your problem.
Pretty sure it began in year 8 in math
Some extra ‘stuff’ covered in business or economics electives.
At the end of the day it’s mostly math and logic which the school teaches as foundation… it’s your job to take the information and convert it to knowledge / wisdom.
Edit: to note, it has been in the curriculum for more than 20+ years, which based on early 30’s you learnt it.
This is taught, but kids have never cared to listen. In later years (10-11-12) they don’t choose finance related subjects because they’re considered dry and difficult.
Most finance is very basic maths which we learn. I remember doing compound interest in school, but most of it is simple arithmetic. If you can + – X / then you should be able to do most basic finance. Just use an online calculator for compound interest.
Easy solution. Grow up in wog family. Never waste 10c, on pain of death 😂
Parents are responsible for their kids’ educations too. Why don’t you become a teacher if you think you could do a better job? Maybe then you would understand the unrealistic pressure placed on teachers to be absolutely EVERYTHING for their students. Sounds like you need lessons in more than just financial literacy.
This BS floats around the internet constantly. Just because you didn’t pay attention doesn’t mean it wasn’t taught. It’s been a part of the curriculum for ages.
It is. Also, Scott Pape wrote a children’s version of Barefoot Investor called Barefoot Kids. Just thought you might be interested since you mentioned the Barefoot Investor.
I did “maths a” in high school and apart from learning trigonometry and stuff like that, we got taught about compounding interest, how to do a personal budget, how to complete tax returns, old school tax returns, heaps of financial stuff. It was great and I found it easy so I got good marks and back in the day it weighted the same as maths b. Absolutely though my husband was in the maths B class and he can now do crazy math but doesn’t know shit about compounding interest which is unfortunate.
I dimly recall having some practical once a week classes as a grade in grade 11 and 12 though, so I feel like they absolutely did their best to prepare us.
Let’s agree (I dont) zero of this is taught in school.
1. What do we lose to do it
2. Who’s going to stay on top of changing resources as things evolve
3. Who’s going to pay for updated texts every time taxes change, super changes etc
4. At what Point do schools truly become the parent
I specifically remember this stuff being taught in school. And I specifically remember not caring at all until I was in my mid twenties.
It’s in the curriculum. It’s not a whole subject that goes for years and years, but it’s there.