We all recognize the importance of education and parents commit significant resources to ensure that their children can attend good schools and universities. Sadly, most schools miss the most valuable subject that is required throughout life, financial education.
At NCAP, we believe that managing money and learning how to generate income is vital for a successful and fulfilled life and even young children can understand the basics of finance and how to form a positive relationship with money. Below is list of the main topics that everyone should know as a basic level of financial knowledge:
- The difference between an asset and a liability
- Why debt is bad and the danger of credit cards
- Why you need to save and invest
- How to make your money work for you so you don’t have to work
- How to make a budget
- How interest works
- How inflation works
- THE POWER OF COMPOUNDING
Many adults will read this list and realise that they don’t truly understand some of these principals, this is why people are happy to exchange their time and energy for money which they then spend and start the cycle all over again, without ever having a plan to achieve financial freedom.
If all children were given this basic gift, the world would be wealthier, healthier and less stressed.
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