Fascinating article on how much money a pro hockey player actually makes

[VilleN]

Originally Posted by Locke

Sure, but you're not factoring a whole bunch of other things into that.

First of all, its not part of the Math curriculum and changing curricula ain't like dustin' crops boy! As we in Alberta have had the pleasant experience of enjoying.

Further, does basic money management help get kids into University?

And then the whole 'how much attention do you think athletes aspiring to turn pro were paying attention in High School math?'

I could go on and on.

I would 100% support teaching basic financial skills in High School, but I'm also a realist (pessimist?!¿) that it likely wouldnt change anything.

I agree... In reality probably not as simple as it should be. I think if it was in the Math curriculum it would at the very least expose kids to the idea of investing etc. Instead of having absolutely no clue about even the most simple of principles... I suppose when it comes to pro sports perhaps agents, or the league should be encouraging new players to receive financial guidance.

[Cowboy89]

Originally Posted by CroFlames

I'm no conspiracy theorist, but I think it serves corporate interests to have a good chunk of the population financially illiterate.

A lobby here, a bribe there, and they keep Investing 101 out of schools.

Even if they had 5 full classes of escalating competence in financial literacy required in high school it would make no lick of difference in the big picture of how people handle their finances.

I find it's not ignorance that leads to financial problems it's a lack of self-control. If you're the kind of person who simply cannot resist instant gratification, it will matter little how much you know about budgeting, constructing, monitoring, and re-balancing an investment portfolio. You won't approach it with the discipline required and you will consistently overshoot on spending. Our corporate overlords know that behaviorally many people are wired this way and they engineer multiple ways of delivering instant gratification in the forms of their products and services at the cost of longer term financial pain. Most of the time people know this as they are making these kinds of purchases but do it anyway.

[Flamesm]

As a teacher of High School, we do have a grade 10 curriculum that teaches students how to deal with basic budgeting (Class called Career and Life Management). Typically teachers use that time to talk about stock markets and other financial investing, but it would not be longer than a class or two. My guess is that most people going through High School don't care about investments currently or forget what was told to them through one or two classes.

[Slava]

Originally Posted by Flamesm

As a teacher of High School, we do have a grade 10 curriculum that teaches students how to deal with basic budgeting (Class called Career and Life Management). Typically teachers use that time to talk about stock markets and other financial investing, but it would not be longer than a class or two. My guess is that most people going through High School don't care about investments currently or forget what was told to them through one or two classes.

This is the issue. Kids are taught these things or at least a brief overview. The issue is (like most things you learn in school) it’s quickly ignored and forgotten. People like to say “well if knew better, or if someone had told me...” but the reality is something different. You don’t need to be told to live within your means, but Canadian debt ratios are at ~170% which is just plain stupid. I think the “I wish they taught this in high school” line is overused and generally a scapegoat.

[edslunch]

Originally Posted by Weitz

I still don't think this is true. People say it all the time but kids aren't suddenly going to start caring because its being taught it school. Seems very hindsighty to me.

Yeah, kids don't care. I remember clear as anything a moment 40+ years ago when a kindly old regular at the store I worked at took me aside and told me he was going to offer the single most important advice he'd learned over his 70+ years. I still remember his face and voice but have no clue what told me

[puckedoff]

They already have math class. If kids learned math, they could easily figure out compound interest and savings calculations. I mean look at Slava, it's not rocket science.

[MoneyGuy]

Thanked for the Slava dig.

[Locke]

Originally Posted by MoneyGuy

Thanked for the Slava dig.

Ditto.

[Eric Vail]

Parents are the primary educator of kids. No student is going to listen to what I say about money management if their parent has a maxed out credit card, has a brand new financed car, and is now struggling to pay their utility bill. They will follow the lessons they have learned their entire lives from their parents. You hear them say, "I deserve a brand new car when I graduate high school." I bet their parents have said the same kinds of things many times before.

[Torture]

Originally Posted by Locke

Sorry, I dont disagree necessarily but whenever I see this I shake my head a little.

And who exactly is going to be teaching these kids about investment vehicles? Their Gym teacher during his spare?

Teachers are about as knowledgeable on these topics as their students. Its not like they're largely responsible for their own retirement investments and savings either.

Well, Teachers go to school before they get the job so you could probably idk...teach them before asking them to teach kids?

But I get your point, I remember one of my teachers in high school saying that sometimes you get a raise and it pushes you into a higher tax bracket and you end up making less. Which of course, is a pretty common misconception of how taxes work.

[powderjunkie]

Originally Posted by CroFlames

I'm no conspiracy theorist, but I think it serves corporate interests to have a good chunk of the population financially illiterate.

A lobby here, a bribe there, and they keep Investing 101 out of schools.

I don't even think it has to be anything that nefarious...western economies are fuelled by recirculating as much money as often as possible, which perpetually occurs when people spend more than they should/could/need to on pretty much everything.

Everybody, including/especially governments are guilty of wanting 'Everything Now' (#ArcadeFire).

Originally Posted by edslunch

Yeah, kids don't care. I remember clear as anything a moment 40+ years ago when a kindly old regular at the store I worked at took me aside and told me he was going to offer the single most important advice he'd learned over his 70+ years. I still remember his face and voice but have no clue what told me

Probably something related to foreplay...

[CSharp]

All NHL players make 10 - 20x more than the average middle class income earner. In the end, even the low end NHL'er is still way ahead if he doesn't blow it all on high lifestyles of the rich and famous. If, by the time I retire and I'm ahead of any NHL player in wealth, I'll laugh all the way to the bank!

[Hangman]

Originally Posted by Locke

Sorry, I dont disagree necessarily but whenever I see this I shake my head a little.

And who exactly is going to be teaching these kids about investment vehicles? Their Gym teacher during his spare?

Teachers are about as knowledgeable on these topics as their students. Its not like they're largely responsible for their own retirement investments and savings either.

In Alberta there is a high school subject called CALM (Career And Life Managament).
It covers a wide range of topics but does cover to a degree finances. I don't believe it goes into investments, that I think would be asking too much.

Link to Program of Studies for CALM

[Slava]

Originally Posted by puckedoff

They already have math class. If kids learned math, they could easily figure out compound interest and savings calculations. I mean look at Slava, it's not rocket science.

Lol, nice.

I'm not for a second suggesting that I'm brilliant. I just think that people in general have this "if only I had known" attitude when it comes to some of these things, and the truth is we do know better. I'm far from immune, and made some horrible decisions when I was young and reckless with my own money. I would love to say "I had no idea that you should pay your credit card balance every month?!" But I knew. I just had other priorities I suppose.

[The Cobra]

Originally Posted by VilleN

I don't see why that would be difficult. They teach calculus and chemistry, I'm sure it's feasible to to teach basic money management. Put it in the math curriculum.

You seem to be under the mistaken belief that smart people know how to manage their money.

I know tons of lawyers and doctors who make lots but spend more.

it's not really about knowledge. it's about self restraint.

Spend less than you earn is a good start.

[Hangman]

Originally Posted by Locke

Sure, but you're not factoring a whole bunch of other things into that.

First of all, its not part of the Math curriculum and changing curricula ain't like dustin' crops boy! As we in Alberta have had the pleasant experience of enjoying.

Further, does basic money management help get kids into University?

And then the whole 'how much attention do you think athletes aspiring to turn pro were paying attention in High School math?'

I could go on and on.

I would 100% support teaching basic financial skills in High School, but I'm also a realist (pessimist?!¿) that it likely wouldnt change anything.

I'll add to this just a little.

If this added to the math curriculum what are we OK with being taken out?

With the amount of time taken out of the school year for mandated PD days and None Instructional Days (Instituted primarily to save busing costs.) teachers are having a tough enough time trying to cover all of the required curriculum in all subjects not just math.

[Ryan Coke]

And the reality is people see the governments living in deficit spending and it appears acceptable, so why not them? Living within your means is so old fashioned.

[Sidney Crosby's Hat]

Originally Posted by edslunch

Yeah, kids don't care. I remember clear as anything a moment 40+ years ago when a kindly old regular at the store I worked at took me aside and told me he was going to offer the single most important advice he'd learned over his 70+ years. I still remember his face and voice but have no clue what told me

He said, "Pay attention to your elders."

[Hangman]

Originally Posted by Ryan Coke

And the reality is people see the governments living in deficit spending and it appears acceptable, so why not them? Living within your means is so old fashioned.

But it is acceptable for governments to live with debt or deficit spending. How else do you expect them to function? We can't truly expect governments to not borrow to build infrastructure like roads, schools, hospitals, provincial buildings etc.
It's stupid to say we can't build any of those until we have the money in the bank to pay for them. Governments by definition operate with debt, what it must have is a reasonable plan to repay that debt.

You can still aquire debt and live within you means it's not rocket science. But it does require a certain degree of discipline.

[The Yen Man]

Originally Posted by Torture

Well, Teachers go to school before they get the job so you could probably idk...teach them before asking them to teach kids?

But I get your point, I remember one of my teachers in high school saying that sometimes you get a raise and it pushes you into a higher tax bracket and you end up making less. Which of course, is a pretty common misconception of how taxes work.

LOL, totally ot, but one of my high school teachers said the exact same thing. He was telling the class it was more beneficial to not get a raise because you end up paying more taxes. Dude really should have researched it a bit more before sharing it with the class like it was a fact. It's not like it's a complicated concept either.