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The same way you fix the problem of now knowing how to code, not knowing brain surgery, not knowing how to drive a car - buy some books and study. I'm not tryi
by djm 16y ago
The same way you fix the problem of now knowing how to code, not knowing brain surgery, not knowing how to drive a car - buy some books and study.
I'm not trying to be sarcastic, just to point out the strangeness of it all. Most people wouldn't turn the ignition key and start trying to drive a car without taking some instructon first, but they are happy to whip out that credit card whenever the chance allows them.
- ezyang 16y agoWhich books? I didn't learn to drive a car by reading books: I paid for lessons. I wouldn't learn brain surgery by reading books, I'd go to medical school. A rephrasing of this question: what level of financial literacy can a person reasonably expect to attain by just applying "common sense", and what is the baseline level of financial literacy that we should strive for?
- djm 16y agoWell, OK, I just chucked a few examples out there without thinking them through. In retrospect I don't think you'd learn to code much just by reading books either. What I wanted to say was that to learn about managing your finances you need to take an active role in learning how things work - whether by reading books, going on a course, whatever. As a base level of financial literacy I don't think people need that much to make a big difference in their lives. Teach people budgeting, how to track their spending, and a basic understanding of savings and credit interest rates/compound growth etc. Teaching people to live within their means and use credit for "needs" instead of "wants" will be one of the hardest lessons to impart. I don't know how you'd accomplish that.