Mitochondria is that the Powerhouse of the Cell
This is often one among our favourite School memory that has been hatched to our minds. But apart from people who are into the study of cells who really is benefitting from it now?
The World would be a better place if Students were taught more than just mathematical equations, literacy, and history-geography.
Don’t we all need to open a bank account? Have a credit /debit card? Get a mortgage? Car loan? Student loan? Most of us go into these things blindly and without the proper knowledge to protect ourselves and struggle to get the best deals for ourselves.
There’s certainly a couple of essential life skills that schools don’t cover, that would’ve been helpful to find out as an adolescent instead of suddenly being plunged into the adult world and figuring it all out alone.
If schools offered a wider range of classes and subjects from the very beginning of your education, I firmly believe that following generation would have the benefit of this hugely.
These are some of the Subjects/topic that we could have all benefitted from learning about in our secondary school to be more Financially Independent and not clueless:
Money Management-
Money management refers to how you handle all aspects of your finances, from making a budget for where each pay check goes to setting long-term goals to picking investments that will help you to reach those goals.
Money management isn’t regarding saying “no” to any purchase, but developing an idea that permits you to mention “yes” to the items that are most vital to you. Any amount of cash can be be insufficient if you do not have good money management skills.
A few of justifications why money management should be taught in schools are to tell students of the various investment vehicles available to them, the pros and cons associated with each, and the way to navigate an increasingly complex economic system .
The answer to why money management should be taught in class as against other avenues is to equip students with the framework for prudent investing early , so as to avoid the requirement to cleanse bad habits during mid-career when half the time to speculate has gone.
Basic Banking-
Basic Banking can give your child some of the most important lessons they’ll ever learn in school – how to fill a form to opening the best accounts for your finances.
On an everyday basis I meet teenagers and young adults who don’t know how to even approach a bank for discussing the best options for their finances.
Besides, they should also be taught to discharge the duties of a cashier. Maintaining records and dealing with customers. I think schools should teach children, how to save, how to balance a check book or their accounts and equip them to be able to handle money wisely.
In earlier times there was a need to visit the bank every time physically, however now with E-Banking and the future tech savvy generation, banking might not be considered in schools. But in practical life, I see many young people confused about which bank account will be the best for their hard earned money.
Taxation & Income Tax E-filing-
Once in a year, Income earners in a certain salary head have to file their returns online. More than half the population don’t have basic knowledge about what comes where in that form, even if they are tech savvy and are accustomed to online filings. Basic income tax rules for someone liable to pay and also attain refund on it is a must from a financial view point.
Our governments collect taxes for road infrastructure and the development of our own, yet we blame the system for not being properly equipped and user – friendly. Maybe it is the fault of the system but which one? Our education system can always accommodate one such practical computer lab sessions where children are allowed to do e-filing for example specimens. When they go home, they can help their parents and relatives too and maybe one day also develop interest in valuable high-profile careers like Income Tax Practitioners (ITPs), Chartered Accountants, etc.
At the same time people don’t have to depend on middle men and can be self-dependent in their taxations by saving the external fees and truthful hard-earned incomes of themselves.
Budgeting-
Budgeting is nothing but the process of planning an idea to spend your money. This spending plan is termed a budget. Creating this spending plan allows you to see ahead whether you may have enough money to try and prioritise purchasing of items that are essential for you.
Since budgeting allows you to make a spending plan for your money, it ensures that you simply will always have enough money for the items you would like and therefore the things that are important to you. Following a budget or spending plan also will keep you out of debt or assist you work your answer of debt if you’re currently in debt.
For something so important to every individual in their prime of life, shouldn’t there be a minimum of one small practical session on the way to manage your finances and budget them in schools?
Value of Saving-
We save, basically, because we won’t be able to predict the long run. Saving money can aid you to become financially secure and supply a security net if there comes a scenario of an emergency. Without money put away in savings and/or investments, you open yourself up to other risks in addition. For example, not having enough money to buy emergency insurance may force you into taking a loan that your savings might otherwise have covered.
But as a beginner in saving there are many questions that arise- how much to save? Are there any variable expenses that you just can reduce or eliminate? Is there anything you spend money thereon you may eliminate and apply towards saving? How much can you potentially save?
Saving money is worth the effort. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings. But most of us realise it late because it is our first ever chance at learning lessons.
By introducing a valuable topic like- Value of Saving, we can save generations from going ‘broke’ in to debts and in return also improve our crashing economy one by one.
Power of Investing-
Investing is something your child will not be taught in school. Since formal training on this subject is not readily available, at least at the school level, the best way to learn is to start investing. Just like riding a bicycle, books cannot teach you ways to take a position . If you do not fall, you will never learn. You can start inculcating investing habits in your kids from a very early age.
While many parents teach their kids money concepts, they will even be introduced to investing in small steps over a period of your time . When children are 16, they solve complex maths problems in class , in order that they can easily study investing.
Even when he’s too young to travel to high school , you’ll sow a couple of seeds during a pot and show him how with a touch care it’ll grow into plants.Rely on the good old piggy banks.
You should tell your child that if she puts some money in a bank she can buy something next year with the interest, with the amount remaining untouched.
When children are 18 or even earlier they can be encouraged to invest in mutual funds. Start with small amounts so that the child gets to know how mutual funds work. Answer their questions, give them investment advice, allow them to form mistakes and also correct them sometimes. The idea is to be always there as a teacher but make sure that you’re not doing spoon feeding.
Magic of Compounding-
When I was in class , one among my friends asked me this trick question:
Would you rather have Rs. 5 crores now or One Rupee per day that may get doubled in value each day for 30 days?
As a child I chose the large amount thinking it absolutely was instant and more.
Today, I do know to settle on the doubling rupee, because at the top of 30 days, I’d have about Rs. 53 Crores and more versus the Rs. 5 Crores I’d have if I chose the rather.
In a generation that I’m that values instant gratification, power of compounding will motivate you to be more patient and respect the value of cash . The popular Saying from the Holy Book Bhagwad Geeta says-
The fruit of Patience is Sweet
Compound interest is usually called the eighth wonder of the planet , because it seems to possess magical powers, like turning ONE RUPEE into 50 Crores. the good part about interest is that it applies to money, and it helps us to realize our financial goals, like becoming a millionaire, retiring comfortably or being financially independent at an young age.
Credit Facility-
If you’ve always paid cash or used checks to form purchases, and haven’t used credit, you’ll want to start out building your credit. And if you’ve had credit problems within the past, it’s important to re-establish your credit history.
Once you begin using credit, it’s essential to manage it properly. By using all of your credit responsibly you’ll go an extended way in building strong and healthy credit.
Research shows that folks spend more once they use credit cards rather than cash. With a mastercard , you’re borrowing the cash and it’s going to be easy to urge in over your head with mastercard debt before you recognize it (Remember, once you use your open-end credit , the cash is deducted directly from your checking account). Before making a sale using your mastercard , consider what you’re getting to buy and the way you’re getting to repay.
Schools at an early stage can inculcate hazard management and calculative risk taking in students and guiding them on the way to keep your mastercard debt low enough in order that you’ll pay it fully monthly . If you’ve got to hold a balance, an honest guideline is to stay your mastercard balance below 30% of your limit in the least times. this may assist you build credit by showing lenders that you simply can control what proportion credit you employ . And it leaves enough credit available just in case of an emergency.
Insurance-
If we are teaching our youngsters risk management we’d also introduce them to Insurance. Having insurance offers you financial security and assurance to one’s minds. No amount of cash can replace your peace of mind. So, once you have insurance you recognize that you simply are secured against any unforeseen events in life, and this provides you complete peace of mind.
We all are advised to shop for insurance quite once – for all times , health, and even for purchasing a replacement car or starting a replacement business.
But, often we recoil from buying insurance, thinking why do i want to shop for a life or insurance being a young and healthy person? Or, why do I want insurance for my car, I even have good driving skills?
Contrary to such thoughts, regardless of how healthy we are or how well we do financially or how good a driver we are, we all need insurance. this is often just because insurance acts as a security net that financially protects you and your family when chips are down.
Negotiating Skills-
The ability to barter may be a valuable and necessary life skill. Negotiation involves empathy and compromise and youngsters who learn to barter acquire and learn the importance of those abilities. Parents who teach their children to barter with them, also like other adults and youngsters , enhance their confidence, self-esteem, empathy and social relationship skills.
Diplomats negotiate. Kids playing pick-up, non-adult-supervised sports negotiate. Married couples and friends negotiate. All successful, respectful relationships that I even have been a part of and have observed involve a unbroken series of negotiations. the sort of negotiating i’m pertaining to doesn’t end in defeating another; it isn’t adversarial. i’m speaking of life’s negotiations that teach and emphasize fairness and understanding, walking within the other person’s shoes, negotiations that end in as favourable outcomes as possible for all parties involved.
Children are given power, independence, and respect when their parents allow and encourage them to barter , whilst young children.
Cyber-Security-
Although kids have a plus in their almost innate grasp of the concepts of technology, they’re still kids. Their naiveté puts them at a disadvantage when it comes to security in general and particularly on the internet. What’s worse, they often use the internet in secret.
Kids aren’t online using banking or filing their taxes now. They play games, watch TV, and chat with their friends. However, simply because they generate less sensitive personaland financial data doesn’t mean that they aren’t targets.
Moreover, they might not be aware that their present digital frauds and financial scams that lurk around us. Indeed, their propensity to use the internet in secret as a means of gaining privacy and independence can make it harder for you to stop what’s happening if need be. Teaching them ethical usage is the better than being suspicious and creating trust issues in your relation with them.
Helping kids protect their digital lives provides them with the tools to use the web respectfully and responsibly as adults. It is a chance to not only ensure kids get older to avoid the challenges their parents faced within the early years of the web , but also to be the change we want to see in online frauds and financial scams.
I’m not saying we completely eliminate certain subjects – if anything, they should be introduced to the classroom positively and more practically by which they get a non-examinable break from their regular subjects and for once be interested in learning and not mugging it up.
Students’ minds would be more receptive to new cultures and innovations, they will be more open to learning important skills for independent living financially, and be encouraged to have more respect and awareness of their living and the people that surround them as well.