The training of financial literacy is encouraged by the Saskatchewan Ministry of Education.
A great idea! Another issue is whether it will alter human behavior.
Lesson on Financial Literacy
Do not accrue loan. Pay off the balance on your credit cards each month. But 10% of your money by investing your savings in term deposits, bonds, and/or safe, dividend-paying stocks while taking advantage of compound interest.
Debt: What is it?
Reimbursing people for everything they received is a requirement. Debts can be a significant issue.
Bill is required. Purchasing a home necessitates loan. When people go into debt because they want something they cannot purchase, the problem first arises.
Once you have loan, the debtor has control over your life. The Debtor is unable to save 10% to participate as a result of paying interest on the debt. Deeper holes appear.
William Shakespeare wrote about debt and financial education 400 years ago.
Shakespeare’s Hamlet, Act I, Image 3
Laertes and Ophelia’s parents, Polonius, served as the Chief Counsellor at Court. He is referred to as a “tedious ancient fool” by Hamlet. Hamlet unknowingly stabs him to death.
(I’m not familiar with the play, but it is a typical, dysfunctional Shakespearean family.)
Despite his flaws, Polonius’ financial counsel to Laertes is still sound and relevant today.
Polonius advises his son to reside debt-free. He uses a phrase that is frequently used: “Neither creditor nor lender be.”
What Polonius means is to avoid loan, save money, and avoid lending money to friends. You lose both your money and your friends if you lend money to friends and they don’t pay you back.
Polonius also advises his boy to dress respectably but refrain from overspending on clothing.
Shakespeare’s The Merchant of Venice
Loan is the main theme of the Merchant of Venice. In other words, a guy named Antonio is impressed by his colleague Bassanio because he seems to get along well with women. Antonio is eager to pick up from Bassanio.
Bassanio is now attempting to win over Portia, the wealthy heiress of Belmont, while feigning wealth himself. He isn’t. He is a gangster. Bassanio persuades the defenseless Antonio to sign a loan fish on his behalf.
Bassanio fails to pay back the debt, and the Loan Shark pursues Antonio, causing the fight.
The Bible
Bible scientists also come across instances that illustrate the risk of borrowing and accruing debts.
The Most Common Type of Credit Card Bill
The average credit card interest rate in August 2023 was 22.7 %, according to the “Forbeas Advisor.”
Take into account the following:
The amount owed on a credit card is $7500.00 at 20% interest. Just that $7,500.00, paid back at $150.00 per month, will take 106 months to pay off, or almost 9 years.
$7,500.00 in total interest is equal to $8,254.00 in debt.
How Can I Pay Off My Debts?
Scottish scholar Thomas Carlyle, who lived from 1795 to 1881, had the following response:
“Increasing business to generate income, increasing prudence in spending.” In other words, take on a second work and cut costs.
The author’s opinions and views expressed in this article are their own, and they do not necessarily indicate the location of this publication.