Among the most sorely neglected subjects in public education, economics is a fascinating and practical discipline. Our understanding of econ has enormous ramifications for how we view the world, how we vote, and of course, how we manage our own finances. I hope that you are already actively incorporating economics into your children’s education, but in case you’re not, here’s an excellent place to start.
Peter Schiff’s “How an Economy Grows and Why It Crashes” uses allegory to explain basic economic concepts — including capital, credit, investment, risk, interest, banking, and inflation — as well as giving a simple history of the U.S. economy and the factors that lead to the housing bubble and financial crisis of 2008. It is easy to read, engaging, and often quite funny. I highly recommend it.
What are you doing today to teach your kids about finances?