Time Magazine says at 13 you should know this about money:
Teens spend about $200 billion a year on toys, games, clothing, movies, live events, arcade games and electronics — all forms of immediate gratification that run counter to sound long-term money practices. [The] 13-year-old is about to chart a course through this wasteland of spending and would benefit from having a grip on a few core concepts. By now, [he or] she should be well acquainted with saving and understand how impulse and peer pressure can set back her longer term goals. She should be able to research products, comparison shop, and make good decisions about what offers the most value. The budding teen should also be skeptical about advertising claims and familiar with identity theft. He/She should know how to fill out a job application, be able to set up a personal spending budget, and understand the difference between stocks and bonds and mutual funds. Her three jars should be emptied; the money should be in a bank account with check-writing and ATM card privileges and she should know how to make deposits and withdrawals and track her balance.
At 18 you should know this:
Here come the college years and very likely the last chance to make any kind of real impression on a child's money habits. He/she will go off to school (or work) and navigate his finances from here on out pretty much on his own. By now, he should have a credit card in addition to an ATM card and understand all about late fees, interest expense, the importance of paying bills on time and the scourge of making only minimum monthly payments. Young adults are often appalled to learn that a $5,000 balance can take 20 years to pay off through minimum payments. Meanwhile, the card company will reward them with an ever greater credit limit if their payments are on time, and before they know it they have more debt than they can repay. "They shake their head and say, 'Hey, I didn't think I was doing anything wrong,'" notes JumpStart's Levine. Knowing about credit is most essential at this age, and that includes understanding what a credit score is and how to find it and why it's important. But he should also be able to do things like evaluate if financial information is objective and current and use an online calculator to research things like car loans and mortgages. He should understand that student loans must be repaid with interest and have some idea what career he'll be pursuing before loading up on student loans he may never be able to repay.
Question: Do Nanke Bilingual students know enough about money? Why or why not? Please post a response.