5 for Friday (May 13, 2022)
- Art
- May 13, 2022
- 2 min read
How many states require high schoolers to learn about personal finance? What is the danger of comparison? And does your money trick you?
These questions and more are answered in this week's 5 for Friday.
1. The Only States That Teach Personal Finance (and What You’ll Have to Teach Kids Yourself) by Sarah Showfety. Only thirteen states require students to take at least one semester of personal finance before the graduate from high school. That leaves only 35% of students in the U.S. with access to a financial literacy class. Parents must teach their teenagers to budget, shop, and save among other things.
2. The Danger of Comparison by Julie Lowe. Comparison breeds jealousy, discontentment, and feelings of inadequacy. It treats others as a threat. But God calls us to live with others in unity and Christlikeness amidst differences, strengths and weaknesses. We need to confess our struggle, evaluate our hearts, deflect comparison, and live before the face of God.
3. Is It Bad to Close a Credit Card? By Beverly Harzog. It is usually a bad idea to close a credit card, according to Beverly Harzog, though there are exceptions. Be sure to know the affect it will have on your credit. Know your credit score, and the history of that line of credit. Consider these and other factors.
4. Your Money Will Trick You by Trevin Wax. The human heart has the tendency to trick itself into believing it is incapable of certain sins. Take Jesus’ warning for example: “watch out and be on guard against all greed” (Luke 12:15). The tricks of our heart and money are hazards for our health. Pause, don’t rush, and listen carefully to Jesus’ words.
5. 3 Reasons Investors Should Avoid Reacting to Stock Market Volatility by Mallika Mitra. Don’t let anxiety lead you to make a bad investing decision. A stock market plunge can be scary but pulling your money out may have consequences you neither expect nor want. It is hard to get back into the market, staying invested matters, and volatility is part of investing.
It’s sobering to realize how few states actually teach personal finance in high school — parents really do have to pick up the slack. I’ve even started using small, meaningful gifts like 3d-figurines to teach my kids about saving and delayed gratification, turning abstract lessons into something tangible they can see and enjoy.
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