1. How Money Works 💵
I strongly believe that schools should be teaching kids how money works and the importance of being on top of your own finances.
2. Bank Accounts — This flows on nicely from learning about money. Where should they keep their money? in a bank, under the mattress or in a bitcoin wallet. These now more than ever are very important.
2. How Tax Works 🧾
Understand all the types of income tax that affect your money. What a valuable life lesson for young people who will be joining the workforce. The worst thing you can do as a hard working community member is to find out while you worked hard and made good money you did not pay the tax man and now you actually OWE MONEY!
This happened to me so many times and it feels like crap. You bust your back to make a decent living and the tax people want their cut of your money. This is soul destroying if you don’t stay on top of it.
3. How Tax & Money Work Globally 🌎
Combining both points 1 & 2 makes sense to expand on teaching young people about how the rest of the world handles tax and money. What type of money is used in Europe or Thailand and how does currency conversion work. The expense of living in other countries verse Australia.
I find it amusing watching people in Bali struggle to currency convert on the fly. A smart traveller would have a conversion bible/guide somewhere handy at all times. Know your money and have the power to avoid bad purchases or jump in on great investments.
Knowing the different taxation policies in the popular countries would be great. I would also like to see modules taught on how earning money internationally should be handled and what needs to be documented for tax purposes.
This right here would have been very valuable for me early on working with people all over the world. If I do work for a business in Toronto and they pay me the Canadian rate for that job, what does that mean for me when the 💰💰 hits my bank account and what tax should I be paying or not have to pay. What is this mystical tax exclusion zone and how does it apply to people who work online who do business with people all over the world
What if I want to sell Ice to eskimos? do I need to pay tax? or is that ice selling money tax free? just make it super simple and people will do more international business.
4. Property 🏠
Understand the basics of how to buy property for investment purposes. Why buying property is a way to generate income and how best to make this a focus goal for the immediate future.
Teachers may not be the best to educate on this topic, why not bring in specialists who do this every day to educate on the pro’s and con’s of real estate. Buying a house is expensive and the average loan goes for 30 years, THAT IS A LONG TIME!
Teaching students some fundamentals around this would help shake up the housing market. It would also help
Side note – Imagine if people coming out of high school understood money and the housing market. The banks and finance brokers would be losing out on buckets of 💰💰💰 this might have a bigger impact on the economy than expected.
5. Starting an online business 💻
The number 1 thing I teach people in my training sessions is to take ideas and stress test them as startup businesses. Particularly starting a blog and taking it from there. I like to problem solve and create new opportunity. The age old saying about throwing stuff at a wall and seeing what sticks does apply here.
On a daily basis I have 3-6 NEW BUSINESS ideas that I can pursue. The reality is I do not have time to put these ideas through their paces. My good friend Gabriel has 200 times more start up ideas a day and he acts on 1 of these a day. He is also spread thin and can not give these ideas the effort the need to grow into something sustainable.
Young people are the future and they have something most successful business people do not have …..TIME. If startup was a module taught in the education process the world just might be using Tony Stark Ironman type technology right now.