Author Topic: Advice wanted for teaching a community college lecture on personal finance  (Read 5222 times)

psychprof

  • 5 O'Clock Shadow
  • *
  • Posts: 4
I'm looking for ideas on how to incorporate concepts like financial independence and early retirement into a community college lesson that I'm planning. If there's already a thread on this that someone's aware of, please send it my way (and I send in return apologies for a duplicate thread). If there isn't one, here's the general framework I'm working with. I'd love some input!

I have one day of class (1 hour, 20 minutes) this semester to devote to the topic of "Managing your money" and a few weeks to put together this lesson. This class is part of a course on "how to be a college student" for community college students who are labeled as "not college ready" based on scores on reading, writing, and math entrance exams or earlier standardized tests like the SATs or ACTs.

The textbook chapter on money management covers topics including budgeting, managing credit cards, finding sources of financial aid, and saving money. But, what's missing from the textbook is the reasons as to why anyone should care about managing money besides avoiding bad stuff (debt, student loans, bad credit scores, etc.). My idea is to teach that "spending what you make" isn't the only goal, but that it is a midpoint between one undesirable alternative (debt/financial ruin) and one desirable alternative (financial independence/early retirement). I imagine that not only is this FIRE concept is foreign to a typical community college student, but that it is seen as something that only happens with great luck (winning the lottery, signing an MLB contract--lots of baseball players in my class) and not as something they can control through saving and investing their earnings.

Here's where I need your help. How would you teach the concepts from MMM and of FIRE to "not college ready" community college students using materials from MMM (or other FIRE sites) you've encountered? Remember that some students struggle with math skills and some struggle with reading skills. How would you get these students excited about managing their money, avoiding debt, saving huge portions of their income, living frugally, and all that good stuff? The majority of these students are fresh out of high school and poised to make a string of kick-ass decisions or huge blunders. I'd like to help them kick ass. Thanks!

hoping2retire35

  • Handlebar Stache
  • *****
  • Posts: 1398
  • Location: UPCOUNTRY CAROLINA
  • just want to see where this appears
This would be applicable.

http://www.mrmoneymustache.com/2011/10/22/what-is-hedonic-adaptation-and-how-can-it-turn-you-into-a-sukka/

log on once a day and scan the subforums for recent topics that are relevant.

Bracken_Joy

  • Walrus Stache
  • *******
  • Posts: 8927
  • Location: Oregon
I wouldn't teach FIRE. I would teach basic principles of interest, money management, credit score, etc. Stick with the basics, as most people will never even have those.

cobbb11

  • 5 O'Clock Shadow
  • *
  • Posts: 43
Just give them a piece of paper that says www.mrmoneymustache.com

Then drop the mic and walk out like a boss.

stoaX

  • Handlebar Stache
  • *****
  • Posts: 1008
  • Location: South Carolina
  • 'tis nothing good nor bad but thinking makes it so
Just give them a piece of paper that says www.mrmoneymustache.com

Then drop the mic and walk out like a boss.

I can't top this suggestion! 

But if you don't do this, one premise I would suggest incorporating is the importance of keeping things simple and organized.  Having a solid understanding of your finances is important and if things get messy and complicated that's hard to do. 

gatortator

  • Bristles
  • ***
  • Posts: 369
This topic always interests me.  I too have loved the incorporation of psychology/philosophy.

Here are 2 relevant topics that might give you a starting point.

1-  a presentation geared towards tweens, but could be easily adjusted to an older audience
http://nomoreharvarddebt.com/2014/01/29/teaching-a-debt-perspective-to-12-year-olds/


2- interesting forum discussion on a similar topic here:
 http://forum.mrmoneymustache.com/welcome-to-the-forum/help!-have-agreed-to-teach-$-to-20-somethings-in-our-clan-where-to-start/:



FIFoFum

  • Handlebar Stache
  • *****
  • Posts: 1938
    • Captain's Log - Mission to Puppy Waystation on Puppy Island
I don't know if you have experience teaching in this type of program before, but you are grossly overestimating how quickly 90 minutes of class-time can go by as well as the academic abilities of the students in a "not ready for community college" program.

MMM and most FIRE blogs are not accessible at the level of reading or math comprehension of these students.

I would start with the assumption that your students will not read the textbook and if they do, they will not understand the core ideas of debt, budgeting or credit scores. I would look for short videos to offer, not more reading. You also might resonate more if you take material from something like the ESPN 30 for 30 episode Broke (http://www.espn.com/30for30/film?page=broke).

I also would start with the assumption that most of these students do not "get" the concept of interest or compounding at a very basic level. 

I would pick out 1 or 2 things you really want them to get out of this experience and focus on that. As for the tone, that's up to you. I understand wanting to focus on a balance of "here are ways money can work for you" alongside with the "here are terrible consequences of making money mistakes." Just know that your time will fly by and you don't want to be the guy who somehow gives the message that anyone can just retire early easily and securely, so, hey, no worries!

 

accolay

  • Pencil Stache
  • ****
  • Posts: 990
That's a hard one: one hour and twenty minutes to explore a sometimes rather dry topic to people who may or may not be receptive to it.

I think talking about the bad things is a start, but then go into what could be. Dangle the carrot. I think I'd definitely mention jlcollins three tenents in his manifesto "spend less than you earn- save the surplus- avoid debt." But I think the real allure is the concept of FU money, and the choice that having little or no debt and cash savings can give. Provide a quick list of people who have already succeeded in this to show you're not blowing smoke and it is possible. That's the sexy stuff. That's what's going to keep their attention, possibly whet their appetite and not retreat into their cell phones while you're talking.

Rural

  • Walrus Stache
  • *******
  • Posts: 5051
I did something similar a year ago, and you might find the thread about it useful. I think the thing that "stuck" the most with my class was the whole idea of compound interest - I really emphasized that it can work for you or against you.


  http://forum.mrmoneymustache.com/ask-a-mustachian/teaching-personal-finance-to-college-freshmen/

Joggernot

  • Pencil Stache
  • ****
  • Posts: 510
  • Age: 78
  • Location: Gulf Coast, TX
Maybe you could receive permission from MMM's spouse to use her short videos showing MMM principles.  Just a thought.  No, I don't have a link.

psychprof

  • 5 O'Clock Shadow
  • *
  • Posts: 4
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #10 on: October 27, 2016, 08:12:07 PM »
Fabulous comments, all! I appreciate the help. I agree that squeezing too much in and assuming too much in terms of background would kill this topic (really, all topics). Plus, I'm always looking for an opportunity to mic drop. It'd be more like a dry erase marker drop, but I swear I would pull it off.

I'm making my way through the links but wanted to call out a few that caught my eye.

FiFoFum - I have seen the ESPN 30 for 30 film but hadn't considered it for the class. It's a great idea, especially given the high number of student-athletes I have this semester. Thanks!

Rural--I especially appreciate your linked post because it sounds like we're teaching the same course. How to college 101. Go to class. Read books. Use a calendar. :-) I'm glad to hear what resonated most with your class. If I have any surprising successes or stumble upon an in-class activity that really gets students fired up, I'll be happy to share.

SwordGuy

  • Walrus Stache
  • *******
  • Posts: 8955
  • Location: Fayetteville, NC
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #11 on: October 27, 2016, 10:19:30 PM »

Here's a great video:

http://cdn.ramseysolutions.net/media/flash/elearning/drive-free/player.html

I don't agree with 12% stock market returns as being "expected", but other than that, it's pretty solid.

It has the advantage of being about buying a car, which interests many people.

It also shows a radically different way to think about money.

So I don't think a quibble about 12% vs 7% is worth tossing it over.

Rural

  • Walrus Stache
  • *******
  • Posts: 5051
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #12 on: October 28, 2016, 04:55:24 AM »
Check out the resources at the St Louis Fed. The first video in the link is the compound interest one I used.


https://www.stlouisfed.org/education/no-frills-money-skills-video-series/episode-1-growing-money-compound-interest



PM me if you'd like an LMS export of my finance unit. I spent a week on it, so twice as much time as you'll have, but I'd be glad to pass it on if you want.

Much Fishing to Do

  • Handlebar Stache
  • *****
  • Posts: 1140
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #13 on: October 28, 2016, 06:02:46 AM »
I think you do all the basics.  But then at the end, throw in the numbers from "The Shockingly Simple Math Behind Early Retirement", and then maybe take a case study of someone who makes 60k and saves 15% versus one on who slahes their spending and saves 50%.  The difference of course is one is financially independent at 40 and the other at 60.  I myself at that age thought you won the lottery (whether literally or hit the small business success lottery) or retired with Social Security, and I don't think I was the only one.

Lanthiriel

  • Pencil Stache
  • ****
  • Posts: 803
  • Location: Portlandia
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #14 on: October 28, 2016, 09:08:27 AM »
I did something similar a year ago, and you might find the thread about it useful. I think the thing that "stuck" the most with my class was the whole idea of compound interest - I really emphasized that it can work for you or against you.


  http://forum.mrmoneymustache.com/ask-a-mustachian/teaching-personal-finance-to-college-freshmen/

I agree re: compound interest. When I was maybe 16 I got the whole, if you save $5,000/year in your 20s, you'll have the same amount in retirement as if you had instead started saving $10,000/year in your 30s. It really stuck with me and was why I opened my first IRA at 21 as soon as I got out of college.

ariapluscat

  • Bristles
  • ***
  • Posts: 486
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #15 on: October 28, 2016, 09:43:57 AM »
If these are college students, are they freshmen or upper year?
If they're freshmen it would be helpful to show them sample applications for debit and credit cards, the importance of credit limits, and information on federal student loans, grants, and other scholarships.
Please please please teach them basic things like wheretf a routing number is on a check, when the fafsa is due (and that u have to keep filling it out) in addition to how to run the numbers of a budget.

if they're in the 'not college ready' group they may already have experience working and side hustling. they might have experience so they may not need that info but they may also have been doing things slightly wrong but now have a feeling of confidence. think of someone who works part time while in high school but doesn't have a savings account.

Don't underestimate these kids. if they're going to community college, then they may have a clear financial plan not spending $$$ on a private college. they might even have so big academic foresight, if they're guaranteed transfer to a better state college.

i do like that you want to share the motivation, the why you should bother to learn the material.

also those harvard slides are so horrendously ugly. don't let your students see/learn bad slide design

TheOldestYoungMan

  • Pencil Stache
  • ****
  • Posts: 778
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #16 on: October 28, 2016, 10:29:17 AM »
I think about this topic all the time.  Financial literacy is something we need to figure out how to make as accessible as possible, particularly to young people who don't care about money (especially if they don't have any money).  I still can't believe how much of an asshole I was about money when I was younger.  Here's the ideas that brought me to my current understanding.

1.  Most rich people are actually quite old.  Especially if it is not inherited wealth.  This is the first clue.  There is a time factor.

Be ready to handle commentary about rich brats and the wealthiest 1% blah blah blah.  Statistics may work, mocking may work

2.  Most rich people are actually not famous.  Especially if they don't possess some genius skill/talent.  This is the second clue (for me, a non-genius talentless lazy person).

Expect some heckles from the hip-hop fanboi about JayZ or the athlete or whatever.  I'd tend to go with, you're at community college, its time to give up on counting on that dream.  Still pursue it by all means, but lets work on Plan B.

3.  Given that there are a lot of rich people that did not inherit that wealth and that did not accomplish it through fame/talent, there must be a more mundane way to do it.

4.  If you want to get anywhere, you have to follow a path from where you are to there.  A really great idea is to follow a path someone else has traveled to get there.  You can be reasonably certain it leads there.  Blazing your own path is fine, but the risks are higher.

You look at a map that shows you I-10 will take to you San Antonio.  That's probably a reliable way to get to San Antonio.  All your friends say they think they can get there by taking a different road that isn't on the map.  They aren't necessarily wrong.  But generally speaking maps are pretty good.  So it goes with finances.  Don't take advice about how to get to San Antonio from someone who's never been there.  In particular, avoid the advice of people who tried to go there and got lost.

5.  So if I want to be rich, I should probably be more inclined to follow the example of rich people rather than non-rich people.

And so if you set aside the class warfare caricature of the rich person and look at what, statistically, rich people do, what their habits are, you find these things:

6.  Don't borrow money.
7.  Spend less than you earn.
8.  Work (or earn) consistently.
9.  Invest surplus in a risk-averse fashion.
10.  Wait.

No! No! Rich people get rich by taking advantage of people like us!  They're evil!  Think about how you'll handle it if that comes up, because it might.

This was essentially the conversation I had at a Chipotle at lunch one day with a coworker that started me down the road.  It is a long road, they're going to have to travel down it.  If you can plant the seed of any of these ideas, then you likely did all you could.

Btag84

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Location: Ohio
  • CPA
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #17 on: October 28, 2016, 10:54:47 AM »
I think MMM's article on the simple math to retirement would do a great job illustrating compound interest. You could also mention sites and books they could go to for more information if they are so inclined. Using the JL Collins manifesto is good too, or his advice to his daughter article.

Not sure why some on here seem to think community college students are uneducated or uninterested in learning. Are some like that? Sure, just like any large group of people. State and private schools have these same types of students. I went (because it was way cheaper than the state school) and then transferred to my local state university and saved a ton of money. I did it because it was smart financially. Not because I could not get into a better school. Hopefully this educator does not hold these beliefs or some who are interested could be short-changed because the curriculum might be dumbed down.

FIFoFum

  • Handlebar Stache
  • *****
  • Posts: 1938
    • Captain's Log - Mission to Puppy Waystation on Puppy Island
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #18 on: October 28, 2016, 12:51:11 PM »
I think MMM's article on the simple math to retirement would do a great job illustrating compound interest. You could also mention sites and books they could go to for more information if they are so inclined. Using the JL Collins manifesto is good too, or his advice to his daughter article.

Not sure why some on here seem to think community college students are uneducated or uninterested in learning. Are some like that? Sure, just like any large group of people. State and private schools have these same types of students. I went (because it was way cheaper than the state school) and then transferred to my local state university and saved a ton of money. I did it because it was smart financially. Not because I could not get into a better school. Hopefully this educator does not hold these beliefs or some who are interested could be short-changed because the curriculum might be dumbed down.

You are comparing apples and oranges. Students who go to community college on purpose for financial reasons but could have gotten into better schools (and then transfer to state school) don't get placed in remedial "how to be in community college" programs. OP already explained that these are students whose indicators demonstrate lack of readiness for community college courses.

Lack of readiness or preparation is a result of severe deficiencies in the students' backgrounds. This does not mean that they are stupid. It just means that students who lack basic math skills and/or reading comprehension on account of cumulative experiences from when they were 0 to 18 years old have different needs and abilities than students who do not have these shortcomings. No one ever said that every student in community college needs "dumbed down" material.
« Last Edit: October 28, 2016, 12:53:09 PM by FIFoFum »

Rural

  • Walrus Stache
  • *******
  • Posts: 5051
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #19 on: October 28, 2016, 01:21:36 PM »
I think MMM's article on the simple math to retirement would do a great job illustrating compound interest. You could also mention sites and books they could go to for more information if they are so inclined. Using the JL Collins manifesto is good too, or his advice to his daughter article.

Not sure why some on here seem to think community college students are uneducated or uninterested in learning. Are some like that? Sure, just like any large group of people. State and private schools have these same types of students. I went (because it was way cheaper than the state school) and then transferred to my local state university and saved a ton of money. I did it because it was smart financially. Not because I could not get into a better school. Hopefully this educator does not hold these beliefs or some who are interested could be short-changed because the curriculum might be dumbed down.

You are comparing apples and oranges. Students who go to community college on purpose for financial reasons but could have gotten into better schools (and then transfer to state school) don't get placed in remedial "how to be in community college" programs. OP already explained that these are students whose indicators demonstrate lack of readiness for community college courses.

Lack of readiness or preparation is a result of severe deficiencies in the students' backgrounds. This does not mean that they are stupid. It just means that students who lack basic math skills and/or reading comprehension on account of cumulative experiences from when they were 0 to 18 years old have different needs and abilities than students who do not have these shortcomings. No one ever said that every student in community college needs "dumbed down" material.


At most US colleges and universities (I don't actually know about community colleges), courses like these are now required of all entering freshmen; they are not remedial courses (those cover basic math, writing, and/or reading.)  Personally, I think they are too often just a money grab, since they cost tuition but don't result in credit toward a degree, but that doesn't change the fact that they include the whole population of the school.

Edit: just read the OP more carefully, and sorry. This one is some sort of remedial deal. Many (Most?) such courses are not; the idea is that they help ease the transition to college and adulthood. Execution varies wildly...
« Last Edit: October 28, 2016, 01:25:26 PM by Rural »

aceyou

  • Handlebar Stache
  • *****
  • Posts: 1669
  • Age: 40
    • Life is Good - Aceyou's Journal
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #20 on: October 28, 2016, 08:21:26 PM »
I am a high school math teacher and go though a short series with my students.  I do short segments when we finish lessons really early, or get ahead of the other classes, etc.  Here's how I approach it. 

Always the first lesson: How to know when you can retire... 
step 1: explain to them how over the long haul, the stock market has shown to be the best return on investment, at 7-9 percent historically. 
step 2: explain how the trinity study shows that if you have your money in the stock market, you can pretty much take out 4% of that amount without running out. 
step 3: explain that once you get enough money in there to live off that 4%, you don't need a job anymore...ever. 
step 4: explain how 4% is 1/25 of 100%, so working in reverse, you just have to take your spending level, times it by 25, and that tells you how much you need to be able to retire. 
step 5: I work them through a couple scenarios...
    Person 1: makes 100k/year, spends 90k.  This person can save 10k per year, and needs 2,250,000 to retire.  This person will appear to be quite rich, but is not.  They will work forever.
    Person 2: makes 80k/year, spends 40k.  This person can save 40k per year, and needs 1,000,000.  This person will not look rich, but will be a millionaire quickly, and will be retired when he/she is relatively young. 
step 6: reiterate that FI is the moment when your investments reach that tipping point, where your money makes more money than you spend, and you can wake up and say "what do I want to do today", and then just go do that thing. 

At this point, I ask the class to think about whether there is an age when they might want to be FI.  I ask them to pick an age just so they can play around a bit, and then to start playing with the numbers for how much they might earn and spend, and see if they can make the math work out to retire at their desired age.  For example if they think it'll be a priority for them to spend X amount, then I ask them to figure out how much they'll have to make to be able to save enough to retire by that age.  Or if they want to have a particular job that pays x amount, I ask them to think about how low they'll have to get their spending down to have that job and still be able to retire at a particular age.  Basically I want them to start thinking about how spending, earning, and your FI age are all interrelated as well as manipulatable.

At some point in the discussion, a student always asks me what my FI goals are.  I am totally transparent.  I tell them that I'm 33 and my wife is 32, that we grossed about 140k in the last 12 months, and that we saved about 70k of it.  That our goal is to be FI at a little over 40, and that we are on track to do it.  That we spend far, far less than most people around us, and that we are very happy knowing that we will be FI in not too many years.  That that's why they often see me biking to school, and why I drive one of the oldest cars in the staff lot.  And that if they'd like, I'll share some things my wife and I do to keep our spending down really low, but to still enjoy a fantastic life together.  This hooks them in for subsequent lessons.  Here's some of the lessons I do later:

1.  How to spend waaay less than most on food and still eat great.
2.  The most efficient way to buy a car and minimize the total cost of ownership (depreciation/insurance/gas/repairs)
3.  How I get free airfare and hotels anytime I want (I explain travel hacking...but my real ulterior motive on this is to get them excited about earning a high credit score, and hooking them into wanting me to teach them how a credit score is calculated.  My thought is that this will give them a cool way to understand the importance of good credit at a young age)
4.  What are index funds, Roth IRA's and 401K's, and how do smart people use them together to build wealth.

Good luck with your presentation, this is such an important topic to be sharing with young people. 

Thedividebyzero

  • 5 O'Clock Shadow
  • *
  • Posts: 20
  • Age: 51
    • The divide by zero
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #21 on: October 29, 2016, 05:51:24 AM »
I think the biggest problem you will face is not the numbers, meaning teaching how to budget or what interests are,  but rather the mindset of the average American and their views on materialism and more predominantly now with social media and the neverending search for "Likes".

If I was in your place, I would try to make them realize how they can easily become slaves to money as opposed to the other way around. Maybe once they understand how every company in the world is only trying to get their money by any means necessary, they can hopefully rationalize not wanting to be banking sheeps.

Best of luck!

I would try to get across 4 basic concepts:
1.  Like Craig stated above, I think you need to first help them understand that the only purpose of companies is to separate them from as much money as possible and to make them feel that spending everything you have, and money that you don't have, is perfectly normal. 
2.  When you buy on credit, you spend significantly more for the same product.
3.  You don't need to hit the lottery jackpot, be a pop star or play professional sports to become "rich."   Average people can achieve financial independence by spending less than you make and not having debt.  Granted it takes more time, but this path is available to everyone.  Illustrate the magic of compounding interest.
4.  The self satisfaction of being on the road to financial independence is more gratifying than owning stuff.

clarkfan1979

  • Magnum Stache
  • ******
  • Posts: 3352
  • Age: 44
  • Location: Pueblo West, CO
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #22 on: October 29, 2016, 11:47:27 AM »
I teach Into to Psychology and spend part of my lecture talking about personal finance about 4-5 times throughout the semester. I focus on some of the concepts below.

1) Humans are very poor on estimating exponential growth. Our brains are wired to think in linear terms. Do the exercise in which a penny doubles every day for 31 days. At the end of 31 days, the total is 10.7 million. Most kids will guess a number between $100-$10,000.

2) Sensory adaptation and the boiling frog concept. Humans and animals are great at adapting. This usually is a good thing because it helps with our survival. However, adapting to income can be very bad. I like the idea of showing the video of professional athletes going broke. They do the same thing as most everyone else. They just do it on a larger scale.

3) Relative Deprivation & Synthetic Happiness, related to overall happiness. If you focus on what you have, we actually do a pretty good job of convincing ourselves that we really wanted the things we have and really didn't want the things we don't have. However, when you compare yourselves to others, your perception is that you have less. Turn off your tv and focus on what you have, you will be much happier.

4) Winning the lottery does not solve all your problems. There is a documentary that illustrates how people's lives become ruined from winning the lottery. Some even killed themselves.

5) Stress can kill you. It sucks to live paycheck to paycheck. F-U money is very important for lowering stress.

6) Predictors of true happiness are competence (being good at something), meaningful relationships, and autonomy (having control over one's life).

You can get many ideas directly from Intro to Psych textbooks. Exploring Psychology by David Myers is probably the best. He gives all of his royalty checks to his foundation that primary funds college scholarships. He doesn't collect any extra money from his book sales because he doesn't think it will make him happier.

psychprof

  • 5 O'Clock Shadow
  • *
  • Posts: 4
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #23 on: November 05, 2016, 07:56:49 AM »
I'm back a bit belatedly.  There is some great advice in this thread posted after I last checked in. I'm going to steal from these ideas heavily in the next week or so when I put together this class (I especially like the penny doubling suggestion--quick and easy way to show our intuitions about money are often wrong). Many thanks!

Side note re: David Myers. I'm fascinated when people make their financial decisions public. I use one of Myers' textbook (Psychology in Everyday Life) in a general psych class . I was familiar with his religious views but hadn't heard about how he handles his royalties. Did a quick search and found his charity and what he does with his money (posted on his website). I wonder how much knowledge about his giving influences whether faculty/departments select his textbook.

SeaEhm

  • Bristles
  • ***
  • Posts: 446
  • The Guilt is Real
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #24 on: November 05, 2016, 11:37:52 AM »
Get the people to try and recognize their own personal philosophies about spending and saving.

Then, once they recognize what type of person they are... they can view your lecture acknowledging this and how their lenses may affect the things you are trying to teach them

Cottonswab

  • Stubble
  • **
  • Posts: 175
  • Age: 37
  • Location: Boulder, CO
  • Occasional Advice Dispensary
    • My Journal
Re: Advice wanted for teaching a community college lecture on personal finance
« Reply #25 on: November 05, 2016, 12:04:58 PM »
I wouldn't teach FIRE. I would teach basic principles of interest, money management, credit score, etc. Stick with the basics, as most people will never even have those.

^This.  If you really want to teach people how to FIRE, offer additional information to interested students after class.  Using the example of retirement as a savings investment goal as part of a math problem is OK.  Railing against consumerism or expounding on the benefits of FIRE isn't likely to help anyone who hasn't mastered the basics of money management and doesn't have much income.