Can Spending A Lot of Money Be The Lesson You Need?
Financial Management

Can Spending A Lot of Money Be The Lesson You Need?

financial literacy

I actually don’t even know if this is entirely true as it sounds a bit way too farfetched. But I was reading an article about a proposed idea where when people here turn 18 years old they would simply be given $500 to spend on whatever they want. The thought is that most people don’t have extra money to spend on things like art and other activities. Therefore, they never get to experience it. This money should theoretically in a way provide them with those experiences.

While I don’t really agree with that personally, it did make me think how there is actually some legitimacy where at some point in your life spending a ton of money can teach you so much about it. More importantly I think, spending it all and then reflecting back later on how you could have used it smarter. That could range from getting better deals to or ways to earn more money instead of entertainment.

I think the key is to just find sources where you can do this without serious consequences to your financial situation which I guess in some ways this could provide in the limits of $500. I just think people should be developing these skills way earlier since I would imagine at 18 you are already going to start spending a ton of money for school and such. Imagine only starting to learn a new trade skill at 18 years old as an example. Would be way easier to learn it from the start at a young age I would imagine.

That’s why I feel it’s kind of important for parents to actually train their kids early about the whole concept of spending, saving and investing money early on.

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