Money lessons left at the school gate
How I got here and why I wrote this book
I would be lying if I weren’t to confess to being a bit of a business geek; it is, after all, my job. I am a Business Studies and Economics teacher, but for better or worse, I am not one that sticks to the text book and provides standard case studies to match exactly with the course specification. I am a Business Studies teacher who teaches by day and like other superheroes, transforms into wait for it…a businessman at night. Ok ok, change Business superhero to middle-aged man that loves making his money work harder by researching and investing in property and the stock market, and listening to the Business News! I’m sure there is an opening for a superhero somewhere in there. Yes, I am not the super hero you will be calling on in your time of need. I am, however, someone who has come to realise how financial illiterate we have become and how dangerous this can be.
I’ve got A-levels, a Business related degree under my belt and had been teaching Business Studies for four years, but was I financially aware? No I wasn’t. The real turning point came when I was bought a book for Christmas called Property Magic. On reading the book, within about a day, I became aware of how a little bit of knowledge could make even the most average of earners (like myself), a wealthy person. This led to me researching further into the stock market, inflation, mortgages and business basics such as supply and demand. I have fortunately been able to integrate this into a number of my lessons, but there is still a lot that gets missed. I have now taught in day schools, boarding schools and international schools and found that very few, if not none of the staff and people I have met, know these basics, so of course, what chance do the students have? This is where, in my opinion, school is letting you down. This is my effort to get you started making small changes that will make a big difference. When I say big difference, I mean retiring early, earning money in your sleep, having holiday funds throughout your life and generally doing what you want, rather than worrying about the next pay cheque.
TABLE OF CONTENTS
Introduction: Just What Is Being Left At The School Gate?
Section 1: The First Day - Staring At The Gates
Chapter 1: First Day At School
Chapter 2: Getting The First Term Out The Way
Chapter 3: Who Is Nicking Your Lunch Money?
Chapter 4: Planting The Seeds For Your Money Tree
Chapter 5: Supercharge Your Water Bottle
Section 2- Breaking The Rules
Chapter 6: Your School Career As an Economy
Chapter 7: Why Is A 99p Flake Now ￡1.99?
Chapter 8: Why Are The Best Footballers Paid So Much Money?
Chapter 9: Exchange Rates Applied To Real Life
Chapter 10: Building Your Snowball
Chapter 11: School Reports
Section 3: Putting It Into Practise
Chapter 12: It Is In The Gates, But Have We Noticed It?
Chapter 13: Spending A Penny To Make A Pound
Chapter 14: Current Performance Grades
Chapter 15: Before You Catch The Bus Home
Introduction: Just what is being left at the school gate?
Your guide to the financial lessons you should have been taught at school.
As a Business Studies teacher with seven years of experience in a range of educational settings around the world, I believe that school doesn’t provide a practical education for day-to-day life. Indeed, it is often argued that society has developed so quickly in the 21st century that the education system simply cannot keep up. I would argue that this is unfair since it is not true of all subjects. It is true, however, for the likes of Business Studies, Chemistry and Computer Science (subjects I have previously taught). That is not a dig at Chemistry. I enjoyed playing with chemicals as much as the next adventurous child, however, it is a reflection on many subjects taught in school. They could be made more applicable to real life.
Teaching a subject like Business Studies, I often get asked juicy questions about tax evasion, copyright and becoming rich. I also get asked downright blunt questions like why I drive a rubbish car (thanks to those Year 10 boys who gave me a bump start in the early days of my career). Also, why I am still teaching if I know how to get rich? Fair questions really.
As a teacher, I felt lucky to have students staying behind after class to ask me these types of questions, particularly when it opened up discussions about why my heap of junk car is a cunning business move (more about this in Chapter 5!)
But, the fact that students had to stay behind after class to ask these questions is part of the problem with the way our school system talks about money. These questions must be asked after class and can’t be addressed in lesson time because of the time pressures of exams. It is high time that we address this short fall in the education system.
As teachers, we aim to provide students with a sound grounding in numeracy, literacy and increasingly digital literacy skills. Should we not then too be enabling students to become financially literate? Should we empower them to be able to discuss managing finances responsibly? To be able to make informed choices about where their money goes? I think so.
With that in mind, I have been thinking about writing a book which introduces young people (and those not so young!) to the basics of finance, for a long time. So, whether you are lucky enough to still be a student or, like me, became interested in learning more about finance and investment after your scholarly years, this is it; your guide to making better financial decisions.
This book will cover all the things that I wish someone had told me at school. Lucky you!
Hopefully, some of the topics covered in this book will spark an interest for you. More importantly, I hope that you use this book as a tool to make decisions that will benefit you financially now and in the future. As the name suggests, this book is a guide. It should be used to help you make more long-term financial decisions within your specific context. Like with any good toolkit, take from it the tools that are most fitting to your personal situation.
There is no time like the present. If you are 14 years old, this book is for you. The earlier you start investing wisely, the more money and knowledge you can accumulate. At this stage, you're at a time in your life where you can maximise your earnings whilst living at home, getting driven everywhere by your parents (or your driver, depending on where you are!) and have no financial commitments. If you are 24 years old (or have stopped counting your birthdays), this book is also for you. It is never too late to benefit from better money management.
If you would like to read more, please buy the book from Amazon: Kindle or paperback.
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