In 2008, The Great Depression was just a story told in history class. Maybe you even heard stories from your grandma about why she stuffed her purse with free condiments and napkins at restaurants. It was hard to believe that such a catastrophic financial crisis could happen to us. Wallstreet learned from their mistakes back in the 1920’s, right? Not so much. The 2008 financial crisis was a really difficult time for just about everyone.
It’s easy to think about all of the negative things that happened, but there are valuable lessons about money that everyone should have learned in the past ten years.
1. Financial Education Matters
Did you know that many states do not make financial education a mandatory subject in schools? There is a reason why some states are struggling with debt and poverty more so than others. It’s not really their fault. If someone never taught you about money in school, it means they have to go other places to learn about it. This is why, after the recession, blogs about money management became so much more popular. In its own way, this is a good thing, because it empowers people to take their financial education into their own hands.
If you are a parent, and you happen to live in a state that does not teach kids about money, you should probably take some time to talk about savings, investments, and savvy shopping skills. Kids form their money habits by the time they are 7, but it’s never too late to talk to kids about money.