Financial illiteracy in the school curriculum | Kieron Sweeney | TEDxStanleyPark

Financial illiteracy in the school curriculum | Kieron Sweeney | TEDxStanleyPark

imagine if you will that each of you is 60 years old if you're not already and you're 100% financially secure with over three million dollars in investments and it's growing I mean how would you feel happy relaxed stress-free worryfree about your financial future what would your life be like the truth is most people less than 20% of the population will actually retire financially secure the combined credit card debt in North America is currently eight hundred and twenty five billion dollars but that pales in comparison to the student loan debt which is 1.3 trillion dollars oh and the global government debt 62 trillion dollars and sadly the average person will only have six thousand two hundred dollars in assets when they die we debt finance everything and this has become normalized in society and because of this most people will not retire financially secure this is a global issue and if it doesn't change you that taxpayer and your children and their children and their children will be paying for this atrocity we're expected to pay down all of our government debts with our taxes and a lot of people have to liquidate to pay off their debts how did this happen well there's two reasons first the education system does not teach simple money management habits to children growing up and second we are influenced to debt finance everything debt is a multi-billion dollar industry you know we go to school growing up we all went to school and what do we learn math science geography English calculus but there's a glaring lack of financial literacy in the educational curriculum and worldwide there's a precept that we are to go to school we get educated we get a job but nobody's teaching anybody how to manage money properly and most people will graduate from university in college with no financial foundation only debt and most people are going into the professional world completely in debt simply because the education system is not teaching us you me our children how to manage money properly my belief is that the school system failed us and by not including financial literacy in the curriculum we all grew up and we all graduated with knowledge in certain areas but the entire world runs on money and if you don't know how to manage it properly you run into trouble and our children aren't being educated how to manage money I have four children two boys two shoppers I want my children to hit retirement completely financially secure and I'm going to make sure that happens because let me share with you a story as to why this is so important to me you see I didn't have any financial training I went into the world and I was really good at selling and making money in business but in 1991 after selling a half a million dollars the year before in my first business I found myself completely broke and a hundred and fifty thousand dollars in debt you see there was an economic recession and it was really bad and all of the businesses as I were selling to you were starting to bounce their checks and some went bankrupt and my checks were then bouncing and my business was spiraling out of control so in 1991 at the age of 31 I got to move back home with my parents oh yeah I felt like a loser but you know what try and get a date what we're going back to your parents try and get a second date but while back at home which was not only just a humbling experience for me my mother came into the bedroom I was occupying and she handed me a book and she said read this I read it and had a very simple principle save 10% of everything you earn invest it properly and never spend it I then read another book same principle save 10% never spend it I thought to myself is it really that simple 10% of everything earned and you just invest it properly and it'll grow well I was fortunate enough at that time to also meet a mentor his name was Doug McHargue he was a very successful multi-millionaire businessman in Toronto and he took me under his wing and he taught me how to run a business they taught me how to manage money you see he saved 10% of everything he earned throughout his lifetime and accumulated a very large fortune and so I started to take money that I was earning and investing it in the stock market and in real estate and within two years I was completely financially free and by eight years my assets were over a million dollars and I kept growing and I went back into the business world and I started to sell really well because I had the confidence now and the understanding of the way money works if you make it and spend it it disappears but when you have this financial foundation in place amazing things happen imagine this at 15 you started to put $100 a month away and by the time you were 20 you increased that to $500 a month and then onward you kept increasing it well if you did that over 40 years you'd have about two million dollars in investments after 50 years over five million dollars in investments ten percent that's all it took so having had this experience I went into the world and became an international speaker and I trained all these courses in business and leadership and and one thing I noticed as I traveled around the world having trained over 250,000 entrepreneurs I discovered that everybody is struggling this is a global issue people don't know how to manage money properly and as a result they're struggling and so I created a system based on those books and some other influencers that I have met along the way and the system is called life's golden buckets and it's a simple money management system and my goal is that every child throughout the world via the internet will be able to educate themselves and I'm going to ask parents and grandparents and everybody to ensure that your children their children and grandchildren start learning this and I'm working with an amazing woman to help bring this out to the world because we want our children to grow up not in debt but flourishing with investments so let me show you this system it's called life's golden buckets now these buckets represent bank accounts the way this works is all of your after-tax income goes in to an account and you divide your money into six accounts so it's after-tax income now if you're self-employed you have your own business then of course you must save your own taxes so I have my own tax bucket now the first bucket is your investment account 10% of everything you earn goes in here and I'll use money as a visual as we like money 10% goes in here invest it properly with a proper financial adviser and never spend it next is your spending account this is for buying things we all like to buy things we need to buy things but often people are buying things on credit cards and and and these loans that you don't pay off till next year and that's what's getting people into trouble 10% goes into this account every time you get paid and when you've got enough money to buy that new TV or that car or whatever you want to buy then you spend it so you only spend it when you have it next is your education account we want our children to learn to save for their education so that they have money to go to university with or college with or pull any post-secondary school but also throughout your entire lifetime you want to continue to educate yourself I'm constantly reinvesting in myself because there's so much to always learn in business so 10% goes in your education account next is your life necessities account this account is fifty five percent yes you have to learn to live on fifty five percent of your after-tax income so sometimes and for a while you may have to simplify things like I did so that you can get back on track the next is your funf account because on your way to financial freedom and security you still have to have fun so every time you get paid 10% goes in your fun account and you must spend this every month go out for a nice dinner get a nice bottle of wine and go on a little vacation retreat a weekend retreat you can also save it up for three months once in a while and go on a nice weekend getaway with your partner do family things with this have fun because what's going to happen is if you simplify and you're investing and you're still having fun you're gonna get into the habit of living this way and eventually this is going to grow and you'll be able to live off the residual and you'll probably live a lot better than than you did your entire life the last account is your charity count so that we always have money to give back and we have money whenever there's a need in the world this simple money management system can be taught in every classroom in the world and that's what we're doing and I'm dedicating part of my life now to making sure that our young people are properly educated and I'm gonna create a massive global influential movement to do this because it's needed and I don't want my children and I don't want your children or the grandchildren to become victims of a society that influences debt when you can simply create freedom if you just invest simply ten percent of your money it's that simple so this is a system that is simple it's doable and it's just math I'm gonna ask every person every man to take responsibility and educate their children every woman to take responsibility and educate their children on a system like this mothers are probably the best at teaching you know there's a truth if women ran the world we'd have world peace and no hunger so I'm gonna ask every one man women even children start learning this system it's never too late adults can learn at any time and it works I've seen so many lives impacted in a positive way by people who've taken this system and implemented I'm gonna ask you to help me we want to create an organic online education system so that children can graduate you know a child and entry high school today or entry school today will graduate in two thousand seventy six let's make sure that they are totally secure and when are they retire so they retire in two thousand seventy six let's make sure they're rich totally secure you

9 thoughts on “Financial illiteracy in the school curriculum | Kieron Sweeney | TEDxStanleyPark

  1. Oh my god. Kieron you blew me away I 100% agree with your method, but I'll adapt your strategy after I have my emergency savings account and rainy day fund.

  2. Why must schools teach financial skills, isn't this the parent's responsibility. My mother taught me financial responsibility with three quarters. One quarter you save, one to give to charity, one quarter to spend if you want to. Budgeting came later.

  3. This is an extremely important subject regarding the fact that children are not taught simple money management habits in school. And the lack of financial literacy is pervasive in society. If you are an educator please share this video. If you know educators, please share this video. Share with your children regardless of age. The solution presented is simple and it works. In time, simple money management habits will be taught to children, either in school or online. Please support our cause by sharing this video.

  4. Really? The public school system is to blame for the global debt crisis?? Ridiculous conclusion unsupported by any facts. You have "two boys and two shoppers?" Mysogenist much? While I don't disagree that basic financial literacy is a good topic for school, this talk is unlikely to make educators add one more thing to the already over-loaded curriculum. What would you subtract from all the things schools are already expected to cover? Rather than blame schools, maybe join discussions on what we, as a culture, want schools to do, because this talk just wants to dump one more thing onto teachers. Who will teach this? Where will training come from so that it's balanced and considers all of the social implications when you have children in poverty learning these lessons alongside children of wealth. Pretty tough to save anything when your folks work minimum wage jobs and lunches aren't always affordable.

  5. Boy I wish I had developed this habit when I was young. I'm definitely teaching this to my kids! Thanks, Kieron!

  6. Kieron Sweeney, all I can say is I wish I had been educated on financial literacy. Impressive talk, world changing vision. 10% from hereon out. Thank you!

  7. Such a moving talk. Amazing story and wonderful vision. We NEED financial literacy in education!

  8. Kieron, you have articulated the importance of financial literacy in a very engaging manner. Thank you!

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