Requiring Kids to Take an Accounting Class?
I’m a bit hesitant to share this here since this sub often veers away from pure Accounting topics, but here it goes!
One of my main motivations for pursuing a career in Accounting was my first college class on the subject. It really felt “real” to me. I learned essential concepts about everyday finances—like compound interest and the basics of stocks and valuation. While I wasn’t an Economics major and my own major was in the Physical Sciences (we didn’t even have an Accounting major), this class truly opened my eyes to how financial systems work.
Now, I’m planning to establish a trust for my children, and I’m considering making it contingent on them taking an accounting class. Yes, I’m fully aware this might raise some eyebrows! But just to clarify, I’m not expecting them to become accountants; I simply want them to gain enough understanding to manage their inheritance wisely.
Has anyone else had a transformative experience with accounting education? Is there a different prerequisite that might be more beneficial to include in the trust? I’m coming from a place of personal bias since my own experience with a fantastic teacher made complex financial topics seem so much clearer.
One response
I think it’s great that you want to instill financial literacy in your kids! An Accounting class can certainly provide a solid foundation in understanding money management, budgeting, and the basics of how the financial world operates. It’s important for them to have a grasp on how to handle finances responsibly, especially if they’re going to inherit money.
If you’re considering alternatives or additions to an Accounting class, you might also look into personal finance classes, which often cover broader topics like budgeting, saving, investing, and understanding credit. These courses can complement what they would learn in Accounting and provide practical applications for their everyday lives.
Additionally, you could encourage them to engage in real-world experiences, such as managing a small savings account or participating in investment simulation games. These hands-on experiences can help reinforce the concepts they learn in a classroom setting.
Ultimately, the goal is to provide them with the knowledge and skills they need to make informed financial decisions. Whether it’s through accounting, personal finance, or practical experiences, fostering financial literacy will certainly benefit them in the long run!