I consider myself adult-ish. That means I pay some bills, have a job, and graduated from college. But I'm not a full adult because there are still so many things I don't know how to do. Here are some things I believe need to be included in the college curriculum so students graduate with applicable skills necessary in the real world. Don't get me wrong, a degree is great, but I'd still like to know how to do taxes and change a tire.
Taxes: What They Are and How to Do Them (Pre-req: Filling Out Your W-4)
Am I the only 20-something year old who doesn't know how to do taxes? Because I have family members with accountants, they usually send my forms over to the accountant, and then I just sign and send in the forms. But, this makes me nervous for two reasons: 1) Will I ever learn how to do my taxes? 2) I don't even know what all of the lines mean on the forms. In my opinion, there needs to be a class on taxes, what they mean, and how to file them yourself.
How to Balance Your Checkbook (Pre-req: How to Write a Check)
Check registers are becoming obsolete with the option to track your transactions in your bank app. However, sometimes it's helpful writing down your transactions and seeing exactly how you're spending your money. Unfortunately, your transactions are not completed right away and it's difficult to keep up with the transactions that are pending.
Car Stuff: What All Those Lights in Your Car Means (Pre-req: How to Change a Tire and Your Oil)
There are so many little lights and icons on the dashboard of cars, and I'm not afraid to admit that I don't know what they all mean. There needs to be a guide given to car owners that explains what the icons and lights mean. Of course you can look online (or read that incredibly boring and long car manual), but if you get your car as a gift when you're 18 or younger, I doubt you really would want to read it. Having a course on all things cars could really help future and current car owners.
Credit Cards: APR, FICO, Credit Reports, etc.
Before I got my first credit card, I didn't know what APR, FICO, and a credit report meant. I knew there was a difference between good credit and bad credit, but I didn't know how important having good credit was. If there was a course explaining why you should know your credit score, how to determine what credit card to apply for, and why checking your credit report is important, I think it would help a lot of students learn how to become reliable borrowers in the future.
Let's be real, our teachers and family members all had the same mantra: don't apply for too many credit cards because it's bad.
Getting a Job: Interview Basics, Negotiating Your Salary, and Following Up
I was lucky enough to go to a small college where they offered appointments to help students write their resumes. They also offered mock/practice interviews where they'd record the interview and give constructive criticism on your posture, speech habits, and fidgeting. While knowing how to write a resume and perform well during an interview are extremely important skills, salary negotiations and follow ups are important as well.
Until I did an extensive search on Google for the importance of following up after an interview, I didn't even know that's what you're supposed to do. And you can forget about negotiating a salary because I didn't even know that was a thing. It turns out that follow ups can help put you "in good graces" with the interviewer and let them know you're serious about the position. Also, it is a lot more common for men to negotiate their salary or ask for raises than it is for women.
Bank Accounts: Checking Accounts, Savings Accounts, and Interest
Having a bank account and knowing how much you have in that bank account is so important. Before I got serious about checking my account regularly, maintaining a decent balance, and opening a savings account, I was just out here spending money like it was nothing. My grandma instilled in me that it's important to spend money wisely, but I was pretty young so I never really felt the need to do that. Now that I have a full time job, have a few bills to pay, and have financial goals I want to achieve, I take the "spend money wisely" mantra more seriously.
If there was a college course on how to set financial goals through savings accounts, choosing the right savings account and interest rate, and why it's important to check your balance regularly (instead of ignoring it), I would be in a much better financial situation than I am now. I feel like I'm too old to just be figuring out the ins and outs of money. While most of the responsibility lies on me, it would have been helpful to have a course teach me about the facts and consequences/benefits of keeping up with your money.
Investing
Self-explanatory, honestly. I want to invest my money in stocks, but don't know where to start.
What is a Roth IRA and a 401K?
I know they're retirement accounts that you put money in each month in order to save for retirement, but how do you know which plan to choose? How much money should you put in each month? What if you need to take money out? All college professors (I think) have either one of these plans. It would be helpful to know their opinions on each and some input on when you should start saving for retirement.
Of course students come from different socio-economic backgrounds, and some students may have already started saving because their parents/guardians told them to. But, if you're like me and you're 20+ with no retirement savings plan, a course on this might just prove to be helpful.
How to Make a Budget (And How to Stick to It)
Can we talk about this for a second? Before I took money seriously, I had no budget. I spent my money however and whenever I wanted to. Those unhealthy spending habits have set me back. I'm just now starting to save money regularly and track my spending.
Because college isn't cheap and many students take out thousands of dollars in loans, I think a course in budgeting and sticking to a budget just makes sense.
What other course do you think would be a good idea to include in the college curriculum? Leave a comment below!