A 2013 report released by the Urban Institute research center said that young Americans are saving less than their parents were when they were the same age. Today, the average wealth of people between the ages of 20 and 40 is 7% less than it was 30 years ago. Disconcerting, isn’t it?
So what’s causing this problem? Well, a lot can be blamed on the tougher economic factors we’re facing as a nation, like soaring student loan debt and high unemployment rates.
Besides this however, there is something lacking in today’s American youth, and that is financial knowledge.
When people think of the word “finance”, the words that follow are usually something along the lines of “stocks” or “Warren Buffett”. This is because the main focus in mainstream financial news is on corporate finance. The headlines always surround hot topics like how Apple’s stock is doing or whether or not you should invest in Facebook. But this only covers a very small portion of what encompasses the word “finance”. Little attention is paid towards personal finance.
That seems pretty ironic, doesn’t it? Personal finance is what really matters; it’s the part of finance that actually pertains to you. So why is it that a very small percentage of people actually care or know anything about something that is so significant to their quality of lives?
Well, let’s break it down:
- To put it quite simply, it’s boring. Let’s face it; budgeting and goal setting aren’t the most exciting of topics, especially with the way they’re usually taught.
- It’s time consuming. With today’s fast paced lifestyle, very few of us – unless actually working in the field – have the time to teach ourselves how to best pay off our debt or save for retirement when the information is scattered about in a million different nooks and crannies.
- The information out there doesn’t make it any easier. Financial education on the Internet is content heavy and hard to understand. It’s basically an old textbook thrown up on a webpage. Have you ever peaked into a finance textbook? It reads something like this: “The interests and incentives of managers and shareholders conflict over such issues as the optimal size of the…blah blah blah.” Huh??
So the question is: how to de we take this boring, time consuming and confusing topic of personal finance and flip it around so that everyone can gain from it and add some financial empowerment to their lives? Well, that’s where Wall Street Survivor comes in.
Wall Street Survivor has made it their goal, nay, their obligation to answer this very question. From the countless news outlets throwing overwhelming amounts of non-contextualized content in our faces, to the Investopedias of the world spitting out definition after definition, there hasn’t been a hub for really great financial education. It’s time that personal finance was taught in a way that made sense to YOU. That was the inspiration for Wall Street Survivor’s new Courses series.
With fun and engaging text, graphics and videos, Courses are created for those at all levels of financial literacy. Whether you’re a student looking to find the best way to pay for college, newly employed and want to start building some savings, or a seasoned investor looking to polish your investing strategies, they’ve got you covered. Wall Street Survivor is replacing the overwhelming, jargon-filled financial information found on the Internet with simple and to-the-point material that anyone can understand.
It doesn’t stop there. They also recognize – as cliché as it sounds – that practice makes perfect. Wall Street Survivor has therefore embedded their powerful, real-time stock simulator directly into many of these Courses so you can practice investing with fake money before switching over to the real stuff. Take the Investing Like Warren Buffet Course and add the same stocks that Buffett owns into your very own practice portfolio, or try out the Intro To Retirement Course and purchase one of the available dividend-yielding stocks.
Wall Street Survivor is also implanting various calculators into Courses in order to solve such problems as determining your credit score, coming up with a realistic spending budget based on your income, and finally answering that age-old question of how much money you should actually be saving for retirement.
Wall Street Survivor is reshaping the approach to financial education with one goal in mind: to demystify the world of finance.