WHAT’ S M I S S I N G F R O M EDUCATION IN SOUTH AFRICA
In last week’s ( The most important financial article you will ever read, 28 February), it was argued that the most important thing missing from our kids’ education is an understanding of compound interest, discounted cash f lows and inf lation. It’s hard to argue with that. However, I would add one more item to the list – how to set up a budget.
I saw it f irst-hand. An inability to budget properly can wreak havoc i n your f inancial life. In fact, it forms the foundation of your f inancial life. If you get it wrong, you will forever be at the mercy of loan sharks, banks and credit bureaus.
This rolls up at the macro-level. We see it in the appallingly low savings rate