Entrepreneur, Investor, & Educator. Author of "Financial Literacy 101" https://teapawt.org/t.co/omwVmUmEfQ. https://teapawt.org/t.co/erKdUKF5hg for more info and links.
Los Angeles, CA
Joined March 2018
- Tweets57
- Following105
- Followers3K
- Likes21.5K
Talen: Financial Literacy for High and Middle School
The ONLY curriculum that teaches:
Brokerage Account:
for saving in a money market and Investing in S&P 500
FDIC Insured Bank
Not for saving. Its for spending with cards and apps.
1
119
Some people have a crazy conspiracy theory that elections in LA are fair and honest.
1
226
Financial Literacy courses all make the same mistakes.
1. They don't teach that credit card debt is the number one worst financial instrument.
2. They teach that you should get a bank account for savings. This is bad advice because banks pay less than .05% interest rates! Short term savings should be in short term government bond money markets which pay over 4%.
3. They either ignore investing or teach too broadly on topics that do not apply to young adults. For example, they don't teach Trump Accounts where every single kid will be an owner of one share of SpaceX stock.
134
Instead of averaging a long-term 10% compounding growth by owning the s&p 500, Americans are encouraged to pay 25% interest rate credit card debt.
2
220
Many courses warn of the risks of debt but they don't specifically explain why credit cards 25% interest rate is so hard to escape from.
I suspect that most of these Americans don’t even know how credit cards work.
Interestingly, the number of states which have required a personal finance course for high school graduation has doubled over the past 10 years.
Move in the right direction, yet it seems not to work.
1
1
174
The Council for Economic Education (CEE) teaches
2 million + students to borrow money to bet on stocks (margin) and bet on companies failing (shorting). These misguided lessons are in Lesson 8 of their Learning, Earning and Investing curriculum. 🧵 1/4
1
166
This is why I create content, then teach it, then edit it, then teach it again, then edit again. On my last round. Financial literacy 101 course coming soon will blow away the others!
Even if subject knowledge was easily imparted across a system of teachers (it’s not) there is only a tenuous connection between knowing your subject and being able to decompose, sequence, and assess it effectively. This is why the field needs to embrace well-designed materials.
158
Teaching career to high school students.
Brainstorming : Where will jobs and industries be 5 years from now?
1
1
138
I'm creating a financial literacy program for kids under 18 years old that teaches what no one else is teaching: Long-term investing into the s&p 500 including traditional IRA accounts for kids (aka Trump accounts).
Must watch! If you want to get fired up on America - 73 M kids direct shareholders! Turn it up loud & enjoy right through the end where audience chants USA! 🇺🇸🚀@altcap @frankjbisignano @MichaelDell
@jgebbia @ndstudio
178
And teach financial literacy in school and banks lose their free money scheme.
The chief economist at Apollo is warning that mass adoption of AI agents could trigger a bank run as they optimize user investments. Gary Gensler spent his last few years as SEC chair warning that the exact same problem will hit the markets: the pursuit of algorithmic perfection at scale destroys system stability. Personal-finance agents making simultaneous optimal decisions could potentially cause a massive flash crash.
Agent acausal coordination, with no messages passed between them, will show up in a lot of places. Markets will get the big headlines, but huge numbers of clever advisors making very similar choices will impact all of human society. Capability gains make this worse, not better. The smarter the agents, the narrower the optimal path; and knowing that other agents see that exact same path lets them move together without talking to each other. Agents do not need to collude to act in unison. Thus, they break no human laws by doing so. Human laws were not written for this. They were not written for a lot of what is coming, and it is about to start happening very fast.
2
4
336
Another AI Doom story bites the dust.
Radiologists were the poster child for who would lose jobs from AI.
GODFATHER OF AI ADMITS HE WAS WRONG ABOUT RADIOLOGISTS
geoffrey hinton predicted in 2016 that within about 5 years radiologists wouldnt be reading scans anymore
10 years later he gives two reasons he got it wrong
first, making scans cheaper and faster didnt mean hospitals suddenly needed fewer radiologists. it meant they could just do more scans
and second, he admits he didnt really understand the job itself
his picture of a radiologist came mostly from one former student who spent his time reading scans and barely talking to people
the AI part actually went pretty close to plan. machines got really good at reading scans
but making one part of a job cheaper doesnt automatically make the whole job disappear
AI can shrink a task without shrinking the job
1
343