Smarter Financial Choices For Wealthy High School Students
Teaching at Singapore American School has taught me a sub-culture I never knew existed.
When I first arrived, I asked some of my students what their favorite hobbies were. “Shopping,” they replied.
Shopping? How could kids without jobs enjoy shopping as their favorite past time?
Then it dawned on me. Many of these kids are given cash to spend as they wish. A surprising amount gets blown on high-end clothes and accessories.
I recently asked two of my Personal Finance students about this. “Once you have a handbag, you’re done, right?”
“Not so,” they replied. “Many girls at our school buy multiple handbags every year.”
My two students, Kelly Chung and Anna Phillips, then determined what the long-term opportunity cost of such extravagances really is.
While doing so, they showed an alternative use for such cash–one that would make the world a much better place.
You can view their screencast below.