This is just a quick post which will be followed up by a more in-depth post, but I wanted to share a quick rant.
Schools, Teachers and Educators have failed in teaching this generation about the financial system, and money in general. The amount of debt in younger generations is rising. You can buy rare limited edition Nike's for $1200 usd ON CREDIT. I'm not talking about credit cards. There is a website, I wont name it (comment if you want it), but you can purchase authentic rare shoes and clothes using credit. A third party company approves you, pays the website, and then you pay off the loan. The interest rates are extremely high, resulting in the user paying absurd premiums to use credit. For reasons like this, I see a massive financial crisis looming. I think we are going to see a lot of defaulting in this current generation. Back when everyone was getting mortgages just for being able to sign some papers, I see similar things happening with youth and credit systems. It might not be as drastic as the housing crisis, but there will be lots of debt to pay off in the future if lots of young kids are using credit to purchase the hottest sneakers and hypebeast clothing.
The only time I remember learning about finance in any sort, was a 2 month curriculum in highschool called something like "data management" where we learned how to input data into a spreadsheet, but there was no classes on finance, wealth management, investing, etc. Unless kids start learning about these things at a young age, I think we could see some issues arising in the coming years from debt. Being able to buy bitcoin on credit also poses a risk, if those people plan to HODL for a very long time. Given that I have a credit card, and line of credit, my next life goal is to pay them off completely and then not use them for anything other than emergencies.
Any thoughts?