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May 8th, 2010
02:43 AM ET

"Wait, no one taught me about credit!"

From finance expert Clyde Anderson:

Well, it's that time of year again. The time when thousands of young adults graduate from institutions of higher education, with degree in hand, tossed into their new reality ready to take on the world, but ill-prepared for what will soon hit them dead smack in the face and more importantly their wallets. Sure they've learned about history, science, math and maybe even the arts, but the big questions is did they learn anything that can help them navigate through the personal finance maze that often leaves many lost?

It befuddles me that we don't teach our children nor our young adults about something as simple as balancing a check book or creating a budget. Although quadratic equations are important (well maybe to some), it's something that most of us will never use in our everyday life. Money is something that we have to deal with on a daily basis if we want to achieve any level of success or just live within society.

Now students will be trading in that college transcript for a new transcripts of sorts; a credit report. Instead of A's and B's it will now be 30 day late payments and balance transfers that will determine their ability to get loans, insurance and even jobs. Yes, I said jobs as employers are checking potential employees' credit reports to see if they are a good fit for their organization. "But wait no one taught me about credit", you might be saying. It's true that the way you handle your personal finances could stop you from getting that job that you've been working toward and paying for for the past 4 years.

So if you want to make the grade after graduation you have to have an education in greenbacks - also known as cold, hard cash. How to make it, maintain it and how if affects your life. It would be a shame to graduate at the top of your class, but fail Personal Finances 101, only to be held back in life.

Clyde Anderson's Home School segment airs today in the 7AM ET hour of CNN Saturday Morning with TJ Holmes.

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  1. Michael Armstrong Sr.

    Theres is nothing better then kids graduating and going off to find jobs leaving mom and dads pocket book alone if you did not teach your kids the value of money when they were growing up then you have inslaved yourself to a life time of dept paying off your kids bills till the day you die I forced my kids to pay there own way growing up so my problem's with my kids are none .

    May 8, 2010 at 8:27 am |
  2. Carl

    Ole Clyde is living in a dream world. His synopsis suggests college grads start with a clean slate. No way. They have amassed tons of NECESSARY debt to pay for greedy college tuitions that colleges avoid qualifying. Its all in salaries. Our kids backs are broken before they even start. For one of the worst Capitalistic countries we should insist on personal financial education in our public schools from elementary through secondary. Emphasis coupled with ethics and integrity in money management!

    May 8, 2010 at 9:28 am |
  3. john doe

    First off, We do not want credit!!! Remember the housing market crash!!! How many good people lost there homes and screwed up there life's cause you all can not count!!! Screw your "CREDIT"!!! USA is the way!!!

    May 9, 2010 at 6:36 am |