Infront of 10th grade class.... one lesson.... what? | The Compost Bin | Forums

You are in front of a 10th grade class. One time only, and you can teach them one thing, what would it be?

I had a high school teacher who was one of those teachers that you really bond with and changes your life. One of those 1 in 1,000 teachers who is having a net positive effect on the world.

Anyways before she retired one of her things was to invite back alumnus to talk to her classes. Nothing crazy. She didn't target her former top students, or people with turn around stories, or success stories, or failures. Over the years she has run the full gamut.

Anyways, twice while down in Florida visiting my parents she asked me to come talk to her classes.

She would introduce you, tell them the year you graduated and some background information. She would let the ask you questions about school or work, or anything they found interest in. The second half of the class she basically let you teach them anything you wanted.

She would say something to the effect of: (she gives prior notice so you have had time to think about it and make a homework assignment for the class)

"Here you are in front of a tenth grade class. Imagine this is YOUR class, and you will be teaching YOUR tenth grade self along with your 10th grade class. What are we learning today?"

Me, I chose interest and compounding interest. How to calculate it. I took the idea from a professor I had who did this lesson with every single class he taught and had an example as homework every week. This was at NYU Stern. You would be amazed at how many people did not consider this as a part of their decision process as a consumer.

I worked four examples for them, (something similar to this, it was 6 years ago)

1. A girl buys x dress for x dollars at x interest rate on her credit card. What is her total cost if only making a $25 minimum payment, what is her total cost if she pays in one year.

2. You are buying an air conditioner. One is $250, the other $350. The $350 one is an energy efficient model that saves 5% annually on estimated energy costs of $125. If you plan on using for x years which is the better long term value.

3. Justin goes to Harvard. His total tuition was $125,000. He has loans of $92,000 financed over a 10 year period a 4,7%. What is Justins real cost of going to Harvard?

4. Ned puts $1000 into a dividend paying stock that will yield 6.8% annually. If this rate stays constant and dividends are reinvested how much money does Ned have in 10 years?

I handed them out o a worksheet with a page of answers attached so we could discuss.

I thought it important not because I don't think people can not calculate interest or do not get the concept, I discussed it because I don't think it is even in the back of their minds when they make the purchase, and I don't think it is even in the back of their minds when they finally pay off the financed purchased. The goal wasn't to teach them the math, but to put the idea in their head that the cost on the price tag is not the real cost, and get them to start thinking in terms of real costs, or real savings. There is no need to do it with every purchase, just an awareness is enough.

It would be cool if because of that a few kids thought more about their college decision, or just made a more informed consumer decision due to that talk. Maybe for some it will be in the back of their minds now.

Some I am sure thought I was a geek, and were bored out of their minds. One kid kept asking me about cocaine and hookers and a partying lifestyle lol, he had no interest in what I did or my lesson.

So I am curious, if you were in front of your 10th grade class, what would you teach?