Welcome to passive real estate investing, the show where busy people like you learn

how to build substantial passive income while creating wealth for the long term.

And now here's your host, Marco Santorelli.

Hello friends and welcome to another... Now here's your host, Marco Santorelli.

Hello friends and welcome to another episode of passive real estate investing.

I'm your host, Marco Santorelli.

You know, I love this quote from James W Frick. He said,

don't tell me where your priorities are.

Show me where you spend your money and I'll tell you where they are.

So today we're going to talk about financial literacy and why financial literacy is so important.

So first of all, what is financial literacy?

Well, financial literacy is the education and understanding of various financial areas, including

things such as managing your personal finances, money, borrowing, and very importantly, something I talk about all the time, investing.

But in the United States, in America, we spend literally billions of dollars helping our children master reading, writing,

and arithmetic, and then we send them out into the world lacking the basic skills to

prosper in life, things such as understanding personal finance and economics.

Did you know that in the U.S. more than one in six students do not reach the baseline level of proficiency in financial literacy, and

that nearly a quarter of all millennials spend more than they earn, which is unbelievable to me. And 67% of Generation Y have less than three months

worth of emergency funds. And that's scary because all you need is one car accident or medical emergency and you're essentially bankrupt.

So there are only seven states in the United States that require standardized testing today for personal finance education for high school graduation.

And those seven states are Colorado, Georgia, Michigan, Missouri, Oregon, Texas, and Utah. So that means that 43 other states plus

DC don't have high school courses and testing requirements.

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