Beauty Link - Volume 3, Issue 4 - (Page 20)
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Introducing the true cost of debt to students
PART ONE OF A TWO-PART SERIES
Kenneth J. Zarda
e live in a consumer society. Often we spend without ever realizing what we’ve done. The American economy is driven by consumer spending; 70 percent of the economy—or more than $10 trillion—is consumer spending. We are bombarded with messages or images that encourage us to buy now. If we are lucky, we have learned to tame the impulse. Experience and education have taught us how to wisely spend our limited resources on our ever expanding wants. Yet, how do we teach young adults the true cost of loans/credit card debt and how to control that urge to spend?
Some of you are having ﬂashbacks to your senior year in high school. You vaguely remember the graphs and charts. A quick reminder of supply and demand and some of the cobwebs might have been cleared away. Alas, this isn’t that sort of “Economic Education.” Economic Education is teaching people how to properly use the resources they have. Our goal as educators is to pass on our wisdom to our students, thus it is our responsibility to cover this subject, whether or not the federal government mandates it.
Economic Education done properly is a team objective. The school owner, director, admissions staff, educators, student and family need to be part of the program. This is the ﬁrst true hurdle to cross: buy-in. As an owner you may have buy-in, but getting the rest of the team to buy-in is important. As an education staff you need to be on the same page. Simple questions for staff to answer may include the following: Why is it important for me to teach economic education? What are the beneﬁts for my students to learn this?
When will they apply this information? Have the staff collaboratively discuss these questions in small groups of two or three. Then have each group share an answer to one of the questions. Discuss the answers. The discussion is important; probe for reasoning and support of their answers. By using this process, your staff may have more of an idea of why they are teaching the following concepts and take ownership.
I describe students to my student-teachers this way: They are born lawyers and economists. As lawyers they know instinctively
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Table of Contents for the Digital Edition of Beauty Link - Volume 3, Issue 4
Five Simple Secrets for Building a Habit that Lasts Julie Gray
Trends 2011: The looks and treatments that drove us mad— and the multifaceted methods behind them Amy Drew Thompson
2011 AACS Annual Convention Photo Spread & Recap
Economic Education: Introducing the true cost of debt to students PART ONE OF A TWO-PART SERIES Kenneth J. Zarda
Reflecting on Performance: Evaluations, goal-setting and reaching beyond Angie Shuler
Delivering a World-Class Experience: Strengthening your school’s service aptitude John DiJulius
True Potential: Understanding the value of self-reflection Desiree Jumchai
Wild Dinner Stories: Thoughts and lessons of the unexpected Jeff Pulford
Keeping Connections: Alumni programs are powerful business-building tools Angela Watson
Is One Duck Out of Line? The educator’s role in financial aid Ray Testa
Calculating Your Composite Score: Why does it matter? Philip Courtney Hogan
Beauty Link - Volume 3, Issue 4