According to a recent study conducted by Charles Schwab, today’s teenagers in the United States have huge expectations about the type of wealth that they will build as young adults. Of the 1,000 teenagers that participated in the survey, boys on average expected to be earning $173,000 a year while girls expected to be earning $114,200 annually. The reality is, however, that only 5% of all wage-earning adults in the U.S. earn six figure salaries.

The Schwab survey further discovered that nearly two-thirds of American teens aged 13-18 years-old believe that they were knowledgeable about money management, including budgeting, saving and investing. However, despite this typical braggadocio that accompanies teenagers, barely a third of them admitted to knowing how to budget money (41 percent), how to pay bills (34 percent), and how credit card interest and fees work (26 percent). Here is where this survey is lacking and where a crucial gap in understanding must be bridged. Despite most teens lacking this knowledge, this is not the knowledge they need to build wealth. It is the knowledge they need to perhaps assume a baseline of fiscal responsibility as young adults, but hardly the knowledge that will help them assert their wealth-building muscles. As I stated in my last blog, teenagers need to learn the below subjects to acquire the critical gap in knowledge that will convert them from fiscally responsible young adults to adults capable of building wealth.

Many adults assume that their children will have zero interest in learning about how to build wealth, but the Schwab studies reveal otherwise. According to the Schwab survey, “nearly 9 in 10 say they want to learn how to make their money grow (89 percent). Two-thirds (65 percent) believe learning about money management is ‘interesting,’ and 60 percent say that learning about money management is one of their top priorities.” These stats are encouraging but the accessibility to the type of education that will truly benefit young adults is still highly guarded and certainly unavailable through typical channels of traditional education.

I strongly believe that young adults will never acquire the proper education to learn the critical knowledge they need to build wealth through traditional education or certainly not through educational programs sponsored by investment firms. Why?

If investment firms truly provided the type of education that young adults needed to independently build wealth then it would render their own services obsolete and unnecessary. No firm would ever willfully engage in such self-defeating behavior. This would be analogous to a tobacco firm sponsoring educational programs about the deleterious effects of smoking including lung cancer. I imagine that such firm-sponsored educational programs carefully design the programs to spark an interest in young adults about investing while still leaving them dependent upon them to invest their money in the future. It’s the perfect set-up for investment firms. Shaping young minds to give them their future earnings. However, it is most definitely NOT what will help young adults build wealth.

So wherever you seek information for not only your children but for yourself, ensure that the program you seek does not just teach you basic fiscal responsibility skills that still leave you dependent upon someone else to manage your money, but ensure that such a program is comprehensive to teach your children how to manage their money themselves as well. Ensuring that your children (or perhaps even you) seek knowledge regarding wealth literacy will in the end, be 1000 times more important than seeking financial literacy.

The Praxis test is a rigorous series of tests required to obtain teacher licensure in the United States. Majority of the states (currently 44) in continental U.S. and its jurisdictions require beginning teachers to pass these tests. The Praxis test is also a way for many education agencies to make licensing decisions and it’s also used by colleges and universities as part of their qualification requirements for educational programs for teachers.

The Praxis test has three categories, each of which corresponds to the development of the pedagogic knowledge and skills of teachers. These are Praxis I, Praxis II and Praxis III.

Praxis I is the series of tests that are used for the assessment of a teacher’s academic skills. It is required for entry to a training program for teachers. It measures the teacher’s knowledge and teaching ability in the three basic skills: reading, writing and mathematics. To take the Praxis I test, a teacher may choose either a paper-based or a computer-based format. Generally, this Praxis series test is taken during the initial stages of a teacher’s college career.

Praxis II test is used for licensure for entry to the teaching profession and measures a teacher’s content knowledge and pedagogic skills through subject assessments. This series of tests are used to assess knowledge in general and specific subjects for K-12 teachers.

The Praxis II test has three test sub categories: Subject Assessment, PLT or Principles of Learning and Teaching and Teaching Foundations. The Praxis II is taken as part of the certification and licensing process that is required by many states and professional organizations.

Praxis III test is an assessment of a teacher’s classroom performance, that is, his or her knowledge and skills as measured within a classroom setting. The test evaluates a teacher’s teaching abilities through practice. This involves direct observation, interviews and review of a teacher’s documentation including lesson plans. This series of tests are conducted and completed in a classroom setting and consists of numerous assessment criteria involving four interconnected domains.

While the Praxis III test is used for licensing decisions by many states and professional agencies, it may not be a requirement for employment decisions, especially on teachers who are already licensed.

Where to take the Praxis test
Find out first what Praxis test you should take and then get in touch with your state’s Department of Education for the test schedules. Some Praxis tests may be taken using a computer while others require you to find a local testing center authorized to administer these tests. Some tests, such as the Praxis III series, require a classroom setting. Check out the Educational Testing Service website (http://www.ets.org) to find out more.

To take the Praxis Series test, you can register online at the ETS website or fill out a hard copy of a registration form and send it through mail. The registration forms cannot be downloaded, although you’ll find a copy in a Praxis test bulletin, which you can get from Testing Services. Be sure to register before the deadline. You’ll need to send out your form so ETS has enough time to send you an admission ticket. You’ll need this ticket to know where you’ll need to report for testing, what requirements you need to bring, etc.

In case you miss the deadline, you can also try to report to your testing location on the day of the Praxis test and try to get seating as a stand by. You can call ETS to find out which test center will be offering the particular Praxis test you have to take.

Although consular officers cannot serve as attorneys or give legal advice, they can provide a list of local attorneys and help you find legal representation. However, neither the Department of State nor the U.S. Consulate can assume any responsibility for the caliber, competence, or professional integrity of these attorneys.

A consular officer will do whatever he/she can to protect your legitimate interests and ensure that you are not discriminated against under local law. A consular officer cannot release prisoners, provide guarantees of their comportment, or provide funds for bail. If you are arrested, immediately ask that a consular officer at the U.S. Embassy be notified. If you are turned down, keep asking–politely, but persistently. If unsuccessful, try to have someone get in touch with us on your behalf.

Upon learning of your arrest, a U.S. Consular Officer will visit you, provide a list of local attorneys, inform the Department of State of your arrest and, if requested, contact family or friends in the U.S. or elsewhere. Consuls can help you transfer money, food, and clothing from your family and friends. They will also try to get relief if you are held under inhumane or unhealthful conditions or are treated less equitably than others in the same situation.