Schools are doing their part….

The important of financial literacy highlighted in Robert Kiyosaki “Rich Dad, Poor Dad” has triggered the awareness that there is a lack of that knowledge.  Realizing that, some schools has started incorporating lessons to impart some basic money principles to the youngs.

Randi Weiner of THE JOURNAL NEWS ( reports:

BLAUVELT – Welcome to Louis Moretti’s fifth-grade class, where the 10-year-olds can tell you why owning a house is a liability and where they look down their noses at owning iPods because they’re permanent and unrecoverable losses to your income.

“Rich and poor are states of mind and have nothing to do with the money in your pocket,” Moretti told the 22 Cottage Lane Elementary School students who sat upright, their eyes fixed on their teacher, notebooks open to their Finance Friday agendas. “It has to do with your assets and your mind. Your greatest asset is your mind and financial literacy.”

Since September, Moretti has given an hour each Friday to teaching his students about money.

The 38-year-old educator is a former financial analyst who decided to meld his passion for financial matters with his passion for teaching.

“I’ve always been a part of business and money (management), but never really totally understood it until last summer when I read this book, ‘Rich Dad, Poor Dad,’ ” he said. “I think it just made me realize that money was not so much that hard thing in your pocket. That’s what I’m trying to do with these kids. Bring it to a level they understand; just give them the basic skills.”

Moretti said he did a survey of parents and found that few if any of them spoke about money to their children. Most people learn basic financial literacy when they’re given their college diploma and sent out to find a job. He wanted his students to have an advantage, to understand how to write a check and how money flows before they have to learn from their mistakes.

Camille Schmidt, 10, admitted she didn’t know much about money when school started.

“I just thought if I eventually get out of college, I’ll get a job and try to make a lot of money or something, but now I’ve learned all about assets and liabilities and the way I was planning it, I probably would have a million liabilities,” she said.

Classmate Kayla Bautista, 11, said she never used to talk about money with her family, but since learning about gross and net income, she now has a better understanding of family finances.