Are you smarter than an Eighth Grader…from 1919?

You’re looking at a portion of the Common School Diploma Test of 1919 (pictured above), a.k.a the admissions test for high school. It was buried deep in a book, “Early Schools of Meade County”, commemorating the sixty-plus one-room schoolhouses of my local school district.

There’s something fascinating about finding a lost relic and being able to take a step back in time. Here are a few quick facts from the book:

• Teachers’ basic salaries in 1910 were $30/year for a one-room schoolhouse on a six-month school calendar. The equivalent of $801.24/year today.
• Although schools had dress codes, shoes were not required for boys or girls (no year is given)
• School attendance, at any age, was not a requirement until 1921
• It was not unusual for students to attend school into their early 20’s
• The school day was 8 AM – 4 PM and included 15 minutes of “Opening Exercises” to start the day, two Recesses, and an hour-long lunch
• To raise funds, the local one-room schoolhouses would have festivals with competitions, including prettiest girl…and ugliest man

Besides the fact that I am 100% certain that I am ill-equipped to attend the high school of 1919, here is what the book taught me:

1. What seems important today will most likely change tomorrow, and next after, and next decade.
2. The more things change and evolve, the more apparent it is that the basics and fundamentals of learning will always be the same.
3. Perspective. When you look back one year, it’s difficult to see progress or change; but, when you look back 100 years, it can be blatantly obvious.

MONEY: Millennials are in a deep financial hole compared to past generations (Slate)
A study from the Federal Reserve Bank of St. Louis determined that the median net worth of those born in the 1980’s was 34% lower than would have been expected based on previous generations/age groups. The study also found that children of the 80’s have similar debt levels and higher savings rates than previous age groups. So why the difference in net worth? Student loans. While previous generations used debt to buy houses and other assets which add to net worth, Millennials have used debt to pay for their diplomas, leaving them to play catch up.

LIFE: Global Rich List
I highly encourage everyone to test this out. The title is a bit misleading. Instead of a list of the richest people in the world, it’s actually a simple calculator that allows you to see where you rank in the world, based on income and overall wealth. You may find the results surprising (or humbling).

KENTUCKY PENSIONS: Study: Some public pensions funds could run dry in a downturn (CBS News)
A Harvard University study examining what would happen to state pension funds under various economic scenarios was released last week. The study highlighted 10 states, Kentucky being one of them. The study found that a “sustained economic downturn” (5% returns on pension funds vs. the projected 6.77%) would put Kentucky pensions in “perilous shape”. While the results aren’t necessarily a surprise, the outside perspective provided by the study serves as an important reminder of the shaky ground on which the Kentucky Retirement System currently stands.