I spend a lot of time sharing the 'basics' with 20-somethings working to start saving or wondering if they need a credit card or figuring out how to live within their means. There must be tremendous collective wisdom out there - both about the basic skills and vocabulary needed to negotiate our economic system, and the potholes out there for the unwary.

Here's one list of Basic Money Skills someone might want before tackling the world on their own. Comments?:

How Money Works
• Checkbook
• Debit Card/ATM
• Credit Card

How Earnings Works
• Base Earnings
• Taxes
• Benefits
• Net Pay

How Lifestyle Works
• Working Money vs. Spending Money
• Needs vs. Wants
• Rent
• Utilities
• Car
• Maintenance
• Insurance
• Education
• Food
• Clothes
• Recreation
• Travel

How Money Works for You
• Interest/Dividends
• Capital Gains

How Compounding Works
• For you (Putting money to work for you)
• Against you (Paying with borrowed money)

How Investing Works
• Put money to work early and often
• Spread the risk
• Have a Plan
• Vs. Speculation