Money Conversations That Cross Cultural Lines

According to a survey conducted by the FDIC Black and Hispanic communities are not as financially savvy as other communities.  So why is that?  Have some cultures been provided early financial literacy education as well as opportunity?  As I teach workshops and seminars at many different schools and organizations I look at the faces of all my class participants.  I listen to their experiences around money.  What I have come to understand is all cultures learn from experience with regards to money.  Some people learn lessons from working their family businesses, some from international travels, some from church, some from sitting at the kitchen table with their parent balancing their checkbook or paying bills; and others learn hard lessons.  Hard lessons are money mistakes made initially then either are corrected or are developed into a bad habit.  For example the first time you got a bounced check fee from the bank it may have caused a domino effect.  The mistake was made and hopefully corrected, but my many years in the banking industry tells me that a significant amount of first time offenders traditionally become repeat offenders.  We all learn from experience regardless of our race, but because of race and culture we are exposed and experience many different things.  When you look at your circle of friends, church members, or coworkers try and understand their money experiences and if you can help take the opportunity to do so.  If you learn something take the opportunity to be open and listen. Mark your calendars for the CNN broadcast of "Almighty Debt, a Black in America Special."   Reported by Soledad O' Brien.  Thursday, October 21st at 9 p.m. est.  

"Payday"

What does payday mean your children?  Have you ever made a comment about only making a purchase on “Payday” or waiting to buy something on “Payday”.  If your children are hearing this they may be thinking only on “Payday” can I ask for something or can we afford something.  Last night I was speaking with my sister in law and my niece asked if she could have something on my sister in law’s “Payday”.  Now Sophia, my niece, has no idea when payday is or even how often it comes, but she now relies on “payday” to ask for things she normally wouldn’t ask for because of their expense or the idea that it’s too grand and she must wait until “payday” to get it.

Students today are clueless of the expenses that eat up “payday” when it comes around weekly, biweekly, bi monthly, or monthly.  Here are a few things to make the countdown to “Payday” easy for you and less interesting for your kids. 

1)      Show them what expenses are paid during the month and that your paycheck goes to fund those expenses.  Be open and don’t shelter your kids they are smarter than we think.  They don’t need to know what you make but be realistic in what you decide to share if the number are made up.  if the family has a spending plan make sure your kids get a spending plan too.  If you don’t have a spending plan or budget now’s the time. Visit the Smart Kidz Money Matters website at www.smartkidzmatter.com and get a copy of an excel budget worksheet.

2)      Your kids wouldn’t worry about “Payday” so much if they had a Financial Savings Goal. Have them make a list of the things they want and create a savings goal around it.  Visit the Smart Kidz Money Matters website at www.smartkidzmatter.com and get a copy of a Setting Financial Saving Goal Worksheet.        

Smart Kidz Money Matters to Offer an Economic and Financial Literacy Enrichment Course at Ivy Preparatory Academy

Smart Kidz Money Mattersâ„¢ to Offer an Economic and Financial Literacy Enrichment Course at Ivy Preparatory Academy

Today's students are tomorrow's financial leaders. They will create industry changing ideas and develop commerce unheard of today. They will walk through many doors or opportunities and break through glass ceilings. Their experiences will not only come from higher learning institutions but home, life, and service learning experiences. They will be future politicians, CEO's, entrepreneurs, bankers, teachers, scientist, Christians, Muslims, Buddhist, and everything or anything they decide to be. That is why students and parents must choose to understand money. Where it comes from, how to earn it, and how to make it work even in your SLEEP. Economic and Financial Literacy Enrichment Courses are opportunities for students to prepare for the future. If adults do nothing else give students the chance to learn a money lesson without being burned first to get the lesson. Whether adults like it or not our future tomorrow is up to the students of today.

Raising Cash Savvy Kids

April has been a great month to celebrate Financial Literacy Month.  As school is coming to a close and summer vacation is starting it is time for student to start looking for jobs and for parents to start teaching their kids personal money management.  Let's start with students looking for jobs.  April is a great month to start researching jobs, submitting resumes, and completing job applications.  But where do you start and what can you expect to get paid?  Students must consider how they will get to work first will it be public transportation like the bus, or train.  Will you walk to work or have a parent take you.  Once you figure out your primary means of transportation begin looking for local job postings in your community.  Your local grocery store, gas station, or mall maybe hiring.  Other great opportunities for you to pursue is with your county Workforce Development Agency.  Some Workforce Development Agencies have specific jobs for students, these jobs may include working for parks and recreation, watershed or waste management, and other county departments.  These jobs often pay more than minimum wage but you have to apply now!

Parents this year is critical in talking with your kids about personal finances.  It's never easy to talk about money matters with your kids, but teh time is now.  There are several things to help start those conversations, and you must also provide them with the right tools to get them engaged.  Promoting the use of technology in financial literacy is key, technology is the lanuage that our youth speaks today. On April 28th-30th fifteen speakers including myself from across the globe will facilitating a FREE teleseries entilted "Raising Cash Savvy Kids".  You can get tips and ask questions of experts on financially literacy and how best to communicate with your kids about money.  You can register free at www.smartkidzmatter.com under the resource tab, just click on the Raising Cash Savvy Kids link.

Don't let summer come and go without you talking to your parents about money, and parents don't let school start again without providing your kids tips on becoming Cash Savvy.