Please welcome Amnesty to the blog today from Primal-Prosperity.com.
I once read something online that I assume was meant to be somewhat of a joke, even if true: Over 60% of parents would rather talk to their kids about sex instead of money, but 100% of kids would rather their parents talk to them about money instead of sex.
As a tutor and substitute teacher, I get frustrated thinking about the fact that we require kids to solve quadratic equations and diagram sentences, but we don’t teach them about consumer debt and understanding assets and liabilities. I guess some schools do have these programs, but apparently, attendance is low in these offerings. Probably because they don’t sound fun.
However, money is funny, but not generally in a LOL way. In our society, we have extreme relationships with money. Here are some recent conversations I’ve had with adults and kids:
- Some kids see only two extremes: Beyonce & Jay Z or poverty. They don’t hear about the plumber making $70k a year, slowly building net worth to become a millionaire.
- When kids are asked if they are familiar with the term of net worth, they usually know about celebrity net worth, from the media, but not from their parents or their neighbors.
- Some people don’t think saving is fun or important and will spend all their money (and even spend money they don’t have), while others hoard too much and never treat themselves or give back.
Almost every adult I talk to says they wish that they were taught this stuff in their younger years.
I had been wanting to start a project to address this, but it just kind of sat there in my mind, never coming to fruition…. until…. The Rockstar Community Fund (RCF) came along. When the challenge was put out there to try to make as much impact in your community with $20, I had to think outside the philanthropic box. So, I thought, what if I could use $20 to give to a kid to entice them to actually want to learn about personal finance. And then, even better, what if they had to give a portion of that back to a good cause… what fun!
I emailed J. Money my idea and he agreed to support a ‘test’ session through the RCF…. Wow… how cool! So, I came up with a basic program and said that I would match the RCF money.
Now, since Budgets Are Sexy is the least boring blog on personal finance, Jay made a point to remind me that kids need this stuff to be fun, in order for them to be engaged and actually use the information.
So, by reading this blog post, and by getting online ideas from the Rockstar Forum, I completely overhauled my original “curriculum” that was called “Personal Finance Workshops for Youth”…. Snooze fest, I know!
The program is now called “The School of Rock Your Money: “Mo Money, No Problems!” When I met with the kids, I explained that what Biggie meant when he said “Mo Money, Mo Problems”, was probably more about being thrown into stardom. But for the average person, more money means fewer problems and more freedom. The group got it right away and they LOVED the reference to Biggie….. that’s a big thanks to J$ for catching their attention!
So, let’s talk about the actual workshop.