Parents and guardians, stop and look at a clock or your watch. Do you notice anything peculiar about the hands? As the school bell is about toll at 8 o’clock, your watch flashes a reminder that there between 30 – 60 days until your child’s high school graduation (days vary depending on where your child attends school). As you snap back to reality, you then come to grips that with the final ring your child is slated to begin their final year of high school, specifically senior year. Roughly seventeen years ago, you were waving goodbye to them, and subsequently peeking through the window of their classroom, as they embarked on their first day of Pre-Kindergarten. Now, it appears that past feelings of anticipation, excitement, and stress have resurfaced as you help your child navigate the rough waters of senior year.
One of the cliché, yet definitive components of senior year is the development of senioritis. As defined by Merriam-Webster, senioritis is the “ebbing of motivation and effort by school seniors as evidenced by tardiness, absences, and lower grades.” Thus, as your senior’s motivation gradually wanes, it will be paramount that their family provides the necessary energy to complete pressing tasks. Such tasks will include completing college applications, completing coursework, extracurricular activities, final exams, and prom (should your child want to go). Moreover, with every ball being juggled in the air, and every task successfully crossed off “to-do” lists, prioritizing time to solidify financial literacy skills is a must! Prioritizing this time can occur during either the fall or spring semesters, or during the first, second, or third quarters depending on your child's academic calendar. Nonetheless, once you and your senior have locked in dates and times, begin preparing your lesson plan. One of the many pertinent topics of conversation can include the costs surrounding college applications and standardized testing. Because it is widely known that college application and exam fees are high, fee waivers are often viewed as a "saving grace" for low-income families. However, fee waivers are not often granted; therefore, alternative methods of payment are needed. If your child secured employment during the summer of 2018 the hope is that a portion of their earnings has been saved for moments such as this. If they were not fortunate to work a summer job, families may be incurring these costs. To avoid frantically covering the cost, the first step is to have your teen thoroughly research the various application costs as well as standardized testing deadlines. Next, because senior dues are right around the corner, begin breaking down the cost of prom, senior trip, yearbook, and other miscellaneous fees then have honest discussions about the affordability of each item. In stressing the importance of early-action planning, be sure to reiterate the importance of employment, after-school employment to be exact. With all student employment, it is crucial that potential employers allow for maximum flexibility; employers should always have your child’s academic and personal interests at the core. Moreover, if your teen previously held a summer position that was not outdoors (amusement park, summer camp, or water park for these will be closed during the fall and winter months), making a possible return should be explored. Furthermore, if your teen’s demeanor was exceptionally pleasant, performance evaluations were solid, and their work ethic was exemplary, send an email to inquire. For teens who did not participate in summer employment, there is a myriad of avenues to explore. Thus, from referrals from family and friends, to small "Help Wanted" postings, job hunting can commence. While the process can be exhaustive, utilizing technology can simplify the process. As such, whether researching at home or at a local library, search engines such as www.indeed.com, www.idealist.com, www.linkedin.com, and www.monster.com provides job seekers with a plethora of employment options that can be narrowed down to best fit your child’s needs. As you explore employment, one area to zoom in on is tutoring. With the domestic and global academic stakes higher than ever, it is imperative that North American high school student excel and thrive. Therefore, if your teenager’s mastery of core subjects is high, and they possess interpersonal skills, explore tutoring further. Tutoring positions can include but are not limited to assisting elementary school students with homework, preparing middle school students for upcoming state examinations, or helping fellow high school peers grasp difficult subjects – Geometry for example. For prospective tutors in New York City, contact organizations such as Huntington Learning Center, Kumon, and The Sylvan Learning Center to inquire about hours and pay rate. Moreover, research private tutoring options, which will allow your teen to not only set up their own work schedules and pay rate but will allow them to develop self-sufficiency skills. Additionally, through frequent positive word-of-mouth referrals, a steady clientele will be developed. With a bevy of options to explore, it is now time for your teenager to create, or polish, their résumés. To all the soon-to-be high school graduates, it is my fervent wish that all of your academic, personal, and professional feats have been achieved. Moreover, it is my additional hope that balancing academics, afterschool employment, extracurricular activities, and homemade financial literacy lessons have not left you emotionally, mentally, and physically empty. All things considered; every last achievement thus far deserves a round of applause!
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It is the second week of Financial Literacy Month 2019 as the content released continues to be abundant, I hope that the lessons, tips, and tricks provided will (hopefully) be impactful. One of the goals I hope that readers take away from this month is that goal-setting is a key step in becoming monetarily savvy this year. Thus, when creating financial goals, it may help to have a balance of lofty, long-term goals and small, short-term goals.
Moreover, when looking to implement financial goal-setting practices into your routine, one place to start is by identifying where you currently are financially. As such, identifying your current fiscal circumstance can include the following: admitting that your literacy about budgeting, investing, and retirement is low, assessing how much is spent monthly, and thoroughly reviewing current money habits in place. Thus, in exploring current money habits further, let us revisit last Wednesday’s Financial Fitness Twitter Chat hosted by Winnie Sun. An informative chat, each question centered on analyzing childhood fiscal practices that may have been carried into adulthood as well as understanding the root cause(s) of one’s inability to save. In the end, the process was cathartic, and the answers delivered were insightful. View my responses below and feel free to contribute to the conversation: Q1: Let’s Meet! Who are you, what do you do, what was the last thing you spent money on and was it planned or an impulse purchase? WW: An hour to the late to the party, but I am ready to have fun nonetheless! To start, I am Whitney from the Empire State (New York City), and the last thing I spent money on was @MeekMill's Motivation Tour tickets. A last-minute impulsive buy, but oh so worth it! #WinnieSun Q2: Define this: What does financial freedom mean to you? WW: Financial freedom equals having multiple options at your disposal. Moreover, it means comfortably weighing decisions and knowing that once purchases have been made, there is no worry about potential damaging long-term effects. #WinnieSun Q3: The hard truth about money. Why do you think so many people are ill-prepared for financial emergencies, and important needs such as retirement, and paying for college? WW: A large percentage of people lack access and resources to financial education. Far too often in my work, adults lack financial preparedness, which hinders a myriad of things. However, by starting the conversation and education early, we can improve financial literacy. #WinnieSun Q4: Have you ever had a financial wakeup call? What was it and how did you take action? WW: My wakeup call was recent: I had become too prone to call a cab versus taking public transportation, which resulted in my account dwindling. I put myself on a financial diet and have been slowly cutting cabs from my routine. #WinnieSun Q5: Talking about money is so taboo. Why do you think there is such a stigma about money and what can we do to rectify it? Who do you talk to about your finances? (professionally or casually). WW: Often income and money is tied to class and classism, and we are all too aware of how stigmatizing socioeconomic status is. For individuals whose money is scarce, it is hard to articulate that and to have the proper conversations to identify the root(s) of the problem. #WinnieSun Q6: Your money education. Who taught you your best financial habit? Did you learn from communication, an experience, @YouTube, a class? WW: My father. My father was a mathematics major in college, so my love for numbers is inherited from him. Additionally, he is a wiz at budgeting, investing, and more, so I am fortunate to have one of the best to educate me. #WinnieSun Q7: Show me the money! What role does money play in your life and how has your relationship with money evolved? WW: Money plays an ever-present role in my life for it is tied to my daily interactions. Whether it is paying student loan debt, or making purchases, having to utilize money exists! Moreover, I am proud to say that our relationship (money and myself) has matured for the better! #WinnieSun Q8: Agree or disagree and why: health is wealth? WW: Agree! There is a strong correlation between economics and healthcare, and there is an equally strong correlation between a lack of access to adequate healthcare and poor health. Additionally, we have all witnessed, in some capacity, stories of exorbitant health bills and the struggles to pay them off. #WinnieSun Q9: The fear of the unknown. If you were feeling insecure about your finances what steps should you take to help you feel more in control? WW: If I tried to fix my finances to no avail, I would seek help. Specifically, I would research articles and additional materials that could help me regain control of my financial life. #WinnieSun Q10: Is enough, enough? Is the goalpost always moving? Is there an amount of money that would make you feel like you had “enough money”? How has this changed over the years? WW: While I have no definitive amount, I know what “enough” feels like, and it feels like comfort. It feels like making extravagant purchases without the fear of how I would survive the upcoming months. #WinnieSun Q11: Does the perfect money tool exist? If you could create the perfect app or tool to help you with your money, what would it look like and what would it do? WW: My perfect app would incorporate Excel spreadsheets and a digital workbook. #WinnieSun Q12: What financial blogs, podcasts, or content creators do you enjoy? Tag them. WW: Outside of my own work, I enjoy anything from Broke Millennial, The Consumer Finance Protection Bureau, Council for Economic Education, Dr. Barbara O’Neill , and more! #WinnieSun Q13: What’s your worth? How do you quantify your financial value as it pertains to your employer, your company, and other businesses or clients you work with? WW: I am still learning how to quantify my worth. While I can assess the quality of my work, I often struggle with defining the dollar amount. #WinnieSun Q14: It takes a village. How do you think your environment affects your attitude towards money? How do your financial decisions now align with your values and life goals for the future? WW: My village is comprised of fellow financial literacy educators and those learning how to improve their financial lives. It is a healthy balance of sharing ideas and holding each other accountable. #WinnieSun Q15: How important would you say investing is for the future to stay ahead of taxes and inflation? How informed do you feel you are about the different options and saving vehicles out there? WW: Investing is very important to my future, even though I have not allotted serious time to it. Although my time has been scarce, I feel as if I have a solid understanding of the various investment options available to me. #WinnieSun Since April 2003, the United States has recognized April as Financial Literacy Month. As such, for 30 days, financial literacy educators and organizations alike focus their content and energy to highlighting the importance of economic and financial literacy. Such efforts are crucial for financial illiteracy and a lack of financial preparedness can have damaging effects, such as increased debt, dwindling retirement funds and Social Security, higher tax burdens, and rising unemployment. Moreover, for disenfranchised individuals, which includes poverty-stricken and working-class individuals, the effects of financial illiteracy can be twice as crushing. Finally, for these demographics, the rate at which funds are saved are below average. Thus, it is important that continue to raise awareness about the necessity of financial education and continue to highlight the positive outcomes.
Reflecting further on the various topics that encompass financial literacy, interest in investing has risen. As individuals work doggedly to manage budgets and pay off existing debt, pride in their money management skills swells. Likewise, investing is a sound fiscal practice for ensures both short- and long-term financial success. When properly researched and done correctly, profits from investing are plentiful which serves another stream of income. Therefore, for those looking to diversify their income and ultimately begin building a path for generational wealth, investing is encouraged. To provide insight on investing further, below you will find a March 27th Twitter #CreditChat centered on investing from Experian: Q1: What does it mean to invest? WW: To take earned income, or funds achieved by other methods, and place a percentage of it in property or shares in the hopes of receiving profit. #CreditChat Q2: Is investing a good idea? WW: Investing is a fantastic way of securing another stream of income as well as maximizing all that the market has to offer. #CreditChat Q3: Can you invest while you’re in debt? WW: You sure can! Although your top priority is to eliminate existing debt, which means half of earned income will probably be used to achieve this goal, start small if you are considering investing. #CreditChat Q4: What are the best types of investment? WW: 401k accounts, bonds (mutual and U.S. Savings bonds), Certificate of Deposit (CD) accounts, medium-level stocks, Roth IRA accounts, and more! #CreditChat Q5: When should you start investing? WW: As early as steady income has been earned. As such, if you are a recent college graduate, and are earning a steady flow of income, the time to start investing is now. Similarly, if you have forgone college, and have entered the workforce earlier in your journey, the time to start investing is now as well! #CreditChat Q6: How do you invest in stock? WW: With all things financial, employing the proper research skills in bonds, stocks, and mutual funds is key. While there is a plethora of information available, such information is presented often assuming that the reader is highly-knowledgeable on the topic. However, there are plenty of people who lack access and education on stocks, which should be at the forefront when creating and disseminating information. Nevertheless, finding easy-to-read guides and tips on investing and stocks is a helpful start. #CreditChat Q7: What is the difference between “saving” and “investing”? WW: Saving is setting aside funds to use at a later date. Investing requires one to buy bonds, mutual funds, or stocks that will (hopefully) mature and yield profit at a later date. #CreditChat Q8: What are some low-risk investment options? WW: My go-to options are always saving accounts and savings bonds. Again, with all fiscal options, it is important to find low-risk investments that best fit your intended goal and current income level. #CreditChat Q9: Does investing affect your credit score? WW: No, it does not! #CreditChat Q10: Any final tips on how to make your money grow? WW: Research, apply theories to practice, then practice patience. The road to financial success is slow, but the rewards are worth the wait! #CreditChat |
WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
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