Financial literacy education helps fuel savings and big dreams for Milwaukee youth
Latiera Rayford and Mark Ellison, both 8th graders at Milwaukee Urban League Academy for Business and Economics (MULABE), 3814 West North Avenue, are not your average young people. With membership in the Millionaire’s Club, savings accounts, an IRA and stock in Johnson Controls these two 8th graders are well on their way to fulfilling dreams of owning their own businesses. Latiera would like "to be a wealthy business person," while Mark would like to start an after school tutoring company in two or three years. Both attribute their participation in financial literacy education as helping them understand what money is all about and how it can open doors for them. Latiera and Mark give a lot of credit to Jeff Sroka of MULABE, who heads up the school’s Millionaire’s Club, which meets every Tuesday after school, for sharing the right tools to help them look at money in a different light. "We’re learning about the basics of money and investing--you can do more than buy a pair of Nikes, said Mark---you can save it to prepare for future dreams and goals." The Millionaire’s Club is a financial literacy program created and funded by Asset Builders of America, Inc., a nonprofit organization, www.assetbuilders.org, who has a mission of providing financial education and wealth building strategies to low wealth youth, families and communities in Wisconsin. Asset Builders of America’s premier educational outreach program is the Money Conference, which is held in six locations throughout Wisconsin, including Milwaukee on April 29. Latiera is planning to attend the Seventh Annual Money Conference again this year and says that "it gives you information that will help you learn how to use money to reach your goals, including opening a new business." Mark too is going to the Money Conference after having spoken at the event last year about investing. Mark says "the Money Conference is a wonderful experience and it will benefit you for the long run." The Milwaukee Money Conference is Saturday, April 29,from 7:30 a.m. to 3:30 p.m. at South Division High School at 1515 West Lapham Boulevard in Milwaukee.
There are 15 6th-8th graders in the MULABE Millionaire’s Club. In addition to discussing investment options, the students are preparing for the Finance and Investment Challenge Bowl being held on April 28 in conjunction with the Money Conference.
"Research has indicated that as little as 10 hours of personal finance education positively affects students spending and savings habits," said Fields. Participants will be asked questions related to financial education and investing basics. To prepare for the event, Richard Entenmann of Asset Builders of America recommends students begin organizing their teams at their school, church or club and to seek out financial education information at www.ficbonline.org. "The FICB website has study materials and practice tests that will help your team get prepared. Click on ‘Register and Play’ to begin," said Entenmann. For questions about the Money Conference contact Richard Entenmann of Asset Builders of America at 866-304-6896 or ReDonna Rodgers of the Center for Teaching Entrepreneurship at 414-263-1833. |