Economic Empowerment for Youth/Young Adults Begins with Financial Literacy by Yvetta Gayle-Thompson
According to the Council for Economic Education survey, as of 2/5/20 there are only 21 states now require high school students to take a course in personal finance, this is only an increase of a few more states since the 2018 survey.
Okay, Yvetta, what are you trying to say? I was one of those children who did not have any conversations about money when I was growing up. Members of my family are entrepreneurs and own their homes. There is a medical center in Buffalo named after my Aunt, I visited my uncles' barbershop and beauty supply store.
My grandparents were homeowners, worked on the same jobs until they retired, and owned their home along with the multi-family house next door. My mom knew how to balance and budget what she had, but again there were no conversations with me and my siblings. Can we talk about thi$!!
I knew I couldn't be the only one in this world who grew up simply not knowing that financial literacy could give you freedom, adventure, peace, more opportunity, and the ability to generate wealth while leaving a legacy for your loved ones!
Married and a mom of three at the age of 18, I knew how to work hard for what I wanted but clueless about how to grow my income. I had great "jobs" that taught me stellar customer service, leadership development, networking, and amazing interviewing skills to select the crème de la crème.
It wasn't until the second marriage that I was taught about the importance of a great credit score, 401K, 529B, and the value of being a Small Business Owner while working my 9-5. The transition and mindset change was not easy! I purchased lots of material things, things that had little value outside of the aesthetics. My tax return was a shopping spree versus using it to invest or build a Roth IRA or secondary education for the children.
I wanted to file bankruptcy because I thought I couldn't pay back a $5,000 loan! At that time I had no guidance or leadership when dealing with finances. My husband made an appointment for us to go see a lawyer so I could file bankruptcy. I share this with you because the experience can feel like a catastrophe. We negotiated the balance and a deadline.
So, what changed for me?
I had to acknowledge my truth, what I did and didn't know.
I learned the mindset I had when it came to money/financial literacy.
Think about what you would like to accomplish, ask:
Am I honest with myself about what I want versus what I need?
What type of mindset do I have about being economically and financially literate?
Resources:
Learn more about Yvetta at www.youthfulresources.com Twitter: @ygtresources
That was so true growing up financially illiterate . Back then children depended on their parents. I'm very proud of your financial accomplishments and your ability to teach the younger generations.
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