Teaching Black Youth about Money

Discussion in 'Black Parenting' started by lhenry, Jul 19, 2006.

  1. lhenry

    lhenry Member MEMBER

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    I recently read this very interesting post on Africanamerica.org that stated:

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    AFRICAN AMERICAN STUDENTS STRUGGLE WITH MONEY MATTERS: Study reveals black students lag behind white counterparts in financial literacy.

    Statistics showed that:
    • African American students from the lowest income families had a financial literacy score of 40.7 percent and African American students from the highest income families had a score of 50.5 percent.
    • African American students scored 37.7 percent on Money Management, 36.6 percent on Savings but 50 percent on Spending.

    As part of his Silver Rights Campaign for financial literacy and education, Bryant provides the following five tips for students, high school or college, to better manage their money:

    2. Get a Job. Explore summer jobs and internships in the field of your interest. Gain experience in the "real world."
    3. Budget. Get your priorities straight. Don't focus on your wants, focus on your needs.
    4. Save. Practice the 10 percent rule. If you make $1,000, pretend that it is $900 and save $100 in a savings or investment account. You can become a millionaire from 17 to age 65 simply by investing $100 per month in a moderately indexed investment account.
    5. Save to Buy a Home. Save to buy a house in a low-wealth neighborhood before you rent an apartment you don't own in an upscale one. A home provides security and gains value over time.

    Complete post:
    http://africanamerica.org/eve/forum...47970854&m=3731004704&r=7411073114#7411073114
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    After reading this post I felt that I should share my own opinions on this topic:

    It is true that Black Youth, I would go so far as to say Black people in general, need to know more about money and financial planning. I feel that -though limited- there are organizations, books, and people out there who are committed to helping our youth wise up about money.

    For Example:

    Russell Simmon’s Hip-Hop Summit Action Network
    This organization holds forms for Black Youth, lead by well known voices in the hip-hop/ urban community to teach kids about money and finance as well as personal/community empowerment.
    Site Url: http://www.hsan.org

    The Hip Hop Sumit is one of several organizations listed on 'Hip Hop Helpers', which is a website that strives to be a vehicle for social change by creating a space in which we can discuss how the hip-hop generation brings positive growth and development back to the communities in which they were born.
    site Url: http://www.msoyonline.com/abtabt/hhh.htm

    For more information check out this useful list of Books for Black Youth, some of which focus on specifically on teaching money and finance skills to African American youth / teens.
    Site Url:
    www.msoyonline.com/abtabt/booksforblackkids.htm

    Also, check out: www.blackmoneymatters.com
     
  2. Sefirot

    Sefirot Well-Known Member MEMBER

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  3. jcsump

    jcsump Member MEMBER

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    My parents taught me and now I'll pass it on to my 3 boys..This is nothing new,it's all part of the"Rites of Passage" that we go through as men..We'll rap about that in another post..
     
  4. hope

    hope Well-Known Member MEMBER

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    great thread. I think the most important thing involving money matters that black folk overlook is the importance to teach their children when they come of age is to open up a savings account and be dissaplined in the way they handle the money they save. If perants teach their children that when they get 17 years of age to work a job and save atleast 300-400 dollars a month when that child reaches his/her early 20's they will have built enough money to back them when they are trying to build a career or a buisness for themselves or buy a home. I think this is something black perants need to teach their children and this will improve black youths economic base and ability and of course if this is taught to the children when they become perants they will do the same and therefore generations of black people will have a better fanancial standing then the present
     
  5. Sefirot

    Sefirot Well-Known Member MEMBER

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    Oh, the truth. Yet when I position my lips to speak the same words to my employees at the Y this summer, they don't have to say a word. Their face shows that the money is already spent before they get the check. And it has been well spent for quite some time.
    Even 10% of every check would be great. But I guess nowadays we "make a living" for the sole pourpose of spending it. In addition, they have difficulty realizing anything outside the "now." Very little delayed gratification.
     
  6. nubian noir

    nubian noir Well-Known Member MEMBER

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    Yes this is something that we as parents need to start early with. Teaching children the value of saving and making money work for them and the banking system. Also teaching them about want and need when it comes to spending money. They money concept should be taught early and often.
     
  7. MenNefer

    MenNefer Well-Known Member MEMBER

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    True Indeed

    I place up to $5 in the back of strategically picked books and challenge my sons, 5 and 6, to read and tell me what the story was about before they claim the money. I tell them that money counts how much energy they use and save and to be aware of what they focus their energy on.
     
  8. dustyelbow

    dustyelbow Well-Known Member MEMBER

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    BUYING POWER?

    Think a PARENT need to SEE THIS and UNDERSTAND where we STAND and where OTHERS STAND and INSTEAD of SAVING which we as a WHOLE ARE NOT DOING ANYWAY I would put that SPENDING CASH or CREDIT into PERSONAL EDUCATION for YOU and US (family community etc) that can yield SAVINGS LATER.

    Whether you have to TRAVEL to LEARN...

    Whether you have to BUY GEAR to LEARN..

    Whether you have to KEEP a FAMILY TOGETHER too...

    In the LONG RUN it ADDS SAVINGS because with the PRESENT COURSE we will be FINISHED in NO TIME.

    Just some NATION WIDE ALERT to THINGS TO COME.
     
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