Associated Black Charities to host Teen Financial Literacy Summit – AFRO American Newspapers

By Megan Sayles, AFRO Enterprise Author, msayles@afro.com

Related Black Charities (ABC), a Baltimore-based racial fairness group, will maintain its first Teen Monetary Literacy Summit on April 13 on the DoubleTree Baltimore North Lodge in Pikesville, Md. The free occasion builds on the success of ABC’s six-week Teen Monetary Literacy summer season collection that happened final summer season. 

Baltimore space youth aged 12 to 16 are welcomed to attend the summit, alongside a guardian aged 18 and over, to study essential topics, together with entrepreneurship, budgeting, property, liabilities, debt administration, investing and philanthropy. 

“As Black folks, we’ve been disenfranchised from info on methods to construct wealth, methods to have a number of streams of earnings and methods to turn out to be buyers,” stated Chrissy Thornton, president and CEO of ABC. “As we’re coaching the following era, we have to ensure that the present era not solely has the data, however that they’re positioned to be supportive of their youngsters.” 

Baltimore Metropolis Council President Nick Mosby will open the summit with a keynote deal with. Attendees will then take part in breakout classes on finance necessities. Throughout one session, guardians and youth will separate. Adults will participate in a dialogue about breaking generational mindsets round cash whereas youth will study job searching for and interviewing expertise.

This system employs curriculum from Morgan State College alumnus Kerwyn Phillip’s e book, “Malik’s First Job.” The story follows Malik who has his first job interview at a neighborhood sneaker retailer. Throughout his employment journey, he seeks his father’s steerage to discover ways to handle cash and turn out to be financially accountable. 

Phillip stated he was impressed to jot down the e book as a result of he needed to stop younger folks from dealing with the identical monetary challenges he did. 

“Popping out of school I didn’t know methods to correctly handle cash. A whole lot of the issues that I’m instructing now, I didn’t do myself,” stated Phillip. “It induced me to get into debt and to battle financially. I simply needed to share what I’ve skilled in order that the following era doesn’t undergo the identical factor I did.” 

With out complete monetary schooling, Phillip stated persons are unable to create generational wealth and move it on to their youngsters. He cited a examine performed by The Williams Group that exposed 70 % of rich households lose their wealth by the second era. 

“We’re hoping that with this program, we assist spark dialog inside households,” stated Phillip. “These youngsters are nonetheless of their teen years. We hope as soon as they become old they’ll have already got a primary understanding and appreciation of finance.” 

Megan Sayles is a Report for America corps member.