Tag Archives: financial literacy

HBCU Money™ Dozen 4/27 – 5/1


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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

Can a startup democratize big data apps? l CIOonline http://trib.al/61vRnQ4

Massive China market offers even more upside for Apple l NetworkWorld http://bit.ly/1DNmdCW

What third-party app crashed American Airlines pilots’ iPads, causing delays? l Computerworld http://ow.ly/Mme2m

Containers vs. virtual machines: How to tell which is the right choice for your enterprise l Networkworld http://bit.ly/1JEpDPb

Block Island Wind Farm Set to Start Spinning Next Year l RI Sea Grant http://ow.ly/MmeSx

Broadband is like a river (but not the way you think) l Computerworld http://ow.ly/MmgoS

Federal Reserve, Central Banks, & Financial Departments

Lessons from #Ebola for the world’s #health systems l World Economic Forum http://wef.ch/1G9DzzB

Fannie, Freddie could cost taxpayers $157.3 billion in a crisis l Housing Wire http://hwi.re/9cgjWF

4 #museums that will boost your financial literacy l Council 4 Econ Ed http://buff.ly/1DIiaaV

A theory of what determines market liquidity and how liquidity evolves over time l NBER http://bit.ly/1AlsRyR

Personal saving rate dips to 5.3 percent from previous month’s 5.7 l St. Louis Fed http://bit.ly/1QPLyow

77 out of 155 countries measured do not have adequate poverty data: l World Bank http://ow.ly/Mmis4

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

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Moms, Daughters, and Money: A Mother’s Story Of Teaching Her Daughter Personal Finance


“Money is the opposite of the weather. Nobody talks about it, but everybody does something about it.” – Rebecca Johnson

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Children never cease to amaze me in the way they analyze their world and my daughter is no different. So one day when she says to me, “Momma, how did Tee Tee get rich?” I was driving at the time and almost swerved into the other lane from laughing so hard at my daughter’s question. “Uhh, honey your Tee Tee is NOT rich, who told you she was?”

According to my colorful child with her rose tinted glasses, she understood that my sister was “rich” because she would buy her anything and everything she wanted no questions asked. My daughter continued to explain to me that she was the only person she knew who had two birthday parties a year (my sister also throws her a birthday party), and always gives her “pocket money”.

What my then six-year-old child did not understand, along with most adults was that she needed to save money in order to buy things she wanted and participate in the activities she deemed of value. From as far as I can remember, any money my daughter received went into a traditional piggy bank. I would catch her at times pulling out the money and counting just the bills. The highlight of her piggy bank “audits” would be when she came across a $10 or $20 bill. Trips to the bank to handle our monthly deposits were nothing more than a comedy show. My daughter wanted to talk with the manager to make sure no one would confuse her money from other people’s money.  She “knew” what her money looked like she would often tell the bank associates. They would offer her the Dum Dum lollipops in the candy bowl.  She would take them of course, but then asked if they would put an extra dollar in her account. They thought she was adorable and cute, but she was dead serious.

Trying to explain money and the importance of managing it properly would be a daunting task when it came to my daughter.  She takes everything literally, so I had to be mindful of what I said to her.  So I started my journey about teaching her about money with what I thought was the most important thing to do: Pay yourself first.

I first explained to her that she should save a minimum of 10 percent of any money she receives. We broke everything down in pennies to make it easier for her to grasp the concept or so I thought. I told her there are one hundred pennies in every dollar and that required her to save at least ten cents for every dollar.  Since her allowance is $5 a week, she is required to save $0.50 a week. According to her however, it would take much too long to buy anything with only saving $0.50 a week. Thankfully, she decided she should save more instead of pressing me for a higher allowance – for now. That is when the discussion of wants, needs and wishes came up.  Maslow’s hierarchy of needs: Physiological, Safety, Love/Belonging, Esteem, and Self –Actualization. My daughter’s hierarchy of needs:  Entertainment, Entertainment, Love/Junk Food, and then back to Entertainment.  

It was important to me as a mother to nurture my child to be well rounded.  I started off when she was very young about the importance of charity and her responsibility in her community by allowing her to join me in my various community activities: soup kitchens, neighborhood clean ups, etc.  She would be my “guest” speaker when I met with my high school mentees. I wanted to infuse in her social responsibility without being esoteric; also modeling how and where her money should be spent.  So how do you get a child of a 70’s baby to understand money: Play a round of Monopoly!

When I sat her down to play, I allowed her to be the banker.  I wanted her to understand that it’s a huge responsibility having to “pay” the players the correct amount of money and to stand “guard” of players who needed to borrow money from the bank. (I do not know about your household, but we gave small loans out to keep the game going at times).  Although she was excited about her responsibility as the banker, all she really wanted to do was roll the dice. It frustrated her to no end to have to stop and pay players $200 every time they passed GO, if they wanted to purchase a property, or any other transaction where the game had to pause to handle money transactions. She quickly said, “I don’t want to have to deal with money, I just want to save it and spend it only when I have to.”  Oh, out of the mouth of babies.

Fast-forwarding three years to the age of 9, my child has become a hoarder of money.  Unfortunately, I may have played an unintentional role in that.  My intentions were to teach my daughter the importance of saving money for the future. My daughter’s interpretation became I will save all of MY money while you spend yours.  She is so obsessed with how she can make money she has thought of schemes to outwit the tooth fairy and actually wants to resell her braces back to her orthodontist when her treatments are complete.

We continuously talk about money.  She is sensitive that our lifestyle has changed over the course of the last year. The largest impact of that change is not being able to visit her “Tee Tee” several times throughout the year.  The cost of an airline ticket for a minor to Michigan is not in my budget anymore, however, she could use some of her savings to visit.  When I asked her if seeing her aunt was a want, need, or wish, she looked me dead in the eye and said “I wish to see my Tee Tee, but I NEED my money”.  Oh, out of the mouth of babies.

Nairobi Stock Exchange Launches Investment Challenge For Youth


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One of Africa’s premier stock exchanges is looking to get its youth involved in savings and investing early. It has announced an investment challenge that will start in May and conclude at the end of July. Exercises like this will go a long way to building a pipeline for the country’s financial industry in the future, liquidity to its markets, and financially stable households for a strong middle class in the future. Teams can be one to four members. Below are the details and link to register.

Registration period: Is ongoing.

Competition Period: 1st May 2015 – 31st July 2015

The NSE Investment Challenge 2015 is an online simulation of live trading at the Nairobi Stock Exchange. Each participant will get “Kshs 2 million” virtual startup capital to invest using the NSE real time information for a period of 3 months. The winner will be the team with the highest portfolio value. Prizes are cash prizes,internships at the NSE and certificates.

OBJECTIVES:

  • To encourage the culture of thrift or saving amongst the youth.
  • To assist in investing this savings in productive enterprises e.g through the NSE
  • To teach the risks and gains involved while trading at the Nairobi Stock Exchange.
  • To popularize stock trading at the Nairobi Stock Exchange with the Kenyan youth.
  • To enhance financial management and entrepreneurial skills among the Kenyan youth.

To register click here.

HBCU Money™ Dozen 2/9 – 2/13


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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

Why Twitter just bought a social media talent agency l Macworld http://dlvr.it/8WgXrZ

Geoengineering Is No Replacement For Reducing Carbon Emissions l Clean Technica http://dlvr.it/8Wgmfk

Facebook lets users appoint an heir for their accounts l Computerworld http://ow.ly/IX9lI

Water drives economies, welcomes visitors and our relationship with it is now changing l Argonne Lab http://1.usa.gov/1M9x3cT

10 things you didn’t know about the synchrotron light source l Department of Energy http://1.usa.gov/16zDwNy

Monster hurricanes struck U.S. Northeast during prehistoric periods of ocean warming l NSF http://1.usa.gov/1J2BQ0J

Federal Reserve, Central Banks, & Financial Departments

Single-family rental securitizations are the “real deal” l Housing Wire http://hwi.re/8WkLzS

What drives people to evade #tax? Lessons from the #UK poll tax l World Economic Forum http://wef.ch/1B1tB0K

Why online learning will fail l World Economic Forum http://wef.ch/1FyiR8U

What makes a great CEO? l World Economic Forum http://wef.ch/1DkrBjr

Study finds veterans’ labor force participation declined as the VA’s Disability Compensation program grew l NBER http://bit.ly/1z8sEhm

Students who take #finlit courses are likely to have better credit l Council 4 Econ Ed http://buff.ly/1zQgUTh

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

HBCU Money™ Dozen 1/26 – 1/30


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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

Rural Renewable Energy Alliance — Helping Low-Income Families Switch To Solar l Clean Technica http://dlvr.it/8JZxC8

12 Must-See Devices for Fitness and Sports Enthusiasts l CIOonline http://trib.al/AOGAlVn

How three small credit card transactions could reveal your identity l CIOonline http://trib.al/4uR3jUK

How to see Bloody Mary (video) – an apparition that could help people with schizophrenia l New Scientist http://ow.ly/Ic0SV

Ancient Underwater Forest Discovered l Huffington Post http://huff.to/1JIy1Lb

Top 10 scientific mysteries for 21st century l Science News http://ow.ly/Ic13v

Federal Reserve, Central Banks, & Financial Departments

Lessons from 8 landscape-level programs aimed at protecting forests l World Bank http://wrld.bg/Iblfw

How to teach students to think critically l World Economic Forum http://wef.ch/1ALM3Kl

Lessons from 3 companies working with carbon pricing today l World Bank http://wrld.bg/IaSBG

Read more about the President’s proposals to cut taxes for over 44 million families l Treasury Department http://go.usa.gov/SAhR

VIDEO: What’s it like teaching financial literacy on an Indian Reservation? l Practical Money Skills http://pmsfl.us/1zFxGaW

Financial Literacy and U.S. Teens: Global Study Reveals Path for Improvement l Huffington Post http://ow.ly/Ic21P

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.