| $ave, then Play™
We use our trademarked concept called “$ave, then Play.”
We call it our principle for living.
All students and parents who enroll in our academy sign a commitment
form that states each student commits to saving 1/2 of any source
of income (by putting it into a student savings deposit account,
money market account or education fund) first and then the parent
agrees to allow the student to utilize the other 1/2 any way the
child sees fit. The academy helps each student open 3 types of accounts.
We host Jr. Finance Savings Days, when our partner banker comes
to class to collect student savings for deposit. We also teach children
how to monitor their funds and come up with new ways to increase
their income which will help them increase their savings.
Short-Term Monetary Benefits
Each child has his or her own savings deposit account, their own
brokerage account and their own 529 college plan. Each student is
required to meet with their bank manager to build a relationship
early. Each child has to attend classes for three years to earn
their own Personal Financial Management Certificate. Each child
has practiced the $ave, then Play principle and are actively saving
their small incomes.
Long-Term Societal Benefits
I founded Jr. Finance because I've found that my two young sons
had a great deal of buying power but did not have the knowledge
or skill to use that buying power to generate assets. I did not
want to see another child grow up to be a super consumer with astronomical
amounts of debt. I believe a financially responsible child can grow
up to be a financially accountable adult. I am sure the leaders
of many of these failed corporations could have learned a few things
in a Jr. Finance class. Financial institutions that get involved
with youth today and build a brand with the "Generation Next"
will stand to be more profitable when they deal with financially
accountable and savvy customers.
|
Cynthia
Nevels
