Financial Guru Suze Orman Teaches High Schoolers How To Be Smart With Money
April is Financial Literacy Month and students at one public high school got a master class in personal finance from a familiar TV personality. NY1's Money Matters reporter Tara Lynn Wagner filed the following report.
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Learning about money can be a little dry but not for students at the High School of Economics and Finance. They recently attended a high energy program where they got to bounce questions off author Suze Orman.
“What advice do you give to us who want to save for college," one student asked.
Her answer is community college for two years, then transfer to your dream school. But that wasn't the point of the program. The point was to stress the importance of being financially educated, and since that education often starts at home, right now Orman says, this generation doesn't have the best teachers.
“The adults that are in financial trouble were all kids that never learned anything about money and because they never learned anything about money they grew up to be adults that know nothing about money that are teaching their children nothing about money, which is why we have credit card debt, which is why we don't have any money in savings, which is why America is in trouble today,” Orman said.
The event was part of McGraw-Hill's campaign called Financial Literacy Now, which aims to educate people of all ages, not just teens, about money.
Sam Stovall of Standard & Poor's says while not everyone needs to be a trader or an economist, everyone, in every walk of life, should at least be financially literate enough to make educated decisions about their own wallet.
"I like to say that financial literacy is a journey and you shouldn't always assume that someone else should do the driving. you actually might want to do the driving or at least review the map before you let someone else do the driving for you,” Stovall said.
For some financial literacy tools to help you start charting your course, visit financiallitnow.org.