The Financial Life Skills Blog for Families by Nancy Phillips

Financial Literacy Rocks for Students

Posted by Nancy Phillips on Tue, Feb 24, 2015

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Wow, I’m inspired and feeling electrified. I just saw the rock and roll band GOODING perform this morning. They’re currently touring high schools in North America to spread the word on financial literacy through rock and roll, and sharing their own life lessons. This band is full on, incredible professional artists - and pure heart when it comes to sharing their passion for helping our youth get off to a great financial start.

“Financial literacy has to do with freedom”

After a fabulous set of songs, lead singer Gooding shared shocking facts and thought provoking examples on the importance of starting financial education young, and why teens must take control of their financial lives. “This is about managing your life,” the lead singer told almost 300 students. Gooding then asked the students if they dreamed of having a car one day or a home, of going to college or getting married. “This all has to do with managing your money, you have to control your money or money will control you,” he emphasized.

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The topics in the presentation included:

  • Trusting your heart and following your passion
  • The importance of self-reliance
  • The impact of education and finding mentors in your community
  • Financial Literacy— saving, compound interest, pitfalls, warnings against predatory lending and pay day loans
  • Slow and steady wins the race— not believing the hype of overnight success  - current examples of athletes, actors, actresses and music stars who have made millions and lost it all
  • Expenses rising to meet income (the façade of inheritance, lottery, record deals, pro-sports deals etc. solving one’s long term problems)
  • Lessons learned from a life in the music business and how these experiences extend to any field.

As our society witnesses increased consumerism and personal debt, along with a rise in divorces due to money issues, this information couldn’t be more urgent for our children. How can our youth invest for the future if they spend more than they earn? We see professional athletes and movie stars go bankrupt after earning tens of millions of dollars. Why? Because young people aren’t learning how to manage their money and their emotions in a way that will create good habits and self-control. Spending is based more on emotion than logic, and we have to step up and help our youth learn the skills and actions necessary for good decision-making and long-term financial success. The information that needs to be shared isn't complex, our society just needs to commit to allowing financial education to be taught. The situation is only exacerbated by technology and the use of plastic. Cash makes you think about what you’re spending, it literally fires the pain center in your brain, plastic doesn’t. GOODING understands the urgency.

Congratulations to Raymond James for sponsoring this tour, and to the Gooding band, and their Funding the Future Foundation. Thank you for the time and personal commitment you’re giving to help our youth lead successful and inspired futures. You are changing lives. 

 

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