The Next Generation of Heroes
Every day can be a moment of celebration, but this February we want to honor and encourage all of our Black brothers and sisters to celebrate Black History Month in a way that can help future generations thrive.
What is it you may ask? Well, it is teaching financial literacy! Financial literacy is an essential life skill that can lay the foundation for a lifetime of financial stability and wealth-building.
Yet, research has shown that Black and Brown communities often have lower levels of financial literacy compared to other groups and this lack of education can lead to a cycle of financial instability.
¡BASTA! It’s time to change those odds TODAY and empower the next generation of children with the tools and knowledge they need to achieve financial wellness.
Here are 5 ways you can help teach financial literacy to your kids, your primit@s, or any chamac@ in your life.
Start early: Teach kids about money as soon as you can. Simple concepts like saving, spending, and earning can be introduced from an early age. Because let’s be real, simply telling kids, “money doesn’t grow on trees” is not enough to help them understand how one can acquire money and even make more of it!
So while timetables are important, let’s not doubt the ability of kids to understand complex topics such as money management.
Make it practical: The best way to teach kids about money is by giving them real life examples and opportunities to practice good financial habits, such as setting aside money for a specific goal or tracking their spending.
Do they want those new chancletas that just came out? Great! Teach them how to save up and eventually use their allowance to purchase it. Not only will they feel proud of themselves, but also appreciate that item a lot more. Encourage independence. No “mamitis” in this household! As children grow older, encourage them to take ownership of their finances by setting up savings accounts, creating budgets, and learning about different types of investments. That means helping them open a Roth IRA, a high-yield savings account and an individual brokerage account.
If you find yourself not knowing how to guide them, then make it a team effort and learn together. Use educational resources: Speaking about learning together… there are many resources available to help teach financial literacy, including books, apps, and educational programs. In fact, SUMA has countless resources such as our SUMA Academy to help you and your children learn about dinero management. Oh and don’t worry, our resources are FREE and fun to learn.
So grab your favorite chips or snacks and invite the whole family to watch and learn about dinero.
Lead by example: The most powerful way to teach financial literacy is to lead by example. And no, we’re not talking about giving them chanclasos just because your mama did to you. We know it’s tough, but if parents and other adults in their life model good financial habits, we are confident those habits will be instilled in their life as well.
So if money is not your forte, this is your sign to change your mindset and begin repairing your current relationship with money.
When it comes to financial literacy, “do as I say, not as I do” won’t cut it! Teaching others how to handle their money doesn’t need to be complicated or intimidating, it can be fun. In fact, if there’s a youngster in your life, SUMA offers a FREE Dinero Academy where they can learn how to budget, invest and so much more!
Clearly, by teaching financial literacy to younger generations, we can help break the cycle of financial instability and empower them to dream big and achieve even bigger. Become part of the generation that will build a secure financial future for themselves and their families. CLAIM IT!
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