Nassau, The Bahamas… Many parents affected by the present economic slump are finding themselves answering questions like “Why can’t we have fast food?”, Why can’t I have that new gadget?” and even “Why are you taking me out of private school?” to a generation that seemingly doesn’t understand the value of a dollar these days.
Now, those questions and more can be answered on Saturday April 18th and 25th in a Providing Money Skills Youth Need For Life workshop at the British American Financial Centre on Independence Drive. The 10am to 2pm and 3pm to 7pm sessions will be hosted by Creative Wealth Bahamas, organizers of Camp Millionaire and The Money Game.
The brainchild behind the workshop is former banker Keshelle Kerr, founder and CEO of Creative Wealth Bahamas. She is also the founder and vice president of a woman’s investment group called FFL Investments Ltd. Trained in Santa Barbara, California, Kerr is the only certified creative wealth coach in her native Bahamas.
“April is financial literacy for youth month and in these times it is essential for us to talk to our kids about the changes in our lifestyle due to the downturn in the economy,” said Kerr. “I have a nine year-old daughter and until I sat down and explained how money works to her, she did not fully appreciate the sacrifices that have been made for her to go to school, get tech toys or even go to her favourite restaurant. Many parents whose children enter our programmes thank us all the time because their kids are suddenly more money wise and aware of how much it costs to raise them and as a result, pressure their parents less.”
A part of the upcoming programme includes teens experiencing the proverbial “rat race” of working to receive a set salary and paying their monthly expenses. They are also given a choice whether to save any extra cash or purchase pleasure items.
“At the end of the day, teens realize what it feels like to pay rent and that a credit card does have to be paid off. They then learn about passive income, assets and liabilities, how and why to save and so much more.” “We have a vast demographic taking part in the course,” says Kerr
Despite being a former banker, Kerr says the workshop is not about encouraging kids to get into banking but about empowering teens to follow their passion and to create financial freedom in their lives.
“The workshop is focused on making sure the next generation doesn’t make the mistakes of their parents by not being properly prepared,” she says. “It’s about making sure they are able to spend wisely, save for their futures, not have to deal with financial difficulties and know how to enter their adulthood as responsible individuals. All and all it’s about making sure they understand dollars and sense.”
For more information on the workshop and to register call 242-341-5860 or visit www.creativewealthbahamas.com
I believe that the one thing that seriously gets young adults into financial difficulties is debt, brought on by the misuse of credit cards for unnecessary consumer products. A cash allowance based on extra chores is a much better tool for teaching them about money.
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