Errol and Mercedes Pierre, parents of 18-year-old Alexa, a high school senior, believe a financial education should be a top priority. Last summer, the couple enrolled their daughter in World of Money, a finance camp founded by its CEO, Sabrina Lamb. The couple says they didnâ€™t have access to the same opportunities when they were growing up, so it was important to them to make sure Alexa received a solid financial education.
Although Alexa says she initially wasnâ€™t thrilled about attending classes during the summer, sheâ€™s now grateful for the experience. â€śWorld of Money has this motto: Learn, Earn, Save, Invest, and Donate. I learned to apply this by saving at least 10% of my income. I also learned not to let money sit in the bank, but to invest it.â€ť This summer, Alexa is putting the last part of World of Moneyâ€™s motto to use by donating her time and becoming a peer teacher.
Alexaâ€™s parents are also grateful for the education she received, especially since finding a quality finance camp is no easy task. After the Randolph, New Jersey, couple searched the Internet and came up empty-handed, they learned about World of Money via word-of-mouth. Errol and Mercedes note that the program goes beyond lessons on how to save and invest. Recently, participants took trips to the White House and the New York Stock Exchange.
An early grasp of financial concepts can support a lifetime of smart financial choices. But each child has a unique learning style, and programs vary in what they offer and how the material is taught. Here are a few things you should know before choosing a program to boost your childâ€™s financial IQ.