Hello from LIFT-LA!
Now that the Summer months are behind us, it is time for another cycle of Financial Literacy courses! We have teamed up again with the USC Joint Educational Project, the Right Way Foundation and Capital Group to make this course even better . If you need a refresher, here is a link to our first blog entry explaining the beginning of our Financial Literacy course!
After completing the first round of Financial Literacy courses earlier this year, we made some small adjustments to deliver the best quality education we can give to the TAY at the Right Way Foundation. For the first cycle of Financial Literacy courses, the USC undergraduates taught the class and the Financial Experts supported the students by answering any difficult technical questions that may arise. This time around we have slightly reversed that model; the Financial Experts teach the class while the USC undergraduates support the Financial Experts. When we rolled out our first round of Beyond the Bank courses we wanted the USC undergraduates to deepen their relationship with their peers, the Right Way Foundation students. To do that, we carved out time in the course for the two groups of young adults to talk about their experiences with personal finances. This is the class breakdown:
The first 30 minutes of class is instruction by the Financial Expert, and for the last 20-30 minutes the class breaks out into small -group discussions lead by our USC undergraduates. Each of our undergraduates will have 3-5 students and as a group they will go over various activities (talk about the lecture, fill out budgeting worksheets, going over different loan situations, etc).
With all the plans in place, it was time to begin the program! Last night was our first class for the second round of Beyond the Bank, and it was a complete success!!
Aaron, one of two of our Financial Instructors for this cycle, opened up the class with a simple question: “If you had a choice between taking $100,000 today or accepting a single penny today and then having the penny double every day for 30 days, which would you select?”
Most of the people in the room (USC undergraduates, LIFT staff, the Right Way students), confidently chose the $100,000. After letting everyone choose their sides, it was revealed that choosing the penny would eventually equal to over $5.3 million dollars at the end of 30 days! With a stunned class, Aaron began his first lesson on saving and budgeting.
The Right Way students were still stunned at the answer and were really intrigued on how they could create a budgeting plan to save their money. Aaron went over the basics of saving and budgeting, and told the Right Way students that once they become wealthy, they will hire other organizations to help budget their money. After the lecture, the USC students broke the class up into small groups and they all discussed helpful tips on trying to save and budget their income.
Overall, it was a wonderful night. The Capital Group engaged the students and spoke about financial issues and tools that were relevant to their lives. The USC undergraduates were able to speak to their peers in a relatable way and began to form connections with the Right Way Students.
It’s just the beginning of Beyond the Bank part 2! We hope to see you next week!!
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| Aaron, one of two of the Financial Instructors, asking the class which would they rather have; $100,000 now or a penny that would double for the next 30 days |
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| The few students who chose the penny. |