Page 11 - EQ Magazine Issue #3
P. 11

OPEN PASSBOOK SAVINGS ACCOUNT RESOURCE




     Financial Fitness and Planning for


     Youth and Adults




     Interview with Dr. Robert L. Lawson, President, Dynamic Professionals & Author


                                                                Dr. Lawson:   I have had the opportunity to talk with many
                                                                            students in those various age categories and when
                                                                            you can catch them early in life before they develop
                                                                            a lot of bad spending habits, it’s a lot easier to help
                                                                            them start planning for the big picture of life. In
                                                                            many of those conversations, especially the high
                                                                            schoolers and college age students, I always try to
                                                                            impress upon them the significant value of hard
                                                                            work. Work is the heart and soul of success. I also
                                                                            explain to students that, it’s not just the earning of
                                                                            money that helps you to acquire wealth but you
                                                                            must also learn how to invest and spend time with
                                                                            knowledgeable individuals who can help you to do it
         erhaps one of the most powerful things in education and            effectively. I am always encouraging them to read
         unfortunately the least talked about as a necessary and            my books and the books of others in the field.  In
     Pessential tool for enhancing quality of life and developing life      order to understand how something works, you must
     skills is the concept of money. The role it plays and its significant   expend time, energy and effort learning specifically
     value in promoting the wellbeing of others is a critical element of    how to apply the knowledge you have learned.
     success.
                                                                C. Renée:      What have you found to be the most ineffective way
     Goals for teenage and young adult saving particularly with the         to teach savings to these age-referenced categories?
     technology they have at their disposal is more important now than
     it has ever been before with escalating costs of higher education,   Dr. Lawson:  When I ask students questions, I am able to
     the unsustainable acquisition of debt and that proverbial              ascertain those that are Ill-equipped to fare well
     challenge of keeping up with the Joneses. The big question,            economically in our society. Here’s what I have
     however, is this. If parents aren’t setting the example and school     found.
     systems aren’t teaching students how to build their economic
     portfolios, where are they going to learn the money management         Lack of adult examples
     skills they need to survive? When will they even understand the        No savings account
     powerful commodity of what it means to own, buy and sell real          No understanding of what investment opportunities
     estate as a powerful measure and means of earning a living?
                                                                            are
                                                                            No financial goal-achievement strategy
     The equity project is one of the sustaining pillars of such a          It’s so hard for young people to get excited about
     noteworthy cause and begs to be explored in a conscientious            something they don’t have, can’t see and of which
     attempt to address these very issues.  It is incumbent upon us to      they have no knowledge.
     provide these young people with the financial skills they need to
     succeed by teaching them specifically how to set financial goals
     and earn, save, invest and eliminate debt before it becomes   C. Renée:      What would you say the most important thing is to
     problematic. Perhaps the most important key for any young person       learn about saving and utilizing the skillset to
     lies in developing the habit of saving. If you can’t develop the       subsequently becoming a millionaire or multi-
     habit of saving, nothing else matters. You will never have the         millionaire?
     discipline to do anything else.
                                                                Dr. Lawson:  There are several variables that impact this process.
     C. Renée:      When you think of youth in those age categories of      When I actually wrote the book, Dare to be a
                11-14, 14-18 and 18-21, what have you found to be           Millionaire in 2010, I did it for a course I was
                most effective when advising young people on                developing for Ohio University in Chillicothe, Ohio. It
                saving between those ages?                                  was offered for 1 hour of college credit. Over 100



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