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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