This November, BGCBig youth at Eastglen High School got a deep dive into financial literacy through the RBC’s Raise the Grade financial literacy program, “Dollar$ & Sense”.
The session started off with an RBC representative asking the youth if they like money — followed by a resounding, YES! Then the representative asked if the youth want more money and whether they would want to win the lottery. This was followed by the saddening reality that they most likely won’t win the lottery, but they proposed the following question anyways:
What would you do if you won 10 Million Dollars?
One youth said, not one, but a couple houses. Others said buy something big like a nice car, and one even mentioned that they would move back to Africa.
The RBC representative told a story about someone who actually won the lottery at $10.5 Million, and within three years spent half the money and the rest within six to nine years. This lady went from a regular person, to instantly rich, back to a regular person.
Then a second story was told, one of a regular guy who was able to pay off his mortgage of 250k in three years, simply by working many jobs and sacrificing a lot. Now this isn’t a typical story, but goes to show that financial planning is important.
The real lesson being, no matter how much money you have, you need to know how to manage it.
Being Money Wise
For 45 mins students had their financial knowledge tested in a series of games and questions. One such game was about how much would you save every week making $112, and saving 10%. Another asked the difference between what a debit card is and credit card.
Each of the kids answered their questions on a series of iPads and had a fantastic time fine sing their financial literacy while having fun at the same time.
Thank you to RBC and raise the grade for this fantastic opportunity for our children and youth in our OST programs and Eastglen High School.”