Takeaways from Steps for Success with Junior Achievement
May 27, 2024In the latest episode of "Keep What You Earn," Shannon delves into the inspiring world of youth education in financial literacy, courtesy of a brilliant collaboration with Junior Achievement. Shannon's excitement is palpable as she recounts her company's involvement in the non-profit's "Steps for Success" program—an initiative that proved to be both transformative for the participants and deeply fulfilling for her as a business owner and advocate for financial education.
Junior Achievement, renowned for making financial concepts accessible to young learners, provides a scaffolded education in economics from the elementary level through high school. The decision by Shannon’s company to sponsor the "Steps for Success" program allowed a local chapter to offer high-quality financial education to 35-40 students over a period of five to six weeks, completely free of charge. This generous act not only removes financial barriers but also enriches the educational journey of these young minds.
The program’s curriculum is robust, covering essential topics such as saving, investing, understanding credit and debt, and budgeting. What stands out in Shannon's recounting is the palpable enthusiasm and deep engagement of these young scholars. Many of them are already envisioning future careers as entrepreneurs, scientists, or contributing to their family businesses—ambitions that are nurtured through the knowledge they gain about managing finances.
Shannon’s personal reflections add an inspiring touch to the narrative. She connects her own experiences, learning about money management from her father, a CPA, to her goals of simplifying and demystifying financial concepts for others. Shannon’s father used innovative teaching methods like offering to buy her shares in 'Toys R Us' instead of toys, integrating financial education into everyday choices. This personal history not only informs her professional mission but also highlights the profound long-term benefits of early financial education.
The episode brings to light several profound interactions and learning moments from the program. For instance, the children discussed the dynamics of money in relationships, like dealing with roommates who fail to pay their share of rent. These conversations go beyond textbook economics, providing practical life skills that would serve them well into adulthood.
Moreover, the kids engaged in discussions about the practicalities of saving and investing, comparing different types of bank accounts, bonds, and stocks. They even explored the implications of taking on student debt—a critical discussion given today’s high costs of education. These dialogues underscore a key theme that Shannon reiterates: understanding financial concepts significantly empowers individuals to make informed decisions about their lives and future.
As a business mentor and leader, Shannon emphasizes the importance of not merely being a vocal advocate of causes but actively contributing to them. Her call to action encourages other entrepreneurs to leverage their resources and expertise to give back to their communities meaningfully. This approach not only fosters community development but also enriches the entrepreneur’s journey, embedding deeper layers of purpose and fulfillment in their business practices.
Shannon concludes the episode with some practical advice for her listeners, highlighting resources for new and aspiring business owners to set up their ventures on solid foundations. Her comprehensive toolkit includes resources for understanding business legal structures, managing finances, and claiming rightful tax deductions—crucial information that supports the theme of empowerment through knowledge.
The episode not only leaves us inspired by what’s achievable when businesses and non-profits collaborate for a common good but also challenges us to think about our potential impact. Shannon’s story and her support of Junior Achievement’s program exemplify how targeted aid and education can deeply influence young lives, potentially shaping the financial habits and literacy of future generations. In empowering these young individuals, we pave the way for a world where financial literacy is not a privilege but a common asset.
What you'll hear in this episode:
05:00 Teaching young teens about trust and money.
08:33 Encourage involvement, make a true impact.
10:44 Resources to help start and manage business.
If you like this episode, check out:
What's the Best Way to Pour Money Into Your Business?
Introducing Money to Kids: Where Do You Start?
3 Things You Need to Know Before Buying a Business
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
