Financial Literacy

In our society, money is important. How you make it, save it, spend it, invest it, etc. I really didn't start to learn about finances until I moved in with my dad and grandmother when I was 13 years old. The first thing my grandmother did was give me my grandfather's old wallet, which I still have now. It might be 50 years old. When she gave it to me, the first thing she showed me was putting money in order, putting the small bills first. Then she gave me an old checkbook and showed me how to fill it out and do examples as if I were paying bills, buying groceries, and other things. When my dad opened my savings account, she showed me how to keep track of the money I put in and take out in my bank booklet.

When I started working at 14, my dad made me put most of my money in my savings account, and it started adding up. Before I lived with him, he would always give me $5 when he dropped me off back home. Most of the time I went to our neighborhood grocery store, and I used most of the $5 to buy junk food each time. Unfortunately, my mom wasn't good with finances, so when I lived with her, I didn't have money adding up in a savings account, and she didn't teach me valuable lessons about saving money. By the time I moved with my dad, I probably could've had at least $250 saved up. From 14 to 18 years old, living with them, I ended up having thousands of dollars in my savings account.

For most of my life, I've always been curious about learning new things on my own. So, around 16 years old. I became interested in entrepreneurship and looking for ways to make money. I probably had the most money out of all of my friends. I was a hard worker and had a different mindset from the rest of them. I worked three jobs together in high school. I worked for the Toledo Mud Hens as an usher, so in addition to my hourly wage, I made a lot of money in tips. My paycheck went into my savings account, and I kept my tips. I never told my dad how much I made in tips. I had to keep some money for myself. I worked delivering flyers for a construction company, where I made cash. Most of it had to go into my savings account.

I worked at Kids' Foot Locker at the mall as a stocker. Most of my money had to go into my savings account, but I had a side hustle where I used my discount to buy shoes for my friends. I would make $10 each from them, so I made an extra $100 most of the time. After school, my best friend and I would deliver flyers for a pizza place in our neighborhood. The owner paid us in cash and gave us free food. I never told my dad about that job. Again, I wanted more money for myself. My dad was authoritarian and held me back a lot from accomplishing more. I value independence; if I'm doing positive things, there is no need for him to hold me back as much as he did. I've talked about that in one of my other books.

Unfortunately, as a teenager, there were many times I was forced to stay in the house. I couldn't go out with my friends or even spend time with other family members as much as I should have been able to. I was trapped in the house a lot. I could've just sat around doing nothing or wasting time on stupid things like a lot of teenagers do. But I would spend a lot of time reading and researching anything that was interesting to me. I studied entrepreneurs and business opportunities most of the time. I bought newspapers like USA Today and the Wall Street Journal, looking at business sections, stock market reports, and anything to do with finance. I bought Small Business Opportunities (SBO) magazine. I would research websites to learn about different businesses. During the winter, I didn't work my jobs, but I still wanted to make money.

So, I was looking for ways to make money since my dad didn't let me work. I came across a website a dad created; he made a downloadable course to start businesses for kids that he uses with his son. His son had a candy business and bought it bulk like stores do and sold it individually. I read step-by-step what they did. I'm like, 'That's simple. I can do that.' I used some of the cash I stashed away from my side hustles as seed money. I also bought a PO Box at the post office by our house. The benefits of having siblings who are way older than me are that they can get things for me when I can't. So, my sister got the box for me. I also got it because my grandmother would open my mail and sometimes wouldn't give it to me. Even important things like scholarship opportunities. This is what I mean when I say they do things that go overboard and hold me back. So, I had to find ways to thrive without their interference.

I bought candy, chips, and snacks in bulk. I thought about getting a storage unit that's in our neighborhood right by the school, but I decided I'd use an extra locker at the school for as long as I could to store my inventory. I sold things at a cheaper price than the vending machines. I did well with that business. It gave me experience running a business and increased my interest in being an entrepreneur as an adult. I strongly considered wanting to own a record label. I studied people like Berry Gordy, Russell Simmons, Master P, P. Diddy, Brian and Ronald Williams, Dame Dash, and Suge Knight. Seeing how they started their labels and learning about their journey. Eventually, I became interested in broadcasting, and my dream was to own a radio station one day. There was a man named Charlie Chuck who owned the local hip-hop and R&B radio station in our city. He also invested in fast-food franchises. He was making at least a million dollars a year. I would be happy if I had similar success.

With my kids, I wanted to plant the seeds of early learning about finances so they can be ahead of the game, and by the time they're adults, financially, they'll be in a good position. But also learn valuable financial lessons. I remember seeing a news report where I saw a teacher talking about how students shouldn't learn financial literacy in high school. Every reason he gave was ridiculous, and he had a defeated attitude, like teaching kids wasn't even worth it because they don't care about adult things. I disagree with that opinion; that's an important time to learn. The poll was 51% agreeing with the teacher. Most people don't seem to realize that as soon as someone turns 18, a lot of times they're already ruining their financial future with student loans, and they'll spend the rest of their lives trying to pay them back. I learned by junior year of high school that developing a plan to avoid that was the smartest thing to do. So, looking for ways to have school paid for me was the best option.

During my internship at the radio station, I talked with various people about tips about a career in radio. Each person said that experience is what is valued most in this industry. I kept that in mind, and that's when I decided that for what I wanted to do, going to broadcasting school was the better option. Spending a year or two full-time where I'm focusing on everything that deals with industry is a better use of time than going to college for 4 years to get a communication degree and probably having to take out loans to help pay for school, since my dad said he wasn't going to help me (of course). So, when I had opportunities to have broadcasting school paid for, I took it. It was one of the best decisions of my life, especially looking back 20 years later. Now it seems like everyone wants to be in the industry. I would've been mad had I spent years and taken out loans for a communications degree, just to end up in the same place as everyone else who didn't go to school for it. There are millions of podcasts, YouTube channels, and people hired by networks that have no experience.

I know many people who took out student loans, didn't finish school, had no idea what they wanted to do for a career, and just went to college because that's what society expects you to do. Having well-thought-out plans is important. Being prepared for your future is important. You should do everything possible to avoid pitfalls. Learn lessons early, when it won't cost you, instead of having to figure it out in the moment. So, to me, yes, young people should learn about financial literacy in many ways.

Just like I learned about finances and entrepreneurship as a teenager by actually running my own business and having side hustles, I wanted them to do the same. I'm at least around to be able to guide them with assistance if they need it. But for the most part, I want them to go through it on their own and gain experience. A friend of mine has many vending machine route locations. Our gift to them was to buy them some of his existing locations. We followed him around for a month, learning how he runs the business. They had to learn how to do each job themselves. Learn about taxes, insurance, a vendor's license, etc. Even though it was in their mom's name, this was basically their business to run. So, part of the lesson was to learn every aspect. They each had their own responsibilities at different locations. Buying and restocking products, setting prices, collecting money, performing maintenance checks, cleaning machines, and keeping track of finances. This gave them the real experience to consistently learn about cash flow, profits, and losses. Working together as a team, figuring out ideas on how to increase sales and possibly even expand if they're ready for it. They worked less hours than teenagers that work at stores and restaurants.

They even ended up learning unexpected lessons, like all of us during the pandemic. Certain locations made more money during the pandemic; one of the locations didn't make any money in 2020. For a few years, they gained valuable experience running a business, making consistent money, and earning a profit when they decided they wanted to sell the routes. A mother named Charlise Freeman gifted her 16-year-old son three rental properties that were already generating revenue. The purpose of me giving them to him so young is so I can teach him and hopefully by the time he is fully ready, I can let him go, but this is something that we can do together, Freeman said. I was happy to see that story. Some people will say kids are too young to handle these things. I think it depends on who it is. There are