Thursday, January 03, 2008
New Year Resolution:Children Are The Key To Prosperity by Akindele Akinyemi
I am a serious visionary when it comes to education. We stress the importance of math and science in our schools. This is wonderful because education is no longer local but global. However, other children around the world also know geography, can speak English better than our children here and understand financial literacy.
You see, children in other parts of the globe are taught finances from a young stage in their lives. Unfortunately, too many kids in the hood are being raised by parents who do not know how to manage their finances or invest their money wisely. We have been taught our entire lives to live as "consumers". Blacks generate over $800 billion annually as consumers.
Most Blacks do not understand is that they are making their money go round for other people. Blacks are providing the owners of large corporations the ability to earn, earn, earn while they are lowering themselves deeper into consumer debt, which is a leading cause of suicide, divorce and depression. We understand that no one has this agenda in mind when they raise their beautiful little children. Of course, parents just want the best for their kids, they want them to grow up and have more than they had, and be given more opportunity than they were given. But when you place a child in school, they don't teach them about money, except for how to balance a checkbook. They don't tell them that when they turn 18, they are going to be offered credit card after credit card, not knowing which one to pick to work for them, or how to spend wisely. They don't tell your kids that when they graduate college, they are going to be saddled with a ton of education debt that is going to force them to join the workforce where they will trade their time for a paycheck.
We have to change the way we think. In fact, we have to start thinking out the box when it comes to our children. We have to teach our children that passive income is the key to financial freedom and how they can develop passive income by investing in Real Estate, the Stock Market and FOREX.
This is why I am passionate about teaching our children and parents the value of family economics in terms of budgeting. That is what the Genesis Project is all about. Family education to gain economic empowerment.
It is important to teach our kids about credit cards and how to pick ones that will pay for vacations and how to spend wisely so that they can pay off the balances every month. It is our responsibility to mentor and educate our children about starting businesses so that by the time they are in college, they can pay for it themselves so that when they graduate they have a choice to work, or travel or start their own companies. In order to do that we must be dedicated to raising fiscally and emotionally responsible adults that can give back to their communities, not take from them because they were never taught how to succeed.
Less than 10% of all high school graduates learn about money in school and even less learn about it at home.
If we want to be competitive in a global market we must begin to prepare our parents and children the true meaning of financial freedom without the quick rich schemes.