Have you had the talk with your daughter? The one about MONEY?
Too often when we ask girls about their financial futures they respond,“I don’t need to think about it now, I'm too young I'll get married and my spouse will handle it all”. The list of reasons why it isn't relevant to them goes on and on.
What they don’t know is that 85% of today’s young women will be on their own financially during some part of their lives. Will they have the tools necessary for leading a financially sustainable life? That's a question the James Center is addressing in both formal and informal ways through exciting new initiatives.
As Joline Godfrey, founder and CEO of Independent Means says, “Financial Literacy is economic self-defense. And our collective responsibility as caring adults is to arm the next generation with the skills and knowledge they need to handle themselves in a world in which financial safety nets are being replaced by the imperative of financial self-sufficiency".
Integrating financial education and values into the fabric of the DNA of Garrison Forest is a marathon not a sprint. It will take time and the dedication of many. To that end, the James Center is developing numerous ways to engage girls, across divisions, in conversations and activities that focus on financial literacy, entrepreneurship, and philanthropy. Our goal is to help them discover:
- How to, save, budget, spend wisely
- Track the use of money
- Handle credit and invest with knowledge
- Negotiate one’s worth
- Be an entrepreneur
- Become a philanthropist.
We encourage you to join us in this endeavor. Talk with your daughter about money in your everyday conversations. Below are just a few thoughts on where to begin.
- Talk about the difference between wants and needs.
- Have her keep track of her spending for a week and suggest she examine how else she might have used that same money.
- Urge her to allocate her money into spending, investing, and giving categories whether she has $1 or $100.
- Encourage her entrepreneurial spirit when she wants to sell cookies, babysit, make scarves, offer a service to others, etc.
- Help her decide what her time is worth when she babysits, house sits, dog walks, helps out a neighbor. "Pay me whatever you want," should not be her answer.
- Suggest she do some research before she donates to a worthy cause, start a savings account, buy a computer. Aid her as she becomes a savvy consumer and donor.