Sometimes, as my editor says, you get a letter from a reader that makes your day, your week, your month. We at Kiplinger's received such a letter from John Mercer, a sixth-grade teacher in Fulton, N.Y., who wanted us to know that our March cover story on how to become a millionaire had made a big impact on his students, many of whom come from low-income households.
"Sadly, most of my students believe that the only way they will ever have wealth is to win the lottery," wrote Mercer. So he used several people profiled in the story -- chef Lorena Garcia; Lonnie Johnson, inventor of the Super Soaker water gun; Danny and Matt Kass, snowboarders-turned-entrepreneurs -- to show his students that "qualities like perseverance, determination and hard work" lead to success.
Mercer also managed to weave in lessons about vocabulary and reading comprehension. But the real payoff was that his students "felt inspired and motivated and have the hope that anything is possible."
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Mercer's experience is particularly timely because April is financial literacy month, and financial literacy is critical for low-income students. They need to learn money-management skills, but they also need to know they have a stake in the bigger economy.
I'd like to single out two other grass-roots programs that target inner-city youth. Washington Jesuit Academy, a middle school for disadvantaged boys in Washington, D.C., is one of eight schools participating in the Stocks in the Future program developed by Johns Hopkins University.
When I visited Bob Wassman's sixth-grade class, students were learning what determines stock prices. But they also earn points for class attendance and grade improvement that they can convert into real cash -- up to $80 per year -- to buy real stocks. "Learning to put a little aside will make a big difference to them when they get a job," says Wassman.
Also worthy of note is the Educated Consumer Project, which holds after-school sessions twice a week for students at McKinley Technology High School in Washington, D.C.
Brainchild of Jonathan Kivell, a master's-degree student at Georgetown University, the program aims to introduce low-income teens to banking and credit so that, as adults, they can steer clear of payday loans.
Classes are taught by students from Georgetown and Howard universities, who ended up learning a thing or two themselves.
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical TensionThe main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's ChromeAlphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
What Does Medicare Not Cover? Seven Things You Should KnowHealthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
-
The 50-30-20 Budget Rule: A Simple Way to Save MoneySaving Using the 50-30-20 budget rule is an easy way to save. It helps you prioritize saving while paying off debt.
-
How Our Family Fights InflationBudgeting Millennials typically spend more than other generations on certain expenses that have been increasing most rapidly. Here are some tips to cut your losses.
-
Gas Prices Around the WorldBudgeting Many world gas prices can make what Americans pay at the pump seem like a bargain. But not all.
-
What You Can Do About Medical DebtBudgeting Millions of Americans are awash in debt from medical care. If you’re one of them, we have your options, whether the bills are new or a collector is calling.
-
How to Motivate Kids to Savepersonal finance It's not easy teaching your child to save. Here are some ways readers have incentivized their kids to keep track of their finances.
-
What to Do When You Can’t Pay Holiday DebtBudgeting More Americans borrowed money to pay for holiday purchases and now the bill is due. Balance transfer cards offer a reprieve.
-
Is Budgeting Overrated?Budgeting Take it from a financial planner, not everyone needs a budget. In fact, sometimes a budget can distract you from the real solutions to your financial problems.
