Tag Archives: education

Is Your Child College Bound?

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The end of the school year is quickly closing in on us.  While most students are preparing to relax and enjoy the summer, if you have a rising senior, the remainder of the school year and the summer break are critical times.  If and where your child will go to college is a big decision; one that requires more than one year of preparation.  Nevertheless, if you’re just getting started or perhaps you’ve been planning all along, the following steps may be helpful to you:

1.       Meet with your child’s guidance counselor to review course curriculum and ensure that your child is enrolled in college preparatory courses.  If your child’s grades are mediocre or your child has been enrolled in the vocational diploma program, you may want to consider enrolling your child in enrichment courses at the local community college

2.       Review your child’s top five college choices, assess admission requirements, and tuition costs.  Developing a matrix will ensure that you are consistent in your assessment of each school.  You should also plan a trip to tour each campus

3.       Review the results of your child’s college admissions tests (i.e., SAT, ACT, etc.) and confirm that the scores meet the minimum requirements for your child’s top five college choices.  If your child’s test scores are low, consider a SAT or ACT prep course

4.       Create a budget.  The budget should breakdown how much you plan to contribute, what portion will be covered by scholarships and other financial aid sources, and the amount your child will be responsible for paying.  I know that every parent wants to do as much as they can to help their child, but please remember that this is your child’s education.  That being said, they should have some ‘skin in the game’ too.

5.       Evaluate your child’s volunteer and extracurricular activities.  If their volunteer hours are low or non-existent, volunteering should be at the top of your child’s priority list for this summer.  Although it may not be listed as an admissions requirement, colleges may review this information when awarding scholarships and grants

6.       Review your child’s social media sites.  According to an article on offtocollege.com, a survey conducted in 2011 revealed that approximately 80% of college admission officers will check the social media profiles of potential students.  As a result, students should clean-up their profiles and photos before submitting their college applications.  The article mentions that students should leverage their social network platform to highlight volunteer activities and other key interests

College is a time of preparation and transition.  While most 18 year olds believe they no longer need their parents’ assistance in making decisions, we all know this is far from true.  The intent of this Post is to provide guidance on how to assist your child in the college selection process.  It is important that as parents, we don’t step in and take over the process.  If you have to hold your child’s hand and make all of the decisions on their behalf, you should be concerned.  In essence, your child should want their education more than you do.  Overall, this should be an exciting time for you and your family.  Your child is about to embark on a journey that will likely become one of the most memorable times in their life.  Your love and wisdom can act as a compass for them as they navigate through unchartered waters.

If you don’t have a rising senior but you would like to know how you can begin preparations for your child, please visit www.collegispossible.org.

Financial Gift Ideas for Young Children

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Parents are their children’s first teachers.  I know I don’t have to tell you that they watch EVERYTHING we do, say, and even the things we don’t do or say.  Because our children are always watching, we often have to find ways to incorporate teachable moments in the least suspecting places.  Christmas time is one of those occasions when parents can incorporate educational opportunities through the act of gift giving.

A key principle for Rags to Riches is to leave an inheritance for future generations, but in addition to establishing a legacy, we must teach children how to be good stewards of what they have.  The earlier we begin teaching our children sound financial principles, the better off they’ll be.  The reality is whether we intentionally teach them or not, many children adopt the financial habits of their parents.  If you are struggling to ‘make ends meet’, I know this is not the future you want for your children.  That being said, I ask you to be open to trying something new.

As you finalize your Christmas shopping this year, consider incorporating at least one financial gift for each child you plan to buy for.  Included below are some pretty cool gift ideas that are affordable, educational and fun:

Piggy Banks – Every child should have a piggy bank.  There are numerous options available, from the most traditional to the talking ATM machine.  I’ve highlighted two types for your consideration:

  • Money Savvy Pig – While this bank doesn’t talk to you or include flashing lights, it helps children develop the habit of allocating their money to key categories – saving, spending, donations and investing.  If children are taught this key principle from the beginning, it becomes second nature and they will always approach money in this manner.  This is a gift that qualifies as a life-long blessing!
  • Summit Zillions Deluxe ATM – This bank incorporates all of the bells and whistles that we have in a real ATM machine.  Although the Money Savvy Pig is my first choice in banks, this is definitely a contender.  Because of the interactive components of this bank, children will seek opportunities to earn money just to deposit it into their bank!

Pretend and Play Checkbook – Children are always looking for opportunities to be ‘grown up’ like their parents.  Think about it; how often do you see young children playing house?  The Pretend and Play Checkbook includes checks, deposit slips, check register, pen and calculator.  While reading the reviews on this item, I was extremely impressed by one couple’s approach.  In addition to giving the checkbook to their child, they included a beginning balance.  Each time the child asked for money, they had to evaluate if there was enough money in their ‘checking account’ and determine if their ‘want’ was worth reducing their balance.  Now that’s a real life experience!

Cash N’ Carry Wallet – My son is always asking if he can carry a wallet like his dad.  This year his wish will be granted.  We have been looking for ways to teach him basic money principles and I think this gift is a perfect way to educate him in a fun and interactive manner!  The set includes play bills in various denominations and plastic coins that are close to the real thing.  It also includes a Visa and Cash Card as well, which just might be the perfect way to introduce the concept of credit management.

Toy Cash Register – There are numerous choices in toy cash registers and children love them!  While completing my research for this post, I was most impressed with Learning Resources Teaching Cash Register.  This toy touts all of the bells and whistles!  Children will be engaged for hours with creative play while learning basic math concepts and money recognition.  In addition to including make believe cash, this toy has a scanner for coupons and credit cards and a scale that really works!  I’m sure that this toy will put a smile on a child’s face even if it’s not the first choice on their Christmas list.

While the gifts highlighted in this post are clearly for younger children, I hope you’ll seek opportunities to give financial gifts to the older children in your life as well.  It’s never too late to start, and many times, sustainable change is accomplished through taking ‘baby steps’.  Please join me in adopting a new principle this year and blessing our children with a learning experience they won’t soon forget!

Wealth Gap: Are We Hurting Our Children?

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In the book, Rags to Riches, I talk about the wealth gap in the African American community.  As a Black female, I am very concerned about the current state of affairs; and the fact that the gap between the “haves” and “have-nots” is continuing to grow.  I am not only referring to the wealth gap when comparing us to others; I am also referencing the gap that exists within the Black community.

Our behaviors significantly contribute to our inability to create wealth and keep it.  As I was considering my post for this week, I ran across this article, Your Take:  How the Racial Wealth Gap Hurts Children of Color, on www.theroot.com .  Every parent wants their child to be successful, but oftentimes, I think we forget the link between wealth and success.

In our community, we often place significant importance on what we drive, how we look, and whether or not our child has the latest fashions and shoes.  This isn’t merely my opinion, there’s significant evidence to support my statement.  Based on the information in the article noted above, it is imperative that we begin shifting our focus if we want our children to be positioned to compete.  This means that we have to modify our behaviors so that our children understand the importance of education and wealth.  In essence, we must consume less, save more, and not only emphasize education for our children, but begin to educate ourselves as well.

Parents are their children’s first teachers.  I am reminded of the first verse in Whitney Houston’s song, The Greatest Love of All:

I believe the children are our are future
Teach them well and let them lead the way
Show them all the beauty they possess inside
Give them a sense of pride to make it easier
Let the children’s laughter remind us how we used to be

What behaviors are you modeling for your children?  Because of my extensive research for the book, I am not surprised by the statistics included in the article, but my heart is indeed heavy.  I don’t think this is what our ancestors had in mind during the Civil Rights movement.  Are we taking a step back in time?  Don’t we owe it to our children to position them better than this?  What will be the legacy of this generation?