National Association of Black National Association of Black Accountants, Inc.Accountants, Inc.
M ney M ney $$enseense Managing Money for Youth
Sources of IncomeSources of Income
AllowanceAllowance Gifts Gifts Baby sittingBaby sitting Summer jobSummer job ScholarshipsScholarships Other people’s moneyOther people’s money Starting a businessStarting a business
Realize Your Full Earning PotentialRealize Your Full Earning Potential
Am I satisfied with the
amount of money I
currently have or make?
Higher Learning Higher EarningsHigher Learning Higher Earnings
Education LevelEducation Level Annual EarningsAnnual Earnings Lifetime EarningsLifetime Earnings
Professional Degree $109,600 $4.4 million
Doctoral Degree $ 89,400 $3.6 million
Master’s Degree $ 62,300 $2.5 million
Bachelor’s Degree $ 52,200 $2.1 million
Associate’s Degree $ 38,200 $1.52 million
Some College $ 36,800 $1.47 million
High School Graduate $ 30,400 $1.2 million
Source: U.S. Census Bureau, Current Population Surveys, March 1998, 1999 and 2000. Tabulations reflect the average annual earnings of full-time, year-round workers 25 to 64 years old.
Traditional Way to Earn MoneyTraditional Way to Earn MoneyStrong GPA
Scholarship Opportunities
College of Choice
Employment Opportunities
Career of Choice
Desirable Starting Salary
Who’s Really Making the Money?Who’s Really Making the Money?
AT&T’s House
Your House
$$$
Who’s Really Making the Money?Who’s Really Making the Money?
Fixed monthly minute Fixed monthly minute planplan
Text messageText message Downloads Downloads
Ring tonesRing tones Images (screen Images (screen
savers)savers)
Internet useInternet use
AT&T’s House
OwnershipOwnership
Investor mentalityInvestor mentality Stash your cashStash your cash
Cash Flow EquationCash Flow Equation
(+) Revenue or Source of Income(+) Revenue or Source of Income
(-) Less: Expense or Use of Income(-) Less: Expense or Use of Income
__________________________________________________________
(=) Net Cash Flow(=) Net Cash Flow
Where Does Money Go?Where Does Money Go?
Cell phoneCell phone MoviesMovies Video gamesVideo games Food Food Clothes (Hats, Shoes, Jeans)Clothes (Hats, Shoes, Jeans) Cosmetics (Hair & Nails)Cosmetics (Hair & Nails)
$$$
$
$$
$
How You Play the Money GameHow You Play the Money Game
Are you playing to get ahead?Are you playing to get ahead? Are you playing to come out even?Are you playing to come out even? Are you going for broke?Are you going for broke?
Set Savings GoalsSet Savings Goals
End of each school year?End of each school year? At beginning of senior year?At beginning of senior year? After college graduation?After college graduation?
ConsistencyConsistency Open an institutional accountOpen an institutional account
Give Your Savings a BoostGive Your Savings a Boost
InvestInvest Grow it fasterGrow it faster Seek assistance Seek assistance
• Money coach/mentorsMoney coach/mentors• Help keep you on trackHelp keep you on track
Rule of 72 ExerciseRule of 72 Exercise
Investment Type
ROR 6 Yrs 9 Yrs 12 Yrs 18 Yrs 24 Yrs
3% x
4% x
6% x
8% x
12% x
$100 Today. Goal = $200.00
List of ResourcesList of Resources
ONLINE RESOURCES www.MyMoney.gov www.BankingonourFuture.org
BOOK RESOURCESBOOK RESOURCES Raising Money Smart Kids: What They Need to Know Raising Money Smart Kids: What They Need to Know
about Money and How to Tell Them (Kiplinger's Personal about Money and How to Tell Them (Kiplinger's Personal Finance) by Janet BodnarFinance) by Janet Bodnar
The Kids' Allowance Book by Amy Nathan and Debbie The Kids' Allowance Book by Amy Nathan and Debbie PalenPalen
Thank You!Thank You!
National Association of Black Accountants, Inc.National Association of Black Accountants, Inc.
M ney $enseM ney $ense
For more information visit www.nabainc.orgFor more information visit www.nabainc.org
NABA - Money $enseNABA - Money $ense