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Aug 4, 2008 8:03 pm US/Eastern
NYC Students Getting Edge At Financial Day Camp
For 6 Days Young People Learn About Everything From Saving To Mutual Funds To IRAs And Real Estate
NEW YORK (CBS) ―
It's not just adults finding themselves buried in red ink these days. Today, the average incoming college freshman carries more than $1,500 in credit card debt.
However, this summer area teens have been finding out the buck starts here at a class where they're taught how to handle money.
Never mind the beach or the pool, this group of tri-state area teens, has something else on their minds this summer -- money. And they're learning how to achieve that goal at this financial literacy day camp.
"They want independence and they know with money they can be independent," said Sabrina Lamb, founder and executive director of WorldofMoney.org, the nonprofit sponsor of the class.
As the temperature soars outside, Lamb says it's the current economic climate that makes it all the more important to teach kids about finances now.
"If we can change the mindset of this younger generation we can change the world," Lamb said.
An intensive curriculum of saving, mutual funds, IRAs and real estate investing over six days inspires nearly a hundred students a summer.
The take home messages?
"Having your money work for you, rather than working for your money," said Virginia high school student Jelani Smith.
"It's good to always keep your money in order because everything else is in order," said college freshman Laura Powell.
And Harlem high school senior Luis Rosario added, "Now, instead of buying whatever kind of sneakers I would think about it twice and put the money in the bank."
And the class opens conversations with parents they've never had with their children before.
"My daughter Amber [says] 'Daddy what's your FICOS score?' That's kind of personal but I told her what my FICOS score was and my daughter Tyler said 'You know you can get your score up if you cut down some of your credit card debt,'" Curtiss Jacobs said.
Recent studies show high school seniors have a major lack of knowledge when it comes to money, which experts find troubling given that today's high school seniors likely will be more responsible for their own financial well-being when they retire.
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