High school students aged 13-18 from across the District gathered at the Bald Eagle Recreation Center in Southwest to participate in the Fourth Annual Youth Financial Literacy Seminar co-sponsored by D.C. Department of Insurance, Securities and Banking, the D.C. Department of Parks and Recreation and PNC Bank on April 5.
“We know it is gloomy outside, but we are happy that you are here with us today,” said Karima Woods, the commissioner for the Department of Insurance, Securities and Banking, to the gathering of 91 students in Bald Eagle’s gymnasium. “We have so much information that we want to share with you. You are never too young, and you are never too old to focus on your finances. We want to introduce to you critical information topics now.”
Woods spoke to the students’ days after Intuit Financial released a survey stating that 85% of high school students say they are interested in learning about fiscal topics and 95% responded that those who are participants in such a curriculum find it helpful.
The three-hour program consisted of two classroom workshops on starting a business and creatively making money; three rooms where volunteers supervise games designed to stimulate thoughts and actions on how to make and manage finances; and a Game of Life. A live simulation, the Game of Life allowed students to make decisions based on the type of education, career and lifestyle they want to live.
Emmyrich Vicente, a PNC Bank executive, served as an instructor for the workshop on starting a business.
Using a projected presentation for students to follow along, Vicente emphasized entrepreneurship as a way of living one can undertake to help the community and also make money.
“Entrepreneurs solve problems and create solutions,” he said. “You can turn your solution to a problem into a business.”
Vicente, 46, explained the various types of business structures such as sole proprietorships and corporations and encouraged his audience to educate themselves about the services of attorneys and CPAs.
He went through the basics of building a business plan and stressing the importance of branding a product or service.
Nicolette Harris, Vicente’s colleague at PNC, taught the workshop on creatively making money. Harris gave her workshop participants four pieces of advice to consider when thinking about their financial future.
“Learn how to budget,” she said. “Understand what it means to pay yourself first. Decide whether you want to go to college or trade school. College is not for everybody. And create a pitch on what you want to do.”
Rounding out the event was a youth entrepreneurial panel made up of Suitland High School entrepreneur Patrick Kamdem and Howard University graduate Patrice Spriggs, with Deanwood Radio Program participants Jordan Williams and Skylar Woods as moderators.
Spriggs, owner of SKINISIN, urged students to pursue their passion in concert with their financial goals.
“If you are passionate about what you are doing, don’t worry about the money,” Spriggs said, “because the money will come.”
