MoneyWorks “Demystifies Money”

September 12, 2007

Like any other person, you spend money on a daily basis — but are you spending wisely? Perhaps you should find out.

Funded by the Merrill Lynch Foundation, MoneyWorks is a series of workshops put on by the non-profit organization Financial Planning Association of New York (FPANY) and BMCC that try to bring financial literacy to students.

“Financial knowledge and independence are keys to enabling these deserving young people to pursue their dreams and achieve success,” said Eddy Bayardelle, president of the Merrill Lynch Foundation. “Our dedicated volunteers engage the students and bring the financial curriculum to life for them.”

MoneyWorks will teach students how to make intelligent financial choices with their own money by learning about budgeting, the time value of money, and the basics of saving and investing. The curriculum will also address concepts such as risk, credit, insurance, and the ability to achieve a sound financial future. Clare Sentstrom, former president of the FPANY, will host the eight free sessions, starting Sept. 19.

“When people think about what they earn, they just look at their paycheck and don’t look at anything else,” Sentstrom said. “When you walk out that door every morning, if you don’t know how to control your money, and you don’t start thinking about what you spend … you’ll never have more money. Saving is a necessity.”

Sentstrom said that the reason people have money is because saving is more important to them than spending.

“People don’t think about saving, they just get enticed and spend. Most people think about the bling and not the substance,” Sentstrom said. “You may need that latte everyday, that’s fine. But not if you’re going to take it out of your savings or put it on a credit card with high interest rates.”

MoneyWorks started last year in response to evidence indicating large segments of the public, especially college students, have a very limited knowledge of basic monetary principles.

A non-profit financial research organization called America’s youth “Generation Broke” based on a report called “The Growth of Debt Among Young Americans,” which showed that credit card debt among 18-24 year olds has risen by 104 percent over the past decade. Today’s young people carry the highest student loan balances in U.S. history, which averaged $19,900 in 2002. BMCC and FPANY see this program as a life-altering opportunity for the students of BMCC, the majority of who come from families with an income of $25,000 or less.

“The whole focus of this course is to teach people to be comfortable with their finances the rest of their lives,” Sentstrom said. “We’re not making them make the decisions, we’re teaching them how to do it themselves.”

BMCC President Antonio Perez called this program “innovative” and has seen how MoneyWorks is providing “our students with the information necessary for them to achieve the kind of financial health that will benefit their future.”

There is no cost to attend the programs, which take place at BMCC, but reservations are required. To reserve your seat, and for further information, e-mail: moneyworks@bmcc.cuny.edu.

For a full list of workshop dates and subject matters, visit the calendar.

share this story »