MoneyWorks Educates BMCC Students about Personal Finance

September 15, 2009

BMCC was recently awarded a $100,000 grant from The Bank of New York Mellon, to support the college’s highly successful MoneyWorks financial literacy program.  MoneyWorks, now in its fourth year at BMCC, consists of a 12-segment curriculum covering all aspects of personal finance and investing, as well as topics ranging from insurance to mortgages and wills.

The first class—Goals & Spending – How to Afford Your Dreams—was held at BMCC during the first week of the fall 2009 semester. Upcoming classes include: Insurance – Cover Your Assets, Taxes – Demystify Your Tax Return, and more. Students enrolled in MoneyWorks will learn about real estate, investing, credit card management, wills, and other financial matters.

The MoneyWorks curriculum was designed by senior financial planners at The Financial Planning Association of New York (FPANY).

Ambassadors obtain helpful advice from mentors
At the heart of the MoneyWorks program are BMCC students who serve as financial Ambassadors.  They attend all of the MoneyWorks seminars, engage in community service, and participate in a mentorship program.  Each of the 32 Ambassadors receives a scholarship, whose funding was made possible by The Bank of New York Mellon.

MoneyWorks’ mentoring component pairs each Ambassador with a business professional for the entire academic year. Student Ambassadors—who are also given homework through the program—are encouraged to connect and seek out their mentors, asking them critical questions about current trends in today’s troubled job market, for assistance in planning for their careers,  and in planning their financial futures.

As their understanding of financial matters deepens, Ambassadors work with their mentors to develop an individualized financial plan, whose creation provides a financial road map the Ambassadors can use throughout their lives.

BMCC students are clearly taking advantage of MoneyWorks, especially during the current economic recession.   Since its inception, attendance at all sessions has steadily grown, with an average of 110-plus students per session.   At some sessions, nearly 200 students, faculty, and staff are present.

“Show up fifteen minutes before your boss…”
This semester’s first MoneyWorks class, Goals & Spending, was led by Clare Stenstrom, a certified financial planner with Bourne Stenstrom Lent Asset Management, Inc; Anja Luesink, MBA CFP® RLP® at Luesink Financial Planning LLC; and Judith Volkmann, a private attorney and certified financial planner. All three businesswomen supplied the audience with useful advice on money management, with a subtle message ‘that money talks…and also walks.’

Volkmann said she likes to start each MoneyWorks session with a business tip. “Come in fifteen minutes before work and stay fifteen minutes later [after work], and you’ll be successful,” she said at the start of this particular class. “It shows you’re serious and dedicated.”

When you start to ‘move up the career ladder,’ Volkmann said, “Show up fifteen minutes before your boss and leave fifteen minutes after. That’s the key to success.”

Volkmann then showed the audience what a professional handshake looked like, demonstrating a proper handshake with a student. “You give a good, strong handshake and look the person in the eye,” she said, hesitating before stressing, “That’s power.”

According to Volkmann, if a business handshake is between two women, the handshake should be firm, but not overpowering.

She also stressed the importance of looking the part, reminding Ambassadors in the audience they must wear business attire at every MoneyWorks session.

Teaching the basics of financial success
Clare Stenstrom took the floor with an important message for students—track what you spend to the penny. “You’d be surprised how much money Starbucks gets,” she said. She encouraged students to keep their receipts, think twice about purchasing clothing they’ll never wear and to cook at home. “If you learn how to cook, you’ll save a lot of money.”

MoneyWorks lecturer Anja Luesink discussed goals, asking students about their career and professional aspirations. “Create goals that are aligned with your values. If you don’t do that, you’ll end up unhappy,” she said. “If you don’t set goals for yourself, you’re doomed forever to work for the goals of someone else.” She also stressed the differences between needs and wants.

Bank of New York Mellon is MoneyWork’s sole corporate sponsor
“This is the first year that The Bank of New York Mellon is the sole corporate sponsor of MoneyWorks,” said Kate Debold, Vice-President,Corporate Affairs at The Bank of New York Mellon, who was in attendance at the first MoneyWorks class.

“I am delighted to be here and to meet the Ambassadors, and BNY Mellon is very pleased to be a part of such an innovative program–one that affords the Ambassadors, and their fellow students, the opportunity to pursue a rewarding academic career while grounding them in the fundamentals of financial literacy,” she said. “This program will enable them to determine their future success.”

All MoneyWorks programs will take place at Borough of Manhattan Community College in Room N402 at 199 Chambers Street, New York City. There is no cost to attend, but reservations are required. To reserve your seat, and for further information, e-mail: moneyworks@bmcc.cuny.edu.

 

 

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