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Empowering Students Through Financial Education
On a sunny spring afternoon, a group of students gathered at Los Angeles City College for a free financial literacy workshop. These students, some majoring in business administration or finance and others working on a second degree, share a common goal: to gain control over their financial futures. The workshop, led by retired marketing and advertising professional Bruce Miller, aimed to equip students with practical financial skills.
The Importance of Financial Literacy
More than a third of California community college students are the first in their families to attend college. This unique position also means they are likely the first to save for retirement, making financial education crucial. Miller emphasized that students can learn to save, manage debt, and invest without incurring high fees for financial advice.
Real-Life Applications of Financial Knowledge
During the session, Miller encouraged students to discuss how they had reduced expenses since their last meeting. One student cut unnecessary entertainment subscriptions, while another reduced her coffee shop visits. Miller’s approach is to help students distinguish between essential and non-essential expenses, promoting financial breathing room even on a modest budget.
Practical Investment Insights
Miller provided valuable insights on saving for emergencies, understanding stocks and bonds, and diversifying investments. He explained the importance of saving for retirement and highlighted that very few students’ employers offer 401(k) plans. Learning these financial tools now will prepare students for future financial stability.
Inspiring Entrepreneurial and Community Spirit
Lantron Knox, a business administration major, attended the workshop to learn how to invest profits from his wellness smoothie business, “Mental Mango.” Inspired by local street vendors, he began selling smoothies from a wagon and now plans to partner with a nonprofit to distribute smoothies to unhoused individuals. Knox believes that giving back is a blessing, echoing Miller’s message of community support.
Overcoming Financial Challenges
Patricia De Peralta, a finance student, attended the workshop to build a healthier relationship with money. Raised by a single mother in a financially precarious situation, De Peralta often worries about not having enough. The workshop has given her confidence and tools to manage her finances, including plans to tackle her car debt.
Preparing for Financial Stability
Miller acknowledges that many students face significant financial challenges while pursuing their education. He advises students to focus on learning financial tools now and applying them when they are more financially stable. Enjoying their time as students while gaining financial knowledge will prepare them for a secure future.
Supporting Community College Students
Community colleges are a gateway for students seeking further education or a fresh start. Providing students with the information and support they need to succeed in the California Community Colleges system is essential for their growth and success.