I work at an inner city recreational club where I am in charge of the teen...

Bidwell
Bidwell

I work at an inner city recreational club where I am in charge of the teen program. Among other things, I am required to run mini-classes on money management and finance basics. The issue is my credit is fucked and I don't know too much.

Keeping in mind that most these teens won't engage with the information unless it is palatable and easy-to-understand, what do you suggest I teach them? Are there any "fun" or engaging ways to do it?

Deadlyinx
Deadlyinx

go onto Edx they offer courses you can audit. Find a Personal Finance course and base a lot of your material from that.
You could also have everyone play a simulated stock game and see who comes out on top.

Be real with them though.

TreeEater
TreeEater

Thanks for the input man, i'll visit it now.

PackManBrainlure
PackManBrainlure

craps, roulette can lead to statistics

pay your self first

explain the idea of a share of a company, and profit motive?

Flameblow
Flameblow

monty python's the profit motive

hairygrape
hairygrape

Who is this semen demon post more

PackManBrainlure
PackManBrainlure

inner city

stock market game

Are you fucking dumb? Why would you even want them to know about the stock market?

Start with:

Dont go to pay day loan stores
Dont use credit cards
save your money for rainey day fund
depreciating assets cars, shoes....
max out 401k

Boom thats all they need to know

Burnblaze
Burnblaze

This and show them generally how compound interest can totally screw you and then drop the federal reserve pill.

TurtleCat
TurtleCat

Wait, so how do I teach them to build credit if I dissuade them from getting credit cards?

(please recall that I'm shit at this and still learning)

LuckyDusty
LuckyDusty

Or is the trick to get the credit cards but not use them?

Nojokur
Nojokur

Dont use credit cards... irresponsibly. Apply to build credit that you can leverage later in life.
Save your money for rainy day fund... After you save six to twelve months expenses then invest the rest.
Understand that cars, shoes, etc. aren't considered assets. They are liabilities.
Fixed those for you.

Fried_Sushi
Fried_Sushi

Jesus,

Just tell them not to use them until they understand how they work. Explain how terrible debt is and how it will ruin their lives

Lunatick
Lunatick

What are some assets that I should teach them to strive to acquire? Anything they need to know regarding renting apartments vs. houses?

King_Martha
King_Martha

You only need credit to get a good rate on a mortgage, which with FHA loans you only need a 640. I got my home loan with only a car loan to my name and a credit score of just north of 640. The rate is 3.5%, too.

Spamalot
Spamalot

Max employer 401k, roth IRA, HSA

Thats it. If they can manage these simple steps they will be light years ahead of 90% of the population

askme
askme

Hmmm....while I don't deny the importance of these concepts these kids aren't even 100 percent sold on college yet. I want to teach it but it can't be boring. I'll try to...make it interesting I guess. Maybe come up with a game where they take their favorite rappers or singers, research what they spend their money on and talk about how they...can...invest in roth...IRAs...instead?

Bidwell
Bidwell

Eh, well you also need it to get somewhere to live once you leave your dorm room, right?

Poker_Star
Poker_Star

Yea you should show them bow fucking dumb rappers and singers are for showing them how "cool" it is to waste their money and the "boring" 401k are axtually how real people get rich

Techpill
Techpill

Almost every credit check done for non-credit reasons is simply looking for a lack of bad entries. Being a ghost (no credit) is better than having bad credit.

I got my car loan from Ford Credit for simply being in college and paying 20% down, and I was a ghost with no loans or credit cards in my name. To this day I've never owned a credit card and have managed to get a home loan, and a car loan. My credit score goes up at a snails pace, but I really don't give a shit because I already got what I needed.

Burnblaze
Burnblaze

I agree, all I'm saying is that the hard part is making it engaging.

Lord_Tryzalot
Lord_Tryzalot

bumping for any further insight

Lunatick
Lunatick

Good luck. Inner city niggers are dumb as shit and won't listen.

You'll try and try and try. Then they'll end up spending all their crack money on rims anyway.

girlDog
girlDog

Step 1: Leave mother's basement

Bidwell
Bidwell

what a nice fap

hairygrape
hairygrape

Clothes and shoes aren't liabilities. They're non-financial assets, as useless as they may be. A liability is debt.

Nojokur
Nojokur

If you can learn to properly use several credit cards there are easy af ways to keep fantastic credit and save fuckton on big loans. It's a personal struggle tho and takes some self babysitting. This power in the wrong hands can easily fuck your life