Contributed
At Thursday's financial literacy workshop.
This Citizen Contribution was submitted by New Haven Fire Department Captain Troy Z. Frost. It details a July 25 financial literacy workshop hosted for 25 New Haven high schoolers by the NHFD.
Teaching kids how to open up bank accounts and get secure credit loans using their own monies to begin to build credit is paramount.
Thursday’s financial literacy workshop was about two main topics: accounts at banks/credit unions and how to build a credit history.
We used the first topic to explain in detail about checking accounts: their features and ways to use them, savings accounts to serve the purpose of putting money aside for emergency, and saving money for future needs and big purchases — such as a motorcycle, a car or a house. We explained the importance of putting money aside from the weekly or biweekly paycheck and letting it grow with a compounded interest.
For the second topic we explained different ways to build credit, why it’s important in life, and what cases in which it is needed, such as applying for a rental apartment, getting car insurance, applying for a credit card or any type of loan. We explained how to start building a credit score, and how to maintain and improve it over time.
Educating and teaching students and future citizens about financial literacy is of great importance. The knowledge helps them make sound financial decisions, create a financially independent life, be able to fulfill their financial needs, have the security of being able to live the lifestyle they want, and create wealth. By having the knowledge in their hands, they will be able to set the path for financial freedom, with sound lending, savings, and investment products. They will be able to have a great impact in their community and be able to serve and help people in need, as well as create a path for a new generation’s success.
The main takeaways Thursday were that knowledge is power, meaning the more you learn via many tools available — books , podcasts, social media — the better you will be.
We want them to be able to make great decisions about their finances, have the lifestyle they want, and be powerful. The sky is the limit.
NHFD Captain Troy Z. Frost, Branch Manager of American Eagle Credit Union Suela Muka, and Chief of Operations Daniel Coughlin.