Young Money Finances teaches kids priceless lessons about finances

GRAND RAPIDS, Mich. — Some young people in Grand Rapids are sacrificing part of their summer to invest in themselves.

As part of three summer camps organized by Young Money Finances, kids ages 11-17 are taking part in a program at Aquinas College aimed at teaching the basics of money management, investing, and entrepreneurship.

"We know that there's a lot of poverty, there's a lot of inequitable issues surrounding money. So we want to help kids be more prepared and managing the money that they currently have," explained Dondrea Brown, Executive Director of Young Money Finances. "One of the things that we tell everyone in our camps through Young Money Finances is that we will be the last generation that starts from scratch, meaning Young Money Finances is taking on the mission of providing equitable, high engaging, high impact and culturally responsive financial literacy to our youth in the Grand Rapids Community."

Young Money Finances was created to address a need Brown saw firsthand working with adults and his daughter.

"I was first presenting to different groups about basic money management, they were adults. And after that a lot of the adults were like, we our kids need this information," he explained. "[My daughter] wanted to buy a gymnastics bar. So what ended up happening was that was a good opportunity for me to teach her how to manage her money. We had a really successful opportunity where she was able to make her own money, she bought her gymnastics bar, and then Young Money Finances was created."

The nonprofit aims to empower participants to set financial goals and learn how to build wealth.

FOX 17

"I think it's very important that young people know how to manage their money and know what to do with it, because a lot of the times no one really knows what to do with it. They blow it on things they shouldn't. But knowing how to do it can set you up for a nice future," said Mariah Wright, a participant in the Young Money Managers camp. "Having had a job, my dad tried to bring me up to know what to do with my money and how to use it right. So I think it helped me coming in here, but this just strengthens my knowledge in that area."

14-year-old Evan Lenear was excited to learn about managing money and building his own business.

"We're learning about budgeting, and how to set a budget and stick to that plan. And then... in the entrepreneurship camp, we've been learning about leadership and picking out what leadership type that you have," he explained. "I think it's important because once you get into your adult life, you know how to plan it out and you know how to get through life with managing money."

A Young Investor camp is planned for July 17- August 3 and Brown said spots are still available.

"Every single adult that I encounter says, I wish I would have learned this as a youth," Brown told FOX 17 News. "We recognize that kids are encountering money a lot earlier. They're getting jobs earlier, they're learning how to trade, but then they're also getting prepared to pursue their career or even college."

Brown said the nonprofit will also be holding camps this winter and next spring.

To sign up for camp or learn more about Young Money Finances, click here.

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