At this school, students are learning to be millionaires even though many of their parents don’t have bank accounts

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An inside look at one of the most innovative high school financial literacy programs in the U.S.

To enter the huge red brick building that houses the Olney Charter School, you have to walk through a metal detector. Once inside, you can’t go many feet without encountering yet another security guard. But also inside? You’ll find one of the most innovative financial literacy programs in any high school in the country.

“I’ve learned a lot and this has definitely been a life-altering experience.” Marquis Merricks Not many students in the U.S. learn about personal finance in school, regardless of the income-level where they live. Tim Ranzetta, co-founder of the nonprofit Next Gen Personal Finance, which creates free high school personal-finance curricula for high schools, says only five states require high school students to take a personal-finance class: Virginia, Alabama, Utah, Missouri and Tennessee.

How students earn money When he originally joined the program in 2016, senior Nathaniel Withers says he did it for the money. “I could brag that I got paid to go to school.” Withers made $500 that year for helping lead the school’s debate club. He still works with the school’s debate team, which sent two duos of debaters to the state tournament last year.

After he joined the program, Justino Bahamonde, an 18-year-old senior, started a creative writing group at the school called Blue Ink. He says writing has always helped him cope with tough times and he wanted to help other students do the same. So he started the group and he gets paid to run it. And it’s grown into something bigger than he could have imagined. He’s planning to start his own nonprofit to get Blue Ink into multiple schools.

I went in front of a panel and said, “Kids need Roth IRAs, the stock market is not the same as a roulette wheel, and low-income students need this.” Dan LaSalle, on applying for a grant for his finance program Creating millionaires LaSalle has loftier goals than just teaching personal-finance basics, though.

So he entered a teacher grant competition and was given $15,000 from the Philadelphia Academy of School Leaders to start the program. He said other teachers were asking for laptops for their schools, but he had something unique. “I went in front of a panel and said, ‘Kids need Roth IRAs, the stock market is not the same as a roulette wheel, and low-income students need this.’”

 

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