This content emphasizes the critical importance of financial literacy and responsible money management for young people, highlighting common pitfalls and offering practical strategies for building a secure financial future.
Mind Map
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คลิกเพื่อสำรวจ Mind Map แบบอินเตอร์แอคทีฟฉบับเต็ม
a lot of us love to go shopping and we
sure don't have a problem spending money
but holding on to it and living within
our means can be a real challenge
hi i'm donald faison and if you're like
me dealing with money was not something
you learned in school
i picked it up by trial and error and
i'm still learning
we live in a society that sells every
new toy that's their job to sell you a
toy one you don't need so young people
have to make choices
you have to know what your financial
goals are
we want our restaurant to take us to our
retirement but i have to be realistic
and like you have to start planning now
i decided to break off into my own business
business
because i personally love having
creative control
and a close relationship with the
clients from start to finish
whether times are good or bad we all
need help managing our money and it's up
to each of us to get it right
with interest late fees penalties i
acquired over thirty thousand dollars in
debt i'm trying to get things situated so
so
i don't go into my life with all this
debt and i can actually have credit good credit
credit
being in debt it's bad
but staying in debt is worse
i started small and i worked my way up
you'll meet folks just like you with
money issues of their own and you'll
hear from people with the know-how to
help them stay on track
there is never going to be a good time
to get started on your financial life so
you might as well get started today
when you're young the good news is
you're just starting out and it's really
easy to get organized right now because
pretty much everything is online
you always heard don't sweat the small
stuff but when it comes to your money
you have to sweat the small stuff
if you're in school or working full-time
we've got news for you
basic info on banking credit cards taxes
and insurance
this show is all about your life and
funding for your life your money has
been provided by a grant from the hsbc
when i got my first big movie role i
took that paycheck and bought myself a
shiny new jeep man i love that car but
by the time the third payment came due i
was out of money and had to hustle to
try and hold on to it the fact is most
of us are carrying debt and lots of it
it's no wonder we have money problems
when you factor in inflation the average
person makes less money than their
parents did 30 years ago it's a jungle
out there a financial jungle and it's
easy to get lost unless you have the
skills to find your way
i've grown up with a family that's
always been in debt and always had
trouble with finances and always worried
about money i've kind of turned away
from that and just
tried not to think about it in high
school i remembered a couple of speakers about
about
you know managing your credit and your
money and you know looking for a job and
all that but it didn't really have a
great impact just because it was at one
time my mom was a single parent so when
she did get money in
tended to spend it right away and so i
kind of grew up with the mindset of when
you have money you know go out to eat go
buy something i really haven't had
anybody to show me how to manage my
here's a man who can show you a thing or
two about making and managing money
russell simmons started out hustling on
the streets in queens new york
now he's a multi-millionaire but he
learned about money the same way i did
the hard way
when i grew up i always wanted every toy
that i saw
i see young people on the same way today
i made some bad choices early on but i
was a little conservative i was lucky
enough that my parents taught me some
things you learned about managing your life
life
you know kind of a trial and error
when russell began his business career
he had little to guide him except street sense
sense
and a keen interest in a new music genre
that would come to be known as hip hop
when the major labels paid no attention
to hip-hop music russell wasn't daunted
by that he sold records out of the trunk
of a car literally
in 1984 russell and a partner launched
the first hip-hop record label death gym
he went on to manage some of hip-hop's
greatest stars but he didn't stop there
he brought hip-hop into the mainstream
creating television shows films and
clothing lines
but he also wanted to start giving back
russell was determined to give young
people the skills to succeed in managing
their money
financial literacy is not taught in
schools and it's not necessarily handed
down from
generation to generation so we got a
supplement for that [Applause]
[Applause]
russell co-founded the hip-hop summit
action network which puts on the get
your money right seminar on personal finance
finance
it brings together stars of the hip-hop
world music industry execs and financial
experts to help young folks learn that
managing their money is an essential
life skill
one of my financial mistakes just being
wild with the money
save your money live within your means
he's known as the godfather of hip-hop [Applause]
[Applause]
if you're here you've already taken the
first step you know you taking stock in
yourself taking responsibility for yourself
yourself
today's summit will be the 78th summit
that we've had in eight years
when we first started the hip-hop summit
we found out we had underestimated
the readiness the thirst and hunger of
young people for this material
the good news for people who are
starting out is that it actually isn't
all that complicated to get your
finances in order you know i just said
this is all about getting you on the
right path now before you make all the
mistakes that your parents made or their
peers made
i grew up with a rusted spoon in my mouth
mouth
i was poor
i'm the first generation of money in my
family i started with hard work i
started with getting my mind right i got
signed to noontime music when i was 19
and got my first forty thousand dollars
the only smart thing i did with that
forty thousand dollars i went to bangkok
bank account the most important thing is
discipline you have to know the
difference between needs and wants
the louis vuitton the gucci product and
that's not really what it's about life
is about being able to create a
foundation for yourself [Applause]
[Applause]
on my journey trying to become
your own job
it dawned on me that because i didn't
have i had no choice but to budget
financial literacy and financial
responsibility is not something you
should take lightly it may not only save
your life it will help you live a better
quality of life hang around people who
know more than you and get in groups of
people who are like-minded so that you
guys can elevate together
you come here now for inspiration
you see it the eyes have taken these
steps you see that you have experts here
to teach you and you find out it's easy
this information can get lost it's everywhere
everywhere
no matter how rich you are you need to
be able to afford your lifestyle so
that's something we have to teach young
people the summit has given many people
their first steps
they come out in power connected
feeling like they can get their
financial situation in order get their
you too can get your money right but
those first steps are up to you
it seems like a lot to deal with but
you're about to meet some folks who are
doing it and profiting from the power it
when i moved out to la i was really on
my own for the first time my mom wasn't
around to help me out i was running from
one audition to the next doing
commercials to pay the rent
when you're really into the daily grind
it can be hard to keep up with your finances
finances
the trick is
make your money work for you
mid lewin has a job at an engineering
firm in chicago he's on his own for the
first time and managing his own money
and it's up to him to make sure his
salary covers all his expenses [Music]
[Music]
i've been working for three months first
paycheck came about a week into it i was
like wow
this is nice
i graduated college and i wanted
something to reward myself so i got a 46
inch lcd i was about 2 000
my mom was definitely worried why are
you spending so much money already once
i turn it on you know had the cubs game
on my dad was like yeah this is pretty cool
cool
i don't need like
new everything although i have a nice
new tv
one of the best things to think about
when you're young when you're right out
of college or still in college is that
you know you want to be deliberate about
your spending you want to be deliberate
about your saving i have no problem with
people spending what they make you know
when you have your first job you want to
reward yourself the problem comes when
you're spending money that you don't have
have
both men and his girlfriend teresa are
on tight budgets so they need to make
every dollar count
anytime you go shopping to do anything i
mean even to buy a pack of gum you
should ask yourself is this a need or is
this a want when i go shopping by the
time i get to the counter i have asked
myself this question from every item
about 50 of my card i have put back i
mean the tellers hate me but it really
does help keep you in check
i didn't have any furniture when i came
in i got a futon it works as a couch and
a bed which is kind of nice a couple
tables shelves
things on sale everything's more
expensive in the city so rent is about
710 a month and utilities are 20
cell phone is another 50 amount i'm
living on my own so no more roommates so
i can't split any of the expenses like
cable and internet and i'm paying the
full you know hundred dollars
i buy a monthly pass on the metra it's
about 63 dollars a month [Music]
so how can you figure out how much money
is coming in and how much is going out
check this out [Music]
[Music]
first step
keep track of everything you spend money
on from car payments to cappuccino
once you've done this for at least two
weeks you'll have a good idea of what
then subtract the total from your
monthly income if you get a negative
number you're spending more than you're
taking in and you need to make some changes
changes
you also need to distinguish between
what you want
the first thing i did when i got my
offer letter from work i made an excel
spreadsheet and i said okay this is the
amount of money i'm getting and these
are the expenses that i'm going to
anticipate i decided you know i wanted
to save like ten thousand dollars and to
reach that goal then i'd have to try to
keep you know my weekly expenditures for
a certain amount but the problem is it's
really hard to anticipate expenses
it's not like you're spending the same
amount every week every penny ought to
have a purpose when you have the first
job suddenly you're buying coffee you're
buying water every day you could easily
spend a thousand dollars a year on water
which you can get for free [Music]
[Music]
i have a budget for myself i just don't
go beyond what i can i mean
obviously i like to have certain things
that i probably can't have we're on a
bi-weekly pay so
i get a couple hundred dollars
every two weeks and that usually goes
straight to groceries
gas his biggest expense is his
girlfriend so yeah
as you can see yeah so you got me a nice
nice gift today
you want to spend no more than 20
of your monthly take-home pay on debt
payment pay no more than a third of your
take-home pay on housing costs you want
to save 10 of your take-home pay that's
the goal and if you could do more even
do more
to help him manage his money men looked
for a bank
there were plenty to choose from both
online and traditional
with a wide range of services
and charges
i think when you look for a bank you
ought to look at it just like you're
looking for a mate you have to look at
your banking habits and choose an
institution that meets the things that
are important to you just like when you
go out on a date
what i was looking for was interest
rates and maybe any kind of benefits or bonuses
bonuses
the first goal was to pay off the
student loans and to do that you know i
wanted to take my paycheck and put it
into an account where i was getting a
good interest rate i found some online
banks and found a pretty good savings
account checking account that are tied together
together
it's very important for people to
realize a bank account is a good place
to start your financial life you want to
find a bank that doesn't charge you in
order to keep a checking account there
with a low minimum i'm old-fashioned i
don't want to deposit my money my cash
into a machine i want to hand it to
someone and get her name so if it
doesn't enter my account i can come back
and say gladys you didn't deposit my money
the thing with the online bank is you
can't really write paper checks you
could send checks to people but to write
a check quickly that option wasn't
available there's a bank really close to
my house here so now i have a checking
account with this bank and a credit card
and the combination of the two gives me
more rewards
you probably want to find a bank that
has a lot of atms in your neighborhood
either where you work or where you live
and that's because banks often charge
you on average almost two dollars to use
another bank's atm every time you get money
money
i would say you should want to use your
atm say once a week because you don't
want to go to the atm every day take out
twenty dollars here forty dollars there
you can really lose track of your money
most checking accounts come with an atm
card or debit card that allows you to
access the cash you deposit into your account
account
like a credit card you can use a debit
card to make purchases but you're not
borrowing money from a bank or a credit
card company you're just withdrawing it
from your own bank account
but be careful not to spend more money
than you have in your account
if you do it's like balancing the check
and the bank is likely to charge you a
big overdraft fee
the biggest thing that trips young
people up with banks is the fees there
are fees for having too low of a balance
there's fees for using too many checks
so that's what you want to look for an
institution that is going to charge you
the least amount of money to have a relationship
relationship
if you like a lot of people these days
you probably do some of your banking online
online
you can have your paycheck deposited
directly into your account
saving you the trouble of going to the bank
bank
and giving you access to your money a
lot sooner
you may also be able to have regular
monthly bills like phone or cable
automatically deducted from your
checking account
that way you never miss a payment [Music]
[Music]
even if you've got the best bank in the
world it's still going to be up to you
to manage your money wisely
i think the most important thing is you
have to know what your financial goals are
are
i had a goal of how much i wanted to save
save
i'll probably have about maybe 700 to a
thousand dollars saved per month
priorities lead to prosperity if you put
your priorities first then you will prosper
prosper
i'm only 22 and i still am trying to get
a feel for exactly what i want to do but
i have a general plan for my life [Music]
[Music]
min is working hard to keep his
financial act together but he knows
there are plenty of ways to mess up for
instance any time you spend more than
you're taking in you're probably making
up the difference by going into debt
amanda mccormick a senior at florida
state in tallahassee can tell you all
about it she's deep in debt
i go to florida state university fourth year
year
creative writing and sociology major
i completely support myself so i came
into college without any money i didn't
have a job
financial aid didn't exactly cut it as
far as bills are concerned so nowhere
else to turn i finally got my first
credit card which was a 2 000 credit limit
limit
actually has florida state decor on it
they sent it to me in the mail i
activated it in 45 seconds spend money
things i spent the 2 000 on um
food transportation rent for my student
dorm books just bare necessities that i
need to be a successful student in college
college
at this point i was using the credit
to help me survive over about six months
between five cards i spent less than
four thousand dollars with interest late
fees penalties i acquired over thirty
thousand dollars in debt
i had maybe five thousand dollars
that's not bad right that's good oh god
no one's gonna want to marry me
i have a lot of things it's about five
thousand dollars debt that you're
racking up on your cards it's only
gaining interest and it's just gonna put
even more stress and anxiety in your life
life
people don't understand that this is
alone and it's a very very expensive
loan you use a credit card you get your
bill you pay it off in full
that's going to keep you out of trouble
most people don't plan to get into
trouble with their debts
situations would occur life would happen
and i would have to use that money to
fix my car or whatever it is like things
happen all the time i would make very
sporadic payments on the cards but they
weren't really consistent because i
needed that money for other things
and you come out of work and you have 12
missed calls from creditors
why haven't you called me back miss
mccormick well i'm sorry i was at work
for the past three days straight trying
i'm amanda i'll be taking care of you
i'm a server at applebee's i like the
job a lot it's more fast paced so it's
more my style
i work about 30 to 35 hours a week and
make money that's all i try to do i'm a hustler
this is pretty much my only source of
income besides grants and scholarships
that i've gotten through school
amanda's situation is not that unusual
most young people use credit cards so
it's important to pick the right one
when you're comparing credit card offers
you want to get the lowest interest rate
possible and you don't want to pay
annual fees but when you get a card you
might find yourself slapped with all
kinds of fees that you never expected
credit card companies and that little
fine print that you don't read reserve
the right to change that interest rate
at any time
given the pitfalls of credit cards it's
no surprise that some experts advise
young people to avoid using them all together
together
there was a study out of mit that showed
that when you use credit you tend to
spend anywhere from 30 to 100 percent
more than if you use cash if you can
starting out in your life avoid using
credit it is a trap it is a game you
cannot win for the big things put it on
the credit card but you better darn well
be able to pay it off that next month
even if you pay just ten dollars more
than the minimum monthly payment you
could significantly reduce the number of
years you're paying it back and the
amount of interest you're paying back
if you're having problems paying off
your credit card don't panic
there's lots of help available
today i'm going to see a consumer credit counselor
