Empowering Futures: Unveiling Financial Freedom with Charles Schwab
Blog Post by Valeria Ballesteros
February 2024
Over the past four Charles Schwab Financial Literacy Empower Hours, high school and college students have embarked on a transformative journey towards financial empowerment. From understanding the emotional aspect of money to mastering essential concepts like budgeting and credit, each session has been a stepping stone towards financial well-being.
A note from our incredible moderator, Silvia:
“We live in a culture where we're constantly bombarded with messages to spend in order to feel better, yet lack education on money management. Our institutions and social circles fail to teach us how to think about money beyond spending, or how to navigate our financial systems. That's why providing access to financial knowledge is important. Financial literacy empowers young girls to understand their options early, giving them the freedom to make informed money decisions for their future.” -Silvia, Emerging Leaders Facilitator at Coro
Let's hear from attendees on the impact that each session had on them:
Session 1: Setting Money Goals Attendees learned the importance of aligning spending habits with core values and priorities, identifying wants vs needs and using the jar and rocks exercise as a visual tool to prioritize their big rocks—fundamental values—over smaller distractions, and how build a budget/spending plan using the 50/30/20 rule. 50% of your paycheck goes to needs, 30% to wants and 20% to your savings. Guest Speaker Marye Dalton shared about automating your bank account to have your checking account automatically pay your savings account every month.
“Project Glimmer inspired me to save and invest my money! I liked the specific tips about saving money such as the 50/30/20 method.” - Nia, 18
Session 2: Managing Your Money! Attendees learned how banks operate, the journey of money from paycheck to pocket including various types of deductions, and how regular, small actions have significant results and by incorporating consistent saving, investing, and budgeting habits in their day to day, they CAN achieve their long-term financial goals. Guest Speaker Rahiel Alemu shared about the reality of college debt and making sure you’re on the right path before taking on debt.
“Project Glimmer inspired me to save my money efficiently! I liked how there was a lot of advice about saving money, such as investing, not buying luxury items, and finding paid internships.”
- Laura, 18
Session 3: Mastering Debit + Credit! Girls learned the difference between credit and debit, how credit scores are measured by credit bureaus and which credit behaviors will most affect a credit score, and how credit histories are used by employers, landlords, and creditors. Guest Speaker Josephine Pasamonte Henry shared about being wise when it comes to using credit cards as it’s become very easy to acquire one.
“Project Glimmer inspired me to open a high yield savings account! I liked how relatable the guest speaker was.” -Lydia, 18
Session 4: Planning for the future! In the final session, attendees developed skills to ask fact based questions and how to create a roadmap for educational and future goals. Guest Speaker Felicia Jones shared about her own career path, her learnings, and how she acquired her certifications and licenses.
"Project Glimmer inspired me to begin saving my money and investing in my money because throughout time the small amount will add up." - Empower Hour Attendee, 16
“Project Glimmer inspired me to be more financially responsible as a college student! I enjoyed learning about everything there is to know about financials and see what I need to improve on.”
- Jaydee, 19
Thank you to Charles Schwab, our panelists Marye Dalton, Felicia Jones, Rahiel Alemu, Josephine Pasamonte Henry, our facilitator, Silvia Ahn and all participants for embarking on this empowering journey. Remember, financial literacy is not just about numbers—it's about empowerment and freedom. We hope you continue to apply these lessons in your daily lives, striving towards a future of financial stability.