During a Moneythink session at a Chicago high school, a mentor from Northwestern University discussed breaking down paychecks into spending money and savings. One student, Jovanni, said he would save all but $100 of each paycheck. The mentor promoted using SMART goals for savings. Jovanni recalled impulse buying from peer pressure in the past. The mentor explained the benefits of saving in a bank account versus at home, like earning interest, and discussed using savings for future expenses like college, emergencies, vehicles, homes, and retirement. Mentors worked with students on a worksheet about compound interest over time. They emphasized the importance of professionalism in attire and posture to show respect.
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
Moneythink Photostory
1. A Day With Moneythink
Northwestern University – Schurz
High School, Chicago, IL
2. Mike Perugini (left), a Moneythink mentor from Northwestern University, kicks
off the session by discussing how to break down a paycheck so that they have
enough money to spend and save for later. Jovanni Pagan (center) says he would
keep $100 to spend and save the rest of his paycheck. Mike suggests using the
Moneythink SMART goals strategy for saving money. Daniel Rivera (right) listens.
3. Jovanni recalls a time when he made an impulse buy, falling under pressure by
a group he used to consider “friends” to blow his paycheck on a video game
that they all wanted to play. This isn't uncommon, as for most of our
students, money is social.
4. “When do we spend that money? When does ‘later’ start?” Jovanni asks after
the conversation about saving. Among the examples Mike points out:
college, emergencies, future investments like a car or house, and retirement.
5. Mike explains why it’s easier to save money in a bank account instead of at
home. Rather than charging you to store your money, he clarifies, the bank
pays you interest for your money, just like borrowers pay interest on loans.
“Money costs money,” he explains.
6. Mentors cooperate with students to fill out a worksheet about savings
and compound interest over time.
7. Kathy Bustamante calculates the total compound interest accrued in a
hypothetical savings account after various amounts of time.
8. Kathy Bustamante calculates the total compound interest accrued in a
hypothetical savings account after various amounts of time.
9. Mike and Jovanni clear up confusion and crunch numbers on the worksheet
determining total savings, including compound interest, accrued in a
hypothetical account over time. Jovanni smiles at the resulting interest
earned.
10. Mike takes some time out to discuss business professional attire, demonstrating his
own attire as an example. He points out his own tie, white shirt, suit and pants, and
shoes, distinguishing business professional and casual for both men and women. The
week before, the mentors demonstrated business casual.
11. Professionalism goes beyond just attire and includes good posture to show
attentiveness and respect, teacher Sarah Varland tells the students as she
exhibits examples of good and bad posture. An avid supporter of the SMART
goal strategy, Sarah wants her students to understand that when they see a
successful person, they shouldn’t think they are any different and that it is
possible for the students to get there, too.
12. Sarah surprised students by announcing she and the mentors had been
observing students’ postures and professional behaviors as a contest for a
prize. Jovanni takes home the cake---or, the candy. And a growing
understanding of financial literacy.