A mentee team of the 100 Black Men of Chicago, Inc. (100BMC), the area’s preeminent organization focused on mentoring African American youth, was recently awarded a $3K scholarship after winning the national organization’s second consecutive “Dollars & $ense Investment Competition.” The contest was held during the 100 Black Men of America’s 31st Annual Conference in New Orleans.
The competition promotes and fosters the ability of 100BMC mentees and members to be proactive in pursuing their financial dreams, and ultimately achieving them, by establishing the mechanisms to obtain and sustain generational wealth. Student teams from across the country were presented a case study to complete that demonstrated their knowledge of financial planning, budgeting, investment strategies, asset allocation and diversification. The competition supports the organization’s pillar of “economic empowerment.”
“We are extremely excited that our young people were successful in this competition for the second year in a row,” said Carl Tutt, president of the 100BMC Chicago. “Exposing our youth to the skills, strategies and mindset of entrepreneurs provides knowledge that will help them establish a firm financial foundation and create a legacy of wealth-building.”
A 2015 study concluded: One in five U.S. teenagers (22 percent) lack basic financial literacy skills according to the Program for International Student Assessment (PISA) findings released May 2017. Among 15 participating countries and economies, U.S. 15-year-olds ranked 7th in aptitude for understanding essential financial concepts, products and risks.
Upcoming Financial Program
The 100BMC with funding from AT&T and Ford Motor Company is endeavoring to eradicate these shortcomings in their community through their Pathways to Financial Literacy Program.
The program is open to students between the ages 12-18:
It consists of 16 three-hour sessions, which will take place on Saturdays, the start date is July 8, 2017.
Weekly sessions will be held at UIC.
During each session, students will be introduced to new financial terms and narratives through discussion and/or exercise.
Sessions will be interactive. Students will participate in individual and group exercises, activity, and/or online games (e.g., “Road Trip to Savings,” and “Investopedia”). Students will also meet professionals who are experts in the field of finance, as well as experience field trips to venues to witness day-to-day financial operations. For more information on how to register visit Pathways to Financial Literacy on the 100 Black Men of Chicago, Inc. website at: https://www.100bmc.org events.
