Schwab MoneyWise ®

Money Matters Reality Store. (3 min.)

Reality Store, a Money Matters program for Boys & Girls Clubs of America, helps teens understand how the choices they make about their careers and money can have a dramatic impact on their future.

You guys are about to get your occupations right now—let's do it, come on in. You have an opportunity to make an impact in the lives of young people with regard to how they spend their money. They'll have to choose their housing arrangement, entertainment, investments— for our young people, this is going to be an opportunity for them to get a dose of reality. Okay, your annual salary is seventy six thousand five hundred dollars. The Reality Store experience is a piece of the Money Matters program, the Schwab Money Matters financial literacy program that we do here at Boys & Girls Clubs, focuses on a lot of different things. It covers everything from savings to paying for college, and what we're doing today is an actual simulation of life as a 28-year-old. What are you going to do to make sure that you're financially healthy? I thought cable was very surprising at one of the stations because I didn’t know cable cost that much. I’m a receptionist, my salary was one thousand eight hundred and seventy dollars. I don’t know how to budget and stay inside a budget a lot, instead of going outside of it and just spending money. My career was a geneticist. I actually had four children. Choices I made, I kind of messed up on some, and then I had to go back and redo them. I think you probably can handle the three bedrooms, two-and-a-half baths. Maybe some of your kids can share rooms. Yeah. The house was expensive, clothes and food was kind of hard. It really helped me because, to see what I actually need and don't need, how to manage my money. For your health insurance, a family plan, you're looking at two hundred and fifty dollars a month. They really were very thoughtful about their budgeting, what it meant, and it was really great to kind of see that experience through their eyes. So this is an opportunity to kind of bring a financial literacy at a young age, an important age, and carry with them the rest of their lives. Kids are learning the importance of careers and how they relate to their salary, the importance of personal responsibility with regard to family, learned about budgeting, saving, the importance of investing, all in the safety of the club. What I learned was that even though you do have a good job and you think it is good, you still have to spend your money wisely and think about your kids. I basically buy a lot of luxurious things, but I didn't have enough to afford the child care. So you could see the wheel spinning. The fact that this isn't easy, I need to consider what my whole budget is, what I really do want or what I really do need, and then somehow put it all together and make it work. It'll really be a strong and valuable tool for the next generation.


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