A Taste of Reality

Children at William M. and Charles H. Mayo Elementary School in Chicago recently went through a six-week simulated life-application curriculum that taught them about the realities of lifestyles and careers. The reality began with Lesson 1 when the children had to choose among three lifestyles that could uphold their future: “simple,” “American Dream,” or “bling-bling”—each with its own characteristics as well as advantages and disadvantages.

The children were participating in a financial education program of SEED (Saving for Education, Entrepreneurship, and Downpayment), a six-year national initiative to develop, test, and impel matched savings accounts and financial education for children and adolescents. Established and funded by CFED, the initiative is being implemented throughout the country by 12 partner organizations, among them the Sargent Shriver National Center on Poverty Law. CFED, based in Washington, D.C., is a nonprofit, nonpartisan organization with a view to expanding economic opportunities for low-income people.

In the simple lifestyle the children found out that life was not that simple with minimal education and training. They learned the importance of a college education and other training necessary to succeed in life and acquire assets such as savings accounts and a good credit history. In the American Dream lifestyle the children learned about college as a major option in having successful careers, becoming financially secure, and having an enjoyable future. In the bling-bling lifestyle the children learned that building a future based on talent such as that of a professional ballplayer or hairstylist would require backup plans and education in case of injury or lack of financing to start a business. After some discussion, most of the children selected the American Dream lifestyle and proceeded to the second lesson, involving college and career planning.

The children learned about educational requirements, career salaries, and marketing themselves in the workforce. In Lesson 2 they learned how to make sound career decisions and to make college education a priority for their future. In Lesson 3 the children enjoyed operating in their selected careers and receiving salaries. They selected housing, furnishing, and automobiles and watched their salaries slowly diminish. Lashaun Nash, a 10-year old who wanted to be a lawyer, said, “I won’t have enough to pay my bills.” Other children supported Lashaun and helped him prioritize his needs and wants. The children learned how important it was to take care of one’s needs—housing, food, and clothing.

Lesson 4 consisted of understanding and maintaining a checking account. The children learned the correct way to endorse checks, fill out deposit and withdrawal slips, write personal checks, and maintain a check register. Lesson 5 allowed them to receive household bills, credit card bills, and bills for other expenses. They were held responsible for paying all their bills by writing checks to the authorized companies. Victoria Henderson, an 11-year-old who wanted to be a teacher, said, “I’m tired of writing checks.” Scholonda Lewis, an 11-year-old who wanted to be a chef, replied, “You shouldn’t have made all those choices to have to pay all of those bills.”

For more information on the national SEED initiative, visit the CFED website, www.cfed.org, or contact Nancy Wilson , SEED director, Sargent Shriver National Center on Poverty Law, at 312.368.1073.