GLENDALE, Calif.– –Los Angeles Federal Credit Union (LAFCU) turned a group of local teens into financial champs this summer with its “Cash Rules” financial education class, an upbeat crash course in personal finance. Taught by LAFCU business development staff Sal Murguia and Robert Aguirre, the presentation is usually given during the year at nearby high schools, colleges and educational events like LA’s Cash for College. However, the credit union said it opened up Cash Rules to the community as part of its “people helping people” commitment to empower local teens with the practical tools needed to become 21st century money managers and set up the next generation for financial success.
Twelve teenagers aged 13 to 20 were in attendance, along with six parents or grandparents.
The class used a dynamic power point presentation, personal stories, and money trivia. Real-life examples were used to teach students basic money management, from A to Z, including how to create a budget, borrow credit wisely, and plan for major expenses like a car or college, according to LAFCU. Teens learned about the dangers of overspending; the importance of living within their means; how to save for their education through regular contributions to a personal savings account, and why the right credit card can be useful if you secure a low interest rate. Teens walked away with a deeper understanding of how to save and increase their own money opportunities, instead of treating mom and dad like an ATM, the credit union said.
To increase class participation, those who answered instructor questions correctly received gift cards to popular teen spots, such as AMC Movie Theatres, Best Buy, iTunes, Yogurtland, and more. Plus, each person who attended was automatically entered into a raffle to win an Apple Watch. The lucky winner: a grandfather who brought both of his grandkids to the financial presentation.
LAFCU said it will continue to present Cash Rules courses locally throughout the rest of 2016. If you’d like the credit union to host a financial