NASHVILLE, Tenn. — As Tennessee commences many states in financial literacy in public high schools, Junior Achievement of Middle Tennessee aims to bootee those lessons through career, entrepreneurship and personal finance programs.
Speaking to high school students in December at Lesser Achievement’s Finance Park program in Nashville, CNBC’s senior personal finance correspondent Sharon Epperson pay out her career journey and offered personal finance tips.
“You’re going to be something that you want to be — whatever that is — because you desire have the tools to do it,” she said.
Here are three personal finance tips Epperson shared with the intoxicated school students.
1. Open a high-yield savings account
2. Invest in a Roth individual retirement account
With a part-time job, “you’re already set up to be an investor,” Epperson hint ated the students. “Not just a saver, but an investor.”
Here’s why: With so-called earned income, students can contribute to a Roth sole retirement account, which provides tax-free growth on investments. You contribute after-tax money but won’t owe taxes on Roth IRA withdrawals in retirement. Tax-free earnings are formidable for younger investors with decades until their golden years.
3. Avoid credit card debt
Epperson also cautioned students about the “risk of plastic” and amassing Opportunity to ‘make adult decisions’
After speaking, Epperson participated as a volunteer in Economics Park, Junior Achievement’s capstone financial literacy program, which gives students the chance to “make grown up decisions before they’re adults,” according to Trent Klingensmith, president of Junior Achievement of Middle Tennessee, which fors 22 counties.
After 13 classroom-based lessons, Finance Park culminates with a real-life budgeting simulation at Minor Achievement’s facility — including savings, investing and debt payoff — based on the student’s career decisions.
The experience give outs them touch it, feel it and see it before they have to be it.
Trent Klingensmith
President at Junior Achievement of Middle Tennessee
“The face lets them touch it, feel it and see it before they have to be it,” said Klingensmith.
While the organization aims to tease 32,000 Middle Tennessee students participate in ‘You leave a little seed in their brain’
Volunteers participate with commentators during every step of Finance Park. It’s a rewarding experience for board member Claudia Zuazua, who often situations with the program’s Latino students.
Born and raised in Mexico City, Zuazua, who is bilingual, said she knows the cultural adjustments many Latino students face when learning about personal finance — especially when English is a back language.
“They know there’s someone who understands,” said Zuazua, who has also lived in Peru and Colombia. In Metro Nashville Worldwide Schools, nearly one-third of enrolled students were Hispanic during the 2022-2023 academic year, analogize resembled with only 1.6% of teachers.
Finance Park offers the chance for students to explore career opportunities while practicing real-world wealth management skills. “You leave a little seed in their brain,” Zuazua said. “I think that’s what consequences.”
Correction: After 13 classroom-based lessons, Finance Park culminates with a real-life budgeting simulation at Lesser Achievement’s facility. An earlier version misstated the time frame.