myRA Might Be the Solution for High School and College Students

myRA

If you’ve read “10 Things College Students Need to Know About Money” you know that I am a HUGE advocate of young people investing from retirement as soon as they have earned income. For many people that time is while in high school or college while you’re working part-time or eeking a living out of financial aid. Often, young people don’t know how to open an Individual Retirement Account (IRA) or don’t think they have enough money to open one (get my list of investment accounts you can open for less than $100 here).

The United States government is here to help with the new myRA (my retirement account, get it?). According to the U.S. Treasury,  these accounts are:

  • Easy to set up (you can have the money deducted from your payroll check if you wish)
  • Designed to help people with little money or no access to a retirement plan from work.
  • No risk of losing money (funds are invested in a Thrift Savings Plan-like account)
  • The funds you invest are NOT tax-deductible but you also can take them out whenever you like without penalty.

The best part? There is no minimum amount required to start an account and according to Forbes, ” additional contributions only have a minimum of $5.” The goal is really to get you into the habit of investing when you are young and have few dollars. The return isn’t great (think 1% or 2% per year) compared to a regular traditional or Roth IRA or 401(k)/403(b) but starting now with a few dollars and little interest is better than not doing anything.

Fool.com also notes:

Account holders can contribute up to $5,500 per year ($6,500 if over 50) and may continue to contribute until their total account balance reaches $15,000. All funds are invested in a newly created Treasury bond

Once you’ve grown a nest egg big enough to open a traditional or Roth IRA, or you have a job that provides a 401(k) or 401(b) hopefully with matching, you can roll the money over into a new account.

Click here to find out more about myRA accounts.

 

 

Economic Summit and Student Leadership Conference – Las Vegas

College-of-Southern-Nevada

The Economic Summit and Student Leadership Conference was held in Las Vegas at the College of Southern Nevada – Cheyenne Campus on Saturday, December 13th. Shay Olivarria, financial education speaker and author, spoke to three sessions of students and parents while representing the Center for Financial Empowerment in Irwindale, CA.

Topics covered included credit scoring, credit monitoring, credit cards, ROI and the differences between traditional banks and credit unions. Each presentation was about 50 minutes long and included PowerPoint, videos and large group discussion. The teens (both high school and college students) and parents were very vocal and were genuinely interested in in sharing what they knew and learning more about the topics.

The event was well attended and very well run. Perhaps Shay will be back in 2015.

A Young Mother’s Dream Scholarship

Young-Mothers-Dream

I just saw this message on Facebook:

If you know of any high school seniors (entering their Senior year this Fall) that would be a candidate for the scholarship program POSSE, please please send an email to geneva@youngmothersdream.org!Today is the FINAL day for submissions Great opportunity for a full 4-year college scholarship… Please share & recommend! Thank you

The scholarship is from an organization call A Young Mother’s Dream. Get your application in today.

Mad City Money at Lynwood High School

The Center for Financial Empowerment (formerly The Foundation at SCE Credit Union) partnered with Lynwood High School to put on Mad City Money reality fair for senior students. It. Was. Amazing.

Lynwood Mayor Aide Castro photo bombs financial education speaker Shay Olivarria during Mad City Money reality fair hosted by The Center for Financial Empowerment.

Lynwood Mayor Aide Castro photo bombs financial education speaker Shay Olivarria during Mad City Money reality fair hosted by The Center for Financial Empowerment.

The students were super engaged, the volunteers were wonderful and Shay was amazing …  as usual.

Shay Olivarria and Mayor Castro at Mad City Money.

Shay Olivarria and Mayor Castro at Mad City Money.

Shay Olivarria with Lynwood City Council Member Gary Hardie Jr. who was on hand during Mad City Money.

Shay Olivarria with Lynwood City Council Member Gary Hardie Jr. who was on hand during Mad City Money.

Seniors Get Financial Education at Western HS in Las Vegas

Financial education speaker and author Shay Olivarria with WHS teacher and SCE representative after a day of workshops at Western High School in Las Vegas, NV for SCE Credit Union.

Financial education speaker and author Shay Olivarria with WHS teacher and SCE representative after a day of workshops at Western High School in Las Vegas, NV for SCE Credit Union.

How  awesome is it to be able to do something that you love and get paid for it? Friday, May 10th Financial Education Speaker & Author Shay Olivarria was in Las Vegas speaking to more than 200 Seniors at Western High School about personal finance for SCE Credit Union Foundation.

High school students in Nevada are required to receive financial education and most take part in an online course, however there is no substitute for the interaction and feedbackloop of working with a live person.

Financial Education Speaker & Author Shay Olivarria talking about compound interest to Seniors at Western High School in Las Vegas, NV for SCE Credit Union.

Financial Education Speaker & Author Shay Olivarria talking about compound interest to Seniors at Western High School in Las Vegas, NV for SCE Credit Union.

During each hour long workshop students learned about the difference between credit unions and banks, the need to pay yourself first, what compound interest is and how it works, the parts of a credit score and credit cards, specifically the CARD Act and why paying the minimum payment on your credit card debt is problematic.

 

If you’d like to hire Shay to speak with your group, call (323) 596-1843.

10 Things College Students Need to Know About Money

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com

Teen Dating Violence Awareness Poster Contest

DomesticViolenceTeen

February is National Teen Dating Violence Awareness Month. To get the word out about this very serious subject, the domestic violence help center, A Better Way in Victorville, CA, is hosting it’s second annual poster contest!

The Black Voice News says:

The poster contest is open to all high school students. The theme is “Teen Dating Violence”. The Grand Prize is $300, 2nd place is $200 and 3rd place is $100. All entries must be received by January 31, 2013.

All of the contest forms and guidelines are available online. For more information call A Better Way at (760) 955-8010.

DomesticViolenceTeenGirl

A bit about teen dating violence from A Better Way:

NOW FOR SOME STATS…
Dating Violence iscontrolling, abusive, and aggressive behaviourin a “romantic” relationship. It occurs in both heterosexual AND homosexual relationships and can includeVERBAL,EMOTIONAL, PHYSICAL OR SEXUAL ABUSE, OR A COMBINATION OF THESE BEHAVIOURS.
ONE OF FIVE TEENS IN A SERIOUS RELATIONSHIP REPORTS HAVING BEEN HIT, SLAPPED, OR PUSHED BY A PARTNER
YOUNG WOMEN, AGES 16-24, EXPERIENCE THE HIGHEST RATES OF RELATIONSHIP VIOLENCE
ROUGHLY ONE IN 10 (9%) OF TEENS HAS BEEN VERBALLY OR PHYSICALLY ABUSED BY A BOYFRIEND OR GIRLFRIEND WHO WAS DRUNK OR HIGH

FOURTEEN PERCENT OF TEENS REPORT HAVING BEEN THREATENED WITH PHYSICAL HARM–EITHER TO THEM ORSELF-INFLICTED BY THEIR PARTNER TO AVOID A BREAKUP