Benzinga - Learning about money management at a young age is an essential skill with long-lasting benefits. Developing a solid foundation in money management skills early in life can help individuals avoid common financial pitfalls and achieve success in the future.
Michael B. Jordan, actor, director, and producer of the recently released sports drama “Creed III,” says that he learned about money management throughout his life and wished he could have been taught more about money when he was young.
In an interview with CNBC, Jordan says he wants to help Black students and student-athletes gain financial literacy education at an early age.
“I imagine how much more I would have and the better place I’d be in today if I had that kind of knowledge at an early age and knowing how to take care of your money,” Jordan said.
To fulfill his dream, Jordan has partnered with Invesco QQQ, to help young people learn how to manage their money smartly.
Also Read: Here's How 37-Year-Old Mom Of One Makes Up To $12,000 Per Month Just By Editing Videos
“There are a lot of things out there telling the students to spend their money on this or that,” Jordan said in the interview. “So having another system to help them start thinking differently about their money is important.”
According to a report, the average white household has a net worth of $875,600, while the average Black household has a net worth of $126,300 in the U.S.
“While there’s no simple solution for closing the racial wealth gap between white Americans and Black Americans, improving financial knowledge among Black and Brown students could help bridge the divide,” CNBC quoted Yanely Espinal, director of educational outreach at Next Gen Personal Finance, saying.
Personal finance education is an essential tool for students to help them navigate the complexities of financial management.
“The students absolutely take this home,” Espinal said. “You see parents asking about Roth IRA accounts and whether they should open them.”
Learning about managing money can help students build a strong foundation in financial literacy.
Now Read: Former Door-to-Door Salesman Launches $200 E-commerce Venture, Sells It For $10M Just 2 Years Later
This story is part of a new series of features on the subject of success, Benzinga Inspire.
Photo: Gage Skidmore on flickr
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.