FinLit peer groups meet monthly to go over various financial topics, discuss & ask questions, and share personal experiences get them on track if they are not and keep them on track if they are.
Financial literacy is a foundational life skill that can change the course of a young person’s life.
We are in our 3rd year of skill building for young adults from underserved communities. Peer groups meet regularly for 2 years, Mid-month, they have questions answered and issues addressed between meetings.
Ideally, groups continue beyond 2 years. KARA can’t promise but intends to be a resource into the future.
Each Group consists of 5 to 7 participants + a staff person from the organization we are working with.
Classroom training is top down, short term, and less personal –– our peer group model builds trust and shared setting.
Over time, peer groups allow a broad spectrum of financial topics on a personal level that can be reinforced and participants becoming accountable to themselves and the group.
KARA facilitates:
- How to start a wealth building plan that provides a strong financial statement when needing credit to buy a home or car
- How to build better habits while leaving bad habits behind
- How to become problem solvers for themselves and others in the group
- Budgeting & habit building
- Getting what you need/want and knowing the difference
- Money mistakes
- Trust, friends, and money
All Participants receive $1000 through the credit building program. Engaged participants that open the Schwab wealth building accounts earn the final KARA $1000 and $100 from Schwab
Most importantly, Peer Group members learn to trust their judgement and know where to find help and better answers to tough financial questions.
Monthly topics include
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Understanding your credit score and what affects it
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Introduction to banking
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Budgeting (we know it’s boring)
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Gig Economy — Turn your time into money
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Five major mistakes to avoid when buying a car
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Stock market do’s and don’ts
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Checking your credit score
We meet participants where they are –– problem solving, earning vs spending, understanding danger zones, skill building, and job and entrepreneurship opportunities
