Maya McFadden Photo
Monday's financial literacy workshop at The Shack with Chanelle Goldson.
Make your money work for you. Don’t work harder, work smarter. You can’t out-invest bad spending habits.
Those were three key financial tips from Newhallville resident and realtor Chanelle Goldson as she hosted a financial literacy workshop at the West Hills Community Center “The Shack” Monday afternoon.
The workshop was part of a two-day series of programming happening at the center during the public school district’s shortened February break this year.
West Rock/West Hills alder Honda Smith spearheaded organizing the programs to help keep neighborhood youth learning during the academic break.
Goldson and her husband/business partner Bert Goldson own Goldson Investment Group. The duo are looking to do more informational workshops with local youth organizations and summer camps.
“We’re not taught that in school, financial literacy,” Goldson said. “We’re suppose to learn it from parents but sometimes our parents don’t have those financial literacy skills, so then who’s left to teach us?”
Chanelle and Bert Goldson.
Students jot down financial needs and goals.
Goldson however, grew up with a mother who taught her about financial literacy. On Monday she gave some of the same pieces of advice she got in her youth, to the young people of The Shack.
During the class students learned the difference between financial needs like food, water, and housing versus “wants” like the newest iPhone model, designer clothes, and video game consoles.
Goldson taught attendees about monthly budgeting, passive income, entrepreneurship and independent contracting, and credit.
“Whatever you’re good at, see how you can build on that,” Goldson said.
She encouraged the students to use their talents and knowledge to “make money while you sleep” by getting high-yield savings accounts or publishing a book, as she did.
Students took notes on their financial goals during the workshop while sipping on Coca Colas and munching Doritos.
Goldson concluded the hour-long workshop with a conversation about credit, which she advised is vital to demonstrating your financial responsibility. “No credit is worse than bad credit,” she added.
She encouraged the group to remember that “network is your net worth” and to pay debts before their statement date.
The attendees left Monday’s workshop with a packet of goal-setting worksheets.
Shack regular Tai-Anthony Nigro asked Goldson how can he find a mentor to teach him about the music production industry.
Goldson advised he find someone who is already doing what he’s interested in. She added that a mentor can be free or paid depending on the person.
Nigro, 23, said Monday’s workshop inspired him to continue working to create his own music label. His key takeaway from Goldson was to always have a financially responsible plan.
He noted that young people in the neighborhood see most people work 9 – 5 jobs and “sleep on the talent that they have.”
“I feel like The Shack right now is trying to incorporate leadership and give the information out to other people and make it so ‘I teach you this, now you can be a leader to other people who don’t know this,’ ” Nigro said.
A second workshop about local government is scheduled for Tuesday at 2 p.m at The Shack.
Shack youth enjoy game room after Monday workshop.
The workshop was apart of a two-day series of programming happening at the center during the public school districts shortened February break this year
West Rock/West Hills alder Honda Smith spearheaded organizing the programs to help keep neighborhood youth learning during the academic break.
This is what we need, more community centers teaching life skills to young people outside of school hours.
And more alders supporting their neighborhood community centers with services and programming like The Shack to be an anchor and a leader for their ward.
I challenge every ward alder to step up like Honda Smith has and do more for their communitys center.