The City of Miramar wants its residents to be financially-savvy and kids are included in the municipality’s effort as well.
The city recently hosted its Knowledge of Financial Education (KOFE) workshop series on November 18 and another one is scheduled for Tuesday, December 12th at 6:30 p.m. at the Miramar Multi-Service Complex, 6700 Miramar Parkway.
About 40 kids, mostly high school students, participated in the November workshop and the city is expecting a better turnout this month.
The free workshop series commenced in October and runs through July 2024.
The outreach program teaches adults and kids to be financially-equipped by having knowledge of their finances, financial responsibilities, assets, spending habits and liabilities, just to name a few.
Stable finances and good credit can improve residents’ chances of buying a house and car, making prudent investments, creating a money-management plan for retirement and emergencies, and capital for their kids’ college education.
Miramar Mayor Wayne Messam said kids can also benefit from the program by getting a head start on managing their money for the future and avoiding getting trapped in a cycle of debt from credit cards.
“The program teaches kids that credit cards are not free money, that money doesn’t come out of the air,” Messam said. “They got to understand credit cards and how to manage them because it can impact their future like buying a car or home. Learning at a young age, they can appreciate the value of money.”
Messam said KOFE will educate kids on how to open up checking and savings accounts, make prudent purchases and manage their allowances they receive from their parents.
The December 12 workshop also focuses on being student loan debt free.
Messam said some college students who are not on scholarships rely on financial aid and their parents to pay for college.
But the obligation of repaying student loans can impact their lives like buying a home or starting a business, he said.
“When I went to college, I was on an athletic scholarship and didn’t have as many financial resources to attend college,” said Messam, who played football for Florida State University. “My peers were on financial aid and their parents were paying for their education. Student loans can stop individuals from buying a house or starting a business because they must pay back their student loans to get an education.”
Messam said when he ran for the Democratic nomination for president of the United States in 2020, his political platform included a student loan debt relief program as part of the economic stimulus plan before President Biden made it go into effect this year.
The federal relief completely wiped out student loan debt for more than 614,000 people, according to the White House.
But Messam said the ones left out are required to pay back their student loan debts for years to come possibly during their retirement years.
He said Miramar’s KOFE workshop series offers parents pointers on their college-bound kids to stay debt free from student loans.
He said parents can prepare for the future of their kids’ college education by investing in prepaid college programs, tax strategies or place some of their kids’ money they earn in a trust account to pay for their college tuition.
But Messam said it might be hard for some families who are struggling just to make ends meet.
However, other resources are available to them but they must start taking advantage of them early in their children’s lives.
“Having these workshops and education information for families are beneficial to them,” he said. “The earlier their plans are, the better they will be in time for when their kids are ready to attend college.”
Though students are now required to take a financial literacy course by state law, Messam said the class is probably not comprehensive to empower youth with essential financial knowledge from college through retirement.
“Quality of access to capital is key but not taught in schools in a comprehensive manner,” Messam said. “As mayor, my duty is to introduce programs that will have a meaningful impact to our residents.”
Messam said Miramar is among nine cities in the country that received a grant to ensure residents are financially prepared.
“Our goal is to make sure residents are aware of financial resources to help improve their quality of life,” he said. “The workshop series is one of our initiatives to provide our community with financial knowledge.”
The workshop series is open to residents who live outside Miramar.
For more information,
call 945-602-3000.
Photo credit: City of Miramar (November workshop with Mayor Messam)
Lorenzo W. Snelling | Special to Le Floridien
