Understanding Money
Source/Author: Mike Murphy, Headmaster
September 21, 2018
One of the good friends of Shorecrest, Craig Sher, regularly sends me articles about the lack of financial education young people have before going to college or before starting their first jobs. We are in the planning stages of developing a financial education program for Upper School students that we intend to launch this June. At the same time, Shorecrest parent, Tash Elwyn, has brought to the Upper School the SIFMA Foundation's annual Capitol Hill Challenge. Three of our Upper School teachers will be working with Tash to educate students on this version of the Stock Market Game.
One of the most recent articles Mr. Sher sent to me focused on the taboo of talking about money. For many people money is one of those private topics right up there with religion, sex and politics. There seems to be some wisdom in the idea that mistakes are often repeated because people were not educated about the topic and its history. It is no great mystery why people make the same mistakes over and over again in regard to relationships, sex, politics, religion and money. If we are afraid or forbidden to discuss these topics how can we expect the next generation to avoid the errors of those who came before them?
Want to blow up a party? Throw out the topic of minimum wage, livable wage and/or the wealth gap. Bring up taxes, tuition, tariffs and trade deals. Crypto currencies, deficits…
I appreciate that Craig Sher, Tash Elwyn, Don Paige, Pedro Alonzo, Ethan Updike and others in our community are giving our students a chance to think about financial planning. I jump for joy when I have a student tell me that her family has asked her to use the money she earns to pay for all entertainment desires. I am equally happy when a student reports that he automatically saves 50% or more of what he earns before spending a dime.
I also appreciate the families that teach their children how to support worthy causes. Many families volunteer together. Many families sit with their children and talk them through ways to donate to charities. Financial habits can be taught at a very early age. Saving, spending, and donating can become habits of mind like all other life skills. In fact, there is clear evidence that children will follow the patterns they have learned in their homes. Most people can reply, “I did.”
This is a very special time for the Shorecrest community. We have the opportunity to unite and combine our philanthropy and generosity to build the most special classrooms, learning areas, innovation spaces, dining rooms, and play spaces in Tampa Bay. We are incredibly appreciative of those families who have already stepped forward to make pledges and gifts to make the Transform vision a reality. We will be equally appreciative of all those families who help to keep the momentum moving in the right direction.
There are many good places where people can invest their money. This is an important time in the history of Shorecrest for families, alumni, faculty, staff and friends of the school to invest in the future of our school. If you have not been on a Hard Hat Tour, feel free to contact Michael Gillis at 727-456-7514 or me at 727-456-7502. We want to hear your ideas for Transforming Shorecrest and we need your support to advance and enhance the educational and community experiences for our children and the entire Shorecrest Community.
Cheers!
Mike
