Senior Year!

In August, 2010 one hundred thirty 8th grade students walked through the doors of a brand new Pelham High School with hopes and dreams of being the first class to graduate at the new high school.  They also had knowledge of the fact that statistics showed that an estimated 40% of them would not graduate. But, what the statistics didn’t take into account was the power of relationships and the commitment from their partner in education, Pelham Banking Company. In conjunction with its 100th anniversary, Pelham Banking Company committed to offer financial education and promised $100 in cash to each student when he/she walks across the stage.  

For the past three years, employees of Pelham Banking Company have written personal notes of encouragement, sent birthday cards, held pizza parties, and taught them basic life and money skills. These extra special young people are now seniors!

For the next 12 months, this blog will journal through their senior year. We will share their hopes and dreams for the future. We will also explore the impact that basic financial education and having a partner in education has play in determining the decisions they make.  And yes, what they will do with the $100.

 

What if your credit was a snapshot of your character?

I pride myself in trying to make sure those things I do represent my ethical and moral character. I recently have been shaken by what seems to be a lack of this same principal in leadership whether it is in politics, churches, schools or homes.

Lately, the issue with me as a banker has been poor credit. Now, I realize that a credit report doesn’t always reveal the “true character” of a person. Circumstances such as loss of a job or a catastrophic illness can definitely have an impact. However, I am talking about simply the character of doing what you promise you will do. 

As part of my financial education class, I often compare credit with character. I simply ask my students to define good character.  Many times they will say, “Keeping a promise or doing what is right” to which I say, “you are exactly right”. I then say when you make a loan you sign what in the “banking world” is called a Promissory Note or a promise to pay it back. And guess what? THEY GET IT!   A few weeks ago, I witnessed a young person being turned down for a loan.  No, he didn’t have tons of medical bills; he was not married with small children. He was just out of high school and his credit report simply showed a rather large charged-off cell phone bill.

Now…what if your credit score was a snapshot of your character?  I recently read something that said, to our kids, the world is a place of moral clarity and their parents are their moral heroes. Don’t we teach our kids to keep a promise?  Of course we do! Why not take the opportunity to teach them how important your credit is as well?

Just my thoughts!