Mind Your Business

Mind Your Business Week of 3-19-2014

This past week I have seen some things that involved our youth and it seem very shocking. I know this is a different era then I grew up but I think some things still can apply to raising children today.

The children of today are focus on a variety of things that are not a real benefit to their education and common factors to survive everyday without selling drugs. Financial Literacy is really for all ages, but I feel it should start in the youthful stage of life.

Different household’s have different ideas about allowance, now at my house I did not get paid to do house work, no motivation with money only from my mother telling me to go clean up.

Most people believe that children should get an allowance. First some feels an allowance forces your child to work with a limited amount of money and make choices about the best ways to use it.

Second, it gives you an escape to always spoiling them by buying them everything. When your child asks if they can buy a toy or a candy bar, you default answer can always be, If you want it, you can buy it with your own money.

Forty years ago, Cleveland was a booming city full of promise, opportunity, and people. Today, the city’s population is less half of what it was in its prime and it ranks as one of the poorest big cities in the United States.

Even as I walk through downtown Cleveland, I still look around and remember names from the past jump out like Rosenblums, Halle's, F.W. Woolworth, May Co and Higbee’s, Bond Clothes and many more as the key landmarks downtown.

The loss of 150,000 manufacturing jobs over the last two decades further contributed to an image of decline of Cleveland. From 1990 to 2002, the onetime launch pad of GE and Standard Oil ranked in the bottom three of the largest American cities as a place to start a company.

It was a treat to go downtown and eat at The Forum Cafeteria, and then go to the Hippodrome or the Embassy on Euclid to watch a movie. Even with the evolution of Corporate America, I still see these stores I grew up with when I walk around downtown.

Downtown Cleveland use to be a vibrant location with stores like Richmond Brothers, Bonds, Halles to name a few. Cleveland has shrunk because its job base declined. The city does not only need to attract new businesses, but it does need lower taxes. Property, personal and corporate income taxes should be cut. A low sales tax results in more sales.

Downtown Cleveland is the central business district of the City of Cleveland and Northeast Ohio. Reinvestment in the area in the mid-1990s spurred a rebirth that continues to this day, with over $2 billion in residential and commercial developments slated for the area over the next few years. While much of the city's population decamped to surrounding suburbs in the second half of the 20th century.

It is widely believed that lack of financial literacy in our society was a major factor in the recent financial crisis. Financial literacy in today’s world is almost as important as learning to read and write and one could argue that a student’s credit history is far more important to his or her future than grade point average. Yet most students come to college ill-prepared to manage their money.

Recent research conducted by the National Endowment for Financial Education has proved that financial education influences behavior. Students who graduate in a state that requires a personal financial literacy course are more likely to save, less likely to incur high credit card debt, and more likely to take better financial risks as young adults.

Financial illiteracy is not only widespread, but it is particularly severe among specific groups of the population, including people aged 18 to 25. These youths just out of school and young adults beginning their careers are less financially knowledgeable than the general population.

Most parents are proud when they can sit back at look at their kids and know they have did a great job raising them when you see the success in your kids. In this day and age they are teaching kids how to do things that I didn’t learn until high school.

Invest time giving back to our youth, you never know where the next Margot J. Copeland is or Dr. Julian Earls, Hilton Smith are. Now depends on what you are interested in there has to be a mentor there for you.

Don Graham was a great mentor for me as well as a lot of other Blacks at the bank, Graham who now works at the Urban League will always get my upmost respect, he instill a lot of good qualities in me, but if you know me, my mother made me who I am.

So no matter what you do in life make sure you understand your financial literacy and it may really help you to mind your business.

Follow me on twitter @JimmyWadeIII

Write Wade at the Call & Post, 11800 Shaker Blvd., Cleveland, OH, 44120, or e-mail him at jwade@call-post.com.