Wed, Jan 10, 2018
Students at St. Vincent Pallotti High School in Laurel, MD, have started their first full year of the Millionaire’s Club financial literacy experience. Following a “soft launch” toward the end of last school year, students gathered recently to begin the 26-session financial education offering.
School Principal Jeff Palumbo, who also serves as the Club’s Advisor, addressed a classroom filled with students at the launch of the school’s Club. Well-acquainted with the Club’s materials, activities, and competitions after the shortened Club experience last school year, Principal Palumbo provided a review of the Club’s benefits and reflected on his personal financial experiences as a small business owner before introducing the Club’s credit union sponsor representative, Kevin Somerville, Vice President, Business Development at Market USA FCU.
"Who here wants to be a millionaire?!” asked Somerville to a predictable show of hands from students in attendance. “Well you’ve just taken your first step," he continued, “and by the end of this school year you will have all the tools and knowledge you need to start and grow your savings, put those savings to work for you, and protect your assets.”
“Helping to prepare the next generation for financial success is important to us,” said Market USA FCU CEO Laura Hassan. “It’s a core value for many credit unions and we’re proud to bring the Millionaire’s Club to Pallotti High School where it will help students as they reach young adulthood.”
The Millionaire’s Club combines skills development with educational competitions and an annual entrepreneurial project to produce a broad and engaging program for Club members. Students learn budgeting, evaluating financial services, protecting assets and identities, responsible borrowing, career choice, and putting savings to work through investment simulations.
Local, state, and national competitions allow Club members to experience financial education in an active club-like setting that retains their interest while providing them with skills and habits to help them avoid financial missteps and ensure their future success. The Club meets regularly throughout the school year.
Clubs are provided seed grants, detailed curriculum, and faculty/student materials at no charge. Sponsoring credit unions offer support through seed grants and guest speaking engagements. Additional supplies add a fun, competitive edge to the Club's activities. Millionaire's Clubs have produced State and National Personal Finance Challenge™ champions as well as first-place Stock Market Game™ competitors since the Clubs began founded in 2013.
The program was developed by the CU Foundation MD|DC and is available to schools and credit unions nationwide at no charge through the Foundation’s MillionairesClub.org site. Millionaire’s Clubs have been expanding rapidly. Currently, over 2,000 students benefit annually from participation at 50 sites.
For information on the Millionaire's Club financial education experience, visit MillionairesClub.org.
Photo caption: Members of the new Millionaire’s Club at Pallotti High School in Laurel, MD, recently held a kickoff meeting. The Club, sponsored by Market USA Federal Credit Union, helps promote financial literacy. Students learn skills essential to financial success like budgeting, responsible borrowing, career choice, and investing.