When advisors ponder learn how to educate monetary literacy to these youthful next-generation purchasers they’re at pains to succeed in, dwell music concert events are in all probability the very last thing that involves thoughts. However one West Coast-based occasion this 12 months may change that.
The WealthFlix Excessive College Nation Tour, which is able to carry 30 dwell music concert events to round 60,000 teenagers throughout public excessive colleges within the Los Angeles space this fall, can be providing monetary literacy classes, in addition to funding for entrepreneurship initiatives amongst scholar golf equipment and visits from movie star entrepreneurs. The tour runs from Sept. 11 to Oct. 20, in response to an electronic mail from a spokesperson. It’ll provide colleges financial literacy assemblies that run 45 minutes long, in response to the Excessive College Nation web site, and canopy subjects together with banking fundamentals, credit score scores, budgeting and saving, and investing. All concert events can be free to college students.
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Notably, 2023 would be the first time the occasion right here can be bringing in celebrities to steer assemblies, the spokesperson mentioned. The spokesperson declined to verify the celebrities who could be featured in any faculty occasions, including that they’re meant to be a “shock” for the delight of scholars. WealthFlix, an online learning and networking platform for rich entrepreneurs and influencers, counted basketball legend Magic Johnson, actress Ashlee Simpson and movie star pastry chef Candace Nelson amongst its audio system at a latest convention.
“The Excessive College Nation Tour sequence will embrace 30 curated programs round enterprise creation, generational wealth and learn how to acquire funding by traders on to their campuses throughout Los Angeles and the encompassing areas,” the spokesperson mentioned in an electronic mail. Moreover, the occasion will ship $60,000 in sponsorship cash to scholar entrepreneurship golf equipment throughout the faculties toured.
By placing well-known artists, entertainers and entrepreneurs in entrance of scholars and fascinating them in enjoyable tech-based actions, the occasion hopes to show them about wealth-building by a extra immersive and relatable technique than customary lectures, slideshows or video tutorials.
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Name it the extension of Swiftonomics, which noticed pop celebrity Taylor Swift buoy the economies of complete cities and nations along with her record-breaking, likely $1 billion-grossing Eras Tour. Stars like Swift — whose father was a longtime dealer at wirehouse Merrill Lynch, and whose early supporters embrace now-outgoing Morgan Stanley CEO James Gorman — have wielded immense affect over followers, particularly youthful customers who search to mimic their enterprise success.
Entrepreneur DuQuan Brown, the co-founder of Future Media (which helped establish WealthFlix), mentioned in an interview that advisors and educators seeking to attain youthful Individuals with monetary literacy training can take cues from the Excessive College Nation Tour and study the significance of presenting data in a enjoyable, partaking method, that meets the shopper or potential shopper the place they’re at as a substitute of speaking to them from on excessive.
“Everybody loves music. When you’ve got an opportunity to attach by an expertise together with music, you possibly can study something,” Brown mentioned, including that the monetary literacy actions would additionally interact college students by video games on gadgets, as a substitute of sitting them in a classroom.
Too usually, these within the monetary companies business can come off as intimidating to youthful people who could not have been born into wealth however could also be keen to construct it by entrepreneurship, Brown mentioned. “Simply give them one thing that they will relate to. That is it. The monetary jargon and completely different phrases, generally it might go over their head.”
At stake is the flexibility of these youthful people to not solely join with an advisor and supply enterprise for them, but additionally obtain their private and collective monetary objectives in an inflation-battered financial system. A 2021 research by the TIAA Institute and the George Washington College College of Enterprise discovered that Technology Z, which incorporates right this moment’s teenagers, scored the lowest of all generations in a monetary literacy take a look at.
“Lots of people haven’t skilled pleasure, wealth or abundance. All people can relate to some kind of ache,” Brown mentioned, including that for American youths, that kind of ache might begin within the type of wanting aspirational materials purchases like a luxurious bag or automobile, however feeling unable to price range for these.
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By asking a scholar to speak about how they’ll save for that pair of Jordans, he hooks them and makes the summary idea of budgeting extra significant to show.
“Begin with discovering out what ache factors they’ve, what they need to do higher, what they need to accomplish in life. After which … give them the instruments to step-by-step get there,” Brown mentioned.