Black MBA - Spring 2008 - (Page 40)

EDUCATION Investing Young in Dallas, Tex., the couple uses strategic methods to teach their children, ranging from ages 11 to 15, about investing and good money management skills. Application, discipline and follow-through are the major principles they teach their children. Dana is a member of the National Black MBA Associat ion® DallasFort Worth Chapter and Program Chair for the chapter’s Leaders of Tomorrow® (LOT), a mentoring program for youth sponsored by the NBMBAA. She shared these principles duri ng a n “Invest i ng 101” seminar held for LOT members in October 2007: “Kids need constant mentoring and resources on how to invest. Most children aren’t going to say, ‘Hey take me to down to the local Merrill Lynch office or bank.’” The Davis children, Jazmyn (11), Miyah (12) and Bryan (15), each has savings accounts. College savings go into a separate account set up by their parents. Additionally, their parents bought Bryan Wal-Mart stock eight years ago, which was, admittedly, a strategic move to expose him to investing at an early age. The family gathered for a meeting at the start of this year to set shortand long-term financial goals. Topping the list is Bryan’s school-sponsored trip to Spain this summer. The family agreed to cut back in entertainment and take one, instead of two, summer trips to save $2,000 for the trip to Spain. Sending Bryan to Spain also is investing in his long-terms career goals, which include studying international business and becoming an entrepreneur. He says the trip will prove priceless since he’ll get to witness how another culture does business. Bryan appreciates the family’s sacrifices and he suggests other families work together to better prepare their kids for college and help them meet career goals. He also advises young people to befriend those who have similar values and financial goals. One of his friends is an actor who used his savings to invest in a couple of cloth- guidance and occasionally exercises veto powers. Looking ahead, both parents are opt im ist ic about t heir ch ildren’s financial futures. They admit, however, that in their children’s eyes, the “mighty green” reigns supreme. The couple recalled Torin’s birthday party earlier this year, and the different excitement levels Torin expressed when receiving savings bonds versus cash gifts. Alex laughs and says, “He put the crisp $20 bill up to his nose and sniffed it. He was excited because he knew he’d be able to keep a percentage of it so much for delayed gratification.” CASE TWO: THE DAVIS FAMILY Together for more than 20 years, Dana and Adrian Davis both grew up in poor households. They worked long hours and relied on numerous student loans to acquire college degrees. Committed to maintaining a financially smart household at home The Davis Family: Adrian, Dana, Jazmyn, Miyah and Bryan. 40 BlackMBA • Spring 2008 • www.nbmbaa.org Photo: Frank Lottt http://www.nbmbaa.org

Table of Contents Feed for the Digital Edition of Black MBA - Spring 2008

Black MBA - Spring 2008 Passion, Purpose and Power Contents Web Browsing From the President & CEO Up Front Advertising for Change CEO to CEO: Straight Talk with Barbara L. Thomas and Renetta McCann The New Executive Search Wealth Building: A Head Start on Investing and Saving Young Continuing Education: Lifelong Learning is Easier than You Think Making Good: Catching up with some of NBMBAA’s 2007 Scholarship Winners On Campus: Universities Win Grants to Fight Poverty Public Service: Does Your MBA Fit in the Government Sector? Bridge Building: Make a Career of Giving Back Steady Speed: Kim Harris Jones Shares what Drives a Successful Auto Industry Career Financial Planning: A New Way to Work Your MBA Global Focus: Keeping up with the Competition Clock On the Move: Member News, Promotions and More Industry Focus: Biotechnology, Energy, Food & Beverage, Global Media and Entertainment Employer Profiles: Campbell Soup, FINRA Financial Finesse: Denise Hales Harrod and CompuCredit Advocate for the Financially Underserved Creating Lasting Change: GE Impacts Quality of Life in Africa William W. Wells Jr.: Finding Strength in Diversity Leaders of Tomorrow® Community Service Program: NBMBAA® and Wal-Mart Partner to Reward Students Who Give Back Reaching Out: NBMBAA® Chapters Give Back to Their Local Communities How To… Buy a Franchise: Understanding the Basics of Acquiring a Franchise After the Gridiron: Keith Sims – Dunkin’ Donuts Franchise Confidential: Paul Hubbard – Papa John’s pizza Strength Through Adversity: Bob and Hortense Bobbitt – McDonald’s On the Ground Floor: Valerie Daniels-Carter – Pizza Hut, Burger King, Auntie Anne’s Use Your Superstar Status: Black Entrepreneurs Break into Japanese Economy Marketing Maven: Odyssey Media Entrepreneur Linda Spradley Dunn Staying the Course: Black Marathoners Share Lessons from the Race Relationship Forum: Soul-Mate Strategies for the Career-Minded Vacations that Matter: Travel to Make a Difference Advertisers Index

Black MBA - Spring 2008

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