BeautyLink - Volume 6, Issue 1 - (Page 26)

GOOD FOR THEM OD AND GOOD FOR YOUR SCHOOL GAINFUL EMPLOYMENT'S IMPACT ON PERSONAL FINANCE SKILLS BY PETER BIELAGUS I f you would have strolled down the halls of the recent AACS convention and asked cosmetology school owners and employees, "What's on your mind?" you're sure to have heard a cornucopia of answers. Some attendees might be worried about the Affordable Health Care Act while others are worried about their enrollment being down. Still others might be fretting over a competing school opening nearby. And others (particularly those with the dark circles under their eyes) were worrying whether what happens in Vegas really does stay in Vegas. However, there is a universal worry among cosmetology school owners and employees: Gainful Employment-the rule that yokes career schools to the performance of their students long after the students have graduated. To meet the Gainful Employment requirements, schools have instituted multiple programs, from courses on upselling and customer management to job interviewing. Among these programs, career schools are slowly beginning to add a subject that is crucial: personal finance. For years, many schools have taught something in the way of personal finance. It could be in the form of a campus visit from the local banker or a requirement that students submit a weekly or monthly budget. The heavy pressure of Gainful Employment along with competition from a ballooning community college system presents an obvious question: Isn't it time to do more? The data answers with a resounding, "Yes!" Know that teaching personal finance: 26 | BE AU T Y L I NK | PRE P-A-RA-T ION | 2014 * Helps students with retention: According to a recent study funded by the Bill and Melinda Gates Foundation, financial management issues-including working to pay for higher education and the cost of higher education itself- were the number-one reasons students dropped out of school. (Google: "With Their Whole Lives Ahead of Them.") * Helps students with their overall economic success, regardless of industry: 2011 research co-funded by the University of Arizona and the National Endowment for Financial Education revealed: * High school and college students who are exposed to cumulative financial education show an increase in financial knowledge, which in turn drives increasingly responsible financial behavior as they become young adults. * Researchers documented a  snowball effect-that these early efforts exponentially increase the likelihood that students will pursue more financial education as time goes on, including informal learning through books, magazines and seminars. * Satisfies an important issue with parents: A survey conducted in April 2011 by credit card giant Visa, revealed that 85 percent of American parents surveyed thought that a course in personal finance should be a high school graduation requirement. What can schools do to implement a complete personal finance program into an already packed curriculum, especially when instructors are not experts in personal finance? Following are some simple tips that schools can use to costeffectively increase their students' exposure to personal finance education: * Stop singing the "My-Students-Don'tCare-About-This-Stuff" song: For the past nine years, my niche has been teaching personal finance to people with very little resources, who supposedly "don't care." I have taught on Navy ships conducting missions in a combat zone and at inner city schools. I have taught at a homeless shelter and countless high schools, colleges, community colleges and career schools around the world. Before nearly every event, someone would claim, "These students just don't care." And yet there would be a line of people asking questions after my speech. (Four days before I wrote this article, I spoke at a cosmetology school with about 50 students. I answered questions for two hours after the speech.) After teaching for nine years, I still receive emails from people who remembered my speech and took financial initiative. Even if it seems students don't care now, there may come a day when they go to rent an apartment, buy a car or have a child and will care. They will be thankful for the financial resources your school gave them. * Embrace instant gratification: In my work with all sorts of higher education professionals, a growing frustration has always been trying to educate the "instant gratification generation." How can we get students excited about the future when all they seem to care about

Table of Contents for the Digital Edition of BeautyLink - Volume 6, Issue 1

Message from the AACS President and CEA Chair
An Audit-Ready Mentality
Launching a Career in Beauty
Your Fire: Your Purpose
Beauty Changes Lives
Good for Them and Good for Your School
Superstar Graduate
Stopping the Taboo Mentality
Skin Care Council
Planning Your Financial Future in 2014
A Student’s Perspective
What They Want
2013 AACS Annual Convention In Review
People & Places
Associate Member Profiles: Accountants
Upcoming 2014 Events
New School Members
Index to Advertisers

BeautyLink - Volume 6, Issue 1