Nova Pioneer launched a Financial Literacy Club at our North Riding campus recently and it was met with excitement from students. The enthusiasm for the club was evident from students who could not stop talking and asking questions about money.
Understanding Business Finances
The first lesson started off with a question that was posed to our students about why they joined the financial literacy club. The answers revealed that we have a number of young aspiring businessmen and women at our school.
Nine-year-old George Simelane in Grade 4, decided to join the Financial Literacy Club because he is keen to be in business and he wants to give himself a challenge. Kiese Nxumalo, in Grade 5, also said that she wants to start her own business one day and wants to find out how she can have multiple streams of income.
Grade 6 learner Ryan Matande said he’s always been interested in the business world and has aspirations to start and run his own business one day. He said he joined the class because he believes that it will help him understand more about finance.
Understanding Income Streams
One of the first financial concepts that were introduced to the club members was the importance of having multiple streams of income. The students were equipped with information on how to not only rely on one source of income to make a living, allowing students to explore how else they can generate money. Some of the methods presented included starting a podcast, a YouTube channel, using Facebook, Instagram, Twitter or TikTok as platforms for content production.
How to Manage Your Own Finances
Besides playing Monopoly, members of the Financial Literacy Club get to learn about ways of managing their own finances on a day-to-day basis. By educating themselves about financial matters, students are given the opportunity to unlock their inner financial genius. To further assist them in that direction, some of the books that the students in the club have been introduced to include Rich Dad, Poor Dad by Robert Kiyosaki. The students are also tasked with researching and sharing effective financial books with their peers.
Good Debt, Bad Debt
Members of the club also learned about good debt and bad debt as well as liabilities and assets. They now understand that good debt buys assets and assets put money in their pockets. They also now know that liabilities are anything that take money out of their pockets and bad debt leads to liabilities.
We’re looking forward to seeing how the Financial Literacy Club will inspire exciting business ideas from our members. If the first club session is anything to go by, we expect to have our minds blown by our members in the sessions to come.