Lockheed Federal Credit Union Sponsors Award-Winning Author Sally Taylor to Teach Teens How To Stay Out Of Debt Using Seven Simple Steps To Manage Money
Young adults are quickly getting into financial trouble today. College students are getting bad grades, dropping out of school, defaulting on school loans, and ruining their credit ratings. According to Nellie Mae, a financial aid company, the average college student graduates owing almost $20,000 in student loans and another $3,000 to $7,000 in credit card debt -- with no guaranteed job upon graduation. And less than 15 percent of all high school graduates have ever taken a personal finance class.
Young adults are also filing bankruptcies at record rates. Nearly seven percent of U.S. personal bankruptcies are filed by those under the age of 25. Even worse, though, is the psychological impact of debt on today's youth. It can result in depression, substance abuse, even suicide.
Lockheed Federal Credit Union knows the importance of teaching teens about money and is teaming with award-winning author Sally Taylor on Sept. 21 to teach teens and young adults in the Santa Clarita Valley the seven simple steps to manage money and start building wealth.
Students will learn the basics everyone needs to know about money: writing a check, using ATM and debit cards, balancing a checkbook, paying bills, using credit cards wisely, setting financial goals, and saving and investing. They'll also receive a copy of Taylor's new book, Money Talks! The Ultimate Crash Course on Money for Young Adults (ISBN 0-9711500-4-4, $11.95).
Dave Styler, CEO of Lockheed Federal Credit Union, says, "Sound financial management is integral to a prosperous life. Having that knowledge early on can make a world of difference. Unfortunately, many teens do not know what basic financial management is and are particularly vulnerable when it comes to racking up credit card debt."
According to Taylor, "On average, high school graduates receive eight credit card offers within six months of graduating and they don't even need a job to qualify. It's amazing what teens don't know about money. Many believe that they don't need to balance a checkbook because they only use debit cards; that they can't be overdrawn because they still have checks left; and that credit cards are income. They don't know that a $7 pizza can cost $93 by the time service charges are paid on one bounced check."
Taylor adds, "Teens need to know how to balance a checkbook, why they can't just call the bank for their balance, why they must pay more than the minimum monthly payment on credit cards, and how compounded interest works. If we want our young adults to be successful, productive members of our community, we must teach them about money. It's no longer an option."
About the Money Talks Class
Lockheed Federal Credit Union sponsors Money Talks! for Santa Clarita Valley Teens (ages 11+) on Wed., Sept. 21, at the Santa Clarita Activities Center, 20880 Centre Point Parkway, from 6 to 8 p.m. $6 materials fee required. For more information, contact Stephanee Maxwell at (818) 565-2145 or firstname.lastname@example.org .
About Lockheed Federal Credit Union
Lockheed Federal Credit Union, established in 1937, is based in Burbank and has nine branches in Southern California. Members of the community are eligible to join the credit union. For more information, visit www.lockheedfcu.org  or call 800-328-LFCU.
About Silly Goose Productions, LLC
Sally Taylor is president & CEO of Silly Goose Productions, LLC (www.onmyown.com ). She has written and published the award-winning book and CD-ROM, On My Own: The Ultimate How-To Guide for Young Adults (now in its second printing) and The Ultimate Bill Paying Tablet. Her latest book is Money Talks! The Ultimate Crash Course on Money for Young Adults. She teaches life skills and money classes to teens across the country. She is located in Valencia. For more information, visit www.onmyown.com . Taylor can be reached at email@example.com  or (661) 254-1553.