In the month of October, NGPF hosted a nationwide book tour to emphasize the significance of personal finance, drawing insights from my new book, "Mind Your Money: Insightful Stories and Strategies to Help You Reach Your #MoneyGoals." So far, I've visited 22 schools in 9 states, and will move on to 12 additional schools next week!  

I’m so thankful to NGPF's very own Chris Salm, who masterfully organized all of the tour details and logistics. Each event contained a formal presentation from me about my personal story, some tips for money management, an interactive component where we played The Ultimatum Game, a closing Q&A with the students, and time for book signing and photos!

Check out this video recap of week 1:

 

 

 

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Check out these photos from the first few stops, too:

At every event, students brought the best questions about personal finance, careers, and planning for their futures! I've compiled a list of the 8 most frequently asked questions:

1. How can we start the conversation with our family members about money?
   • Start by explaining why you want to have this conversation in the first place. For example, you could say, "I'm learning about credit scores in school, can you tell me what are some things that helped you build up your credit?" Stick to questions that allow you to jot down key lessons rather than personal questions that don't teach you much, such as "What's your credit score?" I discuss this topic in chapter 1 of my book, as well as in the conclusion.
2. What was your first big money goal?
   • I wanted to save $11,000 as a six month emergency savings fund in my early 20's so I could quit a job that I really did not enjoy. I opened a high-yield savings account and saved up, while also applying for other jobs at the same time. I talk more about this in chapter 3, called Don't Bank with Mean Girls.
3. When should you get a credit card? How do you know if you're ready?
   • There's no perfect age to get a credit card because this depends on your personality and character traits. Some people are ready earlier than others, while some choose to avoid credit cards completely. If you're not yet disciplined enough to consistently stick to a budget, then you should probably wait until later to get a credit card. You want to make sure that you can handle taking on new responsibilities on your plate like due dates and paying back what you owe. One late payment can leave a negative remark on your credit score for 7 years, so this is really important. I get into the details of your "Credit Syllabus" in chapter 4.
4. Knowing what you know now, how would you handle debt differently in your early 20's?
   • First of all, I would pay more than the minimum due each month because paying just the minimum leads to high-interest charges and more time owing this debt. Chapter 5 of my book dives into how to create a personal debt payoff plan.
5. Which social media creators do you recommend for learning about finance?
   • I actually created a free guide you can download here, which includes a spreadsheet with a list of my top recommended financial creators on different social media platforms!
6. Can you lose money when investing?
   • Yes, you can indeed lose money when investing. Unlike a traditional bank account which holds cash, an investment account allows you to trade your cash for investments like stocks, bonds, index funds, ETFs etc. These investments come with risks, and their value can fluctuate. You might log into your account and see the balance decrease even though you have not withdrawn any money. This is why it's so important to have a savings account with cash for emergencies set aside before beginning to invest. This is detailed in chapter 7!
7. Will having investments negatively affect my chances of getting financial aid for college?
   • That depends on the type of investment account that you hold those investments in. Retirement accounts, such as a Roth IRA, are not used in the calculation of your Student Aid Index (SAI), formerly known as the Expected Family Contribution (EFC), when determining eligibility for federal financial aid. In other words, any money held in a Roth IRA typically won't affect your ability to receive financial aid. However, it's essential to remember that withdrawing funds from a Roth IRA for college expenses could have tax consequences and potentially affect your income for the FAFSA, so it's best to wait until junior or senior year of college before withdrawing funds from a Roth iRA. 
8. What is the easiest way for a teenager to start investing in the stock market with a small budget?
   
   • If you're under 18, you can open a custodial brokerage account with the help of a parent, legal guardian, or trusted adult. They will oversee the account until you reach the legal age to manage it yourself (18 or 21 depending on your state). Once the account is open, you can link it to your bank account and begin to contribute money. Then you can use that money to buy fractional shares of stocks or ETFs, which allow you to buy a small piece of a share rather than the whole share. This brings the cost down significantly, allowing you to start investing with just a WiFi connection and a dollar!

I've been facilitating virtual professional development sessions and certification courses for years, but nothing can replace getting to see you and your students in-person, and hearing your stories and passion firsthand.

As we close out National Latinx and Hispanic Heritage Month this week, I extend my gratitude to each educator taking part in this journey. Thank you for your support and for joining me on this incredible adventure!

About the Author

Yanely Espinal

Born and raised by Dominican, immigrant parents in Brooklyn, Yanely is a proud product of NYC public schools. She graduated from Fiorello H. LaGuardia High School in 2007 before going on to receive her bachelor's degree at Brown University in 2011. As a Teach For America corps member, Yanely taught third and fourth grade in Canarsie, Brooklyn. She received her master's degree from Relay Graduate School of Education in 2013. She spends her spare time making YouTube videos about personal finance on her channel, MissBeHelpful. Yanely also loves to dance, sew, paint, listen to podcasts, and babysit her 10 nieces and nephews!

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