Teen Discovers Financial Literacy and Personal Philanthropy

By: Ella
Ella is a participant in Allowance for Good's Winter 2015 Emerging Leaders in Philanthropy: Explorers class.

When I signed up for the ELP Explorers class, one of the words that jumped out to me in the course description was “financial literacy”. I had heard it before: it’s a “buzzword” often used in news articles or on talk shows, but not everyone knows what it means (I didn’t). But people often claim that it is severely lacking from our education system, and that teaching it may be the secret to preventing a good amount of our financial troubles. It turns out that financial literacy can mean a myriad of different things to different people, but fundamentally, it is the ability to understand financial matters, and how money works in general. However, many people don’t possess this understanding, as a 2008 survey shows that only 34% of parents have taught their child how to balance a checkbook.

In the most recent ELP class, we began to learn financial literacy by tracking our weekly spending and comparing it to our weekly earning. Many of us were surprised, and realized how little we think about spending money as teenagers. Financial literacy ties into personal philanthropy because it teaches us how to properly allocate and transfer funds. Also, keeping in mind my own spending highlights how severe needs are in the areas where we are trying to direct our aid to, and provides a sense of urgency to our personal philanthropy. For example, I will usually spend 7 or 8 dollars on food when I go out with my friends without a second thought. However, 2.7 billion people worldwide are struggling to survive on less than $2 a day, or a fourth of that amount. We also learned about AFG’s global affiliates, many of which combat similar situations: There’s the Liger Learning Center, based in Phnom Penh, Cambodia, a progressive school that provides opportunities for bright children living in poverty. There’s the Adonai Child Development Centre in Uganda for kids living among AIDS, war, and poverty. Finally, there’s Spark Ventures, which is Chicago-based and had a representative come in and educate us about their partnerships, such as Hope Community School. This is located in Zambia and provides the impoverished children of Twapia with an education. In future ELP classes, I’d be interested to learn more about what we can do to get involved with our global affiliates and how we can fundraise for them.

Sources:
http://www.financialeducatorscouncil.org/financial-literacy-statistics/
http://www.unmillenniumproject.org/resources/fastfacts_e.htm

Ella writes, "I am a Catalyst for Good because no matter who you are or where you come from, you can make a difference."

One Member of a Seven Person Family

By: Ryan Barrett
Ryan is co-founder of the Allowance for Good Associate Board. To learn more about Ryan, read his bio here. 

I was born March 10, 1988 with my two triplet sisters – Meghan and Kathleen. On March 2, 1989, our sister – Patti – was born. On March 9, 1990, our brother – T.J. – was born. In other words, I’m one of a five kids in a ridiculously compact family.

Ryan, center, with his four siblings.

My siblings and I were all very fortunate to grow up in a household that fostered each of our individual curiosities, strengths, weaknesses, passions, you name it! On any given Saturday, it wouldn’t be so out of the ordinary to be at my sister’s swimming meet in the morning, another sister’s track meet before lunch, my basketball game in the afternoon, my brother’s soccer practice after that, and my other sister’s piano recital after dinner. We did a lot, and we did a lot together. We were lucky.

Coming from a large family, I learned humility at a very early age. Regardless of what any of us had been doing or how we had been doing at it – whether good or bad – we were each just one member of a seven person family. Now, that’s not to say that victories weren’t applauded and losses weren’t consoled. It just means that my parents engrained in each of us that not one member of our family was any more (or less) important than any other member of our family. That same virtue rung true throughout all aspects of our lives – from the classroom to the locker room to the kitchen table – and with each person we interacted with.

As I grew up and began to get involved in volunteering and philanthropic activities, I developed an appreciation for how fortunate my siblings and I had been to have had the supporting environment that we grew up in and to have had garnered the experiences that ultimately led my triplet sisters and me to Northwestern University. I, again, was humbled and I wanted to give back.

Ryan on a Global Business Brigades trip, Panama.

Going into my junior year of undergrad, I came across an organization – Global Business Brigades (GBB) – that sought to ‘empower undergraduate students to develop sustainable micro enterprise in (at the time, only) Central America.’ I knew I had found my avenue to give back. Over the next two years, I co-founded a GBB chapter, recruited 30 fellow undergraduate students, and organized two trips to Puerto Lara, Panama. Over those two trips, our Northwestern team developed a sustainable eco-tourism business for the indigenous Wounaan Indians of Puerto Lara that will benefit the community for years to come.

GBB enabled me to realize the copious need in our world and the reality that I could actually do something about it. My involvement with GBB made tangible a world to me that had previously only been anecdotal. Once realizing my potential to improve those peoples’ lives less fortunate than me, I very much enjoyed acting on it. I will be acting on that creed the rest of my life.

Allowance for Good empowers youth by making them aware of the same realization I experienced my junior year in college. AfG, then, supplements that awareness by providing the framework for youth that suggests how they can go about actualizing their potential to influence such positive change. Armed with thoughtful programming and inspirational leadership, AfG will continue to educate the next generation of global citizens – providing the very roots of global awareness and philanthropy that will surely enable the future ripples that will leave our world a better place. I am excited to be a part of those ripples.

Building a Philanthropic Foundation for Future Endeavors

By: Nate
Nate was a participant in Allowance for Good's Autumn 2014 Emerging Leaders in Philanthropy: Explorers class. 

I have really enjoyed my classes at Allowance for Good.

Before my first class, I honestly did not know how to define philanthropy, so I looked it up. According to Webster’s dictionary, philanthropy is goodwill or the active effort to promote human welfare.  Again, I found another unfamiliar word – goodwill. I researched further because other than donating our closes and used items to Goodwill, I needed more explanation. According to Webster’s dictionary, goodwill is a feeling of support.  I was starting to catch on.  My family has consistently helped our community cooking at soup kitchens, donating money and items, and helping with other service projects.  I have grown about with the understanding that it is necessary to support to not only community but humankind especially those less fortunate then myself.  It is part of who I am as a student, an athlete, a brother and son and a member of my church to help others.  Although looking back, I see the ways I have helped (another student or my younger siblings with school work, a teammate with a drill, or a hungry person at a soup kitchen), I have a better understanding of what philanthropy is and how I want to continue with bigger projects to help a greater number of people, and not just random acts of kindness.

I would like to continue to be a philanthropist and young catalyst for good after ELP by exploring the issue of poor children’s basic right to adequate medical care.  I would like to go to college and study medicine and eventually become a doctor. My hope is to discover a cure for cancer.  I know that there are millions of children around the world that do not have access to basic medicine such as vaccines or prescription drugs when they get sick.  I know that many children die from diseases and viruses that are either preventable with vaccines or curable with medicine, but the children die because they are not treated.  It is important to me that all children are given adequate healthcare regardless of ability to pay.  I would like to be part of the process to make this a reality.

One of my favorite parts about about ELP was meeting so many new people and hearing all of their great ideas about building support in the community and the world.

Nate writes, "I am a Catalyst for Good because all humans should have the same rights so they live in happiness."

Philanthropy in the World: More Than One Meaning

By: Abby
Abby is a participant in Allowance for Good's Autumn 2014 Emerging Leaders in Philanthropy: Explorers class. 

Although my time is limited in Emerging Leaders in Philanthropy (ELP), I have learned that philanthropy has more than one meaning. The literal meaning of philanthropy is "the desire to promote the welfare of others". The etymological meaning of philanthropy is "the love of humanity". Yet, as I sit here on a Tuesday night in Evanston, IL, writing this blog post, it has finally hit me: philanthropy is not restricted to the definition of a dusty dictionary sitting on my desk.

Last session, we continued studying the types of philanthropy in depth. We discussed two "main" types of philanthropy: corporate and venture. Venture philanthropy is focused on the willingness to take risks and experiment, having a long-term structure set up, and focus on direct engagement from the donors with their grantees. Corporate philanthropy is focused on the belief that a company needs to be responsible for its actions-ethically, socially, or environmentally. Also, corporate philanthropy is a huge supporter of corporate giving, which is a grant making program established in a profit-making company. it is from these programs that gifts or grants are distributed to charitable organizations. Learning about these two different types of philanthropy interested me a lot because it made me think about myself when I get older. I want to become involved in a company that are corporate philanthropists and give back to the community.

For the second half of the session, we had Allowance for Good Associate Board members Tife and Ryan talk with us about what we have learned so far. Tife grew up in Nigeria and then moved to Chicago later in life. The first company he worked for were "terrible philanthropists" (as he put it), meaning that they did not give back to the community and really did not involve themselves in it. However, when he received a new job at a real estate company, that completely changed. Tife informed us that at his job now, he receives an email once a month that asks what charity/organization he would like to donate to. His company matches tries their best to match his donation request and donates it to that company. Ryan, born and raised in Hinsdale, IL, is a credit analyst at Northern Trust. He told us a lot about his occupation and what he enjoys about work, but what really stuck with me were what he calls his "3 Pillars". They were:
1) Always, always, always stay curious.
2) Know your environment.
3) Know your limits & defy them...but also know your job/responsibility and do not become suffocated.

I know for a fact that these 3 pillars will help me grow as a young woman, student, philanthropist, and overall a human being. Staying curious is the beginning of a question, which leads to an interest, which leads to a passion. ELP has really been the beginning "question" phase for me. I have never been that passionate about any specific world problem; of course, I wanted to change them all. Coming to ELP has helped me realize that even though I may not have a certain passion now, there is always something I can do to help people in the world who are not as privileged as me.

I know this is going to sound very cliche, but there is only one world humans live in (unless we magically find Earth's twin in the universe). Humans are not the only beings on Earth, but we are the most powerful beings. It is our duty to help each other while protecting the ground we step on, the air we breath, and the grass we mow. So, to end the post the same way as Ryan ended our session, "We are rich through only what we give. We are poor through only what we refuse."

Abby stands in front of her favorite leadership quote during an activity in ELP: Explorers.

Using Philanthropy for Gender Equality

By: Hannah
Hannah is a participant in Allowance for Good's Autumn 2014 Emerging Leaders in Philanthropy: Explorers class. 

Recently, I have become quite a feminist. Not the stereotypical, angry, hairy-legged feminist, but the person who genuinely believes that the world needs to see men and women as equals. Nothing makes me more disappointed than hearing about the injustices women suffer of a daily basis just by being female. Don’t get me wrong, I have always been in support of gender equality, but only in the past few months have I become so attuned to extent of the problem both local and worldwide.

If I were to be fortunate enough to have a family foundation, I would dedicate it to making the woman’s voice heard through education. I choose education because the only way to make lasting change is by inspiring the next generation. School teaches young girls more than just academics—it teaches them they have a future. It teaches them they have power to do anything they set their mind to and will create the spark needed to for us to obtain true gender equality.

Most of my family foundation’s money would go to help international organizations dedicated to ending the gender gap in places like the Middle East where sexism is most prominent. This is because the money would make the most dramatic difference there, and I would want each penny to be used as efficiently as possible. I would also give to organizations that support women’s health because it is equally important for women to be educated in body and mind. After all, happiness and success are only possible in good health.

The rest of the money would go to organizations that focus on women’s rights in the US because American women experience sexism on a daily basis. We have come a long way, but the end of gender-based discrimination is still far off. One staggering statistic is the fact that females make up fifty percent of college graduates, but only five percent of CEOs. That resonates with me because it points out exactly what we have accomplished and what still needs to be done. It shows we have given girls dreams, but we have not turned them into reality just yet. I think that if women’s rights organizations get the support they need, we have a real chance of creating a tomorrow where no woman is disadvantaged just because of her sex.

Hannah works with her ELP classmates to create their theoretical family foundation.