By Kennedi Smith, 14
Start a business and invest money, said Jimmy Moncrief, a local bank executive.
“If you work hard for your money and spend the majority of it and that’s all you’re doing, it’s almost impossible to get ahead,” he said.
Moncrief, the senior vice president of Pinnacle Bank, shared his financial wisdom with nearly 50 students attending Camp REACH this summer. His main goal wasn’t recruiting customers, but educating young people on money management.
Several students said they increased their knowledge of financial affairs.
“He helped me learn about investments and think about what I wanted to do with my money,” said 15-year-old Tyson Lamont Armour.
All students attending the camp can earn up to $150 a week.
Moncrief brought $50 and offered suggestions about how students could spend it. It could buy a really nice dinner, but if a student put it in a savings account, it could draw interest. And if they bought a lawnmower to invest into their own lawn servicer, they could double their money every week, he said.
“Ever heard of Dr. Dre? How did he make money?” asked Moncrief. “Shaquille O’Neal has a fast food empire and Michael Angelo who painted the Sistine Chapel, made money in real estate, not painting.”
The common denominator is that they all invested in assets that made money, he explained.
Then Moncrief held a contest similar to Shark Tank where students presented their best ideas for starting a business. The student with the best idea got the $50.
A shoe deodorant called Toe Tap, an acne cream and a shower head that sprays soap and water while playing music were among the innovative ideas suggested, but the winning idea came from Logan Carter Daniel, 13, and his partner Tyson Lamont Armour, 15 . Moncrief awarded Daniel the money because it was his idea.
The duo proposed a free online course that would provide information on trading stocks, investing, and managing money. And for $49.99 they offered one-on-one financial advice from a financial consultant.
Moncrief complimented the teens for having an idea in which they could immediately make money. He also liked that their business offered a free component that could attract a wide audience and they provided an option that enabled the business to make money while educating others on how to manage money.
Logan said he appreciated Moncrief’s information and the opportunity he provided.. “He was a helpful guy,” said Logan. “I liked how he spoke and I really liked that he gave us a challenge to win money.”
GET INVOLVED: To donate to Camp Reach call the Mary Walker Educational and Historical Foundation at (423) 267-2313 or go to marywalkerfoundation.org