Central students take lessons in finance
BY JAMES SHEA
Sixteen-year-old Courtney Nelson could not pay her bills Wednesday.
The Sullivan Central High School junior took part in a mock finance seminar. She picked a career as a special-education teacher, earning $32,000 a year, and was given a new life complete with a husband, who also worked, and two kids. The problem – she was saddled with $13,000 in credit-card debt.
After she purchased a vehicle and a place to live, Nelson ran out of money.
“I picked the cheapest truck possible but did not have enough money to buy insurance or child care,” she said.
University of Tennessee Extension and 20 local businesses helped organize the exercise in personal finance. Extension Agent Vickie Clark said Tennessee now requires a personal finance class in high school, as the state ranks fifth in the nation for bankruptcy filings.
“We are really, really high in bankruptcy and loan defaults, so it is a problem and something we are trying to teach,” Clark said.
The exercise teaches students valuable lessons and personal responsibility, she said. Many of the students were surprised at the amount of money needed to support a family, including the cost of child care.
Leslie McReynolds, Sullivan County Health Department tender care coordinator, oversaw the child-care booth at the event. She spoke with students about options and costs.
“One little boy said he could not afford to buy a car with his child in daycare,” she said.
To save money, student Lucas Gentry, 16, chose not to purchase a car and opted for public transportation, in order to keep his expenses low. He was a teacher and the exercise helped him see how expenses “snowball on top of each other.”
Gentry added: “I really learned how to budget. It makes you realize there are unexpected situations, and they impact your personal finances.”
Each student was given a “curveball.” For Nate Lancaster, it was a trip to the dentist for his three pretend children. He earned $50,000 a year as an electrical engineer and purchased a new truck with a $395 monthly payment.
Lancaster Salary For Dentist - News
For Nate Lancaster, it was a trip to the dentist for his three pretend children. He earned $50000 a year as an electrical engineer and purchased a new truck with a $395 monthly payment. He did not have custody of his children so he paid $600 a month in