Glance at life

• By CHANTE DIONNE WARREN
• Advocate staff writer
• Published: Oct 14, 2008 - Page: 1E - UPDATED: 12:05 a.m.

• Print
• Email
• Save
• Share

• Del.icio.us
• Digg
• Facebook
• Reddit
• 

Armed with debit cards and life situation profiles, 13-year-old Collin Maum and 109 other McKinley Middle Magnet School eighth-graders got a lesson in finances last week.

Big spenders found out that two-story mansions, luxury automobiles and football season tickets can place them into a lot of debt.

Through a traveling learning lab set up at the Mall at Cortana for the remainder of the month, teens simulate spending thousands of dollars as they pay bills and manage household budgets.

Maum took on the role of a 29-year-old father responsible for taking care of his family of four on a gross income of $31,164.

“It’s difficult because I’m not making a lot of money and it’s hard to afford a family of four,” said Maum.

Working with a net monthly income of $2,337, he managed to get his bills paid, but had little more than $11 left.

The Capitol One/Junior Achievement Finance Park program is providing the four-week classroom program for 2,000 students in 12 public middle schools including Children’s Charter and Staring Educational Center.

“I think financial literacy and understanding how to live within a budget is particularly important in our difficult financial times,” said Rob Stuart, president of Capital One Bank Louisiana.

For this Junior Achievement program, schools get financial education lessons on banking and money management on their campuses and then students visit the Finance Park for part of the day to put those lessons into action.

During the simulations, Capitol One and Junior Achievement volunteers helped students navigate the process of applying for loans and balancing their budgets.

Computers are mounted to about 20 stations where students visit and make their selections to pay bills in such areas as  clothing, furniture and entertainment.

Maum kept his spending at a moderate level, opting to stay within his means, he said. “Since I don’t have a lot, I chose a house that cost less.” He also decided to buy a used Dodge Caravan. A sample of some of the expenses he incurred included a car note, $396; house note, $525; cable bill, $38, federal taxes, $130; dining out, $59; groceries, $400.

Destine Smith, 13, took on the role of a married woman with no children and a gross income of $59,088. “The money I’m making is good,” said Smith, who selected a two-story, three bedroom home at $871 a month and a Porsche at $831.