Youth United Way Group Learns "How To Be a Millionaire"

Memphis' Youth United Way group gathers during a visit to the Memphis Branch.

“Most millionaires are college graduates.” That's the message 22 Memphis-area high school juniors and seniors heard March 15 at the Federal Reserve Bank of St. Louis' Memphis Branch.

The group, part of the Youth United Way initiative, was first welcomed by Memphis' Senior Branch Executive Martha Perine Beard, and then the focus turned to financial literacy.

Dr. Julie Heath, director of the Center for Economic Education at the University of Memphis, talked to the students about “How To Be a Millionaire.” As a part of the presentation, the group was divided into seven teams and challenged to correctly answer a series of 15 true-and-false questions related to financial literacy and accumulating wealth. Each team earned points by correctly answering questions that stressed the importance of education, living below one's means and making good financial decisions.

Following the “How to Be a Millionaire” session, Perine Beard provided information about the redesigned $10, $20 and $50 notes. Emphasizing the U.S. government’s efforts to stay ahead of tech-savvy counterfeiters and to protect the integrity of U.S. currency, materials were provided that illustrated the new currency's enhanced design and security features. The message was clear: This redesigned currency is safer, smarter and more secure.

Students were encouraged to consider participating in competitions sponsored by the Fed, including the Economics in Literature Essay Contest and the Predatory Lending Essay and Poster Competition. The group also experienced the day-to-day operations at the Branch by touring the facility to observe check and cash operations; they later attended a luncheon.

Youth United Way is an initiative launched by United Way of the Mid-South that works to help teenagers learn that responsibility and giving back to the community help set the groundwork for a positive future. Youth United Way Mid-South promotes philanthropy, leadership development and character building among local school students.

Back to top