Over 200 Detroit-area high school students gathered at the Federal Reserve Bank of Chicago – Detroit Branch to learn about financial literacy and business. K&S Education Solutions, in partnership with Detroit Impact, hosted the third annual Financial Education and Entrepreneurial Summit. The daylong event included financial and entrepreneurship panels, interactive presentations, and breakout sessions.
“FEES offers a rare, but necessary, opportunity for young people who are transitioning into adulthood the chance to gain vital money management skills,” said Kevin Butts, President, and CEO of K&S Education Solutions. “These are things many schools aren’t teaching such as how to build good credit, save money, open a business and more.”
Byna Elliot, the highest ranking African-American woman nationwide at Fifth-Third Bank, gave a keynote speech. Elliot, a Cass Technical high school graduate, told students, “I’m just a little black girl from the eastside of Detroit.” Elliot said she wants to see young people be savvy with their finances. Elliot gave students her business card, encouraged them to email her for internship opportunities and promised to submit their resume for an interview. “I always try to get students who look like me and come from my community to have an opportunity at the bank,” said Elliott.
“We learned about saving, credit scores and budgeting,” said Langton Thomas, senior at Western International High School. “Investing in yourself before anything else is one of the most important things you can do with your money.”
Cameron Thomas-Shah, U.S. Diplomat, told students, “It’s important that we do as much as we can now to secure the bag.” Thomas-Shah spoke on the financial awareness panel and encouraged students to be forward-looking, long-term planners with their money. The panel also discussed the importance of salary-negotiation, having a financial planner and maintaining a high grade point average.
Shannon Ridley, native Detroiter and Miami entrepreneur, gave an in-depth discussion about his journey to creating WizPak, the first-to-market patented smart backpack. Ridley, “This is one of the greatest times ever to pursue entrepreneurship.” Ridley, former recording engineer and director of A&R at Bad Boy Records, donated a WizPak for raffle.
“The WizPak was inspiring because of the work he [Ridley] put in to make it,” said Deron New, senior at Western International high school. New, 18, added that he wants to pursue a mechanical or medical trade and the tools he learned at the summit will help him pursue his goals.
The entrepreneurship panel discussed creating a business plan, securing funding, and pursuing lucrative alternatives to college. “A lot of culture and access goes into entrepreneurship,” said LaChelle Williams-Johnson of Detroit Old Redford Academy. “I knew little information about what it takes to be an entrepreneur beside connections and network, but its way more than that.” Williams-Johnson, 18, added “after today, I’m considering starting my own business.”
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