Dr. Raheem Young!

Dr. Raheem Young, co-Founder – Welcome to Fatherhood, Adjunct Professor

We are pleased to have Dr. Raheem Young share with us some of his “first” money memories and responses to a few of our questions on kids and money. Welcome Raheem!

About Raheem

Raheem Young is and has been married to his wife June for 16 years. They have 3 children.

Raheem grew up in Bellwood, Illinois. The community is primarily African American and Latino. Bellwood is middle to low-income. His household was made up of Raheem, his mother, two sisters, and stepfather. 

Raheem values education and has both a doctorate and master’s degree. He is the co-Founder of the non-profit Welcome to Fatherhood whose mission is to strengthen communities by linking and providing family engagement services to fathers.

Raheem’s favorite hobbies are reading, exercising, and listening to music.

You can discover more about Raheem and his work and mission at:  wtfatherhood.org

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GROCERIES AND GRANDMA

Team Sammy: Please share with us some of your first money and saving memories?

Raheem Young: My first money memories were us not having enough money. I clearly recall having to put things back at the grocery store register or not being able to afford certain things.

My first saving memory is my grandmother buying my sister and I savings bonds for Christmas. I remember her telling us to save them because they’ll be worth a lot of money once they mature. I really didn’t know what she was talking about, so I didn’t take it too seriously. Plus, I wanted toys for Christmas.

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PIGGY BANKS AND MILK JUGS

Team Sammy: What additional memories do you have?

Raheem Young: I’ve had a piggy bank for as long as I could remember. I still save my coins in a milk jug.

Growing up, I was told to save my money and those lesson have stuck with me.

I have used the envelope method to allocate money toward specific things, like gas, groceries, and entertainment.

My children have piggy banks and oldest daughter has a savings account.

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EARNING. SPENDING. MUSIC. AND FAST FOOD

Team Sammy: Did you have any opportunities when you were young to earn money? If so, what did you do with the money you earned?

Raheem Young: My first informal job was cutting my grandparents grass and shoveling their snow. My grandfather gave me $15 for cutting the grass. I usually bought CDs or McDonalds with my money.

My first formal job was as a curb painter. I used to paint the fire hydrants and the curbs yellow. I don’t remember how I spent the money I earned from this job, but it was probably spent on CDs and fast food.

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YES and NO

Team Sammy: Did your parents talk to you about money when you were a child?

Raheem Young: My parents talked to me about money, but it wasn’t an in-depth conversation. They would tell me to save my money and to not spend it on frivolous things, but they didn’t explain how I should save and why I should be saving in the first place.

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GRANDPA ALWAYS HAD MONEY

Team Sammy: Did you have a money mentor growing up?

Raheem Young: My money mentor was probably my grandfather because he seemed to always have money.

I remember my mother would borrow money from my grandparents or we would go to their house to eat dinner when we didn’t have food in the house.

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GOOD AND BAD MONEY CHOICES

Team Sammy: Did you work while in high school and college? What kind of smart or poor money choices did you make with the money you earned?

Raheem Young: I held multiple jobs while in high school and college. I worked at Enchanted Castle, Burlington Coat Factory, UPS, A comic bookstore and the campus bookstore.

I don’t’ believe I made any smart money choices as a teen. All my choices were mistakes. I didn’t take an “invested” interest in my personal finances until I became an adult.

Having a family is what piqued my interest in personal finance.

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GIVING BACK

Team Sammy: Any thoughts on giving?

Raheem Young: I believe there is a correlation between giving back and your own financial health. It’s hard to give back if you don’t have anything to give. You must be financially healthy to help others. 

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ONE MONEY HABIT

Team Sammy: One question I ask everyone is: If you could only teach a child one money habit, what would it be and why?

Raheem Young: The money habit I would teach is to pay yourself first.

A lot of times we pay everyone else before we pay ourselves.

I would teach children to take 10% off the top and invest it in their financial futures.

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“Teaching kids to get in the habit of saving money is the single greatest gift a parent can give a child!” -Sam X Renick, Children’s Author, Awarding Winning Financial Educator

YOUR THOUGHTS

Team Sammy: Is it important to teach children about money in schools?

Raheem Young: It is important to teach children about money, so they can develop health habits as they grow into adulthood. Parents should teach their children about money as soon as they are old enough to count.

Personal finance should be taught in schools. 

How you manage work you make. A person could have an income of a million dollars and still be broke. How you manage your money is most important.

Team Sammy: Any thoughts on student debt and credit card debt?

Raheem Young: Be careful! Never get pay day loans and title loans.

Team Sammy: Do you have a favorite book on personal finance?

Raheem Young: Total Money Makeover by Dave Ramsey

Team Sammy: Do you have any personal finance heroes?

Raheem Young: My grandparents.

Team Sammy: Any final thoughts?

Raheem Young: Thank you for inviting me to your platform and allowing me to share my story.

Thank you Raheem!!

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About the Author

Sam X Renick is a children's Author, Co-Creator of Sammy Rabbit-SammyRabbit.com, Award Winning Financial Educator & Double Bottom Line Entrepreneur!