Stories From Main Street: Non-Profit Teaches Students To Be Money Savvy
NEW YORK (CBSNewYork) -- A retired businessman from Westchester County is on a mission to help high school and college students become money savvy.
Dick Yaffa went to Princeton and Harvard Business School and co-founded a household cleaning supply company that made $72 million in annual sales before he sold it.
Semi-retired now, Yaffa has started a free service called My Money Workshop. Volunteers visit schools and teach young people personal finance 101.
It all starts with a budget.
"Write out what they think they are spending, keep track for two or three weeks of what they actually spend and compare," Yaffa told WCBS 880's Sean Adams. "Most of them are very surprised."
Little things add up, like $7 a day for lunch at a fast food restaurant.
"You could go to the cafeteria at the school and spend $5 a day," he said. "You save $2 a day, times five days, you've saved $10 a week. Times 50 weeks is $500 a year."
Yaffa said they also cover credit cards and student loans.
"They do not know about a credit score and they do not know all the implications of not paying their bills on time," he said.
My Money Workshop is a non-profit run by volunteers and they are looking for more philanthropic backers.
"We'd like to expand it really nationwide," Yaffa said.
For more information, visit www.mymoneyworkshop.com.
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