Learn about economic empowerment with Money Magnets
April 22, 2021
Money Magnets, sponsored by Self-Help Credit Union, is a club for kid entrepreneurs that gives families opportunities to learn from local Black entrepreneurs. Money Magnets was one of West Boulevard Library’s responses to the Chetty Study, which highlights conditions that make it difficult for Charlotteans who are born into poverty to transition out of poverty. Money Magnets disrupts poverty by providing resources for economic empowerment to kids and their responsible adults in areas most likely to be negatively affected by this trend.
Money Magnets was piloted as a start-up social entrepreneurial effort during the Charlotte Mecklenburg Library’s observance of Money Smart Week in 2019. Alexandra Arrington, a former child entrepreneur herself, designed and facilitated the programs. Money Magnets teaches elementary schoolers and their families about financial literacy, community-mindedness, and character education within the framework of business ownership. Reinforcement of literacy and vocabulary, building social capital, and encouraging calculated risk are also included. Perhaps the greatest opportunities provided are networking with and being coached by successful local Black entrepreneurs and earning a modest amount of seed money to begin their businesses.
Alexandra Arrington, LCMHCA, NCC, BC-TMH
Another benefit of our focus on kids’ experience with these concepts is that their responsible adults are also involved and work with the student to support their learning, as well as reinforce their own understanding. The four-session online Money Magnets program offers follow-up individual online coaching as well. KidPreneurs in training who attend three Money Magnets programs, complete a business plan, and pitch their business idea in a R.I.C.H. Circle receive $25 in seed funding for their business plus a $25 Youth Savings Account at Self-Help Credit Union. Learn more about this program and the various sessions offered:
Session One: The Business of Being You
Got an idea? This session will focus on the importance of being who you are and learning what you like to help you decide on what business to start. Special guest entrepreneur, hip-hop artist, Chief Operating Officer, and multimedia design artist, David “Dae-Lee” Arrington will join us to share his experiences.
This program is offered online from 6-7p.m. on Wednesday, April 28, 2021. Registration is required.
Money Magnets One-on-One Strategy Session
These individual coaching sessions are an online follow-up program for The Business of Being You. Sessions are offered by appointment only and are geared toward helping kidpreneurs-in-training get one-on-one assistance with fleshing out their business ideas and learning about specific resources. Open to K-5 students and their responsible adults who attended The Business of Being You.
This program is offered online on Saturday, May 1, 2021. Register for one 15-minute session that falls between 1 p.m. and 3 p.m.
Upcoming Session Topics
Each of these programs is followed by relevant One-on-One Strategy Sessions.
The Business of Family Business - May 26, 2021
Special guest entrepreneurs are millionaire and generational wealth expert, Steven L. Stack, and his 8-year-old daughter, Nia.
The Business of Caring - June 30, 2021
Special guest entrepreneur is organic product developer, Ayesha Murphy.
The Business of Launching - July 28, 2021
Surprise special guest entrepreneur.
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This blog was written by Teresa Cain, librarian at West Boulevard Library.