Money Magnets Club: The Business of Family Business
May 21, 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. Our special guest entrepreneur this month is Steven L. Stack, who was a millionaire at age 31 and now works as a generational wealth strategist. He will be joined by his 8-year-old daughter, Nia, to share their experiences. They will focus on what building wealth means, no matter where you start, and how working well with the people around you can be a solid long-term way to plan.
Steven L. Stack, Financial Coach and CEFI www.stevenlstack.com
This is the second program in a four-part series. It’s offered online from 6-7 p.m. on Wednesday, May 26. Registration is required.
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.
Money Magnets One-on-One Strategy Session
These individual coaching sessions are an online follow-up program to The Business of Family Business. 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. Strategy sessions are open to K-5 students and their responsible adults who attended The Business of Family Business.
This program is offered online on Saturday, June 5. 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 Caring (6/30/2021) -- Guest entrepreneur is organic product developer, Ayesha Murphy.
- The Business of Launching (7/28/2021) -- Surprise guest entrepreneur.
How It All Began
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.
Alexandra Arrington, LCMHCA, NCC, BC-TMH AlexandraArrington.com
Money Magnets was piloted as a start-up social entrepreneurial effort during the Charlotte Mecklenburg Library’s observance of Money Smart Week in 2019. It’s a four-session online program facilitated by Alexandra Arrington, a former kid entrepreneur herself. 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 plus a $25 savings account from Self-Help Credit Union.
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.
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This blog was written by Teresa Cain, librarian at West Boulevard Library.