Smart Money Moves for Teens: an Interview with Ms. Rachel Gibbs, Founder of Gibbs Financial Fitness

This month the West Boulevard Library Teen Circular met with Ms. Rachel Gibbs. Ms. Gibbs is a financial literacy expert and entrepreneur who graciously uses her expertise to uplift her community. In this interview, Ms. Gibbs spoke openly about the importance of developing strong financial literacy skills and smart money tips that all teens should utilize. 

What exactly is a credit score? 

A credit score is a number that is assigned to you by a credit bureau. It is based on how well you pay your bills and if you pay them on time.

What is financial literacy, and why is it so important to learn?

Financial literacy is being able to understand how to budget your money. It is important because people need to know how to track their money and know how to spend it.

When do you think teens should start learning about financial literacy?

I started learning about financial literacy when I was seven. As you get older and navigate life, you start learning more about financial literacy. Still, it is never too early to know. Teens today are really at an advantage because there are so many resources available that can teach you how to efficiently budget your money and secure a healthy financial future.

Who taught you all about financial literacy?

My grandfather taught me all about financial literacy. My lessons started when I would roll up coins that my grandfather collected and gave to us. We would separate them, roll them, and take them to the bank to exchange them for money. He taught me how to save during that time because I would save half of what I earned rolling coins. That is where I began to develop my skills. When I went to college, I realized that many people didn’t have strong financial literacy skills so that is where I started to develop the passion for starting my business.

What advice do you have for teenagers right now?

My advice is to get an education. Getting an education is a necessary steppingstone in life and so is developing strong financial literacy skills. No matter what path you take, both are necessary to secure a successful future for yourself.

What is your advice to kids starting a business this summer? 

My advice is to pick something you love and do not do it for the money. If you do things that you naturally like to do, the money will start rolling in. Another thing that I would say is to take advantage of the resources that are around you. With all of the technology in the world, teens have so much access to learn new things and if you need help don’t hesitate to reach out to people in your community for support.

What are the three things you would say to a young adult going to college about having good financial health? 

The first thing that I would say is to DO NOT take out any refund checks. I did that in college, and that was one of the biggest mistakes I made. Refund checks are nothing but leftover loan money that they have. You are going to have to pay interest on that money. The second thing is to get a part-time job or a work-study program while in school. This will help you save up and pay for tuition. The last thing is to have a reasonable budget. I did not do this and I could have saved a lot more. Developing small healthy money habits while you are young will lead to big rewards later.

To find out more about Ms. Gibbs and the amazing work that she's doing in the community, please check out her website: https://www.gibbsfinancialfitness.com/

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This blog was written by Jordan Johnson, Teen Circular intern for West Boulevard Library