On the latest episode of The Tony Steuer Podcast, I spoke with Harsimran Chohan, High School Senior about bringing financial literacy to your community.
Harsimran Chohan is a TEDx presenter, holds leadership positions on the Model UN Team, SHP Connections Committee, Global Researching & Consultation (GRC) Program and is a Senior at Sacred Heart Preparatory.
In this episode we discussed:
- How financial education is a life skill
- Personal Finance is for every age: why high school students are taking interest in their finances
- The necessity to incorporate financial literacy into the education system
On the latest episode of The Tony Steuer Podcast, I spoke with Harsimran Chohan, High School Senior about bringing financial literacy to your community.
Harsimran Chohan is a TEDx presenter, holds leadership positions on the Model UN Team, SHP Connections Committee, Global Researching & Consultation (GRC) Program and is a Senior at Sacred Heart Preparatory.
In this episode we discussed:
- How financial education is a life skill
- Personal Finance is for every age: why high school students are taking interest in their finances
- The necessity to incorporate financial literacy into the education system
You're listening to the Tony Stewart podcast, where Tony interviews, financial literacy advocates who are changing the conversation on money. So you can catch up on the latest trends and ideas in the world of financial literacy and education presented by paperwork. Be prepared for life.
Speaker 2:Welcome to the Tony Stewart podcast presented by paperwork. I'm pleased to be joined today by Hartson Ren. Chohan Cimarron is a TEDx presenter holds leadership positions on the model UN team S H P connections committee, global researching and consultation program. And in day job is a junior at sacred heart preparatory school. In this episode, we'll be discussing why financial education is an essential life skill and why high school students are interested in personal finance, along with how financial literacy can lead to a more equal society. Harson read. Welcome to the Tony skirt podcast.
Speaker 3:Thank you Tony, for having me on your podcasts and honor. Yeah,
Speaker 2:What's a pleasure to have you today. Glad you could join us. So, you know, where I'd like to start out is, you know, is, you know, a little bit about your origin story. What sparked your interest in financial education?
Speaker 3:Well, my parents are actually first-generation college graduates and they both came from very humble beginnings. So after immigrating to America, my parents, they worked long hours to further their careers and they manage their finances with a lot of care. So fortunately my parents were always open about money and they would teach me little by little, whether it was like shopping, conscientiously, pointing out different gas prices by location, or even just saying no to my childhood desires. And at the time it was very hard to not be able to stop at the ice cream trucks every single time, but it really taught me two important financially savvy habits, which are first learning to differentiate my needs versus my wants, which I referenced in my TEDx. Um, you know, I needed school supplies, but I did not need that super tasty, Neapolitan ice cream sandwich. Um, and second, when I did indulge, I learned the value of my indulgence. You know, I wasn't always going to get the ice cream. So when I did it was special and I had to savor it, but I'm also growing up as a young Indian woman in Silicon valley. It was just interesting because I was torn between two significantly different cultures, one being extremely progressive and then the other being quite traditional. So the last thing I want to do is perpetuate these Indian stereotypes, but I have had experiences where I've seen, or even her relatives questioning the women of my family for pursuing demanding careers or higher education. And in a few cases, just general independence. So as I got closer and closer to becoming a legal adult, I just realized how unprepared I was for the world. And I'm the type of person who has huge ambitions and lots of dreams, one of which is attending law school. So the thing that ultimately drove me to pursue finance was, um, the fear that if I wasn't financially literate, I wouldn't be able to accomplish my goals. So, um, and then also in freshman year, I was given the opportunity to, uh, to work with some material and adapt a course for my school's curriculum. And that experience just reinforced my novelty. So as I began to learn more and more, I realized that financial literacy wasn't just this short race, but it was in fact, this marathon and that our world changes. So money management would change with it. Therefore finance is just versatile and one can constantly keep learning new things. So financial literacy to me is the stepping stone that will deliver me to my path of success, whether it be managing my finances in college or even learning habits that I carry with me into the workforce. So, yeah,
Speaker 2:Well, that's great. And, uh, you know, it's funny actually I had a finance major in college and that was a little bit of the same thinking. It's like, you know, I'm gonna, I'm going to have money at some point, hopefully. And so I better know what to do with it so that well watching,
Speaker 3:They want to do is enter the world and make money. I mean, then just, you know, lose it or not, you know, spend it or treat it right. You know, but, um, definitely I agree with that.
Speaker 2:Well, that's great. And I'm quite, you had those early experiences, um, with the ice cream and everything else because those help set up your money story and how you interpret money is you go through the years, is that those experiences is that, uh, you know, that delayed gratification of, you know, maybe they get the ice cream sandwich today, but you got something else later on, that's it, that's a great lesson that we can all relate to. Um, so one of the things you've done and you did this with your TEDx talk and you're very involved in a lot of social activities is why did you feel it was important to bring financial literacy to your community?
Speaker 3:Well, as I mentioned in my TEDx high school is this time where we transitioned from children into young adults. And we begin to take on more responsibilities as we do. So, so for example, we work to get our driver's license. And along with that comes potentially driving our siblings, picking up groceries or taking care of other errands. I mean, that's the case for my family. And we began to enrich our individual experiences by participating in extracurricular activities independently high school was this time where we hone our skillsets and we find our passions and we grow to become these functioning adults. But although our career paths and pursued interests may differ, the commonality we all share is that we will be handling our finances at some point in the future. So if we acknowledge that paying taxes or buying a house or car, getting a job and paying off student loans or some shared experiences, then why aren't we teaching it in schools? And that was just my entire thought process. After my own experiences of doubt and confusion, I was really empowered and inspired to bring financial literacy to my community. I I've had the privilege of attending a brilliant school and receiving a world-class education. Therefore I'm ignorant to these basic financial strategies. What's to say for the people who are less fortunate or less privileged than I am. And I believe it's just important for everyone to be financially educated because financial literacy is this great equalizer. When people learn these habits like budgeting or investing and are educated on the importance of credit, it prevents detrimental decisions, crippling debt, and even allows people to build multiple sources of income. And these are just a few of the products that are fraction of financial literacy can produce. So I believe all in all that financial literacy was just super important to bring to my community because this education can help level playing fields for so many people. But, um, yeah,
Speaker 2:No, that, that, that is so well said. And I think it's a lesson. Most people, a lot of adults struggle with is that whole credit. Um, and people do prey on people who don't make as much money who aren't as fortunate. Um, and they take advantage of them with loans, with high interest rates
Speaker 3:And other things. I don't know, I don't know if this is a common thing, but, um, my friends is they were touring colleges near the start of school. They had told me that they saw, you know, credit card vendors talking to all these college students. Like that's really prominent there because call it credit card vendors know that college students are less educated and informed. And you know, when you get a credit card for the first time, it's amazing because you have this endless ATM and you can just swipe the card and get whatever your heart desires, you know, but without that proper education, without the understanding of what a line of credit is or how interest works, it can be very detrimental to your financial portfolio and credit score. So
Speaker 2:Yeah, a hundred percent and you know, it's unfortunate, um, you know, the credit card companies do that is because, you know, as you mentioned as students, you know, all of a sudden, you know, they have all these things, they can get a credit card, it seems like free money, you know, I'll pay it back later. That's okay. You know, I I'm okay with that. Then they don't understand that, you know, it adds up to borrowing plus college student, it's this, you know, I'm sure you're evaluating, you know, student loans and grants and everything else in college has an expensive endeavor. I mean, do you feel like your school has given you the tools to, you know, think about college loans and stuff like that, or is that something else you honestly,
Speaker 3:I think on my end, I was a little lucky because our college counseling department, they touched on, you know, consider financial aid or, you know, these scholarships, but in terms of an actual class that sat down and said, Hey, you're going to learn how to pay taxes, or you're going to need to learn how to maybe invest in the market or learn to create a budget. We didn't really have an entire course that was devoted to that. And I think that's just so important. Like I'm a coach, I'm a prospective college student. I'm considering colleges right now. And a big factor in my decision is, you know, financial aid and how much it's going to cost me because I do have to start becoming independent. And I know, I know that I can't rely on my parents for the entirety of my life. And it's a scary thought, but, you know, because of the information and the education that I've received and like looked for myself in financial literacy, I feel a little bit better than some of my own peers. I talked to my friends and they're, they're just now thinking about how to get a job, what it means to cut back on spending all of these realities of money and it can be very overwhelming and scary. So yeah.
Speaker 2:Well, you know, so how have you reduce that overwhelm for yourself? Um, you know, because you've learned so much, you know, you know, how, what, what if I show you giving your friends so that they don't feel as overwhelmed by all these things?
Speaker 3:For me personally, it was just coming to terms with the fact that everyone is going to struggle for the first couple of months. It's completely normal. It's even if you have the proper education, it's going to be a big change. And I think like when I was talking to my friends, at least I just said like, look, think about it this way. You're going to want to find ways to save money. So you're going to want to cut, you know, costs that are, you know, unnecessary, right? You're going to want to find ways to create multiple flows of income. So you pick up a side job or maybe learn to invest in the market. And honestly, there is no key formula for that specifically. It's just, as you start to invest, you get better and better. You learn to read patterns, you know, the more practice you have the better. So the earlier you start the better because you'll get more practice. And so the number one tip I've given to my friends is just maintain a cool head, understand that you're not going to become an expert all at once. And then just make sure that, you know, you you're able to find these multiple sources of income because that is something that's just so powerful and so helpful. But yeah.
Speaker 2:Great. If I say, keep a cool head and yeah, take it one step at a time. I, I think that's, you know, sometimes what people miss is, you know, to get back to the thought of being overwhelmed is, you know, you just have to chop it up a little bit. So that's, that's great advice for people. I think, uh, volley, just people can use that, you know, keep a calm head things, you know, learn something and everything. So, you know, is this one of the reasons why high school students are interested in personal finance is because of going to college? Is that one of the big things or is it just life in general?
Speaker 3:You know, I was actually considering this, um, like this question very recently and I was considering like whether or not high school students are really actually genuinely interested in personal finance. And if that's the case, why do we fail to use the internet to our advantage and use the plethora of resources at our fingertips? Or why do we prioritize buying the latest phone or clothing over investing in the market or saving our money? And I believe that the average teenager, we just can't see the value in such actions. You know, we're very short term instead of long-term, in terms of our thinking and personal finance education is one thing. But I think in conjunction with that, we should be teaching the value of saving our money or investing, explaining why it's relevant to a teenager, why it's so prominent in your life. Because right now, speaking from my own experience, high school students, we don't really know what we don't really know if that makes sense until we become independent. So for example, my friends and my peers are just now beginning to realize the reality of money as we apply to college. So that's why we're starting to get interested in personal finance. And when we realized just how much our parents have sheltered us in terms of paying bills, taxes, or, you know, providing for us and just how unprepared we are, that's when our interest is peaked. You know, I think financial literacy and the movement just needs to get ahead of that. So to answer your question, I think teenagers are interested to an extent, but if we want this movement to be truly successful, we need to find ways to show them how prominent it is and market finance as something relevant to teenagers.
Speaker 2:Well, I think that's very well said is, you know, and I think that goes for adults as well. If people don't see it as relevant to them, then they're not going to access it, you know, for you and your friends who are going to college is, you know, there's the reality that you're going to have to start making some of those decisions and they're going to impact you. And you know, that that is, it is the relevancy of making that connection. And I think that's often missed in the world of financial education because it's not so much, you know, people need to learn how compounding interest works, but they also need to learn why compounding interest is important to them. And I, I think that's what I hear you saying is that they need to connect those dots.
Speaker 3:The, the, the question why is so powerful when I feel that to some extent or educational system broadly speaking, it, doesn't encourage us to ask that question. You know, we're, we're taught a whole bunch of things. We recurred to take them on tests, standardized testing. We play a game, but we never truly questioned the education that we receive. And I think that we need to start doing that a little bit, especially as the next generation. And, you know, I was, I was thinking about this and life is all about priorities and taking time to do things that we see as a valuable to us life is kind of like finance, you know, what, what we put into it and then what we'll get out. So what incentivizes us to do things, and I think we need, we need to incentivize teenagers to want to learn about finance. And I'm not quite sure how we do that yet. That would require a little bit more thought, but I'm still quite novel, but I think that's where the movement needs to go towards because that's where it will be most successful.
Speaker 2:Yeah, I think you're right. And I think that, you know, again goes towards anybody for anything is incentivizing. People does make a difference. Um, so do you think that's how, you know, financial education be introduced into the educational system is maybe figuring out where it's relevant as part of the curriculum?
Speaker 3:Definitely. You know, I think there's so many ways that we can introduce financial literacy into our educational system. I think we can honestly formally devote a graduation requirement. Like I know my school, we have graduation requirements and it includes taking a course in computer science, completing a set amount of service hours, and then also taking a mental health class, you know, health and wellness. But I think if we add personal finance that list, you know, children will be forced to kind of take that class, but as they're being pushed to take that class, they'll realize the value and they'll want to pursue more. You know, as I, as I followed up in my actual second TEDx, um, financial literacy is really addictive. And as you learn more and more, you just want to keep learning, you know, and it's, it's this entire world. That's just so interesting. It can be so helpful, but not, not to mention schools can offer courses or units within those courses. And we can encourage students to form clubs or groups outside of school. You know, where the core goal is to educate themselves. There just has to be a want to do so. And that wants stems from incentivization. You know, if there's anything we've seen from this last year of pandemic and moving school, online education is malleable. And so if we really want to do something like introduce financial literacy, we can find a way, you know, we saw this huge shift in education, you know, education was traditionally in person and it was very rigid, but this year we saw that change. So I think we need to take advantage of that, but yeah,
Speaker 2:A percent is, is, you know, it may be that's the way to fit it in it's I, I completely agree with you is it should be a core class. Has, you know, uh, you said it best in your Ted talk. You know, financial education is an essential life skill and, uh, you know, no matter what you do, whether you go to college, whether you go into the workplace, whatever you do, you're going to have money. You have to figure out what to do with it. You know, you want to spend less than you bring in. Yeah. Go from there. Uh, but as you mentioned, is there are so many more building blocks and some degree it can be addictive because, you know, once you've learned something it's and you feel empowered to learn that next thing, you know, because knowledge is powerful. And especially if it's something that's relevant, you know, like geology may be relevant if you're going to, you know, going to a field that that's helpful for, but, you know, personal finance is something everybody has to deal with.
Speaker 3:Yeah. Yeah. You know, when, when a hundred percent of the population is dealing with it, then it has to become, you know, taught in schools because I found this statistic where only 19% of students use algebra level math in their actual current jobs and a hundred percent of students he's personal finance in some shape or form. So for teaching algebra, and that only helps, you know, 20% of our population, why aren't we teaching personal finance, which helps a hundred percent of our population, you know?
Speaker 2:Yeah. Well, that, that is the question. And I have often wondering, and it sounds like you've discovered it in, you know, but I mean, I mean, that's great that you're out there and you're talking about it because some more people that, that are paying attention to this issues that maybe we can make change, but I think it's all the more powerful because you are a student and you recognize us and, you know, uh, at my son's school, I've gone in, you know, when they've had like, uh, I don't know if it's career day or whatever it was called, but, you know, talk about what you do to the students. And I went in to talk about being an author, but they all started to asking me questions about student loans and insurance and you know, all the issues like, Hey, we're going to college next year. Like,
Speaker 3:Yeah, yeah. You know, I think, I think that's really important. You know, students, even myself, I was, when I first started this journey, I was questioning how important it really was for someone like me to take a stand. You know, I felt like I had given this TEDx, but what was really the point because who's going to listen to a kid, you know? And I think that's where teenagers forget that our voices are really powerful. We are the next generation. So if we want something, we have to advocate for it and create the movement that will get it to us, you know? And I think we're doing a better job of that now, especially during this pandemic, especially during the recent environments politically and socially, but we need to get a hold of that and take advantage of that and then move towards using our voices to speak for personal finance, get our voices out there, make sure that our representatives know that we want education in this one topic, you know, we need it. And, um, I agree. It's, it's definitely crucial to the development of our generation. Yeah.
Speaker 2:And I love what you said there is, I think yep. High school students do have a voice is here, young adults. Um, you ha you know, you're educated, you know, you have thoughts. And I think that all thoughts are valid and should be heard and you have fresh perspective. Somebody like me, I have a few decades of experience. That's a biased how I look at things. Um, but you have a new perspective on it. And I think that's important that, you know, people should speak up and students should be, you know, have that opportunity to speak up. So it's great. You know, also what you're doing with TEDx and the model UN and all the other activities. And, um, I do know high school students, you know, like I mentioned, my son is in high school and, you know, at his school, they also, the kids are involved in running the school and everything, and they do a fantastic job and they take it more seriously than a lot of the adults.
Speaker 3:Yeah. I think, I think when kids are given that leadership role, like I, I personally have taken on so much leadership within my school community. I really do enjoy it because it gives me a perspective of what the real world would look like. You know, working with adults, working with people who are older than you, people with more experience learning to network. And I think these are all valuable skills that students should be building. And it's really great that, you know, some schools allow for their students to sit at these higher levels and on these boards or committees, because it gives you a fresh perspective and an education that can't necessarily be taught from reading a book or sitting in a classroom. You know, it's the same with personal finance hands-on is honestly from my perspective, much better, because I remember in my math class, I'm not a math student. I struggle quite a bit with math, but, um, at the end of the year, our teacher actually, he scrapped the rest of our curriculum and he said, I'm going to teach you guys how to buy a house. And so he gave us each individual circumstances, like I had two kids and I was a single mother and I had to find a house in Redwood city, San Mateo or Burlingame. And I didn't realize how hard that would be, you know, given my level of income. And it was insane. Like, I, I struggled for days to find a proper and I ended up settling for like a one room apartment, you know, in a complex, because that was all I could really afford, you know? And I think, I think things like that, where you're hands on, where you're living the scenario, it's so important and it teaches you a skill that you can't really get from, you know, writing a math equation or reading a book, but yeah, yeah,
Speaker 2:No, or a real life example and nothing beats it. And it's going to say good luck on finding somewhere in the bay area exactly. On a low income. Um, so, you know, as we wrap up, um, what is your number one tip for people on being financially prepared?
Speaker 3:Well, I mentioned this a little bit before, but my number one tip for anyone looking to be financially prepared is just understanding that it takes time. You're not going to be an expert overnight. You know, I, I started a year and a half ago and I still feel pretty novel in the world of finance, but it's also consistency. And that it's never too early to start learning. You know, when, when learning about finance, there's really so much to explore. And if you do it in a rush, you won't absorb the material properly. So you have to go into the education, understanding that you have to be consistent. You have to look for finance everywhere, whether it's planning your meals for the week, considering your transportation, you know, um, other things like that. And just shifting your mindset little by little, especially in the age that we are teenagers or even middle schoolers, it's so important because then before, you know, it you'll be thinking like a financial intellectual. And finally starting as soon as possible is just so important. And I can't emphasize that enough because when you start slow and you build it over time, you build a strong foundation and you'll be less likely to make mistakes that are very common among young adults, you know, but that would be the number one tip that I give to anyone who wants to look to be financially prepared.
Speaker 2:Well, I mean, that, that's a great tip is, you know, to, to start slow. I mean, I tell people today is the best day to start learning. Um, you know, whenever you can, uh, learn a little bit every day, don't be overwhelmed, uh, that that's fantastic advice. And you know, and it is a lifelong process. Everybody, there's always something new to learn and life changes. Um, so, you know, that's great advice. Uh, so Cimarron, as we wrap up is where can people learn more about you? Your next TEDx thing is, is LinkedIn a good place?
Speaker 3:LinkedIn is a perfect place once that once the video is released for the second TEDx, I'll be posting it on my LinkedIn shortly. Um, but yeah, I, I generally post all of my work on my materials and everything on my LinkedIn. So that is a wonderful place to get to know me. And I'm always looking for more platforms and people to reach out, to, to spread the message and advocate. So, yes, fantastic.
Speaker 2:Well, and, um, so everybody on the show notes, I'll be linking over to Cimarron, uh, LinkedIn profiles. So you can connect with her there. Um, I, I, and I urge everybody to go out and watch her TEDx talk if you haven't already done it. Um, so Simran, thank you so much for coming on a Tony Stewart podcast. I appreciate your
Speaker 3:Time. Thank you for giving me this opportunity. It was a wonderful platform and I'm very glad to have spoken today. Thank you.
Speaker 2:Yeah, well, you did a great job. Thank you again for joining me and thank you everybody for tuning into the Tony store podcast. Uh, and till next time.