• Aiming Up Together

Spending Our Lives Wisely

Updated: Jun 24, 2019

“You don’t get to work for a bank unless you are wise with money. So the people who work there are good a spotting wise people” I coached him “And your relationship with the bank begins before you even have an account. The banks only want to work with people who have a habit of making wise choices with their money.” He looked at the well earned $1.50 in his hand, about to it down on the counter he made eye contact with me. “Mom, is this a wise money choice? Putting it down here?” I'm not sure if he wanted to know if it would get lost there or if he was more worried that the bank could see him leave it laying around. He didn't wait for an answer and ran down the hall and dropped it in the pickle jar with a clank. I’m a single mom and I’m debt free - I practice what I teach. The big day: “Are you nervous?” I ask as he tugs at his suit. Today he meets with Donald Jones a real Senior Vice President at First United Bank. The bank is active in our local elementary schools teaching kids to spend life wisely. Sam will be going into a meeting with his business plan seeking “real” small business loan in a real bank office.

He’s memorized the numbers. $15 to file the business, $2 gloves, $120 candy, and $160 for the machine. Donald gave Sam the VIP tour! He got to see the giant vault door, and how the tellers shoot the forms and money through the drive through tubes. Donald gave him a schedule of payments and explained how loans work. The smallest "loan" he'd ever done but he gave Sam the attention as any other entrepreneur in his office. He went over Sam's business plan, asked probing questions, and explaining the loan process without missing a line. Sam is putting 90% of his profits into paying off the loan,10% to charity.

Soon we'll be learning about which college savings account is best for us. As long as he owes the bank, we don’t even drive the quarters home to count them. "Sam," I told him. When you have a loan you don't own the business, the bank does. " Imagine the surprise when he told a stranger "I have a job, too! I work for First United Bank!"

Once his loan is paid off he's decided to use his money to buy more and more machines until he can afford to buy a machine a month. THEN he'll buy himself the toys he wants. Everyone knows what he wants for his birthday and every store, restaurant and office we frequent he asks if one of his Chomp Stop machine can go there.

It wouldn’t be official without a ribbon cutting ceremony. He’s going to get his first wallet with a real business card from the bank. Thank you Donald for taking the time to ensure my son has a proper relationship with money. You've set a foundation for him to spend life wisely.