Once you start earning a paycheck, the path to wealth is clear: live below your means, and save and invest what's left over.
"We're a low-income school. Some kids don't get allowances. Some are on food stamps and 100% get free lunches. With this program, kids can leave school with a few thousand dollars," LaSalleThe students also take three personal-finance courses and LaSalle helps them set up checking and savings accounts and invest in index funds through a custodial account.
"Too many Americans live paycheck-to-paycheck, cannot afford a $400 emergency, and will be unable to retire on time," LaSalle continued."I cannot think of any way we could help people learn how to transform their own financial futures if they do not get paychecks, financial literacy, and the ability to practice banking at a young age."
"The goal is that everyone in the class will be a millionaire at some time in their life," LaSalle told MarketWatch."It's a foreign concept to their families — many receive government assistance. But I teach them that you can come from humble beginnings, live frugally, invest as much as you can, save 10% to 20% of your paycheck, invest in low-cost ETFs — and become a millionaire.
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