(Editor’s note: This article is one of a series that honors Financial Literacy Month in honor of April.)
Financial services professionals not only provide advice to clients, but many of them are also small business owners.
Tari Trowbridge shares her experience in establishing and running small businesses with high school students in the community to educate them on the realities of the business world.
Trowbridge is the owner and founder of Trowbridge and Co. Wealth Management Group in Towanda, Pennsylvania.
“I took part in class for 11th and 12th grade students. Students were asked to select a business they were interested in starting, create a budget, and talk to those involved in the business about the challenges and the rewards of being a small owner,” she said. “I answered questions and shared some of my experiences.”
Trowbridge said he was surprised by some of the discussions with the students.
“Most students didn’t know everything about everything you have to pay for as a small business owner, the many decisions you have to make, and all of that,” she said.
“A lot of them wanted to know how and why I started,” she said. “I worked at a bank for 17 years and wanted to start my own business, so the insurance and financial services business was not entirely foreign to me. Then one lesson I told you you should take is, if you’re interested in a particular business, work in that business and see what it does before you decide to spend your money.”
The harsh financial reality
Trowbridge said he is careful to explain some of the tough financial realities of starting a business.
“When I first started, there were weeks when I made nothing and I didn’t get paid. I had enough money to pay the workers, and I had to understand that for the students. They had to understand that it was difficult at first.
During her years working at the bank, Trowbridge often spoke to students about all the financial realities she could afford to live in from paying for college to making career decisions, and after the school year was over.
“I developed a program to talk to 6th grade students. First, I’ll talk about all the bills you have as an adult, how your pay works and taxes,” she said. “And I’ll have them choose a house, decide whether to buy or rent, consider a career, choose the car they want to own, then have them budget to see if they can afford it all.”
It was a lesson from financial reality that ravaged many students. “On 90% of the time, students’ budgets were red.”
Trowbridge said her sister is a nutritionist and the two have one thing in common regarding their careers.
“We always say we do the same job. It’s about persuading people to delay their current satisfaction for good, long-term outcomes. Whether it’s spending money or eating something, it’s the same. It has long-term discipline.”
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