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Not Your Standard Summer Job – Students Get Crash Course on Credit & Budgeting

The BBA’s Summer Jobs Students excitedly answered participated in their first Financial Literacy Program.

Our loyal Beyond the Billable readers are well aware of the plethora of long-term benefits of offering Boston public high school students professional experience. The short-term benefit (and a major plus for the students) is, of course, the opportunity to earn a paycheck. Now that the students have already earned their first summer paycheck, they are beginning to make decisions about how to spend it. Should they buy new clothes, see a movie, or save for their first semester of college? The BBA Summer Jobs Program enrichment seminars are offering the students guidance on educated decisions about their money via the M. Ellen Carpenter Financial Literacy Program. So far, the students have learned how to create a budget, the importance of paying yourself first, how interest on credit cards work, and the difference between a debit and credit card. Over the next few weeks, the students will continue to acquire tools through additional sessions on buying a car and learning about the consequences of making poor financial decision at Bankruptcy Court.

Beyond the Billable checked in with two BBF-funded students working at the Volunteer Lawyers Project this summer to hear what they’ve learned so far. Here’s what they had to say:

Liraniz Colon

“I thought the sessions were pretty good because I already have a debit card. I tell myself all of the time now that I shouldn’t go over a certain amount on my debit card because I want to save money. If I know I have enough money in my account, I’ll save my paycheck for something like school. [The volunteers] really taught me to budget.”

Liraniz Colon, a rising senior at John D. O’Bryant School of Math & Science

“In [the Using Credit and Credit Cards] seminar, I learned that you have to be really careful with your credit and how you spend your money and what company you choose. You have to choose wisely and you have to make good decisions about what you spend. You have to ask yourself do I need this or not; can I wait or can I not. You have to be very responsible.”

Mackaila Garcia, a rising senior at Charlestown High School

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Legal Offices Share Their “Adopting a Classroom” Stories, Part Two

Stephen Cohen (Choate Hall & Stewart) and Eric Teasdale (Choate Hall & Stewart) taught seniors at Edward M. Kennedy Academy of Health Careers about the hidden costs of buying a car.

Stephen Cohen (Choate Hall & Stewart) and Eric Teasdale (Choate Hall & Stewart) taught seniors at Edward M. Kennedy Academy of Health Careers about the hidden costs of buying a car.

Last week, Beyond the Billable shared highlights from two legal offices’ experiences “adopting a classroom” through M. Ellen Carpenter Financial Literacy Program. While Sun Life Financial and Liberty Mutual participated in the model in the past, two new legal offices also stepped up to the plate to provide volunteers for the three classroom-based sessions at two Boston public high schools. The U.S. Security and Exchange Commission adopted a classroom at Snowden International High School and Choate Hall & Stewart adopted a classroom at Edward M. Kennedy Academy for Health Careers.

Beyond the Billable checked in with attorneys from Choate Hall & Stewart to hear more about their experience. Here’s what they had to say:

Why did Choate Hall & Stewart choose to participate in the M. Ellen Carpenter Financial Literacy Program?

“Attorneys at Choate are long-time participants in and supporters of the Financial Literacy Program.  When the opportunity arose for the Firm to adopt a classroom this year, we jumped at the chance to expand our work with the Program.  Choate is pleased to serve the youth in our community by teaching them practical lessons in effective personal financial management.” – Meg McKenzie Feist, Choate Hall & Stewart LLP

What was the highlight of the Program for your volunteers?
 
“As a volunteer, I was very impressed with the knowledge the students already possessed, as well as their eagerness to learn more about budgeting, saving, and credit.  My group of students was engaged throughout the presentation and asked me pointed questions.  It was a joy to work with the students and I look forward to engaging with a new group next year.”  – Tyler Masse, Choate Hall & Stewart LLP

 

Students Head Back To Bankruptcy Court to Close Out Financial Literacy Experience

Judge Joan Feeney let students from New Mission High School past the bench and answered questions about how the Court’s computer system works during their trip to the Boston Bankruptcy Court.

Judge Joan Feeney let students from New Mission High School past the bench and answered questions about how the Court’s computer system works during their trip to the Boston Bankruptcy Court.

Last Friday, a group of students from New Mission High School in Hyde Park took a field trip to Boston Bankruptcy Court to meet “Sally Spender” and learn what happened to “Sally” when she failed to budget appropriately and accumulated high amounts of credit card debt. This lesson, Consequences, was fourth and final module of the M. Ellen Carpenter Financial Literacy Program. The experience wasn’t all about Sally’s mistakes, though. Students got a first-hand look inside a courtroom and had the opportunity to ask lawyers, Judges and court staff questions about what Bankruptcy Court is like.

The Program wraps up in Greater Boston area next Friday after two additional Consequences sessions once students from Woburn High School, Greater New Bedford Technical School, Snowden International High School, Peabody High School, and John D. O’Bryant School of Math & Science make the trip to Post Office Square. Take a look below from highlights of the fieldtrip:

John G. Loughnane (Nutter McClennen & Fish LLP) moderated the session and led the students through a discussion of how Sally Spender could have avoided going bankrupt.

John G. Loughnane (Nutter McClennen & Fish LLP) moderated the session and led the students through a discussion of how Sally Spender could have avoided going bankrupt.

 

Seniors for New Mission High School in Hyde Park had the opportunity to visit the Boston Bankruptcy Court, listen to a mock meeting of creditors and hearing, and talk to the attorneys and the Judge after the session.

Seniors for New Mission High School in Hyde Park had the opportunity to visit the Boston Bankruptcy Court, listen to a mock meeting of creditors and hearing, and talk to the attorneys and the Judge after the session.

Legal Offices Share Their “Adopting A Classroom” Stories

Students from Another Course to College learning about Using Credit and Credit Cards, as part of the M. Ellen Carpenter Financial Literacy Program

Students from Another Course to College learning about Using Credit and Credit Cards, as part of the M. Ellen Carpenter Financial Literacy Program

While students are still traveling the Boston and Worcester Bankruptcy Courts, the classroom based sessions of the M. Ellen Carpenter Financial Literacy Program have wrapped up in the Greater Boston area. This year, four legal offices stepped up and “adopted a classroom” to help meet the growing demand for the program in fifteen schools. In this model, legal offices commit to providing 3-6 volunteers to cover each of the three classroom based sessions. In return, the legal offices were able to provide their employees with an opportunity to give back while partnering with a fellow colleague.

Beyond the Billable reached out to the legal departments of Sun Life Financial and Liberty Mutual, both of whom participated in the “adopt a classroom” model last year as well, to hear more about the experience. Sun Life Financial adopted a classroom at Joseph P. Keefe Technical School in Framingham and Liberty Mutual adopted four classrooms at Boston Community Leadership Academy in Hyde Park.

Here’s what they had to say:

Why did your legal office choose to participate in the M. Ellen Carpenter Financial Literacy Program?

“As in house counsel and compliance professionals in the financial services industry, supporting a financial literacy program has been a great way for us to give back to the community and utilize our skills. We selected the M. Ellen Carpenter Financial Program for a few reasons. First, volunteers don’t have to be attorneys and this allows us to make the opportunity available to more people in our department. We also like being able to sponsor the same school every year. We have found that consistency of the same teacher, class format and class size every year enhances the success of the program. Volunteers know what to expect and can build off of best practices from prior years to improve upon our delivery of the program for a technical high school. Lastly, the volunteer materials provided by the BBA are very comprehensive, which helps cut down on preparation time, and are designed such that the volunteers can be flexible about deciding how to select content of an organization for a particular session.” – Michelle Greco, AVP & Senior Counsel, Sun Life Financial

“The M. Ellen Carpenter Financial Literacy Program provides a unique opportunity for both the students and the Liberty Mutual Insurance volunteers. Students have the opportunity to learn about finance-related topics from volunteers who have significant real-world knowledge, which we think enables the students to continue to build practical skills as they enter young adulthood. The volunteers enjoy interacting with the high school students and having the chance to make a difference in their lives. In addition, the program gives some of our volunteers with backgrounds in finance a chance to make an impact and help students avoid financial pitfalls in advance, rather than merely helping after the fact.”— Andrew Fagenholz, Corporate Counsel, Liberty Mutual

What was the highlight of the program for your volunteers?

“Spending any amount of time in a high school is like taking a step back in time. As you think about the decisions that are on the horizon for the young adults who will soon be graduating, you realize that while you may have come to talk about the specifics of buying a car, what you are really there for is to impress upon the students the important differences between what they want, and what they really need and can afford. That theme runs through the various modules, and hopefully our discussion about the realities of owning a car helped the students understand the kind of tough financial decisions they will have to make when they are on their own. The students were interested and active, which made the session a lot of fun, and I hope I can participate in this program again in the future.” — Scott Davis, SVP & General Counsel, Sun Life Financial

“Without a doubt, the primary highlight for our volunteers was the chance to provide guidance to young adults through a live, interactive classroom session with a dynamic group of students. Most of our volunteers do not regularly teach high school classes, and they reported that the experience was energizing and exciting. They enjoyed the hands-on exposure and fielding questions from their classrooms both on the finance topic of the day and other matters the students might raise.”— Andrew Fagenholz, Corporate Counsel, Liberty Mutual

Our volunteers were so excited to share their experiences that we had to turn this into a two part statement! Stay tuned for part two when we hear from Choate Hall & Stewart and the U.S. Security and Exchange Commission volunteers about their experiences.

 

 

Students Learn Rules of the Road for Car Financing

Volunteers are wrapping up the classroom-based portion of the M. Ellen Carpenter Financial Literacy Program in the Greater Boston area. On Friday, volunteer Attorneys Steve Cohen and Eric Teasdale from Choate Hall & Stewart LLP visited Edward M. Kennedy Academy for Health Careers to teach students about the hidden costs of buying a car. Take a look below for a glimpse at the third module in the Program:

Volunteer Attorneys Steve Cohen and Eric Teasdale from Choate Hall & Stewart LLP discuss the hidden costs of buying a car with students at Edward M. Kennedy Academy for Health Careers.

Volunteer Attorneys Steve Cohen and Eric Teasdale from Choate Hall & Stewart LLP discuss the hidden costs of buying a car with students at Edward M. Kennedy Academy for Health Careers.

 

Students listen attentively as the volunteer attorneys explain the difference between the cost of purchasing a new or used car.

Students listen attentively as the volunteer attorneys explain the difference between the cost of purchasing a new or used car.

So what’s next? Students will head to the Worcester or Boston Bankruptcy Court at the end of the month for the final module in the Program called Consequences.

 

A Student’s Take on Financial Literacy

Ben Haideri, a senior at Boston Latin Academy and 2013 Summer Jobs Student, shared his experience in the M. Ellen Carpenter Financial Literacy Program last summer, answered Janet Bostwick's questions about the Program at the 10th Anniversary Celebration.

Ben Haideri, a senior at Boston Latin Academy and 2013 Summer Jobs Student, shared his experience in the M. Ellen Carpenter Financial Literacy Program last summer, answered Janet Bostwick’s questions about the Program at the 10th Anniversary Celebration.

At last week’s 10th Anniversary Celebration of the M. Ellen Carpenter Financial Literacy Program, guests got to enjoy a unique experience, seeing the effects of the Program in front of their eyes. Ben Haideri, one of the 4,000 students who have participated in M. Ellen Carpenter Financial Literacy Program since the program began, agreed shared his experience in the Program with party attendees. You may remember Ben (who is a senior at Boston Latin Academy and 2013 Summer Jobs student) from this article or this article—he’s a bit of a legend at the BBA. He took part in the Program during the 2013 Summer Jobs Program, when it was offered as a series of enrichment seminars.

Take a firsthand look at what he had to say:

Beyond the Billable also sat down with him to gain a deeper understanding of what he took away from the Program. Here’s what he had to say:

 How have you applied what you learned from the program?

“There are very few programs from which the participants are able to literally walk right out and apply what they learned that very day. The financial literacy program through the BBA, however, stands out as being extremely effective in that regard. Between the day that I participated in the first seminar and now, I have opened a checking and savings account and, more recently, got my first credit card. I don’t believe that I would have been so confident yet careful with such tools that I had at my disposal had it not been for the program.”

What did you like best about the program?

“This program very much epitomizes the learning experience of a student in that it offers the perfect balance between reality and practice. The guest workshop leaders were all professionals who had experience in whatever field they were teaching about, and the financial literacy workbook was just that, a workbook. It combined practice problems that we will most likely face in real life with explanations that are thorough and extensive, attributes that are perfect for those who are learning about financial literacy.”

What do you think was the most important thing you learned?

“The one lesson that stood out the most to me was the one about using credit cards. It may be because I have grown up during a time of general distrust when it comes to dealing with large banks, but I went into the lesson thinking (probably like most people) that credit cards always came with a catch, and in terms of society, seem to have a very negative connotation. Although the credit card companies can be tricky, what I got out of the lesson was just simply to not bite off more than you can chew when dealing with credit cards. The second someone does that he/she is already headed down a slippery slope. The fact is that very few people are able to use cash to buy a car, a house, or even a couch, so, when used responsibly, a credit card, I learned, is a tool that can do a lot of good.“

Is there anything you found particularly useful?

“I very much enjoyed visiting the Bankruptcy Court through the program. While visiting the court, we heard from lawyers and a judge, and it was an amazing experience to be in the presence of people who I look up to. Apart from the experience itself, I would say that since my goal is to become a lawyer, being able to see such people in action is something that I will always find useful.”

Financial Literacy Volunteers Share Their Stories

M. Ellen Carpenter Financial Literacy Volunteers enjoy the opportunity to give back to their community and address a real need among high school students.

M. Ellen Carpenter Financial Literacy Volunteers enjoy the opportunity to give back to their community and address a real need among high school students.

This winter is flying by and we are already halfway through the M. Ellen Carpenter Financial Literacy Program in the Greater Boston area. BBA Week thought it would be a great idea to reach out to the volunteers who have already participated in the program to see what they enjoyed most about their experience. The response was overwhelming, which is why we couldn’t help sharing it with our readers. If you haven’t volunteered yet, see what you are missing out on here.

Are you interested in getting involved? It’s not too late to volunteer! Click here to view available sessions.

M. Ellen Carpenter Financial Literacy Program Kicks Off in Roxbury

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Amy Lipman-White (Law Office of Lipman & White) and Sarah Barr (Suffolk Law School) discussed the basics of personal finance and budgeting with a group of students at John D. O’Bryant School of Math & Science.

Last week, volunteers headed out to 15 schools in the Greater Boston area to teach students about how to make sound financial decisions as part of the M. Ellen Carpenter Financial Literacy Program. The BBA interviewed two volunteers, Amy Lipman-White (Law Office of Lipman & White) and Sarah Barr (Suffolk Law School) who taught Personal Finance and Budgeting to a group of very engaged students at John D. O’Bryant School of Math & Science last week. Amy, a long-time volunteer who has been donating her time since the start of the program, and Sarah, a first-time volunteer, led the students through the basics of budgeting and the basics of taxes with the aid of a jolly rancher reward system. Here’s what they had to say about the experience:

Why did you volunteer for the program?
Amy: I believe this program can make a difference in a student’s life.   I feel that if I can reach just one student and that student benefits in the future from even just one idea, then I’ve made a difference.

Sarah: I am concentrating in Business Law and Financial Services at Suffolk Law School, so this seemed like a great opportunity to give back to the community in a way that corresponds to my career goals and personal values. I think that financial education should begin at a much earlier age than the college years, because this is the time when kids are first beginning to make financial decisions which can really impact their future, such as taking out student loans, applying for credit, paying bills, etc.

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Sarah Barr (Suffolk Law School) discussed the difference between fixed and variable expenses with the students.

Why should other attorneys get involved?
Sarah: Other attorneys (and law students!) should get involved because this is a fantastic opportunity to give back to the Boston community, and provide high school students with some very practical skills in order to help them make educated financial decisions. This program empowers students by giving them the information they need in order to independently make good financial decisions.

What was the highlight of the session?
Sarah: This group of students was very engaged in the conversation, which gave us the opportunity to ask a lot of questions and get the students involved during the entire class. The students seemed to truly care about the issues we were talking about, and were proactive in connecting the information we provided with things that were going on in their everyday lives.

What information did the students seem to find most interesting and useful?
Amy: They were really interested in the W-4 and W-2’s and taxes.  However, this was a unique group of students. Most of them worked one or two jobs with significant hours and had already filled out the W-4 forms and had no idea why or what it was and they were just getting their W-2’s for the first time so they were interested in that topic because they didn’t know they might have to file taxes or that they could file a tax return and get money back or possibly have to pay.  The other topic they always find interesting is making out the budget, it is fun for the students.  They can use their imagination of what they want now and in the future, think about the reality of what things cost and then dream about what they will do to make it happen.

Are you interested in volunteering? Click here to view the available volunteer sessions.

This fall, volunteers delivered the program to students at three high schools in Western Massachusetts in collaboration with the Hampden County Bar Association and the Hampshire County Bar Association. This year marks the 10th anniversary of the M. Ellen Carpenter Financial Literacy Program, a collaboration between the BBA and the United States Bankruptcy Court for the District of Massachusetts.

Four Reasons to Volunteer for the M. Ellen Carpenter Financial Literacy Program

 Through the M. Ellen Carpenter Financial Literacy Program, volunteer attorneys teach students how to make smart financial decisions during three-classroom based sessions and a trip to the U.S. Bankruptcy Court.

Through the M. Ellen Carpenter Financial Literacy Program, volunteer attorneys teach students how to make smart financial decisions during three-classroom based sessions and a trip to the U.S. Bankruptcy Court.

The M. Ellen Carpenter Financial Literacy Program kicks off on Monday with sessions at New Mission High School and Boston Community Leadership Academy. Even though the program is about to get started, the BBA is still looking for volunteers to help meet the demand. That’s why Beyond the Billable checked in with one of our Financial Literacy Co-Chairs, Janet Bostwick (Janet E. Bostwick, PC); to hear the four best reasons you should volunteer for the program. Here’s what she had to say:

(1)    Because you don’t know the fun you are missing.  I have received numerous calls from volunteers after teaching their first class, who tell me they can’t wait to sign up again.  Volunteers enjoy going to the classroom and interacting with the students, while teaching them about budgeting, credit cards or buying a car.
(2)    Because as little as five hours of your time will make a big difference in the lives of the students.  From start to finish (training, preparing, travel, and class), the time commitment is typically five hours or less.  Helping the students learn the basics about personal finance and credit will provide them with skills they will use for the rest of their lives.
(3)    Because you wish someone had told you about credit and personal finance when you were their age.  Maybe it was your first paycheck (when you saw how little you took home).  Maybe it was that first car you bought (when the salesman talked you into a pricier model.)  Or, maybe it was juggling that first credit card and the minimum payments.  We all had to sort through personal finance and credit issues at some point in our life, but often on our own.  You can help provide these students with the information now, and prepare them for those crossroads.
(4)    Because you will be an ambassador for your profession.  This spring we are in 15 schools in Boston, Greater Boston, and Worcester.  Some of our students had little prior contact (or positive contact) with attorneys and the legal profession.  Your presence and involvement will help them have a better understanding about our profession.  (And, maybe you will be the spark for one of them to consider becoming a lawyer in the future.)

Are you convinced? Click here to sign up for an open volunteer session.

Prepping Volunteers to Offer Financial Literacy Education to 15 Schools

Janet Bostwick (Janet E. Bostwick, PC)

Janet Bostwick (Janet E. Bostwick, PC) discusses her experience volunteering for the M. Ellen Carpenter Financial Literacy Program with new volunteers.

Volunteers braved the pouring rain on Tuesday night to attend the annual M. Ellen Carpenter Financial Literacy Program Training. Judge Joan Feeney (U.S. Bankruptcy Court and Jeanne Darcey (Sullivan & Worcester LLP) joined ), Janet Bostwick to walk the packed room through the volunteer materials and discussed tips for engaging high school students.  As you may have heard from this article, 15 schools have signed up for the program, which means one thing—we need lots of volunteers.

Are you interested in volunteering? Click here to view the available sessions.