As a result of approximately 15 years of filing and managing consumer bankruptcy cases as an attorney, Carol L. Stokes learned too many children are growing up in households with those who live by this "live today, worry tomorrow" motto. The children in these households, in turn, learn by example to mismanage their finances. A cycle of poor financial management is then created. BASIC BEGINNINGS: A Finance Management Handbook for Teens and Young Adults is a resource Carol created to increase financial literacy. Imagine our young people knowing such basic concepts as "budgeting," "compound interest" and "finance charge." Imagine, even, them distinguishing an asset from a liability and learning the pros and cons of credit card use. What if our youth had a readily available resource on basic finance management? Practically every young person will grow up and have a lifetime relationship with money. The need for a foundation in basic financial management would serve the individual as well as society at-large. Adapting good financial management skills enhances lives and fosters accountability. These skills are fundamental to financial security. These young adults are learning basic reading, writing, mathematic skills as well as advanced skills in these subject areas. They are, further, learning trades in high school. Some courses even give students an opportunity to explore investment interests. How will they manage earnings from their investments? They can better manage earnings from their summer jobs, their allowances, and their respective trades if they are more money savvy. BASIC BEGINNINGS: A Finance Management Handbook for Teens and Young Adults addresses the most elementary financial principles to prepare teens and young adults to manage their money. These basic concepts are valuable principles to know before young people move on to more complex principles and goals. They must first start this journey with basic beginnings.
About the Author: Carol L. Stokes was born in Macon, Georgia. She earned a Bachelor of Arts Degree in Journalism and, four years later, attended Walter F. George School of Law where she earned a Juris Doctorate Degree. Carol served as an Assistant District Attorney for Glynn County, Georgia four years before deciding to start a law practice as a sole practitioner in Macon, Georgia. Carol has filed and managed hundreds and hundreds of consumer bankruptcy cases during almost 20 years of private practice. During that time, she became increasingly aware and alarmed by the number of clients who were clueless when it came to managing their finances. Carol discovered few of those consumers even understood the basic concept of having a plan for their money. She became inspired by the thought that these same adults, inevitably, would teach their children, by example, to mismanage their finances as well. What was missing was an understanding of budgeting and an appreciation for prioritizing and goal-setting. Carol is still practicing law, but is also now dedicated to making a contribution to breaking the cycle of financial illiteracy. This decision led her to writing about what she saw missing in the understanding of her bankruptcy clients had about money. BASIC BEGINNINGS: A Finance Management Handbook for Teens and Young Adults has been adapted for use in presenting basic finance management seminars for young people. Carol believes any path to a prosperous outcome must start with basic beginnings.