March 30, 2026
Speaking Financial Literacy Into the Next Generation (Black Student Summit Recap)
Darrin and Maurice Shabazz reflect on their experience speaking at the Black Student Organization Summit at Pittsburg High School. They discuss student reactions, key lessons, and why teaching financial literacy early can create life-changing advantages for the next generation.
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So I do find it very interesting that we have a society that not only says it's okay, but it encourages kids who most likely are not wealthy to take out a$20,000 loan, a$40,000 loan, a$50,000 loan, a$60,000 loan.
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And then the same society says, Why are you guys in debt?
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So wick is it?
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Like, what do you want these kids to do?
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All right, all right, all right.
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Money is on my mind.
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Yes, everybody.
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This is your boy Darren Harvey, and I am joined by co-host Marisha Bass.
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And this is Financial State of Minds.
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And this is a show where we help you get to that bag, manage that bag, and grow that bag as best as possible as we discuss financial and business literacy and anything, everything to do with the power of the dollar.
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And this show is streaming right now on KGBC96.9.org and on KGBC 96.9 FM, and of course, available on all streaming platforms of choice.
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And today we were going to do a slightly different style.
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We're going to do a wrap-up discussion style episode.
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And that's because me and Shabazz, this past Saturday, at the time of this recording, we went to Vicksburg High School and we were able to speak to some of the kids.
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So Shabazz, I'm going to go ahead and let you lead because you were the one who connected me to this event.
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So what do you want to talk about first?
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You know, it's always cool to connect with the kids, with the youth.
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And at the uh Black Students Organization Summit hosted by UCSF, it was it just always reminds me anytime I do this for high schools of how much financial education is needed and how they don't incorporate it into their regular curriculum, right?
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And I believe it's really damaging for just to have that lack of awareness when it comes to finance, just coming out the gate, and then you know you're coming out of high school and they automatically they put applications in your face for student loans, right?
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Right.
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And without giving you the proper information, resources, or education of how this even works.
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And I think that is crazy.
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Yeah.
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I mean, you think about that from that standpoint.
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I'm getting out of high school.
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The first thing you're doing is sticking a financial aid application in my face, and you're saying, go to college, and it's gonna cost you about 20 to 40 grand out the gate.
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And I'm automatically gonna be in debt.
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They have no level of what this is gonna look like for them down the road.
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And when you look at that, I mean you got some students that are fortunate enough to where they don't have to get student loans and their family has saved up for their education, or they may some are fortunate enough to get a scholarship and they don't have to worry about getting student loans.
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Some get student scholarships, but it doesn't cover everything, and they have to get a student loan to cover up for that portion.
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So the thing is that you see people now, like I've been in finance for a long time, so I talk to a lot of clients, and I look around and I see people in their 40s, 50s, and 60s, and they still owe for student loans.
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Absolutely.
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So just to rewind, just so listeners know exactly what we did.
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So we were in a classroom and we spoke to two different groups of kids.
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It was really intimate, which is what I like.
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I prefer smaller groups so you can be more intimate and interactive with the kids.
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And there was about 10 to 15 kids per group, mostly African-American, but there are a few other minority races too.
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And me and Shabazz spoke for to each group for about 30 minutes.
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And we primarily focused on three things.
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We focused on credit, we focused on investing, and we focused on basically going to college and student loans.
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So we talked to them and gave them some knowledge.
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And of course, especially that first group, the kids were very interactive and into the discussions with both groups.
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So to Shabazz's point, I throw in student loans under the bucket of investing because as me and Shabazz have said countless times on countless episodes, college is a form of investing in yourself.
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It is the most common way of investing in yourself, especially at 17, at 18 years old, 19 years old, or in your early 20s, which is when most people decide to go to college.
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That is the most common way to invest in yourself.
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And of course, most people go to college ultimately to develop skills so they can get a higher paying job.
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I've said this before, but statistically, people who have any type of college education, and it doesn't even have to be finished.
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So it can be any level AA, BA, masters, doctors, PhDs, they all on average make more money than somebody who does not go to college and only has a high school degree.
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So it makes sense that even nowadays, with everything going on, people still want to go to college.
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But to Shabazz's point, and circling back to him, it's I feel exactly how he feels and what he said earlier.
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A person who goes to college, their first essentially experience of borrowing money is a five-figure loan.
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And to me, that's absolutely wild.
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It's a five-figure freaking loan because the average cost of college, especially if you go to a state college, community college is different.
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If you go to state college, a university, private or public, per year is at least 10.
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And that's just tuition.
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We're not talking about books, we're not talking about supplies, we're not talking about your social life if you are going to a more social college.
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Tuition itself, on average, in the state of California, is 10 grand a month per year.
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And it only goes higher as the school gets more prestigious.
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And you're handing an 18-year-old FAFSA, like Shabazz said, and most likely there's gonna be loans there.
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I've said this before, check out episode 52, it's college rolls with the ROI.
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I talk about my experience extensively when it comes to it.
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But to summarize, I was lucky I only had to take out a$7,500 loan back into the year where I took it out would have been 2011.
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And that's because I went to California State University, East Bay, which is quite possibly the cheapest California State-based college.
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And I'm still paying on that loan.
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15 years later, I believe.
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Yeah, this is the 15th year I'm paying on that loan.
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And I've definitely paid more than$7,500.
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And I made that clear to the kids.
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Whatever that number is, that is not the number you're gonna pay back.
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It's generally significantly more.
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And I was lucky.
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I have a good rate.
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I want to say my interest rate is a 3% because it's federally backed.
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And I'm pretty sure I paid about$10,000 over the life of that loan.
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So I do find it very interesting that we have a society that not only says it's okay, but it encourages kids who most likely are not wealthy to take out, like Shabazz said, a$20,000 loan, a$40,000 loan, a$50,000 loan, a$60,000 loan.
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And then the same society says, why are you guys in debt?
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So which is it?
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Like, what do you want these kids to do?
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What do we want the future to do?
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So I do feel it was important, and I'm happy that me and Shabazz were able to take some time out of our basic schedules to talk to these kids and have somebody, especially that looks like us, somebody who two men, two black men, one attended college, one finished college, say these financial things because when I was their age, where nobody giving me that game.
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Nobody came to my school, Mount Eaton High School, and had that conversation.
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We did have people, by the way, come into Mount Eden and talk about college, but they weren't talking about the financial aspects at all.
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I don't recall that.
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Shabazz, when you were in high school, did anybody come to your high school, especially anybody that looks like you, a black male, and talk to you about finances when it comes to college?
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Have you ever had that experience?
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No, absolutely not.
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Yeah, so I'm glad we're able to speak to the kids.
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And I'll ask you another question.
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What was your one of your favorite parts when it came to speaking to the kids?
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My favorite part, I probably would have to say, was inflation.
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Because it gives them more of an idea of how money works.
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My experience when I talk to students about credit, they don't really quite understand that because they have not had any experience with credit at this point.
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So they really don't understand that, but they have had experience with having money and spending money, right?
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So that's usually my go-to when I'm talking to uh students.
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Got you.
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To answer that question myself, my favorite part flat out was when the first group, when I was talking to them about credit, and you saw how I was handing out my credit cards for the kids to hold.
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Right.
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I always feel that letting people hold something, actually talk to them, is very powerful, especially kids.
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And explaining to them the limits of a credit card and how big they can be.
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And I remember the joke was one of the kids, he kept saying, like, can I buy stuff?
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Can I keep the credit card?
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Can I keep the credit card?
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Right, right.
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And I was telling them the limits, and I've shared on the show, I don't mind saying it.
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They're$30,000 credit cards.
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But what was interesting to me, what kind of the reminder I needed was they didn't even think credit cards can be that high.
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Like, remember, I was asking the kids to guess how much of the credit limit was on there, and none of them were even close.
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Like, none of them were even close.
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I think the highest one someone guessed was$5,000.
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And I just had to basically say, no, you gotta really go up.
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And I can kind of tell when I confirmed the number, and they never guessed correctly, by the way, listeners.
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They didn't.
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So I told them$30,000.
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And I'm blind and I can see and I can feel, mainly feel, the expression in their eyes.
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I can hear that, whoa, like it can go that high.
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And that's why I wanted that's part of the reason why I wanted to do that.
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I wanted them to hold a credit card that was$30,000.
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At their age, I had no idea that credit cards can have a$30,000 limit.
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Do you know why they didn't know?
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It wasn't just because of the age.
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My guess is for the same reason I didn't know at that age.
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I knew about credit cards at 17, 18.
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I didn't know the in and outs, but I definitely knew what they were.
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I don't think they knew that because none of their parents had a limit that big.
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And I feel that way because I feel that way because my parents did not have a$30,000 credit card.
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I don't know about my mother, but I think I've shared on the show that I did manage my dad's finances while he had Alzheimer's.
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The biggest limit he ever had, I believe, was about$10,000.
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And he passed away a day before 65.
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I have multiple credit cards at 30,000.
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I believe the exact number is this 30,000, I have three.
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And I have a couple 20,000 credit cards as well.
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I have a total credit limit of I want to say 150,000 on my personal side, and I forget on my business side.
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But yeah, I didn't know any of that.
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I didn't know any of that.
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I want to say I didn't know any of that through college.
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It wasn't until I experienced it.
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So my first credit card I took out at 21.
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I've told the story about how that happened.
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And that same credit card was the red one I was handed out, Shabbaz, the one that I took out at 21.
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So now I was telling them, hey, I did it for 15 years, just simply made the minimum payment.
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15 years without being late.
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Well, I think it was like year 10, it crossed the five-figure amount.
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I generally didn't know that it can be that high.
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So the way I think about it is if I knew at 18 that if I simply paid my bills on time, especially if you're able to clear out the balance, and I can have a$30,000 credit card, I for sure I would have aimed to not only do that, but to get more credit cards.
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And again, I'm glad that me and you were there because no one taught me that on their age, and clearly no one taught them at these kids that at their age right now.
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So were there any other standout moments that you felt were at Pixford High when we talked to the kids?
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If I had to pick one, it'd probably be investing.
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But to circle back on when you actually let those kids hold that credit card, I wish I had the statistics in front of me, but there's people in their 40s, 50s, and even 60s that haven't had a credit card past$5,000.
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Okay.
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So when we sit up here and when you think about that, like this is the amount of access they have had when it comes to credit.
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They haven't had access past$5,000.
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Not having access to somebody having just that little amount of access to credit versus somebody having access to$100,000 or$200,000 in credit makes a huge difference.
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So you could automatically think what is the state of mind of somebody who hasn't had a credit card past the$5,000 credit limit, right?
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And this is the thing that we need to talk about more.
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That why is that?
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What has held this group of people or this large amount of people at that point to where they couldn't get a higher limit than$5,000?
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Some haven't even reached that.
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Some haven't even only the highest they got was$2,000,$3,000,$4,000.
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So we really need to unpack that at some point.
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Like this is why people don't know about credit.
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This is why people don't know how to let they ain't had enough credit to leverage it, right?
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Right.
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But yeah, I just wanted to touch on that, man.
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We're gonna circle back on that.
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I got the statistics actually on one of my Google Drives, and I was doing a case study on it.
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Yeah, I had to remember that.
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I'm glad that you mentioned it now and again.
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I'm glad that I had that experience with the kids just not knowing.
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And it makes sense, right?
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I would answer that the only time they have access to anything above five figures is either student loans, if they go to college, or a car.
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And we know the reason why they get access to that money when it comes to a car is because if what happens if they don't pay, that car goes away.
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You know, if they don't pay on time or they default, they go too long, that car is towed away.
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And of course they don't get their money back.
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It's not like they towed away, and here's your$10,000 you paid into it.
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Like, no, you you my understanding, Shabazz, is you still keep paying on the car, even if they tow it away and you can't drive it no more.
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That's their only concept of borrowing money beyond$10,000 is generally with a car.
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If they didn't go to college, it's college and a car.
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That's when people generally see it.
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But to have the credibility, pun intended, for a lender to go, you know what, this is unsecured.
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We're fully trusting you.
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Here's a$20,000 credit card, here's a$30,000 credit card, here's a$25,000 credit card card, here's multiple of them.
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It's powerful.
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Like, how would I think if I was able to borrow from credit cards$55,000 across maybe two or three credit cards, how would I think about what I can do with it?
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How would I think about business?
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How would I think about just starting a simple Shopify online store?
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If I'm 20 years old and I already have$20,000 to borrow, you would think differently.
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And more importantly, I'll just get to the point.
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I want these kids to know it because I want their options to expand.
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We grow up in society saying, these are your choices.
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Go to college or get a job.
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And really what we're saying is go to college so you can be a higher paid employee or get a job now so you can be a lower-paid employee.
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Or maybe go to a trade school so you can be a fairly decently paid employee.
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We're not saying, hey, those three are still options and they're still viable options, but maybe go to college as parents.
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Let's put the kids on authorized users at 14, at 15, at 16, at 18.
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So when they come out of college, they have a 750 credit score.
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They can start borrowing money so they can give business a cry.
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Those are the options that I want these kids to have.
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But again, when I was their age, that just wasn't explained to me.
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So that's why, you know, me and you definitely align on the power of credit, especially when they're young.
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And then to piggyback again on when you said investing was one of your favorite, I'll tell you my favorite moment of investing.
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When I was able to tell the kids, and I believe there was an adult in there too.
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I said, if you're 17 and 18 and you put$50 to$100 away every month, you'll be a millionaire by retirement.
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And I can again hear the oohs and the ahs and the really's and the what.
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It really is around, maybe I'm off by a little bit, but it really is that small of an amount.
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Put$50 to$100 away, everybody who's listening, put$50 to$100 away.
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If the younger you are, you're gonna be a millionaire by 65 if you're able to consistently do that.
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And all that equates to is stop buying your favorite pair of Jordans every month, or take a whole month of a luxury that you like, whether it's streaming, whether it's going out to eat, whether it's whatever, especially when you're that young, and you just put it into an investment vehicle, you're gonna be a millionaire.
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And again, someone like me, if I had known that, because I had a part-time job in college, all I need to do was put$50 or$100 away, and I'd be a millionaire by 65, or heck, I'd have tens of thousands to hundreds of thousands of dollars at my age right now.
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My options again would be bigger.
00:19:39.359 --> 00:19:44.559
And that's to me was the goal for the kids, and I hope they took it away from it.
00:19:44.799 --> 00:19:53.440
Is these things that we're teaching them are to give them options that me and you Chabazz did not have when we were their age.
00:19:53.759 --> 00:19:57.279
So I'll ask that question to you more straightforward.
00:19:57.519 --> 00:20:02.960
What was the goal or the hope that you hope they took away with when it came to speaking with them?
00:20:03.599 --> 00:20:10.640
The main objective of it was to make them think about finance.
00:20:10.960 --> 00:20:23.680
And as they graduate and they venture off into being an adult, when they make the decision to actually go to college and get a student loan, that they will have some things to think about.
00:20:24.400 --> 00:20:27.359
It's a reason why you can get a student loan.
00:20:27.519 --> 00:20:28.559
Just think about it.
00:20:28.720 --> 00:20:33.359
Like if you want to get any kind of other loan, you have to have a job.
00:20:33.440 --> 00:20:40.559
They have to show employment verification, you have to show income verification, they want to know how long you've been on your job, how long you've been at your residence.
00:20:40.640 --> 00:20:45.119
That's the only form of loan that you can get without any of that.
00:20:45.440 --> 00:20:46.799
It's a reason for that.
00:20:46.960 --> 00:20:47.119
Right.
00:20:47.279 --> 00:20:49.359
And that's the point that people ain't thinking about.
00:20:49.519 --> 00:20:51.680
The easiest things to get is a student loan.
00:20:51.839 --> 00:20:53.920
The second one after that is a car loan.
00:20:54.559 --> 00:20:55.440
Think about it.
00:20:55.519 --> 00:21:00.480
Like some of these people that went to college and got all these student loans, right?
00:21:00.640 --> 00:21:08.160
Some of it on the lower end got 10, 20K, some of them 30, 40, 50, up to 100K and above in student loans.
00:21:08.319 --> 00:21:10.480
Now, I really want people to think about this.
00:21:10.640 --> 00:21:12.400
What if they gave you that in cash?
00:21:12.559 --> 00:21:15.680
What if they gave you that in a loan, a cash loan?
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Would your options have been better by getting that cash up front?
00:21:21.119 --> 00:21:26.640
Or would your options have been better to take that loan and get the education?
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Which one would have given you a better advantage?
00:21:30.319 --> 00:21:30.799
Right?
00:21:31.039 --> 00:21:35.920
And there's a reason why it's harder to get cash loans.
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It's a significant difference.
00:21:38.640 --> 00:21:39.119
Right.
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