Financial lessons only rich people can teach you

Photos by Dawgelene Sangster
Photos by Dawgelene Sangster

Financial illiteracy is expensive. In other words, the more you don’t know about money and credit, the more it will cost you down the line.

To that end, The Rainbow PUSH Coalition and the Citizenship Education Fund launched the Financial Empowerment Series, sponsored by Chevrolet, a free event to teach money management practices.

The Financial Empowerment Series took place at the Rainbow PUSH headquarters in Chicago over the weekend. The Chicago workshop marked the end of a successful three-city tour that included Detroit and Atlanta.

Here are five of the best financial lessons offered at the seminar, along with photos. –zondra hughes of Six Brown Chicks

Photos by Dawgelene Sangster
Photos by Dawgelene Sangster

Negotiate purchases. For example, if you’re buying a car, shop around, advises Reginald E. Humphrey, senior manager of supplier diversity at General Motors. “Negotiate and then go from one dealership to the next. Ask the questions: What is the auto loan interest rate? Run the numbers if I lease the vehicle vs. if it buy it.” If you do decide to lease a car, Humphrey adds, “Don’t ever take negative equity to the next car lease commitment.”

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