In a significant move aimed at empowering the next generation, actor Michael Rainey Jr., renowned for his role in the hit series “Power” and its spinoff, has launched a financial literacy initiative in his hometown of Staten Island, New York. This initiative, titled “Educate a Student. Protect Yourself,” is a collaborative effort with The Restoring America Recovery Education (R.A.R.E) Foundation and Equifax, designed to equip young people with essential financial knowledge and skills.
About the initiative
The “Educate a Student. Protect Yourself” initiative is a $2.4 million charitable project that aims to provide youth in Staten Island with the tools necessary for financial empowerment. The program focuses on critical areas such as money management, credit building and identity protection, addressing the pressing need for financial education among young people today.
Launch event at Port Richmond High School
To celebrate the launch of this impactful program, Rainey Jr. hosted an event at Port Richmond High School in November. During the event, he shared his personal journey with financial literacy, emphasizing the importance of making informed financial decisions. Rainey Jr. engaged with the senior class, encouraging them to take proactive steps toward their financial futures.
Key advice for students
One of the standout moments of the event was Rainey Jr.’s advice to the students. He urged them to have open conversations with their parents about credit scores. He stated, “If I was these kids coming from this exact room … The first thing I would do is go home and ask my parents what their credit score is. And then, as time goes on, you become an authorized user on their [credit card] and start building your own [score].” This advice highlights the importance of understanding credit from an early age, a crucial step toward achieving financial independence.
Comprehensive learning resources
The initiative promises to deliver a wealth of resources to its participants. In collaboration with the R.A.R.E. Foundation, the program aims to sponsor 250,000 students, providing them with the knowledge necessary to avoid identity theft and manage their finances effectively. Each participant will receive:
- One year of Equifax Complete Premier for credit and identity monitoring.
- Two e-books: The Power of Credit and Who Stole My Identity?. The latter is authored by 7-year-old financial literacy advocate Preston “Kid Kredit” Luzunaris.
- A 12-course digital financial literacy curriculum.
- A free credit consultation.
These resources are designed to help students navigate the complexities of credit and identity management, ensuring they are well-prepared for their financial futures.
Rainey Jr.’s initiative is a commendable effort to foster financial literacy among youth in Staten Island. By providing essential tools and resources, the program aims to empower young people to make informed financial decisions, ultimately leading to a more secure financial future. As Rainey Jr. continues to advocate for financial education, his initiative serves as a beacon of hope for many students looking to build a solid foundation for their financial lives.
