(The Root) — Now more than ever, children need to learn the value of the dollar and how to spend and save responsibly. On the latest webisode of The Root Live, which taped Monday, Jan. 28, 2013, Michael Lomax, president and CEO of United Negro College Fund; Teri Williams, president of OneUnited Bank and the author of the children's book I Got Bank! What My Granddad Taught Me About Money; Arva Rice, president of the New York Urban League; and Sadé Muhammad, a news intern at BlackEnterprise.com, who made her first trip to the bank when she was just 11 years old, spoke to Harriette Cole about raising financially literate kids.
Lomax spoke from his own experience at UNCF, saying that high schoolers need to know about money before they get to college.
"Oftentimes we focus on whether they're getting the academic preparation, but to succeed in college you've got to be financially ready as well," he said. "And college is expensive. It is not free. And since a large number of our families are low to moderate income, they've really got to spend a lot of time making sure they understand how they will pay for college."
Watch the whole video to see what else they had to say. Tune in here next Monday at noon to watch the new webisode live and ask our guests questions.