Indianapolis has brought home the trophy once again, however, this trophy isn’t for athletics. This trophy honors local youth who have mastered financial literacy.
Students Bryce Hibbler, Tyler Benberry and Raymond Waites took home the top prize at the 2013 100 Black Men National Financial Literacy Competition, which is held annually at the 100’s International Conference. This year’s conference was held in New Orleans.
“We were a little nervous, but we were confident in what we knew,” said Waites, a Pike High School senior and participant in the 100 Black Men of Indianapolis’ “Dollars & $ense” program.
Fifteen teams from across the country participated in the competition. After evaluations, teams representing Washington, D.C., Montgomery, Ala., and Indianapolis were the top teams standing. Students were given a scenario about a young college student who wanted to start a record label. Using factors, such as the student’s loan request and his music and business experience, the Indianapolis team created a portfolio and gave financial advice to the fictional character.
“We came up with a pretty diversified portfolio and a nice business plan. He was running a business in college, so we came up with a plan for that too. We also came up with a way he could go to the bank and ask for a reasonable loan,” said Waites. “We also suggested he find additional investors and get experience in the music industry. We wanted him to delay his plans and I think that’s what set us apart from the other teams.”
In addition to a well-thought-out plan, the team’s delivery helped secure the win. Using financial knowledge and charisma, the Indianapolis team shone.
The young men’s prize for how they exercised their financial literacy skills was a trophy, over $3,000 in scholarships and the satisfaction of a first-place win for the second consecutive year for the Indianapolis chapter of 100 Black Men.
“To celebrate the win, we ate beignets (French donuts) for a while that night and walked around downtown New Orleans,” laughed Waites. “A few weeks ago, we had another celebration at Latitude 39.”
The three young men are part of “Dollars & $ense,” a national program of the 100 Black Men of America. The program is provided locally by the “100” in partnership with the University of Indianapolis. Students in grades 9-12 meet weekly with a professor and their “100” mentors/tutors to learn about managing and investing money. During this 16-week program, students learn basic financial skills and develop, monitor, and assess investment portfolios.
“We also talk about things like wants versus needs, budgeting, credit cards and payroll,” said Charles Barker, chair of the Financial Literacy committee for the 100 Black Men of Indianapolis.
At the completion of the program, students are paired into teams of two and compete locally for cash awards. From the local competition, students are identified to compete in the national competition held during the 100 Black Men of America’s National Conference.
Hibbler and Benberry, who were freshmen at the time, and Waites, who was a junior at the time, stood out among their peers in the local competition allowing them to represent Indianapolis and present their ideas at the 2013 conference.
“We take the cream of the crop,” said Barker. “This team was dynamic because two of these boys were freshmen and younger than most people competing and Ray has a great personality.”
Barker and other members of 100 Black Men are very proud of Waites, Hibbler and Benberry for their win but also how this program has changed their lives for the better.
Waites said prior to signing up for the Dollars and $ense program, his knowledge of finances was very limited.
“I knew I wanted to be financially secure, but I didn’t know exactly how to get there,” he said.
Not only did Waites grasp the concepts, but he gained skills that can be used throughout this lifetime. Barker recalls how early on in the program, Waites’ presentation skills were restless and unfocused. Today the 17-year-old is a polished speaker who is able to incorporate his natural charm into a compelling presentation.
“This program has been so wonderful for Raymond,” said Margo Nelson, Waites’ grandmother. “He has his parents and grandparents, but I wanted him to have more role models and help keep him on track.”
Although Waties joined the program due to a football injury that caused him to sit out the season, he is grateful for joining the program and the lessons and concepts he’s learned from Dollars and $ense. He knows this will help him as he plans to attend an HBCU after graduation and possibly become an entrepreneur. He is also looking forward to learning how to become a better man by participating in the 100 Black Men of Indianapolis’ annual Beautillion Militaire, a 16-week rite of passage program for high school upper class males.
Waites knows his peers are not focused on being financially literate, but encourages them none-the-less to “invest” in their future be seeing what Dollars and $ense is all about. Barker said the program, which is free, is beginning again Oct. 5 and high school men and women who would like to join should sign up immediately.
“One of the issues we have as Blacks is we are not financially prepared. At Ray’s age, many have never heard of stocks and bonds. Whereas European descendants, they’re familiar with the terminology,” said Barker. “If we were to raise our level of finances, many of our issues like our standard of living and quality of life could get better.”
For more information about the Dollars and $ense program, call 100 Black Men of Indianapolis at (317) 921-1276 or visit 100blackmenindy.org.
