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Are your 8th-graders ready for the Realty Store?
The Covid-19 Pandemic, inflation, a recession, poverty, and rising prices on everything from rent to groceries make adult life scary, but even more so for those getting ready to enter adulthood.
According to financial advisors, inflation is the number one concern for people globally.
The point of the Clay Business Women’s Club’s Reality Store is to give eighth-graders a peek into their future lives as adults.
For more than 30 years, the Reality Store has taught them decision-making skills, prepared them for making wise budgetary moves, helped the students realize what they will be facing as young adults on their own, and allowed them to think ahead to the steps they must take to prepare for their ‘dream’ future.
By participating in 15 different booths set up to reflect the ups and downs of real life, the students experience a small dose of reality, including:
* Family Choice -- As a 25-year-old, students discover what type of family status they have,
* Bank -- Opening a checking account and getting a job that determines what they have to live off of for a month is an eyeopener,
* Uncle Sam -- When the taxman comes for his due -- paying FICA, Federal and state taxes -- students learn what they think they had, isn’t actually what they get,
* Housing -- Choices like buying and renting with insurance is made,
* Utilities -- Paying for all the things taken for granted -- like lights, water, gas, cable, and (cell)phone -- takes a chunk out of that paycheck,
* Food -- Everyone has to eat, and at this station, the student learns what that costs,
* Daycare -- If a student has children, they learn the cost of daycare because there isn’t an option to have family members do it for them,
* Medical Insurance -- It’s optional during the event, but the students are told they may be sorry in the future for not purchasing it,
* Transportation -- Purchasing a car with insurance is an option that makes students consider their finances a little closer,
* Second Job -- When the expenses mount, and the checking account drops below $100, the student finds out if they have to take on another job to pay the bills,
* Medical Expense -- Remember when it was a good idea not to have health insurance? Here’s where they must draw for a medical problem and pay for it with a check,
* Furniture and Decorating --With a new place to live, students have the option to purchase new furniture -- if they can afford it,
* Entertainment -- Is there any money left to provide entertainment for the month? Students are usually surprised at this booth,
* Legal -- As in real life, when least expected, the student draws a legal situation and pays for it,
* Clothing -- Is there enough money to afford a new pair of jeans or tennis shoes? Maybe, maybe not,
* Church or Charitable Contributions -- Students with extra funds can donate if they desire,
* Last Draw or Chance -- The wheel of fortune or misfortune has to be spun,
* Month’s End -- As part of the checks and balances of life, the student meets with volunteers to check their tabulations. If any money is left over, they are successful. If not, they spend time at the booth finding out where they went wrong and how to fix it, and finally
* Future Financial Planning -- Students learn how to save and invest money.
Along the way, community volunteers help students to make wise decisions and discuss work-related and life topics until they reach the bank to check out and see if there’s anything left over from their wages.
The biggest reason for the Realty Store is to show teenagers that being a grown-up isn’t as easy as it looks.