SuperMoney’s 2021 Summer Financial Literacy Scholarship Winner

My name is Isiah Johnson III and I have lived in Tampa Florida my whole life. I intend on majoring in business administration and minoring in political science at Southwestern College (Kansas). I recently have taught myself on how to invest in the stock market. I also taught myself how to write in Arabic. I have played basketball since I was 5 years old and I used to play baseball and flag football when I was little.

A financial topic that motivates me to help the average American improve their financial health is financial literacy within the African American community. There has been a stigma within the black community that includes bad finances or low financial literacy because of our life for jewelry or quick satisfaction. This discussion points more to the black family in impoverished areas that display this kind of impulsive spending. For example, it could be things that are seen as essential but they are as far from that. This is the result of knowing how to spend money the correct and efficient way. I am passionate about this issue because I am an African American. Many of my family members suffer from ridiculous spending which slowly drains their bank accounts and keeps them in the same cycle.

I am attending Southwestern College and intend to study Business administration and Pre-law. With the college education I will be attaining, I will utilize it to help Americans improve their financial well-being by teaching them new habits and showing them other opportunities to make money. For instance, I would introduce the idea of budgeting to them because this would help decrease their impulse spending. There are many apps to use that can help you with budgeting but teaching a system can set a standard to follow. For instance, most families overspend money on food every month, because everyone relies on eating at fast food restaurants in our current society. But by introducing a system of cooking a meal at least 3 times a week, that can decrease the amount of money spent eating at fast food establishments by half. Also, it can improve health.

Another habit I would introduce is to have a side job, whether it is delivering pizzas or hair styling. Side hustles can provide money that does not include your main job or career. This money could be used to pay off debt, bills, or even can start your journey into investing. Investing would be another skill to learn that can generate a lot of revenue in the long-run. By using the money you saved, you can put that towards mutual funds, etfs, or bonds for wealth in the near future. By learning all of these skills and habits, it can lead to financial success for generations. I would like to start by teaching my family members about this because this could make a huge difference in wealth and poverty for the future generation.