To help young Band members make smart decisions and plan for the future, the Mille Lacs Band’s Office of Management and Budget offers a Minor Trust Training course twice a year for high school students.
On May 16, the latest cohort of students learned important lessons that will help them when they reach adulthood and gain access to their trust fund.
The course was led by financial advisor Leisa Nash and Senior Vice President William White of Morgan Stanley Wealth Management in Rapid City, S.D.
"It’s so exciting to see the amount of energy and the interaction these children display," said William. "They've already received positive direction, and hopefully we can enhance that."
Participants received a guide to financial readiness that focuses on spending, debt, savings, and investing, while emphasizing the importance of planning for the future.
Savannah Roseland, a graduate of Hinckley-Finlayson, said, "We learned about stocks, credit cards, and retirement plans, and how to keep our money in a safe place."
Amanda Eagle, Brandon Wade, and Deilyah Dexter of Onamia High School learned to put 10 percent of their money in a savings account to prepare for a rainy day, and they were surprised and pleased to learn that a person can start a personal retirement account at any time.
According to Commissioner of Finance Adam Valdez, the Band is reaching out to more students — and younger ones — because it is very important and relevant that Band children turning 18 have the basic knowledge and skills to make critical personal financial decisions.
Jana Sam, who works for the Office of Management and Budget, plans the sessions, which take place in the fall and spring. High school students or their parents should contact Jana if they’re interested at email@example.com or 320-532-7466.
Photo: Sixteen Band member students learned about stocks, bank accounts, retirement plans, personal budgets, and other topics from William White and Leisa Nash of Morgan Stanley on May 16.