Lately, an increased emphasis on financial literacy has become a focus in helping students plan for higher education. According to MarketWatch, a recent study conducted by the U.S. Financial Literacy and Education Commission developed best practice recommendations in response to the total amount of student loan debt reaching nearly $1.5 trillion in 2019. The study predicts that participation in higher education will continue to grow, as the jobs of the future demand postsecondary credentials.
In addition to workforce preparation, higher ed can play a role in preparing students to make financial choices throughout their lives that allow them to better participate in the economy, attain career goals, and build personal wealth. The economic future of today’s students will depend in part on the pivotal decisions made during the education process. Overall, selecting the right course of study, managing money while in school and navigating student debt issues are factors that play a far greater role in determining students’ financial futures than many often realize.
To extract key insights on the importance of financial planning, I recently spoke with Reggie D. Ford, CEO of Rosecrete, a financial wealth management company, to discuss his unique story of overcoming financial obstacles, entering higher ed and eventually forming a company that is devoted to helping those facing adversity, especially student-athletes, pursue financial independence.
Interview
Rod Berger: Tell me about your education journey and the opportunities you were granted that helped you thrive academically and professionally.
Reggie D. Ford: My education started in the Metro Nashville Public School system. The student body was comprised primarily of low-income students, gauged by the number of students on free or reduced lunch, and most of my classmates were black. After being recognized as a high academic achiever through an after-school program called Backfield in Motion, I was fortunate enough to get accepted into one of the city’s most prestigious private schools, Montgomery Bell Academy (MBA). At this all-boys preparatory school on the other side of town, I was given a financial aid package that afforded me the ability to attend.
I was expected to master large amounts of material at a very fast pace and, for the most part, everyone worked toward that mission. This was in stark contrast to the public school system where teachers would labor over the material, and frankly, spent more time on behavior correction than actually teaching. Once at MBA, good behavior was a given, and as a result, I spent more time learning new topics.
