Feb 21, 2009 3:47 pm US/Central
Money: It Doesn't Grow On Trees
Terry Savage Teaches Kids About Money In This 1983 CBS 2 Special
CHICAGO (CBS) ―
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Two of several bales of $10 bills that made up $1 million Terry Savage and her friends counted for a 1983 CBS 2 special.
CBS
Major Indexes Fall More Than 6 Percent For Week
White House Tries To End Bank Nationalization Talk
Consumer Prices Jump In Jan. By Most In 6 Months
These are three headlines from the Business page on
cbs2chicago.com on Feb. 21, 2009. The major stock indices, the possibility of bank nationalization, and the overall state of the economy are stories that affect our lives daily – and usually not in a good way. And to the extent that we can protect ourselves against the most disastrous consequences of the recession, being informed is the greatest asset.
But if you didn't understand how money worked, none of those headlines would make sense. And not every school has lessons on finance and economics.
But CBS 2 had one in December 1983. And while some of the technology has changed since then, former CBS 2 Financial Analyst Terry Savage's advice to the youngsters who were watching remains as useful now as ever: "If money is earned honestly and spent money and saved regularly, it can mean a better life for you and your family, and everyone else around you."
So gather the kids together for
"Money: It Doesn't Grow on Trees," a CBS 2 special from Dec. 14, 1983.
Introductory Segment
In this preview of the program, Terry shows us the biggest armored truck in the world, which carries more than $1 million. But just how many people have seen $1 million in person? You soon will.
How Money Is Printed And How Checks Work
Next, Terry and her friends visit the Federal Reserve Bank in downtown Chicago, where they count out $1 million on $10 bills, and the kids tell us what they'd do if they had a million dollars. Afterward, we get a tour of the Bureau of Engraving and Printing in Washington, D.C., where we see how dollar bills are printed, and examine the differences between a real $10 bill and a counterfeit one. Finally, some experts at the old Continental Bank explain what happens when you write a check (and Terry warns you about what might happen if you bounce one!)
Running A Business; Keeping Savings
In the last segment, Terry and her friends visit the Blue Gargoyle bakery in Hyde Park, a cookie and snack business run by teenagers, to show us how a business operates and generates a profit. We also learn how to open a savings account, what inflation is, and why some people invest in precious metals. We also learn about the technology that lets us pay our bills by computer – now as familiar as getting $20 from the ATM, but far off in the future back in 1983.
As you saw in that last clip, Terry's advice for kids who want to learn about finance is to ask questions when they go to the bank with their parents. And the exhibit seen in the video at the
Museum of Science and Industry is no longer active. But kids can still learn about finance and business at the museum in the exhibit
ToyMaker 3000: An Adventure in Automation, and they'll even get a free toy Gravitron out of the deal.
There are also a multitude of resources on the Web that can help teach kids about finance. Here are a couple:
Kids' Finance
Young Investors
Terry Savage is still a financial analyst for the
Chicago Sun-Times, and a nationally-known expert on personal finance.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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