Financial mentorship program: Milwaukee teens find value

MILWAUKEE - A Milwaukee group is trying to set high school students up for future financial stability by introducing them to leaders they can look up to.

Students get money coaches

Local perspective:

Antonio Morris is networking on a whole other level: 

"How is the daily operation for just being a CEO?" Morris asked in February, seated at a table in a crowded room inside BMO Tower on Water Street. 

Morris with some of the area’s biggest names in banking, investors and business leaders – all in a setting that looks kind of like speed-dating. 

"I have a list of things to ask," Morris began. 

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Morris wasn’t looking for romance; he was on the hunt for a mentor.

"They can walk me through or at least let me know some steps that they did to get them out of their rut," Morris said. 

Morris is part of SecureFutures’ Money Coach program. This year alone, 500 Milwaukee-area students will participate.

Financial mentoring program

What we know:

"Money Coach is a financial mentoring program," explained Brenda Campbell, SecureFutures President and C.E.O. "Over the course of a semester, students work in small groups and one-on-one with volunteer coaches who help them take the foundational personal finance concepts like budgeting, saving, banking, credit – and put them into action in their own lives."

Connections are formed. Even mentors like Jody Lowe, The Lowe Group President and Founder, find value

"Showing them the power and the benefit of money," Lowe said. "It’s really amazing how the lightbulb goes off with these kids," Lowe said. 

Morris hopes to meet someone who can steer him in the right direction.

"It’s like a magic moment right there of just realization that somebody has your back and they got you regardless," Morris said about having a mentor.

Why you should care:

SecureFutures says 97% of its Money Coach graduates have a bank account, compared to just 78% before the program. 

Critically, 68% of students routinely track their expenses. Only 17% did before having a Money Coach.

One student's experience

Dig deeper:

It’s safe to say Lilyana Soto is going places. She’s behind the wheel of a 2024 Honda Civic she’s leasing. 

"I had a lot of goals: I knew I wanted to join real estate [at First Weber Real Estate Services] and I did. I knew I wanted a car – being able to purchase my own car is a huge goal of mine," Soto shared. 

Soto has crossed both of those goals off her list and she’s only 19 years old. Soto credits her time in the Money Coach program as the main reason for her early success. Soto valued having a mentor. 

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"It means you have a support system – if you ever need help you have someone that can guide you even if they don’t know the answers, they can be willing to put in the work with you," Soto said.

Soto says one of the biggest takeaways from her mentor was keeping track of every dollar. 

"It’s kind of when you’re first learning it, it can be a drag but it is worth it in the end," Soto said. 

Soto is taking that knowledge and paying it forward. 

"Now I’ve become a mentor," Soto said. "Which was an amazing experience. Especially going from being the mentee to being the mentor." 

Soto has already taken five high school students under her wing, showing them the how to save and helping them set up a budget.

"If you know financial literacy, teach your kids.  Teach your family," Soto stressed. "It is a privilege to know financial literacy. It’s something that is taught, not just known. It’s not common sense."

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