iCademy Globe

A Shared Passion: Meet Sharon Lechter

McKenna Tucker, Financial Columnist, Photojournalist

I have a passion for learning and teaching. I am an aspiring entrepreneur with a thirst for knowledge. Some of my strongest interests in life are financial literacy and entrepreneurship. I work hard to grow my knowledge about this subject and build a strong entrepreneurial foundation that will soon launch me into the world of business. I delve into money-related books, strive to increase my financial IQ, and make choices and take actions that will positively impact my financial awareness. I also invest in stocks, and own my very own jewelry business, “Kenna’s Kollection.”

I certainly don’t know everything there is to know about finances. In fact, I don’t believe I ever will, as there is always plenty of room to learn and grow when it comes to the world of money. But as I endeavor to learn, I am compelled to encourage others. As I invest in myself, I seek to invest in others by sharing what I am learning and by encouraging others to learn more. That is what is at the heart and soul of my financial column, Money Makes the World Go ‘Round.

It is in that spirit, that I will introduce you to one of my mentors who has inspired me personally to enhance my knowledge, follow my dreams in life no matter the obstacles, never give up, and always give back to others. Sharon Lechter was one of the first authors on the subject of money that my parents "introduced" me to when I first began to cultivate an interest in money matters.

Mrs. Lechter, a well-known and long-time advocate of financial literacy and education, has inspired thousands of aspiring entrepreneurs of all ages from around the globe. Mrs. Lechter is a certified public accountant, entrepreneur, philanthropist, educator, international speaker, co-author of the international best-selling books Rich Dad Poor Dad, co-author of Three Feet from Gold, founder of Pay Your Family First, and founder of YOUTHpreneur.com. Mrs. Lechter is also currently on the President’s Advisory Council for Financial Literacy under President Obama.

I recently had the opportunity to interview Mrs. Lechter for The iCademy Globe and my financial column, “Money Makes the World Go ‘Round.” One of the first questions I asked of her was this: “Has financial literacy and education always been a passion of yours? If so, what inspired you to follow this passion?”

“Financial education has always been an interest of mine throughout my life,” Mrs. Lechter responded, “But it became my true passion after my son Phillip ran into financial trouble in college. Unbeknownst to me he wracked up credit card debt. I thought I had educated him about money and staying out of debt like my father had taught me,” she continued, “In fact, I had taught him the same lessons my father had taught me — except there were no credit cards when I went to college. That is when I knew I had to do something different to help educate our nation’s youth about financial education in today’s rapidly changing world.”

Mrs. Lechter is greatly concerned about the lack of financial education in school systems around the world. Financial literacy is vital for the well-being and success of today’s youth, but most students aren’t receiving any formal financial instruction in their k-12 education. For various reasons, most kids aren’t being taught about money at home either. Not only that, but money is often a taboo subject altogether. No one seems to talk about it, says Mrs. Lechter. If there is one thing good coming from the economic problems our country is currently facing, it is that more people are beginning to talk about the subject of money, she added. And that is a very good thing! Young people need to know that they can find financial freedom, and likewise need to know that they must learn to depend on themselves financially.

The world of money is like a game—a game in which the rules are ever-changing. Whether we know it or not, we are all players in that game. Every time we spend, save, make, or invest money, we are rolling the dice, making our move, and playing our hand. Although we don’t have a choice of whether or not we want to play the game, we do have an even greater choice before us...we have the choice of how we are going to play the game. And that is something Mrs. Lechter works tirelessly to bring to people’s attention.

“Financial skills, or the lack thereof, will impact your entire life,” Mrs. Lechter explains, “Think how much of your life deals with money. Your future will revolve around monetary and business decisions that can either elevate you to success, or plunge you into debt. Credit cards and instant gratification have made it easier for people to spend money, and harder for them to spend it wisely! Knowing how to spend money wisely can elevate you above your peers.”
The key to playing the game well is financial literacy. But sadly, most people do not seek financial education, and, therefore, run the risk of struggling financially their entire lives.

The choices we make, good or bad, substantially affect our lives. We have to make the choice to play the game well. We have to make the choice to become financially literate.

“Money is a life skill,” Mrs. Lechter notes. “It is your choice whether you become the master of your money or the slave to your money.” Financial literacy is a vehicle in the journey to becoming the master of your money.

Mrs. Lechter founded YOUTHpreneur.com to present aspirant entrepreneurs with the opportunity to learn about money and increase their financial awareness by learning from others who share a passion for entrepreneurship.

“YOUTHpreneur.com is a place where young entrepreneurs can share ideas and their story, build upon their successes, or find the tools to get started in their own entrepreneurial ventures,” said Mrs. Lechter. “It also will provide opportunities for young people to start their own businesses by sharing the YOUTHpreneur concepts and products with other young people. They will be able to learn while they earn,” she said. “That will be the real success of YOUTHpreneur.com. We want kids to connect and share ideas. If you have a great product you have invented, we want to hear your story. You can be a great help to other YOUTHpreneurs looking to start their own businesses and use the tools and guides we have on the website.

“We hope in three to five years to have YOUTHpreneur be the place where young entrepreneurs can connect. Ultimately, each and every person who interacts with the site, learns something, and betters their future is our success.”
Inspired by Mrs. Lechter’s YOUTHpreneur program, I asked what other resources and advice she would give kids in search of financial literacy. While YOUTHpreneur.com is at the top on her list, she offers further guidance as well.

“The first step is getting organized and reviewing what you are spending money on. Do you spend a lot on snacks or toys? When you know where your money is going, then you can begin to learn how to use it to your advantage.

“Pay your family first. That means, begin saving a little bit of the money you get. Put your savings in a piggy bank or find out if your parents can help you set up a bank account. Don’t spend all your money as soon as you get it. This is a habit that leads many older people into financial trouble throughout the rest of their lives.

“Start thinking like an entrepreneur. Do you have a favorite hobby that you could turn into a money making profession? Be creative and start thinking outside the box. You might just land on an idea that could make you a great deal of money!”

Mrs. Lechter teaches that another vital step in your journey to financial literacy is to expect to make mistakes. Mistakes?! Do you cringe when you hear that word? I know I do! But, believe it or not, mistakes are great educators. If we learn from the mistakes we make (and it is inevitable that we all make mistakes along the way), they can become one of the greatest teachers of all.

“Mistakes are indeed a part of life,” Mrs. Lechter illuminated, “Can you imagine a world where everyone got everything right the very first time? We would never be able to grow beyond the limits of who we are by learning from our mistakes. My son’s mistake in getting into credit card debt helped me focus my life’s work on financial education and taught him a valuable lesson that will serve him the rest of his life. Also, I made a mistake early in my career when I changed jobs in 1979. It could have been horrible. But three months later, I met my husband, relocated, and found a new job. My husband and I have now been married for almost 29 years. Was it a mistake or destiny?

“It is when we don’t learn from our mistakes that we face real trouble. They will tend to repeat until you do learn from them,” she said.

When her son got into credit card debt in college, Mrs. Lechter faced a turning point in her life. She was able to combine her professional experience as a CPA and a publishing executive with parental concern. It was at that point that she allowed a mistake to guide her way and dedicated her life to promoting financial education.

Mistakes, choices, ongoing education about money matters, and the ability to recognize and the willingness to pursue opportunities have blended together into a melting pot of success for Mrs. Lechter. Her experience with her son launched a career in financial education and ultimately has opened doors for many amazing endeavors that have impacted the lives of many people, including my own.

“My involvement as co-author of Rich Dad, Poor Dad and co-founder of the Rich Dad companies allowed me to meet people all over the world and realize that financial education is needed worldwide. It all started by sitting down to play Cash Flow (a money game produced by the Rich Dad companies) many years ago. I am glad to have been a part of such a successful venture that allowed millions of people around the globe to tap into their inner entrepreneur and turn around their financial lives.

“I was in Beijing, China, in 2002 and my husband and I were walking through an open air mall when a group of young high school-age girls ran up to us and asked if they could practice their English skills on us. We said yes, of course. They then shared with us that they were learning about money in a book they were reading called, Rich Dad Poor Dad. We laughed, and my husband asked them if they had the book with them. They pulled their books from their backpacks and he told them to look at the picture of the authors on the back. The next hour was filled with girls screaming in delight, jumping up and down, and taking pictures with me. It was an incredible experience to know that my work was making an impact around the globe!”

Most recently, Mrs. Lechter is involved in a new company called Pay Your Family First (which she co-founded with her son). The company’s mission is to bring financial education to individuals around the world.

“It is the driving organization behind all my projects and organizations I am involved with [including] YOUTHpreneur, the President’s Council, Three Feet From Gold and more,” Mrs. Lechter said. “I want everyone to have the opportunity to be financially fit and successful, especially women and children.”

Although Mrs. Lechter is involved in many different ventures and has attained many different titles along the way, one of her most influential titles is “role model.” She is an inspiration to kids, students, and other people around the world and motivates us to be the best we can be—to reach for the moon and land stellarly amongst the stars.

I asked her what advice she would give to students who are striving to follow their passions and dreams in life. Her answer sounds simple, yet its ramification is profound and integral to success: “Never give up.”

“Your dream can never be too big,” she continued, “as long as you are willing to put in the effort and have the creativity to make it happen. Kids today have such a vast amount of resources available to them. Learn to identify them and use them to your advantage” she said.

Opportunities abound, and if we make the right choices, never give up, and learn to love learning, we have the ability to change the world.

“Take advantage of every opportunity and do it with the intent of adding value to the world,” said Mrs. Lechter, “and you will be greatly rewarded.”

To learn more about Sharon Lechter and her YOUTHpreneur program, visit www.sharonlechter.com and www.youthpreneur.com. Also check out her books at Barnes & Noble (http://www.bn.com/k12).

Author’s Note: I want to thank Mrs. Sharon Lechter for giving me the opportunity to interview her for The iCademy Globe and for taking the time to answer my questions. Thank you, Mrs. Lechter, for making a difference in the lives of many, for inspiring youth around the world, for working toward mandated financial education in schools, for mentoring budding entrepreneurs like me, and for sharing your passion for financial literacy through the great books and resources that you offer.