Name: Ames Native Harrison Barnes Starts 500 Saving Accounts for Children of Color for Black History Month
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Ames Native Harrison Barnes Starts 500 Saving Accounts for Children of Color for Black History Month

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Posted: Feb 10, 2021 / 07:17 AM CSTUpdated: Feb 10, 2021 / 07:17 AM CSTThis is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.DES MOINES, Iowa — Studies show kids and teenagers who have a savings account in their own name are six times more likely to go to college than those without.It’s why Ames native and NBA star, Harrison Barnes, is on a mission to create one million savings accounts for Black and brown kids this month.Barnes has already started 500 savings accounts for kids with $40 each in both Sacramento and Dallas.&nbsp;&nbsp;&nbsp;The Sacramento Kings player said he believes this initiative could really help with closing the wealth gap for Black Americans.&nbsp;“Black Americans are projected to have a negative net worth by 2053. But we believe we can reverse course with the goal setter savings account for every kid in America,” Barnes said.&nbsp;Local financial expert, Stoy Hall owns the wealth management firm, Black Mammoth. Every month, Hall hosts events to educate the youth in central Iowa about savings, building credit, and how to avoid living paycheck to paycheck.&nbsp;The wealth manager is also a co-host on a podcast with the New Frontier Fund to discuss financial literacy.&nbsp;According to the Iowa Data Center, the median income of African American families in Iowa is a little over $31,000, compared to the state’s general median income at $76,000, and 37.8% Black families with children under the age of 18 live below the poverty level.&nbsp;Hall said Barnes could start a great trend in communities of color, to start thinking long term when it comes to finances.&nbsp;“Someone has to start step in and say, ‘Hey, I’m gonna leave, X amount to my legacy to start this’. I don’t care if it’s $500, I don’t care, it’s $10,000. If it’s just life insurance, it doesn’t matter but someone has to start it,” Hall said.&nbsp;Suggest a CorrectionThanks for signing up!Watch for us in your inbox.Subscribe Now✕× Close Ad

Posted: Feb 10, 2021 / 07:17 AM CSTUpdated: Feb 10, 2021 / 07:17 AM CSTThis is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.DES MOINES, Iowa — Studies show kids and teenagers who have a savings account in their own name are six times more likely to go to college than those without.It’s why Ames native and NBA star, Harrison Barnes, is on a mission to create one million savings accounts for Black and brown kids this month.Barnes has already started 500 savings accounts for kids with $40 each...

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Ames Native Harrison Barnes Starts 500 Saving Accounts for Children of Color for Black History Month

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