Financial literacy seminar helping people make smart money decisions

Posted at 5:49 PM, Oct 24, 2016
and last updated 2016-10-24 17:51:19-04

A financial literacy seminar taking place Tuesday is meant to help people understand how to make smart decisions about money.

You usually don't go to a pawn shop to get a financial lesson, but American Jewelry and Loan is trying to help people better understand their money.

Seth Gold said, "People think it's kind of weird that a pawn shop would host a financial literacy course. So the first reaction is kind of surprise."

Seth and Les Gold of American Jewelry and Loan, and the stars of the reality tv show Hardcore Pawn, think it's makes sense to help their customers understand their money options.

"Twenty-nine perfect of Michiganders, they either have no Bank account or a low bank account," Les explained.  "We want to bring to the lime-light to help them."

Many of their customers don't have a credit score that could help them with lending.

The workshop is meant to show them options in alternative lending.

"You can go to a title loan company," Les said.  "You can go to a pay day lender and if you don't pay the money back, it could hurt your credit score. If you go come to a pawn shop you could pawn your TV, lose it in pawn and all you do is lose your TV."

The shop has teamed up with three organizations that are teaching Detroiters how to manage money.

Margaret Trimer-Hartley is the CEO of Junior Achievement of Southeastern Michigan.

"An understanding of wants versus needs and that managing your life and you money is really setting priorities and if they can walk out and understand, it's never too late to set incremental goals to get to the big life that you want," she explained.

Ryan Mack of Operation Hope added, "Individuals, the pawn shop, the educators can all come together and say, 'You know what, we are in this community together, we must empower our people in the community together."

The pawn shop plans on hosting the financial class on an annual basis.

Seth said, "Hopefully we have a big turnout.

Event details below:

Tuesday, October 25, 2016 at 5 PM
American Jewelry and Loan
20450 Greenfield Road
Detroit, MI 48235