🏦 1. Trust Fund 101
What is a trust fund used for?
Protecting and saving money/assets for the future
What is the cash payout your family gets called?
Death benefit
What is a credit score used for?
To show how trustworthy you are with money
What’s better: owning or renting — for wealth building?
Owning
What is redlining?
When banks denied loans based on race or neighborhood
Who manages a trust fund?
A trustee
Why do rich people love life insurance?
Tax-free wealth transfer
Higher or lower score: Which is better for getting loans or a car?
Higher is preferred
What does "generational wealth" mean?
Wealth passed down to future generations
What group(s) was most affected by redlining?
Black, Indigenous, People of Color communities
Cap or Facts: Only millionaires can create trust funds.
CAP!
Name one way your family could use a life insurance payout.
Funeral costs, debt, start a business, etc.
What’s one thing that can lower your credit score?
Late payments, too much debt, too many lines of credit, ignoring debt, collections, etc.
Cap or Facts: You need to be rich to start building wealth.
CAP!
How does redlining still impact families today?
Less access to home-ownership, school funding, wealth, etc
Name 2 things you could put in a trust fund.
Money, property, stocks, family business
What’s the type of life insurance that builds money you can borrow?
Whole Life (or Permanent Insurance)
What’s one way to build your credit as a young person?
Pay bills on time, get a secured card, become an authorized user, use less than 30% of your credit limit, etc.
What’s one smart thing to do with your first paycheck?
Save some, budget, help family within limits, invest, etc.
Name one way we fight back and build wealth today.
Credit repair, home-ownership, life insurance, starting businesses, investing, etc