NEWARK, NJ — Girls; Live, Love, Laugh, a nonprofit organization focusing on girls living with limited resources in Newark and other neighboring communities, hosted a workshop on homeownership and financial literacy in mid-August. Twelve teenage girls participated in an information session with a real estate agent, followed by a home walkthrough and visit to a bank.
The homeownership workshop is part of a series of events by GLLL titled “Royal InvestHER$ Club for Girls,” providing disadvantaged teenage girls with the opportunity to learn about financial literacy, including budgeting, banking and saving, in addition to real estate and homeownership. The series is led by GLLL founder and owner Allison James-Frison, a Newark native who was formerly homeless.
“I wanted to start this program for young girls because it’s something that wasn’t offered to me when I was young,” James-Frison said. “I purchased my first home at 50 years old. However, if there was a program like this, I could have perhaps purchased a home earlier.”
Out of the 12 students who attended the workshop, only three belong to families who own their own home — a representation of most families in Newark based on the U.S. Census Bureau, which notes Newark’s owner-occupied housing unit rate is 22.3 percent.
“I’m very excited that the girls had the opportunity to experience this firsthand,” James-Frison said. “It’s very important that we teach young girls — many who come from single-parent households — the importance of real estate, saving money and building generational wealth.”
To experience the process of viewing a home on the market, the girls visited a newly renovated four-bedroom residence in Newark. During the tour, real estate agent Lynda Lloyd of Close With Lynda and Lloyd Strategies, provided important tips to keep in mind when purchasing a home, including evaluating location and price, and understanding the benefits and costs of owning a home compared to renting.
“These young ladies are 13, 14 and 15 years old — a great age to start learning about the process of homeownership,” Lloyd, a Newark native, said. “I’m talking about creating wealth through homeownership and buying multifamily properties, and giving them examples about the cost of renting versus owning, so the numbers can become an incentive for them to say when they’re older, ‘I remember when I was in the homeownership workshop, and I think I want to go ahead and buy a house versus getting an apartment so that I can start creating wealth.’”
Following the two-day homeownership series, the teens visited M&T Bank in Newark on Financial Awareness Day, Aug. 14. During the event, the girls opened their first savings accounts.
“The young girls can start working towards their homeownership goals now,” Lloyd said. “By opening a savings account, they can commit to putting their money in the bank to save towards their new home in the future. The sooner they start, the better they will be financially.”
Photos Courtesy of GLLL
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