“It’s your money. You’ve got to watch it. If you don’t, who will?”

This cautionary message was delivered to a group of 10 young adults at the Clay County JobSight located in the Daniel Boone Development Council in Manchester. The message was delivered by Jack Duff, manager of the Perry County JobSight workforce center, in the free “Budgets and Credit” financial workshop presented as a part of the Workforce Investment Act (WIA) Youth Program.

The workshop taught the young adults how to “watch their money” by introducing them to the workings of bank accounts, loans, and credit, and providing advice on how to successfully manage and monitor their finances as they become wage earners and face financial decisions. It also identified predatory lending scams and traps they should avoid.

Duff—a former banker—explained the different kinds of financial institutions and the advantages and disadvantages of the wide variety of accounts and services they offer.

“Banks have diversified a lot,” Duff told the group. “They’re offering a whole lot of different tools.”

One financial tool Duff emphasized was the credit card. Although he conceded that some kind of card is practically a requirement today—“In this day and age, you can’t go any place with any degree of convenience without a credit card or debit card.”—he stressed that it is essential to learn how to use the cards responsibly.

“This is not an instrument for long-term financing,” Duff said. “Use it responsibly. Use it when you have to … (but) do not use a credit card unless you have the money to pay them back—the next month.

“Credit cards … can kill you if you don’t know how to use them,” he concluded.

Duff led the workshop at the invitation of Terrina Frazier, director of the WIA Youth Program at Daniel Boone Development Council.

The WIA Youth Program offers a broad range of services to teenagers and young adults, including: opportunities for assistance with academic or job-related learning, paid summer work experience assignments with local employers, development of leadership skills, preparation for further education and eventual employment. Daniel Boone Development Council provides the program locally, under contract with the Eastern Kentucky Concentrated Employment Program, Inc. (EKCEP).

In addition to Clay and Perry county JobSight centers, EKCEP operates JobSight full service workforce centers in Bell and Pike counties and nearly 70 affiliate sites and access points which make JobSight services available throughout 23 counties in eastern Kentucky. JobSight provides access to over a dozen state and federal employment and training programs and services for job seekers and employers.

Frazier said most of the workshop’s Youth Program participants have graduated from high school or will return to high school this fall as seniors, placing them in a group courted by reputable financial institutions and heavily preyed upon by predatory lenders.

“Some credit card companies will promise them a $500 unsecured credit card,” she said. “But they never tell them what the rates are or that they’ll have to pay what they charge back plus interest. They fall into bad debt too soon and get taken advantage of.”

The workshop helps empower participants to make educated decisions concerning their finances, like crafting a workable budget and purchasing a car without resorting to unrealistic credit schemes, Frazier said.

Frazier said the workshop also served as the kickoff of monthly “Saving for Wheels” seminars for WIA Youth Program participants in Clay and Jackson counties. Local car dealers, insurance agents, and bankers will introduce those participants to each step of the car-buying process in a way that will help them make the best use of their cash.

But the participants must first learn how banking and budgeting work, as well as how to recognize and avoid the pitfalls of predatory lending schemes that could drain their finances, Frazier said. That is why she is grateful Duff was available to share his knowledge with the group.

“Budgeting is not something you’re going to enjoy,” she said, “but Jack is an awesome resource who relates well to people in that age group. He holds their attention very well.”

Young adults or youths in Clay and Jackson counties interested in learning more about how the finance industry works can call the Clay County JobSight at 606-598-5127 for free information and assistance.

“Nobody is going to take care of your money but you,” Duff told the group.