Mad City Money
Mad City Money VideoShow Transcript
Student 1: I think I’m in debt. Teacher 1: Mad City Money is a great program where they (GLCU) come in and do everything for you. You don’t have to set it up, you just have to arrange for the time and place. They (GLCU) come, they give all the paperwork, all the prices, all the people. It give the students a chance to see how much real life actually costs. They’re just used to paying for their own food and clothes sometimes, but they don’t really realize how much it costs for cars…to live. Student 2: I don’t really think about it. I never think about how much my clothes cost or how much food costs. It doesn’t really dawn on me, but it’s actually so much money for a mortgage and rent and everything. I didn’t realize it. Teacher 2: It’s a real world simulation. We give them a budget. They have to purchase certain items like renting an apartment, buying a car – used car, getting insurance, buying food. It’s great. We use Mad City Money to just introduce them to that scenario. Student 3: I’m a Police Officer, I’m not married, I have one son named Jack, he’s three years old, and I make about $2,000 a month. Student 4: I have a wife. I have a baby. I love him to death. He’s eight months. Teacher 3: I think the kids really don’t understand what’s required out there or things to consider when they’re actually making those purchases. I think Mad City Money gives them a real world perspective. Student 4: Everything is expensive! My baby – I have to buy so much! Student 3: Basically, I overspent by over $1,000. Volunteer: You over spent by a $1,000? Student 3: I didn’t realize it, but adding onto my total debt, which was already $700, now I’m $2,000 in debt. Volunteer: You got any money left over? Student 4: Muy poquito. Very little. Volunteer: So are you ready to be an adult now? Student 1: No, this is scary. Student 5: It gives you an example of the real world and how tough it can be. Student 6: At least I didn’t have student loan debt. Student 5: Well at least I had more monthly income than you. Volunteer: Are you guys ready to be adults yet? Student 6: No! Teacher 1: I would recommend Mad City Money to any teacher that teaches financial literacy. It’s really important for the students to be able to go out on their own and understand how much everything costs and how to manage their money.
Mad City Money (MCM) is an interactive budgeting simulation directed towards high school students. Students take on a “new life” including a career, children and debt! They are challenged to purchase a house, clothes, transportation, home goods, and so much more.
Through this experience, we want the students to feel what it is like in the real world, even if it is just for a couple of hours! It is our hope that by the end of this event, students will walk away with a little more life experience. With your help, we can better prepare them for success!
Some of our participating schools include:
- Chicago High School of the Arts
- Highland Park High School
- Libertyville High School
- Naperville North High School
- North Chicago Community High School
- Vernon Hills High School
- Waubonsie Valley High School
- Waukegan High School-Brookside Campus
- Waukegan High School-Washington Campus
Here’s what students, teachers, and volunteers are saying about their MCM experience.
“I liked the way the simulation was set-up, and it was nice to have class in a different environment for the day” and “If I did this simulation again I would buy the most important things first like house and car"
Tylor & Jovan., Students
“The simulation was well received from the students. The process was very effective in helping students understand the importance of budgeting. The volunteers were helpful and nice. We are looking forward to your visit again next semester.”
Carliss H., Teacher
“The simulation is very good lesson for the students to teach them what to expect in a real life financial situation. It encourages the students to continue their education after high school and to make better financial decisions while away in college. It is also an opportunity to share information about GLCU Scholarships and Student Loans.”
Mo G., Volunteer
If you are interested in volunteering for MCM or would like information about bringing MCM to your high school, please send a message to Nicholas at glcu dot org.