MARLBOROUGH – It looked like an expanded game of “Life,” but for juniors at Marlborough High School, it was a dose of reality.
On Oct. 25, students learned the ins and outs of money management at the annual Reality Fair.
First, the students selected a job and picked up their paycheck – one month’s net income after deductions for taxes, Social Security, etc.
Then the students visited the various booths.
With fake cash in hand, they had real bills to pay, including for their internet and phone, house, food, clothes, insurance, student loans, transportation, furniture and pets. They also had to set aside time or money for charity.
They could also set up a bank account, plan for retirement and even spend a bit on themselves at the entertainment booth.
The booths were run by business professionals who are also members of the Rotary Club of Marlborough.
“They are not prepared for it at all,” said Aaron Aykanian, who ran the student loan booth.
Elaine McDonald of Re/Max had a booth that featured listings of current housing prices in the Marlborough area, from one-bedroom to three-bedroom apartments.
“Housing’s a shock for everyone,” said McDonald.
Students also had to spin the wheel of fortune, run by Dave Brower. At this stop, students could get something good, such as a tax refund, or something bad like a speeding ticket.
“I’ve been dishing it out for 15 to 20 years,” he said.
For those who ran out of money along the way, they could visit the bank or credit union to arrange a loan, or get advice from a credit counselor.
The Rotary Club’s Peggy Thorsen developed the program in 2006.
“I worked at a credit union, and I would edit and publish the monthly newsletter. I would also read a lot of what would come from the national press,” said Thorsen. “I was reading stories on people defaulting on loans.”
Thorsen based the Reality Fair on a similar program run by a credit union, and “bits and pieces” from other programs.
This year, Thorsen ran the clothing booth. There, students had a choice of how much to pay based on the job they selected. Sometimes, Thorsen would suggest having the student pay a bit more for their wardrobe if their job called for it.
For example, an aspiring sports agent needed to “dress for success,” so Thorsen recommended another $100 per month.
The future wage earners found the fair very informative – not to mention a bit of a jolt.
“It’s really helping us,” said Ryan Dillon. “It’s helping what we can spend on.”
“I’m learning how to handle money,” added Ana deAndrade.
In addition to the Rotary Club, sponsors included St. Mary’s Credit Union, Marlborough Regional Chamber of Commerce and Marlborough Public Schools.
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