My First Bank Account

LionHeart's first savings account.

I'm pretty sure I was well past the age of 18 when I opened my first bank account.  But planting the seeds of saving, delaying gratification and setting achievable goals starts early.  It's even more important when you have a skill that earns you money.  Lionheart is a part of the Farafina Kan West African Drum Ensemble.  He's been drumming since the age of 3 and is blessed to be offered paid gigs that showcase his talents.  So Saturday morning we set off on foot for this monumental occasion.

The cover of the book written about the history of the bank.

I chose the Industrial Bank of Washington as the place where Lionheart would save his money.  It's  walking distance from our home, and more importantly, this bank is a part of our history, as written about in the book Images of America: Industrial Bank. It was founded on August 20, 1934, and is the oldest and largest African-American owned commercial bank in the metropolitan Washington, D.C. region. The Industrial Bank of Washington was founded in 1913 by laborer and entrepreneur John Whitelaw Lewis as the Industrial Savings Bank during the black business movement that began in the 1880s in downtown Washington and spread to the U Street area by the 1900s.  The history of the bank is so important that it is a part of the African American Heritage Trail, a 200-site trail in DC where explorers can learn, on foot,  about the African American people and places that shaped the city.   

While the history was intriguing to Lionheart, he had lots of questions about what was going to happen to his money in the bank.  Mr. Eric, the Branch Manager, happily answered.  What does the bank do with my money? Why do I have to wait until I am 18 to withdraw it? How will they know how to find my account when I come to put money in the bank? Why are you (mom) the only person who can withdraw my money? What happens if the bank burns down? Lol! That was a good one.  Now his interest in money and savings is at an all time high.  This is the perfect time to capitalize on his desire to know.

We will read the children's book, the History of Money and Starting a Business: Have Fun and Make Money so he understands not only how to save money, but how to have multiple streams of income

His first goal is a hover board.  He has probably shown me a million pictures and visited just as many website.  Lionheart's first deposit came from his drumming earnings.  He's already got another gig lined up for April and will be teaching a sports class at the Sankofa Homeschool Collective. This 10-year-old has big dreams and all I can do is support them.