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Home » News » Business

Monday, March 10, 2008

A test of fiscal fitness

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  • Elijah Hollings addressed the junior board meeting at Ariel Community Academy, where young investors create and post advertisements along the wall for the lunch line.

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By

CHICAGO (AP) - Like their peers elsewhere, the students at a one-of-a-kind public elementary school on the South Side of Chicago are dazzled by pop-culture stars Beyonce and Common, Kanye West and Lil' Wayne, LeBron James and Dwyane Wade.

Listen closely to the hallway chatter at Ariel Community Academy, though, and you may hear unexpected references to straight-laced business leaders such as Warren Buffett and Bill Gates. After all, these youths have their portfolios to worry about.

The Ariel school is an experiment in financial literacy with real-life oomph: Each incoming first-grade class gets $20,000 that the children ultimately use to pick and manage stocks. The goal is to add an "I" — investing — to the three R's, said John Rogers Jr., chairman and chief executive of Ariel Capital Management, the Chicago money management firm that established the school in 1996.

At a time when pensions are being phased out and people must rely more on their own investment smarts, Mr. Rogers thinks saving and investment should be an integral part of the curriculum at schools across the country.

"It's important to have all the reading and writing and arithmetic skill sets, but we can't think of anything else more important than to be able to be financially viable and competent as you start to build your working career," he said.

The Ariel school's success can't be judged fully until its first graduates, now juniors in high school, make their own mark. But high math test scores give it a blue chip reputation and some cachet for its students in a mostly black, high-poverty area.

When eighth-grader Victoria Bills talks about investments with her friends, for example, "They're like, 'Oh Victoria, that's like so cool,' " she said. "They're like, 'I want to go to that school.'

That's music to the ears of Mr. Rogers, a 49-year-old South Side native.

Mr. Rogers became enthused about investing at age 12 when his father began buying him stocks every birthday and Christmas.

After graduating from Princeton, where he was captain of the basketball team, he started Ariel when he was 24 with his own savings and investments begged from friends and family. Today, it has more than $13 billion under management in three mutual funds and separate accounts for 89 institutional clients. Mr. Rogers is also a close adviser to Sen. Barack Obama, who lives five blocks down the street from the school in the Kenwood neighborhood.

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