Binghamton University alumnus teaches financial literacy to underserved populations

At some point in life, the idea of money becomes…complicated.

You realize money is no longer simply what you use to buy things. You start getting exposed to all of these other aspects of money that are not nearly as simple, like taxes, loans, savings and credit scores.

And with life’s demands pushing you to make big (and expensive) choices, such as going to college, renting an apartment, leasing a car, etc., it’s easy to go diving in headfirst without a basic grasp of what all of these commitments mean to your bottom line.

“The negative impact of people not having any education in personal finance is that people suffer silently, paycheck to paycheck,” said Dennis Wall ’07. “Money is such a personal thing, and if you don’t feel comfortable exposing yourself, you may not know who to talk to or be open to seeking advice.”

Wall, a vice president at Ayco, a Goldman Sachs company, says he considers himself lucky. Raised in Brooklyn before moving to the Catskills at the age of 8, he attended Binghamton University and double-majored in psychology and finance.

“I came from a lower-middle class background, but was fortunate because I was able to navigate credit by myself. But if I had learned personal finance in high school, I certainly think it would have been useful,” he said.

Realizing the lack of financial literacy among high schoolers — people who may just be getting their first jobs or figuring out how to pay for college — Wall and his friend Corwin Conner wanted to take action beyond simply donating to an organization. They decided to teach financial literacy themselves.

The two created FREE (Finance Requires Effective Education), an organization that teaches the basics of personal finance to students in underserved communities.

To develop the curriculum, Wall met with a group of high schoolers to dig deep into the financial anxieties that teenagers face.

“It was helpful because we were able to figure out what it is they wanted to learn. We were able to take that and develop a program that simulates all the major financial decisions you’d make between 10th grade and college,” Wall said.

Working with a team of volunteers that included teachers and fellow School of Management alumni Maddy Deshchenko ’08 and Jake Oppenheim ’17, Wall and Conner were able to build a curriculum that covers topics such as how to finance college, credit 101, the art of saving, understanding taxes and making the most of your paycheck.

“We focus on experiential learning. We don’t want to preach, we want the students to have an experience. So, the classes are mostly hands-on activities and not so much lecture,” Wall said.

As the organization continues to grow, Wall believes that what sets FREE apart from other programs is that it goes beyond the classroom.

“We really try to get to know the students, and often times they’ll reach out to us and ask questions after we’ve met with them. It’s not just teaching for an hour and then leaving. We are creating a support system around their finances,” he said.

Wall said his time at Binghamton University was crucial to shaping his work ethic.

“Binghamton University represents hustle. Binghamton students are smart and talented, and they work hard. You’re getting a high-quality education, but also skills that come with working hard that set you apart,” he said. “I learned very early that I’d always have to work hard, and I felt like I fit right in at Binghamton because of that.”

And despite a successful career in finance, Wall initially considered being a teacher.

“My dad, who is my best friend, didn’t go to college. But when I was young, he always told me that the best thing I could do for myself was to be educated. That always stuck with me, and I’ve always known I wanted to teach in some way,” he said.

As he’s climbed the ladder in the years since leaving Binghamton, Wall’s passion for teaching never went away. FREE now allows him to combine that passion with his expertise in finance to help others.

“As I’ve gotten to know the world and know myself better, I realized that the greatest gift you can give is your time and the knowledge you have. If you want to do something good, do something you know,” he said.

“Education gives you opportunities, and I’m doing what I can to pass that along to others.”

To learn more about FREE, visit their website at the link.