Financial History Issue 128 (Winter 2019) | Page 7

MUSEUM NEWS  
THE TICKER
Museum Announces Fall 2018 Museum Finance
Academy Scholarship Recipients
The Museum is proud to announce
that Doran Katz and Vicky Li have been
awarded the Museum Finance Academy
(MFA)’s merit scholarships for the Fall
2018 semester. The MFA is the Museum’s
unique eight-week personal finance cer-
tificate course offered after school and
free of charge to high school juniors and
seniors. The program, which in 2018 was
supported by Con Edison, provides a
foundation in personal finance along with
the ability for students to earn partial col-
lege scholarships.
Katz is a 15-year-old junior at the Acad-
emy of American Studies High School in
Long Island City. In his scholarship appli-
cation essay submitted upon completion
of the MFA program, he stated, “A major
theme at the Museum Finance Academy
was how to prepare ourselves for the
future and how to manage our money so
we can live better lives. This course has
been an absolute gift in that it educated
me on how to effectively manage my
discretionary spending while at the same
time maximizing my spending power in
the future.”
Li is a 17-year-old senior attending
Brooklyn Technical High School. In her
scholarship application essay, she stated,
“The topic on discretionary and non-
discretionary purchases reshaped my idea
of spending money. In the past, I splurged
my money on whatever I wanted, from a
few dollars on food every day to a hun-
dred something dollars on Kate Spade
handbags. Yet the Museum Finance Acad-
emy taught me that we should limit our
consumption on wants and spend on
needs. In my life, I was never an effec-
tive saver because I had too many wants,
which caused intermittent financial bur-
den to me once my allowance went out.
After taking the class I no longer spend my
money as ‘Yes, I should treat myself’; but
I would question myself, ‘Do you really
need this?’”
In addition to the opportunity to apply
for scholarships, the MFA teaches stu-
dents to aspire to financial independence,
develop an appreciation for savings, set
financial goals and learn to avoid financial
scams. Personal finance lessons are taught
through interactive classroom experiences
and “field trips” to places of interest in the
finance arena, including the New York
Stock Exchange and the Federal Reserve
Bank of New York. At the conclusion of
the program, students are empowered
with an understanding of the importance
of saving over the course of one’s life;
how markets and investing work; the eco-
nomics of career choices; and how to use
financial products (e.g., mortgages, credit
cards, etc.) and make smart financial deci-
sions as consumers of such products. 
Vicky Li (left) and Doran Katz (right), pictured
here with instructor Jim Gannon, have
received the Museum Finance Academy’s
merit scholarships for the Fall 2018 semester.
www.MoAF.org  |  Winter 2019  |  FINANCIAL HISTORY  5