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New York Today

New York Today: Teaching Teens the Financial Ropes

Alexa du Pont Bell, a co-founder of Cents Ability.Credit...Joseph Swide for The New York Times

Good morning on this thawing Monday.

Alexa du Pont Bell arrived in New York City in 2000 in a seemingly financially secure position for a 22-year-old: She had a degree from Harvard and a position as an investment banker.

But while she spent her days thinking about complex issues like fund-raising and equity, her personal finances began to fray. She missed payments on her credit card, was threatened with collections, and was spending a lot on rent, college loans and eating out.

“Where would I have learned personal finance?” she said. “Unless you get it from your family, there’s no time where a teacher sits down and explains very basic financial principles,” she said.

After Ms. Bell got her own finances sorted out, she helped found Cents Ability, a nonprofit that teaches financial literacy to thousands of high school students across New York City. We recently sat down with Ms. Bell as part of our series about the people and inspirations behind local philanthropies.

As a recent college graduate in New York City, Ms. Bell learned that she wasn’t the only one among her peers who struggled to manage her finances. She often spoke with a college friend, John Moore, whose investment banking roommates also had trouble sticking to a budget or paying off debt on time. They figured that if bankers were having problems with home finances, regular New Yorkers might be as well.

In 2002, the two hashed out a basic curriculum and started teaching it to teenagers at community centers and workshops. Friends and acquaintances, many of them from the financial services sector, volunteered to help.

“We connected Wall Street with Main Street,” said Mr. Moore.

Cents Ability was officially formed in 2004, and the organization began sending volunteers into the city’s public schools with the help of New York Cares.

In the classroom, Ms. Bell wasn’t shocked that most students didn’t know anything about personal finance — “they were still using piggy banks,” she said — but she was surprised by the enthusiasm of the students, many of whom were just starting their first jobs.

“Once you start earning money, it’s one of the most exciting things that kids want to talk about,” she said.

Today, Cents Ability’s weeklong course offers the basics on budgeting, credit scores, saving and investing, among other topics. Last year, around 300 volunteers offered classes to nearly 3,000 students across New York.

In 2018, as outstanding credit card debt soars above a record high of $1 trillion in the U.S. and cashless businesses become even more normal, their mission feels more relevant than ever, Ms. Bell said.

“It’s like feeding or clothing people,” she said. “It’s a necessity. If you can mange your money, then you can feed and clothe and shelter yourself for another day.”

Here’s what else is happening:

The Ice Age of 2018 is over.

The cold spell that settled over North America, delivering record-breaking temperatures and a “bomb cyclone,” has retreated from New York.

You may remove one layer of long johns: Today’s high is a comparatively mild 33 degrees, but Tuesday’s will be closer to 42.

Stranded passengers at Kennedy Airport faced more misery when a water main break disrupted flight schedules. [New York Times]

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Mopping up after the water main break at Kennedy Airport in New York on Sunday.Credit...Yana Paskova for The New York Times

The incoming president of the city’s public hospital network wants to focus less on hospitalized care and more on primary care, similar to initiatives carried out nationwide. [New York Times]

Funeral services will be held for victims of the Bronx fire that took place late last month. [New York Times]

Fraternity members will be sentenced in the 2013 hazing death of a Baruch College freshman. [New York Times]

As FEMA revises New York City’s flood maps to account for climate change, deciding who is at risk will be a battle with millions of dollars at stake. [New York Times]

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The Edgewater Park community in the Bronx has had among the most flood insurance claims in New York City in recent years.Credit...Karsten Moran for The New York Times

Immigrant defendants who are freed on bail are being improperly arrested and held at immigration detention facilities, a judge says. [New York Times]

Senator Chuck Schumer urged the president to sign a bill aimed at stopping the flow of fentanyl into JFK using high-tech detection machines. [New York Post]

The frequent disappearances of a Bronx woman’s daughter put a strain on her family’s finances and the amount of time she has for her other children. Now she has a vision of a better future. [New York Times]

Today’s Metropolitan Diary: “Genius of Shoes

For a global look at what’s happening, see Your Morning Briefing.

An exhibition on the prehistory of Staten Island, “Occupied Sites,” at the Conference House Park Visitor Center in Staten Island. 10 a.m. to 4 p.m. [Free]

An evening of classical music performed by Juilliard students, part of “ChamberFest” at The Juilliard School on the Upper West Side. 4:30 p.m. [Free]

Explore the history of The Public Theater through an evening of readings, speeches and footage of its founder, Joseph Papp, at The New York Public Library for the Performing Arts on the Upper West Side. 6 p.m. [Free, reservation required]

Sketch live models while listening to music at Flushing Town Hall in Queens. 7 p.m. [$16]

Nets host Raptors, 7:30 p.m. (YES).

Alternate-side parking remains suspended through Wednesday for snow operations.

For more events, see The New York Times’s Arts & Entertainment guide.

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Something to get you through cold winter days.Credit...Edu Bayer for The New York Times

The New York Times and PBS have started a book club, and everyone’s invited.

Every month The Times and PBS will pick a different book — history, fiction, memoir and more — and ask readers to follow along.

We’ll offer discussion questions, reviews, insight from the author, an inside look at how the book was written, and other exclusive materials to help deepen your reading and spark conversations.

At the end of the month, Jeffrey Brown, the PBS NewsHour chief correspondent for arts and culture, will interview the author on a broadcast and ask readers’ questions.

This month’s pick is “Sing, Unburied, Sing,” by Jesmyn Ward. Set in contemporary Mississippi, the novel contains traits of the American road novel and ghost stories, and touches on the aftermath of a hurricane and the opioid epidemic.

Our critic called it Ms. Ward’s “most unsparing book.” The novel won the 2017 National Book Award for fiction and was one of The New York Times Book Review’s 10 Best Books of 2017.

To learn more about the book club, join the “Now Read This” Facebook group.

New York Today is a morning roundup that is published weekdays at 6 a.m. If you don’t get it in your inbox already, you can sign up to receive it by email here.

For updates throughout the day, like us on Facebook.

What would you like to see here to start your day? Post a comment, email us at nytoday@nytimes.com, or reach us via Twitter using #NYToday.

Follow the New York Today columnists, Alexandra Levine and Jonathan Wolfe, on Twitter.

You can find the latest New York Today at nytoday.com.

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