Russell Simmons promotes money management

The music and fashion mogul is teaming with CNBC money guru Suze Orman for a six-city tour called "Get Your Money Right" which is designed to teach young people how to manage their money.

The idea is to use star power to teach money lessons that Simmons and Orman say aren't being learned at home or in the schools.

Simmons said the summits will teach young people about essential financial tools such as basic banking, managing assets, understanding and fixing credit scores, home ownership and auto financing. "You can say the same thing over and over again until you're blue in the face, and it doesn't stick unless it's said in the proper language," Simmons told reporters at a press conference at Jay Z's 40/40 Club in Manhattan according to the Associated Press.

Simmons is the founder of Def Jam and introduced a prepaid Visa debit card in 2003 in an attempt to reach Americans without bank accounts due to poor credit or financial problems.

Suze Orman who hosts a show on CNBC and has written popular books on personal finance, said "young people today are remarkably poorly equipped to handle their money."

The tour opens May 14 in Detroit, with events planned for Washington, D.C., on June 7, Miami on July 15, St. Louis on Aug. 20, Los Angeles on Sept. 17 and Chicago on Nov. 5.