BETTY ANN FALKNER THE CENTER FOR SMART FINANCIAL CHOICES.mp3

Sunday, September 10th

00:39:20

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Good morning radio friendly and welcome to another week in addition of community focused very nice to be back with you know and it's really nice to have. This public affairs show that certainly. Talks about you members of our community focus Stanley the good things you're doing in our communities. And an opportunity as well to welcome the newest members of our community focused Hamlet. Another nobody to add to the list I wanna say good morning to Betty and Faulkner she is with the center for Smart financial which leases they already like that title. And Betty and good morning and welcome how are you I'm fine and good morning tee now they youth sound nice to have you here on the program. Purity official Betty so that's that's how quick. The new bee title comes in gallows and yourself welcome thank you abetting and the center for Smart financial choices obviously that's going to be. The topic our discussion. And really one that is going to not just benefit our listeners. Here in our in our conversations. But it's true those listeners are some may be thinking OK this is probably going to be advice for us as adults. But I say they'd they get up the young ones. There's children and have them listen to this information as well because this is really that's gonna benefit everybody. As we engage in our conversation this morning so I wanna simply start will ask for those who may not be familiar with the center. We're Smart financial choices what is that exactly but let's start from there. Sounds good. We aren't the best kept secret in the Piedmont tried except. In the school districts. Now we are 501 C nonprofit entities who leaf in 2011. The idea came from the credit union. Com and our visionary who was a man by the name of word DK Keener. And known as Ike Ike had this idea of giving back to the community. To help provide for people throughout their lives so I took on the challenge and have filled in yet because I really found that. Working with youth we're getting wanna get them before they get into trouble. So at some points I do work with adults but in less Aaron crisis we found that. We don't see him very much so youth we're in the school. The majority especially on the traditional school calendar a started earlier in the week and you know that that first day Betty and and really when you get through the first week I think when you get past that things start to settle down a little bit. Now your role is that. Director how long have you served in that I've been the executive director since two when he fifteen interim director before. Okay Corey. It or how was conceived I think you just really answered that question just moments ago how was created. So like I said the idea. Came out of the credit union movement about people helping people so we took that one step further and bought okay work with these young people and we want to help them in a couple areas known we wanna help them understand that money. And credit is how this world. Revolves. So the more they can understand the value of getting additional education without going into debt exams are a big bank had a safe money. The idea of saving now for the future. And spend it wisely because you know it's like to spend money we understand right. It'd just maybe speak to Betty handed this goes way beyond where typically kids may think well if I just can get a hold of few dollars from mom and dad or in a hole that credit card but it goes way deeper than that. So for parents who are listening me this probably could think it's time to nudge him a little bit and have been tune into the program. Now is the need Betty Ann in the Piedmont for financial education why is that so important. It is so important as it forms the basis of the future and we talk about what's happening now. But if young people aren't educated they're not they will not become productive members you don't have. I caught not being rich and happy. Future. On so they're comfortable they're not struggling and we know you know we've heard colonials. Different things all the issues so for the most part when adults hear what we're doing they say I wish I learned that in school. Did you see my hands. Go up as you say that because that does make me think if I can ease myself for example especially when I was in college and that seems to be the prime time. Especially for a lot of incoming freshman but even as she goes through your sophomore junior senior year credit card companies. Of college students because he is an opportunity and when they see that nice shiny plastic. In the mail. They go haywire. It shows every excuse suggest take it somewhere and and swiping. For whatever reason and then of course when the all comes in and it's time that's when the reality check comes in as like a like kind of -- off list. So just like you said if I had something like that when I was at that age. I think it would have helped me fortunately I didn't go into a lot of dat but it's it's we can really be a dangerous situation. It when a snack. Bedding and what school districts T serve let's talk about. So we started in Forsyth county and we have been in just about every single high school and I can money. Our our newest venture we've been working with early college and Forsyth tech. On and we have a great partnership with Winston-Salem state university. We have a professor who is in charge of national. Act accountants and messing up the name but. National association of black accountants on and she requires them to volunteer in she has put us before her classes she's an accounting professor. And she teaches personal finance and accounting. She has really been a strong advocate for us and when we've done workshops on campus there. We hear comments like I'm gonna need this soon. And we just one of our other former IWSSU professor is now at AT&T. And she has invited us in November to come to her freshman. And to teach them about their money attitudes other habits and attitudes around money. Very can't. Bedding and the teachers actually respond when they hear about these workshops when it's coming to the various schools. So at this point we've had developed some really good relationships with your career technically your business teachers. You've been working on in North Carolina. Personal finance is supposed to come through civics. So tenth grade so we just we're here in Guilford County. Talking to high school civics teachers last week. On and they were so excited because. Don't have the time so we have said there are resource. So if they're learning that they may learn online or through things we come in with the interactive. Peace and bring in a kind of like gay enough by approach. To personal fine excellent. You're absolutely right in your comment earlier Betty and when you said that you are the best kept secret because. This is really been in just the first several minutes of our conversation I'm already learning a lot from you my dear so thank you very much. Have a couple of more questions before we go to work for sprint in the morning what are the different workshops speaking of which that you offer. Premier workshop is something we call a deal for a day. Now I created this model there are other similar there's some credit unions who have models but what we do with the deal for a date is sweet put it at any time in life. So they use there taught or told that you've just finished all your education whether it be. High school associates or four year college. And now you've got your first job. And guess what. You have to set up your household. So we have what we term budget station not correspond to different things of course housing utilities transportation. It think as an adult is still need vacationing recreation. Clothing. And student loan and we have our one tables called. Life events and we model. John Lennon's life. How he had everything gallon for hand and life can't. And what happened to him. So and we tell that it's something that bad you know it is not gonna happen in this game but we want you to be prepared. To even if you budget and you take care of your finances on a spending plan. Things can happen so our life events are just modeled on things that happened with teens you know like I had a party went to the prom somebody gave them money. Or they found some money. So really. It's just that it's real life scenarios. Or. Perhaps events that. A lot of the young people can actually relate to you when their putters those real life situations. Yes any man and also weave in and they credit score component. So there's. I area's housing transportation and utilities credit card and insurance. Where credit scores for everyone. Coming into play they're gonna check your credit score when you get insurance and young people you know they might think about it we talk about unemployment but these are other areas of each get a random credit score. And at those stations depending on if they have or average or good or very good you're gonna cost them more money or less money so they get the claws and effect idea that credit does affect a life. Well and how. As the feedback with. The youth kids so far with the students. In wind when they actually are going through this process and the learning so much when it comes to managing. Their personal finance. So some of them have referred to in his eye opening. Others you know we tried it we understand a word there we're not gonna get a lot you know. But if they can get the concept of saving for the future and they can understand. How their credit score affects violence and they tell us these things at the end of the workshop we have a little follow up a review. Of the learning. That's fantastic while many youth do you serve each year. So it started out of we started out and about a thousand and we reached last year up to 3400. And that's and we had you know a lot of staff and volunteers know where we're really happy to hit that 15100 marketing year hasn't. We have we're seeing the same kids again. Let's go over the different years and that's the repetitions. And that's the one thing you can likely find with young people is when they get a holder there are part of something that's really cool or really awesome I don't know what that. And that it's open. I'm sure it's not that would this generates more so than which you an idea but case in point. What I'm trying to say is when they are part of something that is really good. They share with others have a tendency to talk to their peers and say you now hey I'm a part of this great program do you know about it. So that's really wonderful thing to have time for one more question do you have used you see more than one time he just answers to that question is yes. Limit let me tell you about very interesting. So I said we're starting to meet you used again. So the urban league of Winston-Salem. Had a summer youth employment program. On and we had a quick speed it was called ace speed interview process. In they had over a 150 used. And I ran across. Five who remembered house from the workshops. And one of them had taken our adult for a day even and he was applying for a job going into social work he's at Carolina central university he came on as our summer intern my. Eighties very nice so there really are so many pluses and benefits. That this program offers. It undoubtedly and it's for the future to absolutely. Well the best kept secret that I can't help but say that again so Betty and Faulkner who is the executive director center for Smart financial choices. Betty and if you will as we're going to break will you share the location of where you are so people can find that. On our offices located at it in the enterprise senator 1922. South Martin Luther King drive in Winston-Salem. But I would encourage you to check out our website at WW WCF. SFC. Dot ORG wonderful and we're gonna repeat that information when we come back from break well. You were never again your official so vetting and Faulkner welcome to the community focusing. Thank you you're so welcome. And thank you radio family your great company we're just getting started and looking forward to coming back with more great information. With bedding and Faulkner and the center for Smart financial choices. The weekend edition of community focus continues right after this more than weekend edition of community focus back from commercial break and glad to have you back radio family thank you for being with us since the beginning of our program. And thanks for tuning in here on our Entercom station Saturday and Sunday mornings wonderful opportunity to hear from you and to sit down with members. Of our community focused Stanley our newest one in executive director. Betty air Faulkner with the center for Smart financial choices. At 1920 to sell Martin Luther King drive. And. Betty and you're actually in suite 123 is that correct according to my notes here. Okay wonderful and that's actually the at a price sinner but those who are familiar with that area. And we were sharing not only the location before the break. But a wonderful opportunity radio family that if you are near your electronic device. Visit any time on the worldwide where have the center for Smart financial choices at CF. SFC. Dot. ORG. And night long absent turn manages some. Young ones to come up with something now I'm sure they're very creative but let our topic of discussion this morning and really. The best kept secret as we mentioned in the first half of the show about the center for Smart financial choices. What are some of the topics that most of the young people inquire about what do they wanna learn when it comes to finances. On it. When we too are idle for a day workshop it generates questions about thinking about when you save money. We talk about banks vs credit unions and we do actively promote credit unions. Com we also bills are asking questions around credit we were at walker town high school and day vision and we have. A volunteer who is a businessperson who knew a lot about insurance. So he shared stories about renters insurance and and people losing everything when they didn't have renters insurance something. Most youth. They don't give and have a clue about insurance. Still a lot of the questions of because of having volunteered there. Were generated from what they learned as they visited the budget stations. We've been. We had wonderful a lot of financial professionals like to volunteer with. Among many others but they will have knowledge of investments and so sometimes the questions will be around investing. How to get started with. And came. And other times it's. A lot of questions about how they get credit as a young person getting start absolutely. And Betty and I think to this test to be something that. Speaking of feedback. You have to be getting a lot of that from the parents themselves because that sometimes it's not always an easy conversation. To have when trying to teach your kids about finances as you know that when we look back handle the. Olden days did you go way back you know savings was a good end of the match her it's a war. In the same somewhere or you know and should a quarter is up the breezy here. Abruptly and whatever the correct were worried they are but anyway just some really weird places with which individuals kept their money. It wasn't always that type of conversation where you get the type of questions. That really young people are really not afraid to ask someone that we can say about a particular age group of people. Is if they have someone who has he financial background. And are a really good at what they do when they open up with a Q&A session it's really amazing how many questions that the young person actually has depending on the subject matter. When it comes on. And and as ours and is depending on the school noticed that you some. Bullet answer you know to appear in right to family household. Two parent house on where they do you talk about money they had they already have their financial plan sets of these youth. Know about spending. Is about saving but sometimes they're spending is skewed because I'm right there but for the most Natan Italian that kind of I'll say it's that kind of saddening and I heard this from the parents. They said. We talk about money we don't really talk about money and then you know we'll hear from them you'll hear them say. Oftentimes as icebreaker will ask them if we gave you a hundred dollars what would you do with. On and he'll hear the youthful saying. Out and talk and sometimes there. Younger kids to use so we do work with fifth grade on ops as it's younger kids and then you'll hear them say. I'm gonna give my money to my parents to help them pay bills. Or. Don't get credit card and we have to really work to explain how important because this world revolves around but they've probably heard some thing. A bell you know difficulties with the credit card or issues. On so we're hoping that you know built a bit of education we give them. We'll help them take a step forward which is all parents want for their children absolutely no matter who you are you want your child to do better and you do so. We're we're very proud to help in that effort. And I liked the fact that you mentioned to Betty and that what they're learning. Daylight deed they enjoy actually sharing but their money with her parents. And that's also a learning moment for moms are debts and perhaps grandparents and any other member of the family. Besides the young wine in that really is a teachable moment for everybody. That's really great. A little bit about your work with college students let's focus on some of the older she. I don't circuits on so one of the two week we use many two also some of them are out in the marketplace anybody can find. This of the tour that I use the most to get the conversation started with young adults are adults it's all the money attitudes and and on and church groups use it it's part team. That was created by psychologist who used to be out of Wilmington. And her. Idea and her research found that we have just like we have different personality types introvert extrovert. We also have many types in she said. She identified six different money types so she says there's the planner gears security. There's spontaneous. Ayers care free. There's giving and the first. It so we used that card game when we work with adults. We just want to. Put a quick fix but it ended on Wednesday would you budget eggs we try to find out is what they values are what's important. So when we have them do this exercise with that aren't keen. It breaks it down to maybe some messages they gun in his youth how they were brought up so you know we develop habits in them from. Are sent from things around us so same too with money ends. Young people traditionally are very spontaneous and hair re giving. You a lot of our young people we're saying that schooling college bowl party planners when it comes to their money. May have a plan for their money. Com and their work in their plan now sometimes as with any kind habit. We can overcome you know we can go too much one way or the other right. So for this car game they find out the advantages at challenges and then. They we have a worksheet that they do and they do this out their own and we kind of follow up with them. Identify and area that they wanna ban and so say for somebody whose spontaneous. They may say I need more I need to keep track of my money and asks for spontaneous person so when we're working with these young folks. We we wanna work with their habits. So money have a two it's as one and then the other tool we use is all the good credit. Out and that was also created by the same woman. Ers are mean escapes me civil Solomon. Civil Solomon is very well known so if you if you're interested in hurt aims if you do. If you Google money Abbott to then you'll you do behind the information that says she did the good credit scheme in. What does is help you identify how where all made of different characteristic and then. On and what things a banker or loan officer would look to loan them credit where the information Holmstrom doesn't come. From the loan application. Is it illegal to ask that's important for the young people who know cannot be asked and then also. What about your credit report what are the kinds of things and what's important and man it's a game board so it flips over to have a game they get a car. They have to answer questions about credits. In if they answer the question their moving the car sun gets little competitive frame though we did this with personal finance class census announced eight. Last September in we had about fifty students we had about six or eight volunteers we ran multiple boards. And you know we had a different volunteer kind of Manning bats right now. There's a lot of time for those questions things they don't need now and roles are always changing storm bearing a one of the things that kids used to say we'd ask them how they could name Wednesday. Oh with my cellphone. And up until this summer. In Russia didn't pay yourself on our utility bill. It didn't a jump at it but yeah now the powers that be saw the importance of that so pained yourself own bill on time. And paying utilities on time it will be reported that credit bureau so for the folks how their parents and mine and I don't rock we tell them. Pay. Things on time added. Z biggest thing absolutely essential sing you mention that because it nowadays if you typically just walk. Or drive through a college campus and you see young people going from you know one. Building to the next for their classes are from one dorm to the next. Nine times out of ten you're gonna see airboats. Attached to some sort of electronic device because about 99% of young people now that's that's all you see them whip is something that they're holding her listening to yourself. That really is a testament to win this generation is now when we talk about electronics in general. So it's interesting that you mention that what a great example. But those kids not just at Winston-Salem stable with other suitors that you have the opportunity. And that's really is a great learning tool. That likely for. The younger the student the better. Because as soon as they can start the financial planning and really kudos to the young ones that are doing that who are planning early for their future. Mini employee switching gears here a little bit Betty and do you have and of course I'm sure you're always looking for volunteers to. So right now I'm the only full time employee. And administrative court Nader who's right. And I also have used educator who works part time. So for this that we work. Way in advance so we're party's scheduling. Our sessions at schools all went out to December going to leave really rely heavily on volunteers. And what is things we started last year there's some schools we've been too often he's on schools like SE middle school here. Southeast high school here in Guilford writing that we're gonna be going to in September. That we haven't visited is often written though for the school that we visited more often. We have asked speaker special speakers to come into the spotlight speak and com and we we started that we got elected officials. And mayor Allan joins come to one in the schools. We have a lawyer a female attorney. And trademark and intellectual property law com. Cinch to introduce because they do get a job with the adult for a day games are trying to introduce different careers. In what we're gonna be highlighting this isn't here and is we really want our young women in now. Smaller because we know that there's a gap in pay. But there's also a gap in financial college women are behind men still at high school and an inch level. We are inviting women so are women out there who have a career or it could be an entrepreneur or. These young women need to know what your challenge is where and how. You what you're learning has been and some of the pitfalls are and what are the rewards. Ultimately done in careers so we are will be and are actively recruiting. Or volunteers very nice and a great way to welcome those of view radio family to the week in addition of community focused. Thank you for your company thank you if you've been with us since the beginning of the program great conversation with the executive director. Of the center for Smart financial choices Betty and partner. Joining me Rene Vonn again there in 1922 south Martin Luther King drive suite 12 arena are easy to your remember in the enterprise center. And on the worldwide web CF. SFC. Dot org. To learn. Additional information about the senator for Smart financial choices. Betty and with all of this great information you shared thus far it's nice to narrow. And let's talk about the issue actually have a scholarship. Program. Tell us a little bit about that. For the past three years we have. Received donations to fund a financial education scholarship program. And how that works is used to apply and we get the word out to every school district every guidance office Rangel counties. And they have to take to financial education classes. Of course they have to have at least a three point oh and I can you most of them have been closer to three point 83 point nine. I have to be well grounded. On because that's important to our selection committee they don't just want a one sided individual. And they have to write a 500 were ass and on and become a member of the senate First Financial choices. In this past year we we're so pleased. We had 6000 dollars available in scholarships. And our winners were four young women went all our young women. All of a different types schools and we do have one scholarship that's for an adult student completed their first degree. We usually have one specifically Hispanic Latino and depending on funding right one or two four and needs to open to any any student very nice. Now as we've been discussing and you've been sharing with us the focus is on are used in our young people. What programs he have for as big candidates for the adults. So I've created two programs and one I'll I'll really highland it's called new day dawning and it's a credit and savings builder program. So we have piloted the program with one employer. As something that can be offered in the workplace because. Adults we know you're very very busy in happening go out the fifteen or make additional time when you have a family is gonna happen mine but you have to eat lunch and we come in for an hour. And we help you learn. We do the money habit to its activity is nice starter again just started the air. Look at some of those spending leaks because admitted people are buying this week is the coffee. That lottery tickets sometimes. He does those things that you don't think about you know eating out going to McDonald's you know or biscuit bill. So understanding your spending weeks and then what is for how you can it. And then if you've run into trouble with credit you rebuilt. Because you know you'll see ante here Eds that somebody you'll offer if you pay them in a major credit let me tell you adults. There is no way no one who conviction Fred and I. You can take. Care of it by doing year beating. Looking for your annual credit report every year it's free credit report exact so that program as a for a week or force session one hour. It's not a lot of time but it helps that if you've got a financial goal and we're gonna help against. You for mentioning that team because that puts me in the mind or for someone who may be an insomnia. In Europe watching those infomercials where you see that guy and that money. As the first person comes to mind. And it's a shame that you know this being just can't come up on the TV screen that says. Do not listen to this guy or you know you just wanna take their remote in just flip it to another channel would just cut it off completely. But it's really nice to know that with programs like this with scholarships like this it's really helping us to. Retrain our brain about our our finances as a whole whether we're young person or even as were or if we're. An actual adult I'll wake up and get my words to get. And silly Betty. Let me ask you this what age group speaking of of various ages is more apt to be interest it. When we talk about programs like office. OK so as well we see is the older high school. Eleventh and twelfth grader. And then of course you're college right you're you're young adult and. Because they're closer when that doesn't mean that when we're starting in fifth grade. On and there are programs out there like junior chi had doesn't elementary and so parents you can start. With a two year old. I just with my granddaughter and the showed her blood money is because. Think about it we're using our cards six cell and yes cash mangle a buffer right now. She spent over an hour putting money into a piggy bank she's done. Thumb but when we get to. It's repetition you though. There's so many things. I think there's web Saleh on moneyed. I believe that shows. Through the ages will when you can start teaching and the different concepts we take you child to the grocery store. Showing them costs and comparison. So our programme so we're trying to repeat. What they might have learned earlier grades went there. And learning from their parents what some of what has been taught in school district trying calm and just repetition. Exam. Because think about where creatures of habit it's our behavior. If you don't ingrained that behavior. And it refuse earlier you start the more. You know I've met and nine year old who did the money have a twos and he was a planner and he's already thinking about what he's doing it nine years old. That's going to affect him. On the field. Exactly what what's the what's the expression what you don't use you lose so repetition can can play an important role. How can the business community. Betty and profit from the work that you'd. So the biggest Dresser or a deal in is. Alt studies have shown that people worry about money and when they're network and they are worrying about money when they are honest productive. Com there knots you know journalists. And they probably somebody tuning in to this program right now that seven that very issue. And out and you can't help but that's astle and worry. All employers also the ones who have the oral one K programs. They need people to participate in order to keep offering them. Any to a college students who asked us. They said they were told not to get a floral and oh. So we liked. Free money he had you know so when employers they need participation right on in these programs. To mention. When people here. They end they have a comfortable life style style they heat. That the world is revolves around money in credit so you know if you live within your means in you're spending your money and you have to purchase items. The business community thrive so they can create more items so it is that kind of money cycle. And exactly. What's ahead for the senator what you see down the road whether short term or long term. So we have some challenges right now as any nonprofit hats where at the point where the demand and it's far far outstripped our. Ability to serve as many schools and youth. As we can. Also we are dependent on donations and so one of the things we're working on is to have a fund raiser in November. And maybe that's something we can share with listeners in the future. It and people think they tell us they patted on the back and say you're doing a wonderful job and what it does cost money we go to the schools. We work out of there schedule on their time if we work in the summer with your wide programs and other programs. We go to them for schools we do the sentinel cost. What it does cost money. And any money and then nonprofit any donations are funded legal right back into our programs. So for us to have our financial education scholarships. We do relies on individual hitting and we appreciate it in and we also. Need those volunteers yes we cannot do it without volunteers. Absolutely and thank you that was a wonderful job and answered my question how can we as a community helped keep the senate going and that's a great start. In doing that Betty and let me also. Ask you speaking. Obviously you know you. My brain there be when you mention about the fund raiser because first and foremost thank you so much for everything that you just sheared. Here on this edition of community focus and I'd love to have you come back to talk about that fund raiser Sobel will make those plans. Once we and initially get off air but and the minute or so that we have remaining any closing thoughts or comments that you wanna share their listeners to. When when we go before the young people. And we see them engaging in activities you hear this hum of conversation. In when they're looking at their budget and we usually put them in teams ever partnering with somebody that maybe they don't know is done. And they're trying to decide. Are we gonna rents are we gonna study hope for a while and of course parents don't worry we tell on the cost money at home. It just it gives us a good feeling. That we we've done our work. But that we leave these kids. With something that is gonna help them in the future and just likes. Secondary education and regular education. It it's time to build financial education. So we're hoping these young people that we've affected over the past five years. And as we see them go onto college. That I remember this and when they reach a time in their adult life their gonna say I know. We're going to talk to on this afternoon senator for Smart financial that's right that's right when they have that that moment. That aha moment shall we say. That's really great well Betty and take you so much I really enjoyed our conversation. Which means there are no good byes. Just until next time. And in fact speaking of in addition to getting you back on the program to talk about the upcoming fund raiser. Perhaps there will be a way and we can discuss this too. I may be getting one of your young persons to come in next time and and that individual kind of give us a little personal. Feel or touch of what he or she is learning through the various workshops that. The center for Smart financial choices is offering so just some ideas and put their mind. And I look at boards that are I would look forward I would love and I look forward to it. Well in the meantime bedding and Faulkner is the executor or at the executive director for the center. Are Smart financial choices again at 1922. South Martin Luther King drive. Suite 123. Cell radio family by all means they'd love to see. Visit them great group of people again you can also visit on the worldwide weigh out which is CF SFC. Dot war. Betty and Faulkner welcome once again to the community focusing. You're so welcome and thank you ready a family and you're continuing to do some great things as well keep up the good work in indeed until that next time. I look forward to us getting together again for the next. Weekend edition of community focus enjoy the rest of your day. And the rest of this weekend take care.
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