Bank On Norfolk – Free Personal Finance Help


ACCORDING TO THE
CONSUMER FEDERATION OF AMERICA, 40% OF AMERICANS SURVEYED SAY
THEY LIVE BEYOND THEIR MEANS. 50% REPORT LIVING PAYCHECK TO
PAYCHECK. IF THAT SOUNDS LIKE YOU, BANK ON
NORFOLK MAY BE JUST THE TICKET. VICE-MAYOR ANGELIA
WILLIAMS-GRAVES, ALONG WITH STEERING COMMITTEE MEMBERS
DR. ANTIPAS HARRIS AND KIMBERLY GREENE ARE PLEASED TO SHARE THE
DETAILS. WHICH IS JUST LAUNCHED AND NEW
CLASSES, AGAIN BUSINESS WILL BE STARTING IN APRIL, SO LISTEN UP.
THIS IS GREAT NEWS.>>Williams-Graves: IT
ABSOLUTELY IS. THE BANK ON PROGRAM IS A GREAT
PROGRAM TO HELP INDIVIDUALS TO BECOME BETTER ORIENTED WITH
THEIR FINANCES, TO GIVE THEM A ROADMAP IF THEY’VE HAD SOME
FINANCIAL DIFFICULTIES, IF THEY HAVE QUESTIONS ABOUT CREDIT, IF
THEY ARE WORRIED ABOUT ASSETS. THOSE KINDS OF THINGS.
BASIC FINANCIAL SKILLS THAT A LOT OF PEOPLE LACK OR MAYBE WERE
NEVER TAUGHT.>>Jan: IT’S AMAZING HOW MANY
PEOPLE, NO MATTER WHAT THEIR INCOME LEVEL, HAVEN’T BEEN
TAUGHT IN TERMS OF FINANCES GROWING UP AND THERE ARE A LOT
OF PEOPLE WHO WOULDN’T ADMIT NOT KNOWING IT, BUT THIS IS A GREAT
OPPORTUNITY FOR ANYBODY, REALLY, TO GET INVOLVED, RIGHT?
>>Williams-Graves: ABSOLUTELY, ABSOLUTELY.
>>Jan: AND YOU ARE REALLY BEHIND THIS BECAUSE I KNOW
YOU’RE A FIRM BELIEVER IN MAKING SURE PEOPLE GET THE KNOWLEDGE.
>>Williams-Graves: I SEE PEOPLE WITH FINANCIAL CHALLENGES EVERY
DAY. I SELL RESIDENTIAL REAL ESTATE
FOR A LIVING AND I COME ACROSS PEOPLE LOOKING TO EITHER
PURCHASE A HOME OR THEY THINK THEIR CREDIT IS BAD OR, YOU
KNOW, MAYBE THEY DON’T HAVE AS MUCH MONEY SAVED UP AS THEY FEEL
LIKE THEY SHOULD AND THEY REALLY DON’T KNOW WHERE TO GO.
AND THEN THERE’S INDIVIDUALS WHO WORK AND ARE LIVING PAYCHECK TO
PAYCHECK, WHO ARE UNBANKED. THEY DON’T A BANKING
RELATIONSHIP OR THEY ARE UNDERBANKED, THEY DON’T KNOW ALL
THE SERVICES PROVIDED FOR THEM, AND THEN THERE ARE FOLKS WHO
RELY ON PAY DAY LENNERS FOR EMERGENCIES, SO — LENDERS FOR
EMERGENCIES, SO THIS PROGRAM REALLY AS COMPREHENSIVE PROGRAM
TO HELP INDIVIDUALS TO REALLY TAKE A HARD LOOK AT THEIR
FINANCES AND BETTER THEMSELVES AND IMPROVE THEIR SPENDING,
IMPROVE THEIR SAVINGS, IMPROVE THEIR BANKING RELATIONSHIPS,
IMPROVE THEIR CREDIT, AND IT JUST — IT’S JUST A TOTAL
FINANCIAL WELLNESS CHECKUP FOR THEM.
>>Jan: GREAT. IT’S GREAT TO HAVE THE CITY OF
NORFOLK REALLY BEHIND THIS.>>Williams-Graves: ABSOLUTELY.
>>Jan: AND YOU HAVE PARTNERS IN THE COMMUNITY, AND DR. ANTIPAS,
YOU WOULD REPRESENT THE FAITH-BASED COMMUNITY AND
CERTAIN THE FATE-BASED ORGANIZATIONS ARE A HUGE PART OF
WHO WE ARE AND WHAT WE DO IN OUR EVERYDAY LIVES.
YOU REACH A LOT OF PEOPLE.>>Dr. Harris: ABSOLUTELY.
>>Jan: SO YOU STEPPED UP TO BECOME INVOLVED AND WHAT DREW
YOU TO THIS?>>Dr. Harris: ABSOLUTELY.
WE MEET EVERY MONTH WITH THE CITY MANAGER, THE PASTORS
ROUNDTABLE WHERE A GROUP OF CLERGY GET TOGETHER AND TALK
ABOUT HOW WE CAN STRENGTHEN THE CITIZENS, BECAUSE AS THE
CITIZENS GO, SO GOES THE CITY, RIGHT?
SO THE FAITH-BASED COMMUNITY HAS PROVIDED SPACE FOR ITS BANK ON
CLASSES AT QUEEN STREET BAPTIST CHURCH HERE IN NORFOLK.
THE PASTOR IS ON THE PASTORS ROUNDTABLE AND WAS EXCITED ABOUT
EXTENDING THE FACILITY SO THAT CITIZENS CAN LEARN MORE ABOUT
FINANCES AND BECOME BETTER, BECAUSE ECONOMIC DEVELOPMENT
REALLY BEGINS IN THE HOME, RIGHT?
AND SO THIS ALLOWS OPPORTUNITIES FOR FINANCIAL LITERACY AND OTHER
OPPORTUNITIES FOR PEOPLE TO BALANCE THEIR BUDGETS AT HOME
AND ALSO POTENTIALLY MOVE TOWARD STARTING BUSINESSES, WORKING IN
THE WORKFORCE, BUILDING THEIR ECONOMY IN THE HOME.
SO THE PASTORS ROUNDTABLE IS VERY EXCITED ABOUT THE SPACE,
BUT NOT ONLY THAT, WE REALLY NEED MORE OF OUR FAITH COMMUNITY
TO HELP OUT WITH THE MATCHING PROGRAM BECAUSE THESE FOLKS WHO
GO THROUGH THIS PROGRAM, AT THE END, THEY HAVE AN OPPORTUNITY TO
HAVE SAVED UP $150 AND THEN WE HAVE A RESERVE OF MATCHING FUNDS
SO THAT THEY CAN START A SAVINGS ACCOUNT, WHICH IS GREAT, RIGHT?
>>Jan: RIGHT.>>Dr. Harris: SO THEY CAN START
A SAVINGS ACCOUNT WITH $300, BUT WE NEED PEOPLE TO GIVE, CITIZENS
CAN GIVE, THE FAITH-BASED COMMUNITY CAN GIVE, SO WE’RE
APPEALING TO PASTORS AND RABBIS AND IMAMS AND EVERYBODY TO COME
TOGETHER TO HELP. IF WE HAVE STRENGTH IN OUR FOLKS
AND HELP THEM WITH THEIR BANK SAVINGS ACCOUNTS, WE STRENGTHEN
THE LONG-TERM VIABILITY OF THE COMMUNITY, RIGHT?
RESILIENT CITY HAPPENS BECAUSE OF RESILIENT PEOPLE.
>>Jan: RIGHT.>>Williams-Graves: CAN I JUMP
IN HERE, BECAUSE THAT $300 PIECE IS VERY IMPORTANT AND SOME
PEOPLE MAY WONDER WHERE THAT NUMBER COMES FROM, BUT THERE ARE
STUDIES THAT SHOW THAT THE AVERAGE EMERGENCY IS 3- TO $500,
SO THAT IS HOW PEOPLE END UP IN DEBT WITH PAY DAY LOANS, CAR
TITLE LOANS, THOSE KINDS OF THINGS.
WE WORK TO HELP INDIVIDUALS, IF YOU SAVE 150, WE’LL MATCH IT
WITH 150. THAT GIVES YOU YOUR $300 AND
THEN HOPEFULLY THE LESSONS THAT THEY’VE LEARNED, THAT KIM HAS
TAUGHT IN THE CLASS, WOULD HAVE BEEN PLANTED IN THEM AND THEY
WILL CONTINUE TO SAVE. SO WHEN THEY HAVE THAT
EMERGENCY, WHEN THEY NEED THE TIRE THAT GOES OUT OR, YOU KNOW,
THE CHILD BREAKS THEIR ARM AND THERE’S A COPAY TO PAY OR THE
REFRIGERATOR BREAKS OR WHATEVER, THEY DON’T HAVE TO GO TO A
PAYDAY LENDING INSTITUTION. THEY CAN GO RIGHT TO THEIR
SAVINGS ACCOUNT.>>Dr. Harris: THAT’S RIGHT.
>>Williams-Graves: ON THAT’S WHY THE $300 IS VERY IMPORTANT.
IT SOUNDS LIKE A LITTLE BIT, BUT IF YOU THINK ABOUT YOUR LAST
EMERGENCY, IT WASN’T THOUSANDS OF DOLLARS, IT WAS HUNDREDS OF
DOLLARS AND IT WAS PROBABLY 150 OR $200 AND THE AVERAGE AMERICAN
DOESN’T HAVE, AND THAT’S WHAT GETS THEM IN TROUBLE.
>>Dr. Harris: YOU HAVE TO BORROW IT AND PAY BACK INTEREST,
SO IT’S BETTER TO HAVE IT IN YOUR OWN BANK ACCOUNTS AND WE
HAD 70 PEOPLE –>>Kimberly: AT THE FIRST CLASS,
AT THE FIRST CLASS. I WAS INVOLVED IN THIS PROGRAM
AS A REQUEST FROM OUR CEO AT NRHA.
WE WERE INTERESTED IN SEEING WHAT WAS GOING ON.
BANK ON IS A PIECE THAT DEFINITELY THE CLIENTS AND
PARTICIPANTS OF NRHA COULD BENEFIT FROM, AND WE ARE ALWAYS
ON BOARD WITH THAT. AND WHAT THIS CLASS WILL DO, IT
HELPS YOU TO ACTUALLY DEVELOP BEHAVIOR THAT WILL LEAD YOU TO
SELF-SUFFICIENCY AND BEING ABLE TO BE FINANCIALLY FIT AS OUR
CHALLENGE IS NAMED. IN THAT FIRST CLASS, WE HAD A
CROSS-SECTION OF PEOPLE, PEOPLE WHO MAY NOT HAVE A BANK ACCOUNT
AT ALL TO RETIRED PEOPLE WHO ARE TRYING TO RE-BUDGET THEIR
DOLLARS BECAUSE THINGS HAVE CHANGED.
AND THE PROGRAM IS A 10-MONTH PROGRAM BECAUSE IT TAKES TIME TO
BUILD AND CHANGE BEHAVIOR. IF YOU JUST ARE THERE JUST ONE
OR TWO TIMES, THAT’S REALLY NOT GOING TO HELP YOU CHANGE UNLESS
YOU’RE DISCIPLINED ENOUGH TO PRACTICE IT, BUT IF YOU HAVE AN
ONGOING PIECE, A 10-MONTH PROGRAM, IT GIVES YOU AN
OPPORTUNITY TO TAKE WHAT YOU LEARNED IN CLASS AND BE ABLE TO
APPLY IT, SO AT THE END, YOU HAVE ACTUALLY CHANGED YOUR
BEHAVIOR. YOU’VE CHANGED YOUR THINKING
THROUGH THE CLASSES WE OFFER.>>Jan: AND YOU MENTIONED THE
SAVINGS AND YOU CAN ALSO SEE THOSE RESULTS AND BEING ABLE TO
RELY ON YOURSELF –>>Dr. Harris: ABSOLUTELY.
>>Jan: — IS A WONDERFUL DISCOVERY IF YOU’VE NEVER
EXPERIENCED IT BEFORE OR IF YOU DON’T EXPERIENCE IT FREQUENTLY.
THIS REALLY DOES EMPOWER PEOPLE TO TAKE CHARGE OF THEIR LIVES IN
A WAY THAT THEY MAY NOT HAVE KNOWN HOW BEFORE.
I THINK JUST GETTING THE FACTS ABOUT YOURSELF AND THE FACTS ON
HOW TO GET FROM POINT A TO POINT B IS WHAT’S BEEN MISSING FOR A
LONG TIME, AND ALL OF THE TALK ABOUT BECOMING, YOU KNOW,
FINANCIALLY STRONG PERSON, YOU GET TO — YOU ALSO GET TO PASS
THIS DOWN TO YOUR CHILDREN.>>Williams-Graves: ABSOLUTELY.
>>Jan: WHICH I’M THINKING IS PROBABLY PART OF THIS GOAL.
>>Williams-Graves: A LOT OF PEOPLE HAVE NEVER LOOKED AT
THEMSELVES ON PAPER. THEY GET THEIR PAY CHECK AND
THEY START SPENDING OR MAYBE THEY’VE OVERDRAWN THEIR ACCOUNT,
SO EVEN WHEN THEY GET THEIR PAYCHECK, IT’S NOT THEIR WHOLE
PAYCHECK, SO THEY NEVER ACTUALLY LOOKED AT EITHER A BUDGET OR A
SPENDING AND SAVINGS PLAN. THEY NEVER LOOKED AT HOW THEY
SPEND THEIR MONEY. THEY’VE NEVER LOOKED AT HOW MUCH
THEY SPEND ON LUNCH, HOW MUCH THEY SPEND EATING OUT, HOW MUCH
THEY SPEND, YOU KNOW, FOR EXTRACURRICULAR ACTIVITIES AND
THOSE THINGS ADD UP. SO IT IS A BEHAVIORAL CHANGE.
IT’S LOOKING AT WHAT YOU HAVE AND SEEING HOW MUCH YOU SPEND
AND SAYING, YOU KNOW WHAT? I CAN DO BETTER.
AND WITH FINANCIAL TEACHERS AND WITH COACHES THAT ALSO MEET WITH
THE STUDENTS –>>Kimberly: EXACTLY.
IT’S A TWO-FOLD PIECE.>>Williams-Graves: IT’S THE
CLASSES WITH HOMEWORK AND THEN THEY HAVE A FINANCIAL COACH.
>>Kimberly: A COACH THAT THEY HAVE TO MEET WITH EACH MONTH.
THE MATCH SAVINGS PROGRAM, IT HAS GUIDELINES TO IT.
WE ARE JUST NOT THERE TO HAND OUT SOMETHING TO YOU.
WE WANT YOU TO BE ABLE TO BECOME MORE SELF SUFFICIENT IN WHAT
YOU’RE DOING AND HOW YOU’RE HANDLING YOUR FINANCES.
THE COACHING PIECE IS TO HELP MOTIVATE YOU TO STAY ON COURSE.
ONCE YOU HAVE GONE THROUGH THE CLASS, IT MEETS ONCE A MONTH,
AND YOU’RE REQUIRED TO MEET WITH YOUR COACH ONCE A MONTH SO THAT
YOU CAN GO OVER THE CLASS HOMEWORK WITH THEM, TO BRING
THEM THE ADDITIONAL DOCUMENTS SO THAT YOU CAN LOOK AT IT, LIKE
YOU SAY, ON PAPER, TO SEE ACTUALLY WHAT’S GOING ON MONTH
TO MONTH. IT’S PART OF GETTING THAT
MATCHED SAVINGS PIECE THAT WE’RE OFFERING, YOU HAVE TO MEET THOSE
REQUIREMENTS. WE JUST DON’T WANT TO THROW YOU
OUT THERE. WE WANT TO GUIDE YOU INTO DOING
WHAT IT IS THAT YOU NEED TO DO.>>Jan: SO THE GUIDANCE DOESN’T
COST YOU ANYTHING.>>Kimberly: RIGHT.
>>Jan: THIS IS ALL BEING DONE FOR YOU, FOR THE RESIDENTS OF
NORFOLK, AND CLASSES, NEW CLASSES WILL BEGIN IN APRIL.
THEY JUST KIND OF DID A SOFT LAUNCH, AND SO THEY’RE JUST
GETTING UP AND RUNNING. SO GIVE A CALL.
THE NUMBER ON THE SCREEN. GO TO BANKONHR.ORG, YOU CAN FIND
THE LOCATION AND BANK ON NORFOLK THERE.
I WANT TO THANK VICE MAYOR GRAVES, DR. HARRIS, AND KIMBERLY
GREENE FOR SHARING JUST AN INSTALL AMOUNT OF INFORMATION,
BUT I THINK IT LAYS THE GROUND WORK FOR A LOT OF THINGS TO
COME.>>Williams-Graves: CAN WE GIVE
A BIG SHOUTOUT TO VIRGINIA BEACH?
THEY’VE BEEN VERY HELPFUL WITH US AND PARTNERED WITH US AND
ALSO PARTNERED TO THE CITY OF PORTSMOUTH TO MAKE THE BANK ON
PARTNERSHIP IN THE HAMPTON ROADS REGION A REGIONAL PARTNERSHIP.
THEY’VE BEEN VERY HELPFUL. WE’LL ALSO GET YOU THE
INFORMATION ON OUR MARCH MONEY MADNESS LAUNCH, WHICH IS THE
OFFICIAL LAUNCH AND THE OFFICIAL CHALLENGE FOR THE BANK ON
PROJECT.>>Dr. Harris: CAN I GIVE A
SHOUTOUT, THANKS TO SUNTRUST FOR THE GRANT?
WE GOT A $3,000 GRANT FROM THEM TO MATCH TO HELP US BECAUSE THIS
REALLY IS A COMMUNITY EFFORT. THIS IS A PRIVATE-PUBLIC
PARTNERSHIP WHERE WE ARE PARTNERING TO FIND FUNDS AND
ALSO WE NEED COACHES TO HELP WITH THE FOLKS.
THIS IS AN OPPORTUNITY FOR PEOPLE WHO WANT TO GIVE GOOD
WILL TO PARTNER WITH A WORTHWHILE PROJECT TO REALLY
HELP PEOPLE WHO ARE IN DIFFICULT SITUATIONS TO NOT ONLY PULL UP
BY THEIR OWN BOOTSTRAPS, BUT GIVE THEM BOOTS TO PULL UP.
THIS IS AN OPPORTUNITY. [ LAUGHTER ]
>>Jan: ABSOLUTELY, AND I THINK YOU HAVE JUST SENT A VERY GOOD
MESSAGE. CALL THEM, TAKE ADVANTAGE OF
THIS PROGRAM. LEARN ABOUT IT AND SPREAD THE
WORD. THIS IS MORE THAN JUST NORFOLK,
BUT RIGHT NOW, WE WANT TO LET NORFOLK KNOW, YOU’RE INVITED TO
THE TABLE. THANK YOU SO MUCH FOR THIS GREAT
INFORMATION. I LOOK FORWARD TO HEARING MORE.
>>>IF YOU’RE APPLYING FOR REAL ESTATE TAX RELIEF, IT’S COMING
EARLIER THIS YEAR, WHICH IS GOOD NEWS.
WE’LL HAVE MORE IN A MINUTE AND OTHER STUFF AS WELL, SO STAY
TUNED.

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