Paid Content by Tidemark Federal Credit Union – Financial Literacy


>>>THIS SECTION OF DELMARVALIFE IS BROUGHT TO YOU BY TIDEMARK CREDIT UNION. DO MORE OF WHAT YOU VALUE BECAUSE WE VALUE YOU. [APPLAUSE] >>>ALL RIGHT, JIMMY, I NEED YOU TO JUMP INTO THE WAY BACK MACHINE TO WHEN YOU WERE IN HIGH SCHOOL.>>OH, THE WAY, WAY BACK MACHINE.>>YOU REMEMBER LEARNING ABOUT MANY?>>NO, I THINK IT WAS IN HOME A CLASS. THINGS HAVE REALLY CHANGED. OUR FRIENDS AT TIDEMARK CREDIT UNION ARE MAKING SURE THAT STUDENTS KNOW HOW TO MAKE SMART MONEY MOVES, AND AS WE HERE FROM SEAN, THEY ARE COVERING A LOT OF GROUND.>>HERE AT WOODBRIDGE HIGH SCHOOL IN DELAWARE, THEY ARE MAKING SURE THEIR STUDENTS KNOW THE IMPORTANCE OF BEING FINANCIALLY RESPONSIBLE FOR THE COURSE KNOWN AS THE ACADEMY OF FINANCE. TEACHER OF THE CLASS, MR. SHELTON AND KELSEY DUNN WITH TIDEMARK CREDIT UNION WHO IS AN ADVISOR THE COURSE. SO, THANK YOU BOTH FOR JOINING ME. MR. SHELTON, I NEED TO KNOW MORE ABOUT THE ACADEMY OF FINANCE. DOES IT HELP STUDENTS?>>WELL, THE ACADEMY OF FINANCE IS SOMETHING WE HAVE BEEN WORKING ON FOR OVER THE LAST YEAR OR SO. THE COMPANY IS BASICALLY GIVES US A SCHEDULE, AND IT IS VERY RIGOROUS, AND THAT THEY EXPECTED US TO FOLLOW IT IN SOMEONE. SO IT’S A VERY GOOD FINANCE COURSE, AND ONE PART OF IT IS TEAMING UP WITH TIDEMARK TO BE AN ASSISTANT, AN ADVISOR TO US, AS WE GO THROUGH THE PROCESS. WE ARE TEACHING OUR STUDENTS TO BE FINANCIALLY LITERATE. WE WANT THEM TO BE ABLE TO UNDERSTAND PICO SCORES, TO UNDERSTAND BANKS AND CREDIT BUREAUS AND HOW THEY WORK. AND WE WANTED THEM TO UNDERSTAND THEIR CREDIT AND DEBT. YOU KNOW, 76 PERCENT OF THE PEOPLE IN THIS COUNTRY BASICALLY LIVE PAYCHECK TO PAYCHECK, AND WE WANT TO MAKE SURE OUR STUDENTS UNDERSTAND HOW TO BUDGET THEIR MONEY, HOW TO SPEND IT WISELY, AND SO ON.>>SO THE EARLIER THEY LEARN, THE BETTER OFF THEY WILL BE AS THEY GO OUT INTO THE REAL WORLD. KELSEY, WHY DID YOU GUYS AT TIDEMARK WANT TO BE A PART OF THE PROGRAM?>>WELL, IT’S REALLY IMPORTANT FOR US TO GET INVOLVED WITH THE STUDENTS BEFORE THEY ARE OF AGE TO HAVE A CHECKING ACCOUNT OR ANYTHING LIKE THAT ON THEIR OWN. WE SET THEM UP FOR SUCCESS, AND TO BE INVOLVED AT A YOUNG AGE. WE CAN HAVE THEM COME ON INTO US AND HAVE THEIR FIRST CHECKING ACCOUNT WITH US, THE FIRST AUTO LOAN AND MORTGAGE. WE HOPE TO DEVELOP THAT RELATIONSHIP.>>ALL RIGHT, MR. SHELTON. I THINK YOU WILL PUT THE STUDENTS TO THE TEST. YOU TAUGHT THEM NOW WE WILL SEE IF THEY CAN TEACH ME A THING OR TWO ABOUT CREDIT SCORES, THE IMPORTANCE OF GOOD CREDIT GRADE WE HAVE A GROUP OF FOUR STUDENTS WERE IN THE ACADEMY OF FINANCE, AND BILLY, I AM GOING TO START WITH YOU. TELL ME ABOUT PICO CREDIT SCORES. WHAT ARE THEY IN WHO STARTED THEM?>>PICO CREDIT SCORES IS HOW YOUR CREDIT IS JUDGE. THEY GO FROM A SCORE FROM 300 TO 850. THEY WERE ORIGINALLY STARTED BY TWO GUYS NAMED BILL FAIR AND OR ORAL ISAAC. THAT THE FAIR AND ISAAC CORPORATION, AND THAT IS WHY IT IS IN THAT.>>SO I GUESS THE HIGHER THE SCORE, THE BETTER?>>YES, AND A LOT OF FINANCIAL THINGS DEPEND ON IT, LIKE HOW EASY IT IS TO GET A HOME, OR WHO WANTS TO EMPLOY YOU, BECAUSE IT SHOWS HOW TRUSTWORTHY YOU ARE.>>THANK YOU SO MUCH, BILLY. NOW I WILL STEP OVER HERE TO MICHAELA. ALL RIGHT, MICHAELA, I NEED TO KNOW ABOUT CREDIT BUREAUS. WHAT IS A CREDIT BUREAU, AND HOW MANY ARE THERE?>>WELL, THAT IS BASICALLY WHERE THEY GO THROUGH YOUR CREDIT HISTORY AND DETERMINE IF IT IS GOOD OR BAD. THE THREE MAIN CREDIT BUREAUS ARE AQUA FACTS, TRANS UNION, AND EXPERIAN.>>ALL RIGHT, THANK YOU SO MUCH, MICHAELA. MOVING ON OVER TO NINA, NINA, WHY IS CREDIT SO IMPORTANT? WE HERE ABOUT CREDIT ALL THE TIME, BUT WHY IS IT IMPORTANT, AND HOW DOES IT AFFECT US IN THE FUTURE?>>CREDIT IS IMPORTANT BECAUSE EVERYONE NEEDS CREDIT. A LOT OF PEOPLE EITHER DON’T HAVE A LOT OF MONEY AT HIGH SCHOOL, SO THE USES TO PAY ALL THINGS OVER A COURSE OF TIME. AND CREDIT CAN REALLY AFFECT YOU BECAUSE IF YOU HAVE BAD CREDIT, YOU CAN’T DO THINGS LIKE BUY A HOME OR CAR, BECAUSE YOU NEED GOOD CREDIT IN ORDER TO DO THINGS. WHY EVERYONE SAID TO HAVE GOOD CREDIT. ALL RIGHT, THANK YOU SO MUCH, NINA. LAST BUT NOT LEAST, WE HAVE GERALD. GERALD, WE ARE THAT CHECKING AND SAVINGS ACCOUNTS ARE TWO DIFFERENT THINGS. WHY ARE THEY DIFFERENT, AND WHAT YOU USE EACH FOR?>>WELL, A CHECKING ACCOUNT IS BASICALLY WHERE YOU PUT MONEY IN TO PAY FOR EVERYDAY BILLS, SUCH AS YOUR ELECTRIC BILLS, YOUR UTILITY BILLS BASICALLY, AND YOUR MORTGAGE AND RENTS. MONEY FOR LONG TERM, AND IT COLLECTS INTEREST FOR RETIREMENT FUNDS, AND THEY ARE BASICALLY DIFFERENT BECAUSE LIKE, YOU WOULD NEED THE SAVINGS FOR LIKE WHEN YOU GET OLDER AND RETIRE, AND CHECKING IS FOR WHEN YOU PAY YOUR UTILITY SYSTEM.>>THANK YOU SO MUCH, MR.

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