Tag Archives: Financial Education

Teen Workers are Saving Now for More Spending Power Tomorrow

Posted on July 9, 2015 by Megan Kuhn

Teen workers are saving for the three Cs: Cars, Computers and College. Plus building emergency funds for unexpected expenses.

This is according to the teenagers who took the First Time Worker Pledge in our new class Making the Most of Your First Paycheck. The class uses materials from America Saves.

Extension has partnered with three groups to provide savings classes for teen workers this year. More than thirty teens pledged to save part of their paycheck. For example, one teen is saving $200 a month for 60 months to buy a $12,000 car. Another is saving $500 a month for six months for school costs.

Bicycling nonprofit Phoenix Bikes has a community bike shop in Arlington and its Earn-A-Bike program teaches bike repair to youth. Master Financial Education Volunteer Will Mason led four Phoenix Bikes employees through the savings orientation. Thank you to Phoenix Bikes’ Executive Director Meg Rapelye-Goguen for making the event happen.

Boys & Girls Clubs of Greater Washington’s Dunbar Alexandria-Olympic Branch in the City of Alexandria provides youth programs and mentoring. At the Dunbar Alexandria-Olympic Branch, 14 teens pledged to save: 11 young men and three young ladies. Thank you to Dunbar staff Alston Waller and Patrice Hall for recruiting participants. Master Financial Education Volunteers Judith Kom and Katrin Kark gave a well-received presentation.

Arlington County Department of Parks and Recreation’s Teen Entrepreneurial Amusement Management (T.E.A.M.) workers manage amusement rentals, including bouncy castles, cotton candy machines and rock climbing walls. Fourteen T.E.A.M. employees pledged to save: nine young men and five young ladies. Thank you to Parks and Rec staff Desi Jerry and Charlie Eby for help setting up the event. Charlie, who worked for the county when he was a teenager, gave a pep talk at the event. Master Financial Education Volunteers Bill Ross and Star Henderson lead the presentation.

Another crop of T.E.A.M. hires will participate in Making the Most of Your First Paycheck later in July. We expect more than 25 teens to pledge to save at this class.

Volunteer Spotlight: Jackie Rivas

Posted on June 23, 2015 by Megan Kuhn

Our volunteers rock. Want proof? Meet Jackie Rivas.

Master Financial Education Volunteer Jackie Rivas

Name: Jackie Rivas
Lives: Arlington
Works: Staff Accountant at the U.S. Securities & Exchange Commission
Master Financial Education Volunteer Since: 2011

Q: What do you like to do for fun?
A: I like to run on the bike path and ride bicycles.

I like to go to the movies. The Mexican movie “Paradise” was very cute. It is about an overweight couple. She stumbles on a diet center, and she gets her husband on a diet too. He starts to lose weight and she doesn’t. It was a nice insight into normal people.

Q: What is your favorite thing to save for?
A: My favorite thing to save for is to travel. My last exotic trip was Cambodia. I went to the Temple of Angkor Wat and took a cooking class in Siem Reap.

In Phnom Penh we spent a day at a bear rescue center. There is a popular dish called bear paw soup. This place will buy bears from restaurants to save them.

We also went to an elephant rescue center. If you go to Asia, do not ride elephants. It’s really hard on the elephant. It hurts their backs.

Q: Which do you enjoy most about being a Master Financial Education Volunteer?
A: Learning from the participants. I taught at Greenbrier Learning Center, and there was a woman who has implemented all the strategies we’ve been teaching.

She qualifies for food from Arlington Food Assistance Center, but she is determined to save $200 a month. I work with people who don’t save that much who make a lot more than she does.

When she doesn’t reach her goal, she looks for things she can cut. If she needs to cut cable, Internet or Starbucks, she does. This is someone who is highly motivated. It is amazing what people can do with limited resources.

Q: What else have you learned from teaching classes?
A: Some people have had bad experiences with banks in other countries. You need to talk about how banking in the U.S. is different from what they may have experienced elsewhere. U.S. banking is insured by the federal government. There are rules and regulations that protect the depositor.

It’s fairly prevalent in Mexico and Central America countries that if people don’t have access to banks and borrowing, they get a group and they all put money into a pot and lend it to someone.

They take turns borrowing the money and paying it back. It requires a lot of trust. I’ve found it very educational to work with these people and learn about their creative ways to meet their needs.

Volunteer Spotlight: Jen Lanouette

Posted on April 1, 2015 by Megan Kuhn

Our volunteers rock. Want proof? Meet Jen Lanouette

Master Financial Education Volunteer Jen Lanouette

Name: Jen Lanouette
Lives: Arlington
Works: Social Work Student at Catholic University
Master Financial Education Volunteer Since: May 2013.

Jen Lanouette has been coaching clients since she became a Master Financial Education Volunteer. She enjoyed one-on-one coaching so much, it helped spark a career change.

Q: What are you studying in grad school?
A: Social work. The Master Financial Education Volunteer program — working with clients one-on-one — is one of the things that prompted me to make a career change.

Q: What advice do you have for your financial coaches who are meeting with a new client for the first time?
A: Really listen to your client and what they see as their problem and challenges. Go at the pace they set. As volunteers, we are armed with a lot of information. But it is important to respect where your client is in the process.

Also, don’t be afraid to do additional research. Spend additional time gathering more information about challenges your client is facing. It’s important to keep learning about things that are specific to your client.

Q: What’s your favorite thing to save for?
A: I like to save for long-term priorities, like my daughter’s education and my family’s retirement. Savings to travel is another thing we prioritize. We are Outer Banks fans, so we try to save for a beach vacation.

Q: What’s your favorite money motto?
A: If you stick your head under the covers, it is not going to go away. When people don’t like financial stuff, there is a tendency to avoid it. The only way to deal with it is to dig in and start dealing with it.

Q: What do you do for fun?
A: I really enjoy cooking. It’s probably my favorite hobby. And reading.

Q: What was the last book you couldn’t put down?
A: The Working Poor: Invisible in America and Broke, USA: From Pawnshops to Poverty, Inc. – How the Working Poor Became Big Business. Broke, USA is an analysis of payday loans, check cashing and rent-to-own businesses. It was really fascinating how predatory financial practices can be. The book profiled a lot of aggressive mortgage policies. For example, offering low income people mortgages and charging between 10 percent, 20 percent and 30 percent of the loan in upfront fees.

To nominate a Master Financial Education Volunteer for the spotlight, please email Megan Kuhn at Megan.Kuhn@vt.edu.

Volunteer Spotlight: Star Henderson

Posted on March 3, 2015 by Megan Kuhn

Our volunteers rock. Want proof? Meet Star Henderson

Name: Star Henderson
Lives: Falls Church, Va.
Works: Accredited Financial Counselor candidate and aFINRA Investor Education Foundation Military Spouse Fellow
Master Financial Education Volunteer Since: September 2014

Master Financial Education Volunteer Star Henderson

Star Henderson provided invaluable behind-the-scenes help for our Northern Virginia Saves campaign. She created colorful graphics and scheduled 40 plus social media posts on our Facebook and Twitter accounts. She represented us in a Twitter chat with Arlington Community Federal Credit Union and The Centsables. The chat covered how to teach children about savings. This is just her behind-the-scenes volunteering! Henderson coaches clients, leads credit counseling and teaches classes.

Q: What would other volunteers be surprised to learn about you?
A: I’m a very introverted person who has to force myself to get out and to teach.

Q: What do you like to do fun?
A: Ride motorcycles with my husband and hang out with my kids.

Q: What is the hardest thing about being a financial coach?
A: Not doing something for the client and making sure the skills you’re teaching are sticking with the client. Sometimes we want to fix people, but we need to empower people to do it on their own.

Q: How did you handle pressure to do work for the client?
A: I’ve had clients who didn’t have a checkbook register. We were trying to balance their checkbook against their bank statements. I literally had to make sure I wasn’t writing down information for them. It would have taken me 5 minutes to write it in their register, but that wouldn’t have taught them anything.

Q: What is your favorite part of being a financial coach?
A: Making our clients believe they can manage their finances. The clients I have, their husbands always plan finances. The success story is that I’ve turned the women’s thinking around, and they are trying because they believe they can manage their finances.

Q: What do you know now that you wish you’d know when you first started volunteering?
A: There’s a wealth of knowledge throughout the volunteers. They are all very eager to help. Ask other volunteers about their experiences and don’t be afraid to ask questions.

To nominate a Master Financial Education Volunteer for the spotlight, please email Megan Kuhn at Megan.Kuhn@vt.edu.

Russian Delegation Visits VCE Arlington

Posted on February 6, 2015 by maraea

At the end of January, VCE Arlington had the pleasure of hosting a delegation from Russia and showing them the valuable work that Extension does in our community. The visit was sponsored by the U.S.-Russia Peer-to-Peer Program and funded through a grant that Extension was jointly awarded from the U.S. Embassy in Moscow. The two day visit was packed with activities.

The visit began with a volunteer showcase where Extension and partner organization volunteers talked about their programs and volunteer experiences. Presentations were given by volunteers and leaders from Master Gardeners, Master Food Volunteers, Master Financial Education Volunteers, Energy Masters, Master Naturalists and 4-H. Hard to believe that all of those organizations are affiliated with VCE Arlington!

After a lunch prepared by our own Master Food Volunteers, our guests visited officials from an important Extension partner, Arlington County, and continued to see Extension in action with a visit to the Save the Earth 4-H Club at Barrett Elementary School.

Saturday’s activities included a visit to see the work done at AFAC where Master Food Volunteers give regular healthy food demonstrations. The agenda continued to be food as they attended a training for the upcoming 4-H Food Challenge. They rounded out the day with a visit to Wakefield High School for the ACE Energy Journey Game.

Our agents and volunteers appreciated the interest and feedback from our Russian visitors and we hope that the visit was a valuable one for them as well.

They are on to further US travels in Ohio and Utah to meet with nonprofits in those states and we wish them safe (and hopefully warmer) travels.

MFEV Bill Guey-Lee talking about his experiences

Volunteer Showcase

visit to the Barrett Elem. 4-H Club

Volunteer Spotlight: Mike May

Posted on October 9, 2014 by Megan Kuhn

Master Financial Education Volunteer Mike May

Each month Extension’s financial education program is profiling an outstanding volunteer. To nominate someone, please email Megan Kuhn at Megan.Kuhn@vt.edu.

Name: Mike May
Lives: Reston
Works: Financial Advisor for more than 30 years
Mike May has volunteered as a Master Financial Education Volunteer since 2012. This summer he developed a new Extension presentation about the best time to claim social security benefits.

Q. What would people be surprised to learn about you?
A. I spent the first 13 years of my life overseas because my father was in the State Department. I had to learn how to adapt to a bunch of cultures. It was a great, liberal education.

Q. Where was the most interesting place you lived?
A: Pretoria, South Africa. There was a game preserve, and we spent a lot of time going through listening to the roaring lions. It was an experience I’ll never forget.

The main thing I learned from living overseas was how to deal with different types of people. After South Africa I moved to Fiji, Hawaii and Sydney, Australia. If you don’t learn to adapt you won’t do so well.

Q. Why is financial education important?
A. It’s life changing. I’ve had people say to me, “I’ve never had a budget before, but now I feel I’m in control of my finances rather than my finances in control of me.” It was simply because I’d taught them how to set up a budget.

Q: What prompted you to create a new class for us?
A: In the past I directed people to the Social Security Administration’s website because their website is straightforward. But my financial advising clients who are baby boomers kept asking about social security. When I took a class titled Savvy Social Security Planning Strategies for Baby Boomers, I realized there was a lot more to know about social security. I initially went to the class for my work clients, but I want to get this information out to everyone.

Q. Why do you volunteer?
A. I want to get out the information. I teach 10 Baby Steps to Financial Freedom at my church. It’s usually attended by folks in their 20s and 30s who are just getting started in life financially. I just wish when I was that young that I had been told some of the things I’ve been able to tell young people.

The same thing is true for my volunteering with Extension. Folks are looking for help and don t necessarily have the money to pay for a financial advisor. They’re looking for objective, good counsel.

Q. We trained new volunteers in August and September. What advice would you give to our new volunteers?
A: Really pay attention to the instructor and the materials given out. Then do additional research to add to and enhance what the basic materials are. Google budgeting and do some independent study so you feel more confident.

New Volunteers, Round 2

Posted on September 17, 2014 by Megan Kuhn

We trained 34 new volunteers to serve as financial coaches in early September. Our regular fall training followed our expedited training for financial professionals in August. Eight financial professionals joined our ranks last month.

This brings us to a record 42 new volunteers! Volunteers make our programs possible, so the turnout makes my heart sing.

E and J

A very big thank you to our friends and partners who spread the word about our recruitment drive. An especially big thanks goes to Community Tax Aid‘s Teresa Hinze who sent an email blast to her volunteers. Community Tax Aid was our top source of volunteers — 13. Our second biggest source of volunteers was the Virginia Society of Certified Public Accountants, with 6 volunteers. Thanks to David Bass for including our recruitment drive in his group’s message board.

We also owe thanks to: DC-Hispanic Employee Network, the Hispanic Committee of Northern Virginia Family Service, Volunteer Arlington, The National Association of Personal Financial Advisors DC study group, Arlington Neighborhood College, Leadership Arlington, Care 4 Your Future and Georgetown University Center for Continuing & Professional Education Certificate in Financial Planning. Say that five times fast.

Our next training for Master Financial Education Volunteers is April 18 & 25, 2015. Both sessions are mandatory. To register, please contact me at Megan.Kuhn@vt.edu or call 703-228-6421.

New Volunteers, Round 1

Posted on August 26, 2014 by Megan Kuhn

jose

Eight people joined the ranks of our Master Financial Education Volunteers on August 16th. The newbies include an affordable housing developer who speaks both Arabic and Vietnamese, two Spanish speakers and a mix of young professionals and retirees.

While their motivation for volunteering varied, these individuals had one factor in common: prior professional or volunteer experience in financial counseling and or money management instruction. For the first time, we offered an expedited volunteer training for finance-minded professionals.

jay. dinan and jose

Please welcome: Tom Hoopengardner, Donna Di Felice, Eric Miller, José Olivas, Diana Yacob, Katrin Kark, Jay Dowling and Thu Nguyen.

Thu and Katrin

Of course we don’t require prior financial experience to volunteer with Extension. Our regular, 2-day volunteer training is slated for Sept. 6 and Sept. 13.

Donna, Tom and Eric

Upping Our Financial IQs

Posted on August 19, 2014 by Megan Kuhn

Do money smarts really pay? We think so, and plan to prove it through an exciting new program.

We are combining classroom instruction with one-on-one coaching to better help people establish positive financial habits through a program we’re calling Money Smarts Pay.

In 3 months, Money Smarts Pay participants will tackle:

Goal setting & budgeting in class 1
Credit & debt management in class 2
Strategies for saving & choosing financial services in class 3.

Robert and Femia

During the weeks between classes, participants meet with the same financial coach for in-person cheerleading and over the phone check-ins. We hope this extra encouragement will help people make the lasting changes they learned about in class.

We inaugurated Money Smarts Pay last week at Arlington Mill Residences, the first of six places where the program will be introduced. Arlington Mill Residences is a rental complex owned by our Money Smarts Pay partner, the nonprofit affordable housing developer Arlington Partnership for Affordable Housing (APAH). APAH serves individuals and families earning between $20,000 and $60,000 per year.

Jay and Joan

Money Smarts Pay at Arlington Mill is being taught in English, and an English session will be offered at Buchanan Gardens starting in November 2014. Money Smarts Pay will be offered in Spanish at Columbia Grove starting in September 2014.

The materials we are using for Money Smarts Pay is a mix of the Consumer Financial Protection Bureau’s new Your Money, Your Goals toolkit and the FDIC’s Money Smart for Adults curriculum.

Our 2-year partnership with APAH is possible through a generous grant from the Arlington Community Development Fund, which awarded the program a total of $27,000.

A very big thank you to our Master Financial Education Volunteers who are making the Arlington Mill series possible: Femeia Adamson, Roger Brown, Shauna Dyson, Nichole Hyter, Desiree Kaul and Joan Smith. Another thank you goes to APAH’s Arlington Mill staffer Carla Marin for the heavy lifting on-site, including classroom setup.

If you would like to coach a participant or teach a class in an upcoming series, please send an email to Megan.Kuhn@vt.edu.

Volunteer Spotlight: Donna Brazier

Posted on June 11, 2014 by Megan Kuhn

Each month Extension’s financial education program is profiling an outstanding volunteer. To nominate someone, please email Megan Kuhn at megan81@vt.edu.

Name: Donna Brazier
Lives: Alexandria
Works: Financial Management Consultant and Trainer, Retired Foreign Service Officer for U.S. AID

Donna Brazier has volunteered as a Master Financial Education Volunteer since 2009. She and Desiree Kaul recently provided training for social workers. The training provided case workers with information and materials to use with their clients as they help them to resolve their financial problems.

Q. What would people be surprised to learn about you?
A. I love to cook. I love to bake.

Q. What is your go-to recipe?
A. Lasagna.

Q. What was your most interesting overseas posting?
A. Even though I’m retired, I still take contract assignments. I went to Madagascar between 2010 and 2011. It was one of the poorest countries I’ve been to, but one of the most beautiful. It was the first time I saw Jacaranda trees in full bloom. They have pink flowers.

Q. What is your favorite thing to save for?
A. Trips.

Q. What is your favorite splurge?
A. I’ll splurge on travel, and I love perfume.

Q. Why do you volunteer?
A. It bothers me how people are taken advantage of for not knowing about finances.

Q. What has your experience been as a volunteer?
A. One of the most positive experiences I had was teaching financial literacy at the Alexandria Community Shelter. I had a woman cry, “had I talked to you a year ago, I wouldn’t be in the shelter.” People appreciate what I’m trying to do.

Q. What’s been the biggest challenge as a volunteer?
A. Working with one-on-one clients because they don’t always show up, and working with people who don’t want the help.

Q. What keeps you motivated?
A. I know there is a need. I know I’m helping. I also do different things. There are many ways to help: teaching classes, training social workers, counseling clients one-on-one and taking continuing education.