Bank On Norfolk – Free Personal Finance Help

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Bank On Norfolk – Free Personal Finance Help

ACCORDING TO THECONSUMER FEDERATION OF AMERICA, 40% OF AMERICANS SURVEYED SAYTHEY LIVE BEYOND THEIR MEANS.

50% REPORT LIVING PAYCHECK TOPAYCHECK.

IF THAT SOUNDS LIKE YOU, BANK ONNORFOLK MAY BE JUST THE TICKET.

VICE-MAYOR ANGELIAWILLIAMS-GRAVES, ALONG WITH STEERING COMMITTEE MEMBERSDR.

ANTIPAS HARRIS AND KIMBERLY GREENE ARE PLEASED TO SHARE THEDETAILS.

WHICH IS JUST LAUNCHED AND NEWCLASSES, AGAIN BUSINESS WILL BE STARTING IN APRIL, SO LISTEN UP.

THIS IS GREAT NEWS.

>> Williams-Graves: ITABSOLUTELY IS.

THE BANK ON PROGRAM IS A GREATPROGRAM TO HELP INDIVIDUALS TO BECOME BETTER ORIENTED WITHTHEIR FINANCES, TO GIVE THEM A ROADMAP IF THEY'VE HAD SOMEFINANCIAL DIFFICULTIES, IF THEY HAVE QUESTIONS ABOUT CREDIT, IFTHEY ARE WORRIED ABOUT ASSETS.

THOSE KINDS OF THINGS.

BASIC FINANCIAL SKILLS THAT A LOT OF PEOPLE LACK OR MAYBE WERENEVER TAUGHT.

>> Jan: IT'S AMAZING HOW MANYPEOPLE, NO MATTER WHAT THEIR INCOME LEVEL, HAVEN'T BEENTAUGHT IN TERMS OF FINANCES GROWING UP AND THERE ARE A LOTOF PEOPLE WHO WOULDN'T ADMIT NOT KNOWING IT, BUT THIS IS A GREATOPPORTUNITY FOR ANYBODY, REALLY, TO GET INVOLVED, RIGHT?>> Williams-Graves: ABSOLUTELY, ABSOLUTELY.

>> Jan: AND YOU ARE REALLY BEHIND THIS BECAUSE I KNOWYOU'RE A FIRM BELIEVER IN MAKING SURE PEOPLE GET THE KNOWLEDGE.

>> Williams-Graves: I SEE PEOPLE WITH FINANCIAL CHALLENGES EVERYDAY.

I SELL RESIDENTIAL REAL ESTATEFOR A LIVING AND I COME ACROSS PEOPLE LOOKING TO EITHERPURCHASE A HOME OR THEY THINK THEIR CREDIT IS BAD OR, YOUKNOW, MAYBE THEY DON'T HAVE AS MUCH MONEY SAVED UP AS THEY FEELLIKE THEY SHOULD AND THEY REALLY DON'T KNOW WHERE TO GO.

AND THEN THERE'S INDIVIDUALS WHO WORK AND ARE LIVING PAYCHECK TOPAYCHECK, WHO ARE UNBANKED.

THEY DON'T A BANKINGRELATIONSHIP OR THEY ARE UNDERBANKED, THEY DON'T KNOW ALLTHE SERVICES PROVIDED FOR THEM, AND THEN THERE ARE FOLKS WHORELY ON PAY DAY LENNERS FOR EMERGENCIES, SO — LENDERS FOREMERGENCIES, SO THIS PROGRAM REALLY AS COMPREHENSIVE PROGRAMTO HELP INDIVIDUALS TO REALLY TAKE A HARD LOOK AT THEIRFINANCES AND BETTER THEMSELVES AND IMPROVE THEIR SPENDING,IMPROVE THEIR SAVINGS, IMPROVE THEIR BANKING RELATIONSHIPS,IMPROVE THEIR CREDIT, AND IT JUST — IT'S JUST A TOTALFINANCIAL WELLNESS CHECKUP FOR THEM.

>> Jan: GREAT.

IT'S GREAT TO HAVE THE CITY OFNORFOLK REALLY BEHIND THIS.

>> Williams-Graves: ABSOLUTELY.

>> Jan: AND YOU HAVE PARTNERS IN THE COMMUNITY, AND DR.

ANTIPAS,YOU WOULD REPRESENT THE FAITH-BASED COMMUNITY ANDCERTAIN THE FATE-BASED ORGANIZATIONS ARE A HUGE PART OFWHO 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 DREWYOU TO THIS? >> Dr.

Harris: ABSOLUTELY.

WE MEET EVERY MONTH WITH THE CITY MANAGER, THE PASTORSROUNDTABLE WHERE A GROUP OF CLERGY GET TOGETHER AND TALKABOUT HOW WE CAN STRENGTHEN THE CITIZENS, BECAUSE AS THECITIZENS GO, SO GOES THE CITY, RIGHT?SO THE FAITH-BASED COMMUNITY HAS PROVIDED SPACE FOR ITS BANK ONCLASSES AT QUEEN STREET BAPTIST CHURCH HERE IN NORFOLK.

THE PASTOR IS ON THE PASTORS ROUNDTABLE AND WAS EXCITED ABOUTEXTENDING THE FACILITY SO THAT CITIZENS CAN LEARN MORE ABOUTFINANCES AND BECOME BETTER, BECAUSE ECONOMIC DEVELOPMENTREALLY BEGINS IN THE HOME, RIGHT?AND SO THIS ALLOWS OPPORTUNITIES FOR FINANCIAL LITERACY AND OTHEROPPORTUNITIES FOR PEOPLE TO BALANCE THEIR BUDGETS AT HOMEAND ALSO POTENTIALLY MOVE TOWARD STARTING BUSINESSES, WORKING INTHE 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 COMMUNITYTO HELP OUT WITH THE MATCHING PROGRAM BECAUSE THESE FOLKS WHOGO THROUGH THIS PROGRAM, AT THE END, THEY HAVE AN OPPORTUNITY TOHAVE SAVED UP $150 AND THEN WE HAVE A RESERVE OF MATCHING FUNDSSO THAT THEY CAN START A SAVINGS ACCOUNT, WHICH IS GREAT, RIGHT?>> Jan: RIGHT.

>> Dr.

Harris: SO THEY CAN STARTA SAVINGS ACCOUNT WITH $300, BUT WE NEED PEOPLE TO GIVE, CITIZENSCAN GIVE, THE FAITH-BASED COMMUNITY CAN GIVE, SO WE'REAPPEALING TO PASTORS AND RABBIS AND IMAMS AND EVERYBODY TO COMETOGETHER TO HELP.

IF WE HAVE STRENGTH IN OUR FOLKSAND HELP THEM WITH THEIR BANK SAVINGS ACCOUNTS, WE STRENGTHENTHE LONG-TERM VIABILITY OF THE COMMUNITY, RIGHT?RESILIENT CITY HAPPENS BECAUSE OF RESILIENT PEOPLE.

>> Jan: RIGHT.

>> Williams-Graves: CAN I JUMPIN HERE, BECAUSE THAT $300 PIECE IS VERY IMPORTANT AND SOMEPEOPLE MAY WONDER WHERE THAT NUMBER COMES FROM, BUT THERE ARESTUDIES THAT SHOW THAT THE AVERAGE EMERGENCY IS 3- TO $500,SO THAT IS HOW PEOPLE END UP IN DEBT WITH PAY DAY LOANS, CARTITLE LOANS, THOSE KINDS OF THINGS.

WE WORK TO HELP INDIVIDUALS, IF YOU SAVE 150, WE'LL MATCH ITWITH 150.

THAT GIVES YOU YOUR $300 ANDTHEN HOPEFULLY THE LESSONS THAT THEY'VE LEARNED, THAT KIM HASTAUGHT IN THE CLASS, WOULD HAVE BEEN PLANTED IN THEM AND THEYWILL CONTINUE TO SAVE.

SO WHEN THEY HAVE THATEMERGENCY, WHEN THEY NEED THE TIRE THAT GOES OUT OR, YOU KNOW,THE CHILD BREAKS THEIR ARM AND THERE'S A COPAY TO PAY OR THEREFRIGERATOR BREAKS OR WHATEVER, THEY DON'T HAVE TO GO TO APAYDAY LENDING INSTITUTION.

THEY CAN GO RIGHT TO THEIRSAVINGS 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 LASTEMERGENCY, IT WASN'T THOUSANDS OF DOLLARS, IT WAS HUNDREDS OFDOLLARS AND IT WAS PROBABLY 150 OR $200 AND THE AVERAGE AMERICANDOESN'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 WEHAD 70 PEOPLE — >> Kimberly: AT THE FIRST CLASS,AT THE FIRST CLASS.

I WAS INVOLVED IN THIS PROGRAMAS 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 ANDPARTICIPANTS OF NRHA COULD BENEFIT FROM, AND WE ARE ALWAYSON BOARD WITH THAT.

AND WHAT THIS CLASS WILL DO, ITHELPS YOU TO ACTUALLY DEVELOP BEHAVIOR THAT WILL LEAD YOU TOSELF-SUFFICIENCY AND BEING ABLE TO BE FINANCIALLY FIT AS OURCHALLENGE IS NAMED.

IN THAT FIRST CLASS, WE HAD ACROSS-SECTION OF PEOPLE, PEOPLE WHO MAY NOT HAVE A BANK ACCOUNTAT ALL TO RETIRED PEOPLE WHO ARE TRYING TO RE-BUDGET THEIRDOLLARS BECAUSE THINGS HAVE CHANGED.

AND THE PROGRAM IS A 10-MONTH PROGRAM BECAUSE IT TAKES TIME TOBUILD AND CHANGE BEHAVIOR.

IF YOU JUST ARE THERE JUST ONEOR TWO TIMES, THAT'S REALLY NOT GOING TO HELP YOU CHANGE UNLESSYOU'RE DISCIPLINED ENOUGH TO PRACTICE IT, BUT IF YOU HAVE ANONGOING PIECE, A 10-MONTH PROGRAM, IT GIVES YOU ANOPPORTUNITY TO TAKE WHAT YOU LEARNED IN CLASS AND BE ABLE TOAPPLY IT, SO AT THE END, YOU HAVE ACTUALLY CHANGED YOURBEHAVIOR.

YOU'VE CHANGED YOUR THINKINGTHROUGH THE CLASSES WE OFFER.

>> Jan: AND YOU MENTIONED THESAVINGS AND YOU CAN ALSO SEE THOSE RESULTS AND BEING ABLE TORELY ON YOURSELF — >> Dr.

Harris: ABSOLUTELY.

>> Jan: — IS A WONDERFUL DISCOVERY IF YOU'VE NEVEREXPERIENCED IT BEFORE OR IF YOU DON'T EXPERIENCE IT FREQUENTLY.

THIS REALLY DOES EMPOWER PEOPLE TO TAKE CHARGE OF THEIR LIVES INA WAY THAT THEY MAY NOT HAVE KNOWN HOW BEFORE.

I THINK JUST GETTING THE FACTS ABOUT YOURSELF AND THE FACTS ONHOW TO GET FROM POINT A TO POINT B IS WHAT'S BEEN MISSING FOR ALONG TIME, AND ALL OF THE TALK ABOUT BECOMING, YOU KNOW,FINANCIALLY STRONG PERSON, YOU GET TO — YOU ALSO GET TO PASSTHIS 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 ATTHEMSELVES ON PAPER.

THEY GET THEIR PAY CHECK ANDTHEY START SPENDING OR MAYBE THEY'VE OVERDRAWN THEIR ACCOUNT,SO EVEN WHEN THEY GET THEIR PAYCHECK, IT'S NOT THEIR WHOLEPAYCHECK, SO THEY NEVER ACTUALLY LOOKED AT EITHER A BUDGET OR ASPENDING AND SAVINGS PLAN.

THEY NEVER LOOKED AT HOW THEYSPEND THEIR MONEY.

THEY'VE NEVER LOOKED AT HOW MUCHTHEY SPEND ON LUNCH, HOW MUCH THEY SPEND EATING OUT, HOW MUCHTHEY SPEND, YOU KNOW, FOR EXTRACURRICULAR ACTIVITIES ANDTHOSE THINGS ADD UP.

SO IT IS A BEHAVIORAL CHANGE.

IT'S LOOKING AT WHAT YOU HAVE AND SEEING HOW MUCH YOU SPENDAND SAYING, YOU KNOW WHAT? I CAN DO BETTER.

AND WITH FINANCIAL TEACHERS AND WITH COACHES THAT ALSO MEET WITHTHE STUDENTS — >> Kimberly: EXACTLY.

IT'S A TWO-FOLD PIECE.

>> Williams-Graves: IT'S THECLASSES 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 WHATYOU'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 THATYOU CAN GO OVER THE CLASS HOMEWORK WITH THEM, TO BRINGTHEM THE ADDITIONAL DOCUMENTS SO THAT YOU CAN LOOK AT IT, LIKEYOU SAY, ON PAPER, TO SEE ACTUALLY WHAT'S GOING ON MONTHTO MONTH.

IT'S PART OF GETTING THATMATCHED SAVINGS PIECE THAT WE'RE OFFERING, YOU HAVE TO MEET THOSEREQUIREMENTS.

WE JUST DON'T WANT TO THROW YOUOUT THERE.

WE WANT TO GUIDE YOU INTO DOINGWHAT IT IS THAT YOU NEED TO DO.

>> Jan: SO THE GUIDANCE DOESN'TCOST YOU ANYTHING.

>> Kimberly: RIGHT.

>> Jan: THIS IS ALL BEING DONE FOR YOU, FOR THE RESIDENTS OFNORFOLK, AND CLASSES, NEW CLASSES WILL BEGIN IN APRIL.

THEY JUST KIND OF DID A SOFT LAUNCH, AND SO THEY'RE JUSTGETTING UP AND RUNNING.

SO GIVE A CALL.

THE NUMBER ON THE SCREEN.

GO TO BANKONHR.

ORG, YOU CAN FINDTHE LOCATION AND BANK ON NORFOLK THERE.

I WANT TO THANK VICE MAYOR GRAVES, DR.

HARRIS, AND KIMBERLYGREENE FOR SHARING JUST AN INSTALL AMOUNT OF INFORMATION,BUT I THINK IT LAYS THE GROUND WORK FOR A LOT OF THINGS TOCOME.

>> Williams-Graves: CAN WE GIVEA BIG SHOUTOUT TO VIRGINIA BEACH?THEY'VE BEEN VERY HELPFUL WITH US AND PARTNERED WITH US ANDALSO PARTNERED TO THE CITY OF PORTSMOUTH TO MAKE THE BANK ONPARTNERSHIP IN THE HAMPTON ROADS REGION A REGIONAL PARTNERSHIP.

THEY'VE BEEN VERY HELPFUL.

WE'LL ALSO GET YOU THEINFORMATION ON OUR MARCH MONEY MADNESS LAUNCH, WHICH IS THEOFFICIAL LAUNCH AND THE OFFICIAL CHALLENGE FOR THE BANK ONPROJECT.

>> Dr.

Harris: CAN I GIVE ASHOUTOUT, THANKS TO SUNTRUST FOR THE GRANT?WE GOT A $3,000 GRANT FROM THEM TO MATCH TO HELP US BECAUSE THISREALLY IS A COMMUNITY EFFORT.

THIS IS A PRIVATE-PUBLICPARTNERSHIP WHERE WE ARE PARTNERING TO FIND FUNDS ANDALSO WE NEED COACHES TO HELP WITH THE FOLKS.

THIS IS AN OPPORTUNITY FOR PEOPLE WHO WANT TO GIVE GOODWILL TO PARTNER WITH A WORTHWHILE PROJECT TO REALLYHELP PEOPLE WHO ARE IN DIFFICULT SITUATIONS TO NOT ONLY PULL UPBY 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 GOODMESSAGE.

CALL THEM, TAKE ADVANTAGE OFTHIS PROGRAM.

LEARN ABOUT IT AND SPREAD THEWORD.

THIS IS MORE THAN JUST NORFOLK,BUT RIGHT NOW, WE WANT TO LET NORFOLK KNOW, YOU'RE INVITED TOTHE TABLE.

THANK YOU SO MUCH FOR THIS GREATINFORMATION.

I LOOK FORWARD TO HEARING MORE.

>>> IF YOU'RE APPLYING FOR REAL ESTATE TAX RELIEF, IT'S COMINGEARLIER THIS YEAR, WHICH IS GOOD NEWS.

WE'LL HAVE MORE IN A MINUTE AND OTHER STUFF AS WELL, SO STAYTUNED.

By |October 22nd, 2016|Categories: Managing Personal Finances|Tags: , , , , , , , |0 Comments