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Add something exciting to your April lessons with new, engaging resources from Discovery Education! Find ideas for Financial Literacy Month, explore behind-the-scenes with the NBA, and more! Pop of Professional Learning What’s New Trending Topics Magic Moment Pop of Professional Learning Virtual Field Trips take your students beyond the classroom walls and into some of […]
The post This Month at DE: April appeared first on Discovery Education Blog.
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Rachel Anzalone
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MoneySense editor Lisa Hannam will open the conference, sharing an overview covering current economic climate and financial trends in Canada.
What: Wealthy Women’s Summit
Who: MoneySense editor Lisa Hannam
When: Wednesday, March 6, 2024, 9 a.m. to 6 p.m. MST
Where: The Brownstone, Calgary, AB
How: Visit wealthbuildingacademy.com/summit
Cost: $175 for general and for $399 VIP
Visualize your very own financial glow-up at the Wealthy Women’s Summit on March 6, 2024, at the fabulous Brownstone in Calgary, AB.
This isn’t your typical finance workshop; it’s a glitter-fueled experience of empowerment, designed for a jaw-dropping transformation that will boost your financial confidence, decode economic mysteries, and shatter the boundaries of traditional financial norms.
Picture a lineup of powerhouse speakers ready to spill the tea on just how to radically transform your financial game. And guess what? Every Wednesday Janine Rogan is unveiling a new speaker or surprise guest live on Instagram.
Imagine unlocking the secrets to building your wealth, gaining insights that give you those big exciting a-ha moments, and joining a squad of fierce humans rewriting the game.
Secure your spot, mark your calendars, call up your bestie and get ready to sparkle. This isn’t just a personal finance conference—it’s a movement of women taking back their financial power and owning their futures.
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MoneySense Editors
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In the interest of love and legacy, parents should establish a robust foundation of financial literacy to harmonize with wise money moves and generational wealth. Join us and take actionable steps toward securing your family’s financial future.
Through building positive financial habits and encouraging entrepreneurship in our children, we help the next generation build the right skill sets for economic ambition and financial navigation.
By setting up the right early investments, we make sure that no matter how unpredictable the future is, our children have a cushion of certainty to pursue life goals like education or retirement.
Start Early – Introduce money as a concept so your little ones can understand commerce and money management.
Through role playing games, like owning a bakery, your children can start to understand how money is used practically. Through board games like Monopoly and PayDay, young kids can learn the concepts of investing, mortgages, bills, and loan payments.
Practical Budgeting – Budgeting best practices can be incorporated in small cases, like sharing your approach to your monthly grocery budget.
Other budgets can be more complex and require your kid to understand how to responsibly manage their allowance. Have them try the spend, save, share method to financially plan a friend outing to the movies to get the hang of it.
Savings Jars – Introduce the concept of saving early! While it may seem traditional, savings jars remain an effective method.
Mimic savings accounts by labeling each with goals or purposes like “Holiday Gifts,” “New Shoes,” or “Rainy Day.”
Allowance Management – Provide a regular allowance, however small, to mimic income and encourage your child to manage it independently.
Just like with budgeting and roleplaying, they will need to go through the motions of separating their money, saving for the future, and understanding the consequences of impulsive spending.
Open Communication – Taboos around money perpetuate a lack of understanding about how money works. Wealthy families consistently discuss money matters.
Foster an open dialogue and answer questions honestly about your family’s financial goals and budgeting. Transparency helps build trust and healthy money minded discussions, preparing them for when they become adults.
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OneUnited Bank
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Retire on your terms with a method for achieving financial independence and retiring early. It’s FIRE! Imagine retiring or semi-retiring in your 30s or 40s, decades early. Get ready to break free from the traditional retirement timeline and design a life where your money works for you.
The FIRE Method, standing for Financial Independence, Retire Early, is a bold mindset for early retirement, challenging the traditional retirement age of 67. Followers aim to build substantial savings and investments, enabling them to retire decades earlier than usual. This method requires great discipline and sacrifice. It may not be optimal for many as lifestyles and financial starting points differ greatly.
Per a July 2023 report from the U.S. Government Accountability Office, Black workers aged 51 to 64 are least likely to have a retirement account among all racial and ethnic groups. When we do, our median balance is far below that of white adults of the same age across all income levels. White households have about 2 times the median retirement balance as households of all other races.
Despite challenges, the FIRE Method serves as inspiration for advancing financial security and freedom, potentially offsetting the impacts of the Black Tax.
FIRE aims to achieve freedom and flexibility through independence. Followers of the movement aim to retire in their 30s, 40s or 50s with great sacrifice. Depending on outstanding debts, desired retirement age, and current income, some aim to save up to 75% of their earnings. Others may instead increase their income with side hustles or passive income streams.
While austerity might not always be a realistic option and real life complications can derail ambitious levels of savings, there are several ways to flip FIRE and approach it differently.
Lean FIREFat FIRE, which is the standard FIRE approach, requires a “FIRE Number” that is 25 times your estimated annual expenses during retirement.
For example, at a $50,000 annual expense during retirement, you would need $1.25 million saved. Per the 4% rule, you would withdraw 4% of your investments per year at $50,000 of the $1.25 million.
Lean FIRE differs by setting your annual expenses lower for a more frugal lifestyle. For example, by setting your target budget to 40,000, your saving goal would decrease to $1 million.
Barista FIREBarista changes the end goal and focuses on control over how much you work. To achieve optimal work-life balance, Barista FIRE changes from full-time work to part-time work.
While saving enough to partially cover living expenses, this semi-retirement approach offsets the excessive sacrifices of other FIRE approaches. Full retirement is not achieved with this approach.
Flamingo FIREThis more complicated FIRE approach consists of three phases: accumulation, semi-retirement, and financial independence.
Stage 1 – Accumulate:
Reach half of your FIRE number. Once you have reached this, you can move onto stage 2.
Stage 2 – Semi-retirement:
Stage 3 – Financial Independence:
Once you have reached your FIRE number, you can stop working and start withdrawing 4% annually from your retirement accounts.
That’s FIRE – a radical way to retire early! By no means a one-size-fits-all approach, FIRE doesn’t suit every person or family. Regardless of which FIRE you choose, it’s about making it work for you, your goals, and your desired lifestyle.
Don’t stop at FIRE! Explore the other ways to approach savings and investing for financial freedom.
Keep your fire burning with our Financial Literacy Center, and level up all areas of your literacy. #GetFinanciallyLIT today!
OneUnited Bank is not a financial advisor and recommends you discuss with your family and a financial advisor.
The post Retire Early with the F.I.R.E Method appeared first on OneUnited Bank.
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OneUnited Bank
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Jordan Heath-Rawlings shares your frustration. In November 2023, he launched In This Economy?!, a podcast that helps Canadians tackle financial challenges. Described as “Your guide to understanding an unpredictable economy,” the show explores topics such as inflation, employment, debt, home ownership and repaying CERB.
Heath-Rawlings, who lives in Toronto, is a long-time Canadian journalist—he was a newspaper reporter, a founding editor of Sportsnet, and director of special projects at Rogers Media, among other roles. In 2018, he started Frequency Podcast Network, along with Canada’s first daily news podcast, The Big Story, which he still hosts (he also oversees 30-plus other shows). Below, Heath-Rawlings shares what he thinks about credit, debt, real estate and more—plus why he’s now a “huge points guy.”
Check out In This Economy?!, available on these podcast players. New episodes are released on Thursdays.
So, In This Economy?! is designed to come from a curious person, not someone who has studied the financial industry extensively and has formed opinions about it. I don’t really have a finance hero. Except, I’ll say this: My career as a sports journalist, including a lot of time writing about fantasy sports and gambling, has made me keenly aware of the concept of the “mass market miss”—a player or investment that doesn’t seem to match stereotypical norms, so it’s overlooked compared to others, creating easy value for those willing to value results over aesthetics. So, can I say, like, baseball writer Bill James or baseball executive Billy Beane?
I’m a homebody for the most part, so hanging around the house, watching sports, being with family. My partner is a travel junkie, though, so we try to find the time—and money—to take a few trips a year.
Golfing—somewhere warm. With my wife and daughter on the beach waiting for me to meet them afterwards. We’ll be doing this in a few weeks from now, and I’m already dreaming about it.
My first money memory—besides making like 25 cents per row weeding the garden for my grandfather—is my parents wisely not spending $200 to buy me Air Jordans that I would have wrecked in two weeks anyway. I grew up in the burgeoning sneaker era, when they were just becoming big-time status symbols, and I wanted what the cool kids had.
Oh, baseball cards. It is absolutely 100% baseball cards. And I still have them in a box in our basement. Sadly, I came of age during the absolute peak popularity for kids collecting cards, so they aren’t worth anything, save for the memories. But in 1988, I—and every other kid I knew—would have told you they’d have made me rich by now.
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MoneySense Editors
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“What’s the point in saving, you could die tomorrow.”
Although this is the worst advice I’ve received, it still taught me that I can let go and not keep thinking about the future but live in the present as well.
I’d rather receive a smaller amount of money every week or month for life.
Financial literacy is your friend. We live in a day and age where the internet has all the answers. Use that to your advantage. How to spend and save is going to differ from person to person, so it’s best to learn what strategies work for you.
Believing in overnight wealth or success. There’s this misconception that as soon as you start investing, or as soon as you get a job with a big paycheque, or even if you win the lottery, all your money problems will go away. No, not at all. It takes time and effort. You need to keep working to sustain that lifestyle.
Not investing sooner.
Value to me is usage, plus time, plus experience. For example, someone might rather save money by opting for cheaper winter boots. I would rather buy a sturdy quality pair. The lower-quality boots would have lower usage since they would break faster, use up my time more because then I’d have to buy new ones, and limit me from experiencing winter by being cautious of breaking the cheap boots. The higher-quality winter boots would have more usage and save me time, and I can maximize my experience with it with no hesitations.
I’ve been saving for most of my life and have refrained from making any luxurious purchases, and that put me in a position where I was able to buy my first house.
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Lisa Hannam
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In a world where wealth is often seen through the lens of income, the real key to success lies in a change in your relationship with money. Explore the secrets to building a solid financial foundation when you’re just starting out at the wealth game!
So, how do you build wealth, especially if you are young?
A typical answer: Make more money. The more you make, the wealthier you are.
The real answer: Hold onto more of your money and put it to work. Grow your money!
Side note: If you said ”winning the lottery,” please think again! There are better, proven ways to build your financial kingdom.
Think of it like this: Trey makes a lot of money but misses out on building wealth because every dollar he makes flies out of his wallet. Suzan, on the other hand, makes less money; however, by following a proper money management mindset, she builds a path toward wealth.
Through healthy savings habits, avoiding overspending, and making manageable investments, Suzan stays ahead in the wealth game. Suzan will surpass Trey regardless of the difference in their salaries because she is disciplined and puts her money to work.
Younger generations are increasingly changing their relationship with money: how they spend it, why they spend it, how they view saving, and even how they view dating.
Gen Z and Millennials are making significant decisions based on financial goals with many deciding to break up their relationship over differing views on finances (38% and 36%, respectively per Intuit).
Remember Trey? For 17% of millennials, reckless spending is their biggest red flag. Changing his spending habits could be personally and romantically beneficial for him.
Re-prioritizing how you use your money is a fantastic practice in thinking about the lifetime of your financial choices! When re-prioritizing, keep in mind that although you may want to live in the moment, you can also put systems in place to plan for future moments.
Aside from the above, what other systems can you put in place? Let’s talk about two key steps to reach financial success: saving and investments.
Imagine separating your money so you maintain better control of where it goes. In practice, it’s simple but effective in helping you create positive financial habits.
While starting your savings journey requires discipline, it is a foundational part of the path towards wealth. You can open different OneUnited BankBlack Savings accounts for different savings purposes like emergency, technology, travel, or even holiday gifts!
With AutoSave, you can rest assured that each purchase you make with your OneUnited Bank Visa Debit Card helps you reach your savings goals. We will round up each transaction and automatically transfer the change to a savings account. That’s the magic of AutoSave!
Take your savings a step further and build a rhythmic habit by setting up automatic portions of your direct deposit to go directly to your savings account. No direct deposit? No problem. You can also set up automatic recurring transfers between your checking and savings.
Now that we’ve explored the savings mindset needed for financial success, let’s delve into the practical steps that can transform your earnings into wealth. It’s not just about making more money—it’s about making your money work for you!
With investment instruments like money mutual funds or exchange-traded funds (ETF), you can combat inflation. Inflation is the general increase in prices and falls in how much you can buy with your dollar. When investing in the stock market, it’s better to have a longer-term investment horizon (5 years or more).
Learn more about stocks in our #OneTransaction article showing ways to build generational wealth!
Another way to grow your money is by planning for retirement now! Seriously, retirement plans have tax benefits and compounding returns. Choose to invest in stocks, bonds, money market accounts, and/or mutual funds.
401(k) and 403(b) plans are prime options, especially when your employer matches your contribution. That’s free money when you participate!
You can still live your “soft life” while making room for retirement savings. With every 2 in 3 individuals of Gen Z unsure if they will have enough to retire, starting early never seemed wiser.
One key is to consistently invest whatever you can. Small steps make healthy habits. You don’t need to invest a lot.
The other key is diversification. Minimizing risk, a diversified portfolio gives you a greater certainty that your investment will grow.
The earlier you start saving and investing, the more your money can grow. Balancing your spending, savings, and investments has the potential to put you on the path to generational wealth.
Remember, the odds of winning the lottery are 1 in 292 million, and your salary will only make you as wealthy as how well you put it to use. Start your journey today and stay ahead in the wealth game!
OneUnited Bank is not a financial advisor and recommends you discuss with your family and a financial advisor.
The post Young Wealth: How To Change Your Relationship with Money appeared first on OneUnited Bank.
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You may have to book more sessions after your initial visit, or one might suffice to help you get organized. Heath says, it’s ultimately up to you to determine if you need an ongoing relationship that’s valuable to you and justifies the ongoing fee. “Some clients like the peace of mind and discipline,” he says. “Many couples appreciate having an impartial third party to mediate their financial decisions. Plenty of singles benefit from having someone to talk to candidly about finances in lieu of a partner.”
The best way to prep for a financial planning session is to ask the planner what they require from you, and then have your documents ready to meet with them, Heath says. That way you can get the most out of your time together, and come out with a solid plan.
Arguably, the best financial gift you can give your future self is investments. Depending on where you put your money, you could grow it with compounded interest.
GICs, for example, are low-risk investments that are great for saving towards life goals like tuition or a wedding. Putting your money in a GIC is like making a loan to a financial institution. You deposit your money for a set amount of time like 30 days up to 10 years, depending on the term, and the institution gives you back your money plus the interest earned on your deposit at the end of the period. If you think there’s a chance you’ll need the money sooner, consider a cashable or redeemable GIC. The interest rate will be lower than with non-redeemable GICs, but you can cash out anytime.
One thing to note is the risk/return tradeoff with investments. Riskier investments like stocks can come with higher potential returns. Many young investors start out with exchange-traded funds (ETFs), which are a basket of assets like stocks. ETFs have built-in diversification, which helps reduce your portfolio risk. If you’ve never invested before and you’re not sure how to begin, consider speaking with a financial advisor and signing up for the MoneySense Invest newsletter. And keep reading. Find out if investing is right for you and how to get started:
An Angus Reid survey found that 80% of Canadians under 35 don’t have a will. If you’re just starting out in your career and haven’t accumulated many assets, you might wonder why you’d need a will.
If you were to pass away without a legal will, the government would divide up your estate—your bank accounts, possessions, investments and other assets—between your parents or next of kin. It might not be split up in the way you wish it to be, and if you have a common-law spouse, they would likely be left out. This could cause a lot of worry and distress for your loved ones in an already difficult time.
If you want to write a will and you don’t have a complicated tax situation, an online will platform like Willful or Canadian Legal Wills could work. However, if your situation is a bit more complicated, you may wish to speak with a financial advisor or lawyer who works with estate plans.
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Margaret Montgomery
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The post MoneySense’s free Excel template for your monthly budget appeared first on MoneySense.
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Margaret Montgomery
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First, there was the trend of “quiet quitting”: a disgruntled employee doing the bare minimum required for their role. Then there was “quiet firing”: an employer reducing a worker’s duties and training, subtly nudging them to quit. And then, in 2023, we saw the rise of “quiet hiring”: an employer looking to its existing employees to fill a skills gap or take on more responsibilities, rather than hiring someone new. Quiet hiring is typically a cost-cutting or cost-saving measure, but it can also be an opportunity for a staffer who wants to try something new, move up to a new role or stack their case to ask for a raise. Quiet hiring can also refer to outsourcing work to short-term contractors instead of hiring new workers. —Jaclyn Law
Facing high inflation, high interest rates, expensive housing and mounting debt, many young people are unsure if they’ll ever be able to retire. So, many Gen Zers are rejecting aggressive saving (see: the FIRE movement) and embracing “soft living”—prioritizing things like comfort, balance, personal growth and wellness. “Soft saving” is part of that. It’s a lower-stress approach to personal finance and investing that focuses on the present. That doesn’t mean Gen Z is spending recklessly—but some might see saving for retirement as more of a nice-to-have than a need. —J.L.
Is inflation dampening your social life? A November 2023 Ipsos poll found that the rising cost of living is causing “inflation isolation.” Half of Canadians are staying at home more often, and a third of us are socializing less to avoid spending money. As a result, 20% of us are feeling isolated. Pretty bleak, right? Plus, those of us who are struggling with debt are more likely to feel stress and anxiety, as well as cut back on seeing friends and family. If you’re experiencing feelings of anxiety, stress or depression, read our guide to finding free and low-cost mental health resources in Canada. —Margaret Montgomery
When I first saw this term in a recent Wealthsimple newsletter, I couldn’t help but laugh… and then I wanted to cry. “Nepo baby” refers to the child of a celebrity who has benefited from their parent’s success, wealth and name recognition. A nepo home buyer in Canada is someone whose parents already own a home and can help their kids afford a down payment for a home, according to some sources. Statistics Canada reports that “in 2021, the adult children (millennial and Generation Z tax filers born in the 1990s) of homeowners were twice as likely to own a home as those of non-homeowners.” Adult children whose parents owned multiple properties were three times as likely to own a home than those whose parents were non-home owners. —M.M.
Move over, minimalism—recession core is here. Yep, that’s right, there’s a whole aesthetic inspired by living in a recession. Basically, this means going back to simpler styles and using items already in your wardrobe. Look, I get it. Minimalism might actually require you to spend lots of money on “clean” and refined-looking items, so that’s out of the question for many right now. Instead, many of us are looking for greater value when we shop—a habit that could pay off even after the economy improves. —M.M.
We can think of several more financial buzzwords that were popular this year, from “tip-flation” to “funflation.” Will they still be talked about in 2024, or will they go the way of “YOLO,” “the new normal” and “The Great Resignation”? Only time will tell. We want to know which trendy money words you love and hate. Share your picks in the comments below, and then boost your financial vocabulary by checking out the MoneySense Glossary.
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Margaret Montgomery
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LOS ANGELES, December 14, 2023 (Newswire.com)
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Snowball Wealth is proud to announce the launch of a bilingual financial education program with Lynwood Unified School District in Los Angeles. This initiative marks a significant step towards equipping high school students with vital financial knowledge and skills in both English and Spanish.
“As first-generation college graduates, my co-founder Pamela Martinez and I understand the challenges these students face,” said Tanya Menendez, CEO of Snowball Wealth. “Our program is designed to provide them with the financial skills that we wish we had learned at their age.”
The program covers essential topics such as banking, credit, investing, and comprehensive college readiness. A special emphasis is placed on guiding students through the Free Application for Federal Student Aid (FAFSA) and providing crucial information about the Deferred Action for Childhood Arrivals (DACA) program.
“Our students, a significant number of whom are first-generation and 96% who would be the first in their families to go to college, face unique financial challenges,” stated Patrick Gittisriboongul, Assistant Superintendent of Lynwood School District. “This program is an essential tool in helping them navigate their financial futures confidently.”
A key component of the curriculum is the college readiness course, which includes strategies on selecting a college, financing higher education, and opportunities to attend college for free. This course aims to demystify the college experience for students and their families.
Miram Casuso, a teacher working closely with Snowball Wealth, is deeply invested in the students’ well-being. “Our goal is to empower students with the financial knowledge that can transform their lives,” shared Miriam Casuco. “Financial literacy is more than just numbers; it’s about shaping futures.”
Snowball Wealth is complementing digital resources with in-person workshops, ensuring an engaging and comprehensive learning experience. These workshops are designed to actively involve students in their financial education journey.
Pamela Martinez, CTO at Snowball Wealth, emphasized the program’s significance. “We’re committed to bridging the financial literacy gap. This initiative is a crucial step in preparing students for a successful future, both in college and beyond.”
Recognizing the widespread need for financial literacy education, Martinez invites educators to join the program. “We are opening a waitlist for educators interested in bringing this transformative program to their schools. Teachers who wish to participate in our bilingual financial education initiative can sign up via our website. By signing up, educators can stay informed about the program’s development and receive early notifications about when it becomes available in their district.”
As Snowball Wealth’s bilingual financial education program continues to grow and make an impactful difference in the lives of students, it is seeking to expand its network of partners and sponsors in 2024. Banks, financial institutions, and other organizations interested in collaborating can find more information by visiting snowballwealth.com/partnerships.
Source: Snowball Wealth
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To maximize your savings and help to ensure your child has the funds they need when they go off to college or university, you’ll need to deposit yearly contributions—and do it before the ball drops on New Year’s Eve. An RESP can stay open for as long as 35 years, so why the urgency? You need to meet the RESP contribution deadline in order to receive the maximum amount of grant money from the government, which could be as much as $500 a year. Consider it a “holiday gift” for their future.
One of the best ways for you to save for your child’s higher education is to open and contribute to an RESP. That’s because the benefits are twofold. First, a government program called the Canada Education Savings Grant (CESG) will match 20% of the annual contributions, up to $500 in a given year, to a lifetime maximum of $7,200. Children from families considered to be low-income or middle-income can get an additional 10% or 20% of the first $500 contributed to their RESP. There’s also the Canada Learning Bond (CLB), which can provide up to another $2,000 to low-income families: $500 in the first year the child is eligible to receive it, and $100 per year until the child reaches age 15.
Second, your child’s RESP will grow tax-deferred. The gains that the investments make over time won’t be taxed until your child enrolls in a recognized post-secondary program and withdraws the funds, and as long as the money is used for their tuition, living and educational expenses.
That’s OK. The CESG gives you a chance to catch up on contributions in future years. This savings grant is available until the end of the calendar year that your child turns 17. But be aware that you can only catch up one year at a time, for a maximum grant of $1,000 in a given year. An Embark Education Savings Expert can help you calculate how much to contribute when you need to play catch-up, and how much you will receive from the government.
An RESP has a lifetime contribution limit of $50,000 per child. You can get up to $500 from the CESG in a given year—to get the full $500, the RESP contribution for the year must be at least $2,500. Contributing more than $2,500 in any year won’t get you a bigger grant, but it will give your savings more time to grow. To get the CESG maximum of $7,200, you’ll need to contribute $36,000 to the RESP.
It can be hard to free up $2,500, especially leading up to the holiday season. That’s why many families break down their yearly goal into a more manageable monthly savings target. Putting aside $208 each month feels a bit more manageable. To get you to that monthly goal without feeling as much of a pinch in your household budget—which for many families is tighter than ever these days—try these savings tips:
To get a better idea of how your savings, combined with the CESG, could grow over the years, check out this savings calculator from Embark.
Just think: If $2,500 is put in an RESP each year for 14 years, plus another $1,000 in the 15th year, your child will be able to get the full $7,200 from the CESG. For example, if you opened an RESP today for a two-year-old and contributed $2,500 each year to receive the maximum annual CESG contribution of $500, your savings could grow to about $59,000 by 2039. (All calculation assumptions, including assuming an average rate of return of 3%, can be found on the Embark savings calculator.)
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Karen Robock
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Financial freedom is the belief that a certain amount of savings is the ultimate ticket to living a life you want without worrying about money. However, this often means tight budgets, excessive saving and putting off simple pleasures. That could mean not dining out or not taking a spontaneous weekend getaway just to save money, so that one day you can enjoy these things. But when? What happens if it never comes and our time runs out?
To answer this, remember that happiness and a fulfilling life go beyond money. I looked at this in my column “Does money buy happiness?” As you can expect, the answer is: “It’s complicated.”
The classic novel The Great Gatsby by F. Scott Fitzgerald explores how lavish parties and the impression of having excess money can imply financial freedom. Though fictional, its message resonates. The plot also uncovers the void that material wealth cannot fill. Gatsby tries to win back Daisy Buchanan, his lost love. He discovers money can’t fix the hurtful past. Similarly, Daisy’s husband, Tom, shows that riches don’t protect him from his own personal troubles. Financial freedom isn’t just about reaching a money goal. It urges readers to explore beyond the pursuit of hard work, savings and investments.
Let’s move beyond fiction.
Ken Honda is an expert in money and happiness. His bestselling book Happy Money (Gallery Books, 2019) introduces a unique perspective, in that achieving financial freedom involves a delicate balance of two key components: money IQ and money EQ.
IQ stands for intelligence quotient. This focuses on the knowledge of finance, such as investing, budgeting, taxes and financial literacy—the technical side of money. It’s about the know-how for managing money effectively. From a financial freedom perspective, it means earning and growing enough money until we reach a stage where our investment returns and savings can sustain a life without working.
Emotional quotient, in contrast to money IQ, revolves around our emotional relationship with money. It is about how money makes us feel, the meanings we attach to it, and its role in our identity. Money EQ delves deep into our attitudes and beliefs towards money and how they affect our well-being. According to Honda, showing your appreciation toward money—thanking it, even—is a vital step towards achieving emotional financial freedom. Honda often says, “when we appreciate our money, it appreciates.” Money EQ involves how we receive, enjoy, share and relate to money.
To find balance between money IQ and money EQ, Honda suggests inviting the concept of “happy money” into our lives. This notion reflects money that not only funds our needs but also adds a positive dimension to our emotional and psychological wellbeing.
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Shaun Maslyk, CFP
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Opinions expressed by Entrepreneur contributors are their own.
An entrepreneurial mindset encourages individuals to view their personal finances as an opportunity for wealth creation and growth. This mindset emphasizes the importance of investing, whether in stocks, real estate, or other assets, to generate passive income and build wealth over time. That being said, developing your own foundational belief systems around your relationship with money is just as important as the financial vehicles themselves.
One should remember that financial literacy is a journey, and it requires consistent effort, practice and application of these foundational principles to enhance your understanding and improve your financial wellbeing. When it comes to money, adopting certain mindset philosophies can help shape your relationship with wealth creation and guide your decision-making. Here are five imperative viewpoints to consider:
While the term “currency” is derived from the Latin word “currere,” which means “to run” or “to flow,” the concept of money flowing like a current is metaphorical rather than a literal representation. The term “currency” primarily refers to a system of money that is used as a medium of exchange for goods and services.
However, the metaphor of money flowing like a current can be used to describe the dynamic nature of money and its movement within an economy. Money circulates through various transactions, changing hands from one individual or entity to another. It flows through the economy, enabling economic activity and facilitating trade.
Similar to a current in a river, money is constantly in motion, connecting different participants in the economy. It can be earned, spent, invested, and transferred, creating a continuous cycle of transactions and economic interactions.
This metaphor highlights the importance of understanding and managing the flow of money. Just as currents in a river can be strong or weak, money can fluctuate in terms of its availability, value, and the speed at which it circulates. By being aware of this flow and managing their finances effectively, individuals and businesses can navigate the economic currents and make the most of their financial resources.
Related: We Need a Real Commitment to Mental Health at Work. Here’s How (and Why).
Embracing an abundance mindset involves believing that there are plentiful opportunities for wealth and success. It is about focusing on possibilities rather than limitations. With this mindset, you approach money with a positive and optimistic outlook, recognizing that there is enough for everyone and that your financial situation can improve through hard work, smart choices and abundance mindset-based actions.
Many emerging thought leaders have recently endorsed the ideology of “mindset monetization.” With these new, but logical shifts, countless case studies across the nation validate that financial empowerment begins with shifting your paradigm. And thus, by challenging the rigid, conservative “work, spend, save” 9-5 mindset and evolving from thinking like an entrepreneur rather than an employee, one can drastically uplevel their monetary milestones.
The philosophy of financial independence centers around achieving freedom and control over your finances. It involves building a solid financial foundation that allows you to support yourself and pursue your desired lifestyle without being reliant on others. This mindset encourages you to take ownership of your financial situation, prioritize saving and investing, and develop multiple streams of income.
Take the pandemic, for example; leaders who adopted remote skills, studied macroeconomics and understood what sectors were poised for growth not only weathered the pandemic but significantly improved their business and personal growth.
An entrepreneurial mindset prioritizes continuous learning and improvement. When it comes to financial literacy, this means actively seeking out resources, courses, and information to enhance your understanding of financial concepts, investment strategies and personal finance management. The post-Covid era has democratized online certifications from individual subject matter experts to academic institutions, so there is now a level playing field regardless of your geographical standpoint. Engaging in lifelong learning allows you to stay updated with the latest financial trends and adapt your financial strategies accordingly.
The philosophy of delayed gratification, in tandem with a commitment to learning, involves prioritizing long-term goals over immediate satisfaction. It requires resisting impulsive spending and prioritizing saving and investing for future financial security and goals. By delaying gratification, you can make wiser financial choices, avoid unnecessary debt, and accumulate wealth over time.
Related: The Financial Literacy Basics Entrepreneurs Need to Know
Mindful spending involves being intentional and conscious about how you allocate your financial resources. It means aligning your spending with your values and priorities as well as the emerging, lucrative sectors that require attention. With this mindset, you take the time to evaluate your needs versus wants, track your expenses, and make deliberate decisions that reflect your financial goals. Mindful spending helps you avoid impulsive purchases, stay within your budget and make more conscious choices with your money.
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Ben Sever
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Come late summer and fall, Charlotte will start seeing more TD Bank branches offering financial literacy programs and resources at sites called community-centered storefronts.
Three locations currently under construction — Beatties Ford Road, Wilkinson Boulevard and North Sharon Amity/Albemarle roads — are in neighborhoods with large Black and brown communities. TD Bank chose these sites after a conversation with Mayor Vi Lyles about what areas of town need these resources most, according to Hugh Allen, regional president of mid-South metro for TD Bank.
“We want to help people with wealth creation and be an asset to the community so it can grow,” Allen said.
The New Jersey-based firm announced last fall it would expand its footprint into North Carolina with as many as 15 new sites by 2025, The Charlotte Observer previously reported. While other marquee brands, such as Bank of America and Truist, are closing branches amid greater online services, TD is banking on brick-and-mortar locations to provide a unique opportunity for financial education in Charlotte.
Each of the community-centered storefronts will have up to 1,000 square feet in extra space to accommodate the financial programming and be available for local businesses or nonprofit groups to reserve. Each will be open seven days a week and offer later hours, to improve accessibility for people who can’t get to a bank during the day, Allen said.
TD Bank’s motivating goal in establishing these community centers is to give back to the surrounding neighborhoods — which is why all of the programming at these stores is completely free.
Allen said the bank wants to help people who have lived in Black and brown neighborhoods for generations have access to capital and financial services. Branches will offer courses on building credit, first-time homebuying, fraud and how to break the paycheck-to-paycheck cycle, according to Jay Johnson, retail market manager for TD in the Midlands/Charlotte region.
TD Bank community centers may be the first of their kind in Charlotte, but some in these selected neighborhoods question the bank’s timing.
Alesha Brown founded and is the executive director of For The Struggle Inc., a Charlotte nonprofit focused on fighting systemic racial and social injustice. The organization works in the Beatties Ford Road corridor, where one of the TD storefronts is set to open late July.
“There’s no real incentive to get folks to participate in the programming,” Brown said. “They have to trust you, and there’s no shortcut to achieve that.”
Brown says it is imperative that TD Banks work with groups already involved in the community. Local organizations, like For The Struggle, know the community and its members well — and can speak for what is truly needed.
A civil rights lawyer, Brown has plans to meet with a representative from TD Bank, she said, and looks forward to working with them if they are intentional about improving the community.
TD Bank has been working with the Historic West End Neighborhood Association and the business school at Johnson C. Smith University since the planning stages of the community centers.
These partnerships have remained central to TD working towards its goal of providing financial education for all businesses and individuals in the area, branch leaders said.
Over the past five years, Charlotte has rapidly grown, a trend that most expect will continue. While the city’s development has already been seen in the South End and NoDa, the city also has seen an uptick in gentrification in neighborhoods with large African American and Hispanic populations — such as around east and west Charlotte.
Brown questions the intent of companies like TD entering the community at a time of such fruitful investment — when their services have been needed for decades.
Seniors in the Beatties Ford corridor already don’t trust big companies and banks, according to Brown. Nowadays, real estate prices have skyrocketed, and these seniors — most of whom are long-term renters — and the younger generations can barely afford to live in the area anymore.
“[TD Bank] doesn’t have to be physically located in the community in order to make a meaningful impact on it,” Brown said. “They’re here because they see potential change in the neighborhood, and they want business here.”
Financial literacy education can empower people in the face of imminent gentrification in Charlotte, says Dr. Alphonso Ogbuehi, dean of College of Business and Professional Studies at JCSU. Understanding how to make the best financial decisions contributes to a more informed, prosperous community, he said.
TD Bank believes that in-person programming is crucial to connect with the community and draw people in.
Financial literacy can be an intimidating topic for a lot of people, and online resources aren’t always the easiest to understand. On top of that, if the community has yet to develop trust with the bank, there is even less incentive to visit their website, Johnson said.
The community storefronts can provide a setting for people to come together and learn — and ask questions. Between organized programming and traditional banking services, TD Bank has been working to design a store format to encourage that discourse.
“We’re not going to be a financial institution that’s going to take your check and deposit it,” Johnson said. “We want to coach, lead and develop as many people as possible to help them better their lives.”
It was very important for TD to hire employees who are from the surrounding communities that these storefronts are in, so that they can better understand the unique needs of different neighborhoods.
“We want the store to reflect the community that it is going to serve,” Allen said.
TD Bank is a for-profit company, but helping the west and east Charlotte communities presents the opportunity for mutual benefit.
“We recognize that if the community that we’re in can benefit from our storefronts in more ways than just as a place to transact, it’ll help that community flourish,” Allen said. “And that flourishing will help our business. We are all in it together.”
This story was originally published June 20, 2023, 6:00 AM.
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Opinions expressed by Entrepreneur contributors are their own.
Like most of you, I grew up with virtually no formal training on money. I learned that we definitely need money to get the things we want and one way or another, we have to work for it. Short of getting my passbook savings account back in the ’80s, I was taught very little about how to be financially literate.
What happened? I got a job, paid bills, saved a little (but not really) — and then, when I got to college, I went into credit card debt in exchange for a free T-shirt. By not getting the proper education on money, it controlled me instead of the other way around. We all know how that feels! But it doesn’t have to be this way. Financial literacy won’t happen by accident; it happens by design.
Money, for most of us, can be a double-edged sword. Some days we are in love with making it, some days we dread having to work to get it. As a dad, CFP and fintech entrepreneur, I’ve learned that a high level of financial literacy is key to one’s success. To have a great relationship with money, we must understand what it is, how to use it and how to manage our risks when we use it — so here’s what you need to know.
Money is a tool. It helps us accomplish what we want and need in life and business. We all have a relationship with money, and how it manifests itself through our spending is based upon our financial literacy — or lack thereof.
The first step for increased financial literacy is to understand that money is a tool created out of an idea and need for us to exchange things of value, be it goods, services, etc. You don’t want more money — you want more of what it does for you.
So how do you understand money? Understand how you spend it by mastering your cash flow. Show me how and where you spend your money and I can tell you if you understand it or not and what’s important to you. Knowing your cash flow helps you understand what you actually do with your money which can be very insightful and helpful on how best to use your money. I didn’t understand money or my cash flow at all after graduating college, but I eventually mastered it by creating and using a simple yet robust cash flow worksheet. This will help you learn how to properly use money.
Money should be thought of as a tool of precision that can help us accomplish whatever it is we want. We earn money by doing or creating something of value. But what are you using your earned money for? Once you understand your current cash flow situation, you can assess some simple yet important things. Are you cash flow positive every month? If not, why? Are you spending (using) money on mainly assets or expenses? Assets ultimately put money in your pocket, while liabilities (expenses) take money out.
Once you understand your money and where it’s currently going, you can leverage this information into how best to use your money. Instead of spending X dollars a month on coffee every morning, which can easily add up over time, what if you took that money and used it on something that made you money? You could spend it on marketing your business, investing in a savings plan, paying down debt and so on.
Taking it a step further, you can now determine the ROI on where you’re using your money. If you’re paying down debt faster with your excess cash flow, you’re saving interest — and that’s real money. Investing your excess cash flow into marketing your business and seeing increased sales because of it? Now you have a direct correlation with what happens when you understand and use your money.
A best practice is to balance how you use your money. There’s nothing wrong with spending some of your money on things that you want, but it also makes sense to deploy your money into things that can work for you. Where will your money work hardest and best for you?
Related: We Owe it to Consumers to Foster Financial Literacy
Virtually everything in life has some level of risk. Risk is basically uncertainty about the future. When it comes to our finances, whether it’s personal or business, we have an opportunity to protect ourselves against uncertainty and manage risk. As an entrepreneur, we are prone to and arguably seek out risk since we know it can lead to a lot of rewards, but that doesn’t mean that we should blindly take on risks and just hope for the best. Planning for the worst and hoping for the best is a sound practice to help manage your risk.
Some simple guidelines to manage risk with your money are:
If we know what money is, how to use it and how to manage risk with it, we end up empowering ourselves to be the master of not only our money but — to an extent — our future. Life happens and curveballs will fly, but controlling these variables to the extent we can gives us a much better chance of being successful with our money.
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Derek Notman
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A recent survey by the National Financial Educators Council found that in 2022 financial illiteracy cost Americans an average of $1,819 per person. It’s the largest number in the six-year history of the survey.
The survey is based on the average losses reported by 83,000 survey respondents in 50 states. Individuals were asked how much money they thought they lost due to a lack of knowledge about personal finances.
The increase in losses for 2022 could be attributed to record-high inflation and other recent economic challenges, but there are several common mistakes individuals make every year that can cost people thousands. Here’s a look at four.
According to the Consumer Financial Protection Bureau (CFPB), the most common and costly financial illiteracy mistake made annually is due to credit card interest and fees, which costs Americans nearly $120 billion each year.
To avoid fees and accruing interest, the National Financial Educators Council recommends doing a simple credit card interest calculation to assess how much you should be paying monthly. For example, let’s say you owe $3,000 on a credit card with an ARP of 25%:
Source: National Financial Educators Council
Luxury spending is the second biggest cost to Americans, resulting in about $64.8 billion in spending in 2020, the report noted, per SaveMyCent.
From 2020 to 2022, the purchase of luxury goods increased in the U.S. by over 10 billion, according to Statista, and the category is expected to experience continued growth until 2028.
If you’re looking to save or avoid overspending, the report suggests being conscious of marketing terms and images promoting “exclusivity.” It’s okay to want a new watch or handbag, but is it really in your budget to buy a Rolex or Chanel?
Overdraft fees are the third biggest financial illiteracy cost at an average of $17 billion annually, according to the CFPB. Although banks offer overdraft protection that allows purchases to go through even if the entire amount is not present in one’s account, the results are damaging because the bank charges for the overdraft transaction.
While most overdraft transactions are incurred on purchases of $24 or less, the median overdraft fee is $34 according to the CFPB. It may not seem like a lot, but make it a habit, and those fees stack up quickly.
Other common (and costly) errors include identity theft and fraud, which cost Americans an annual average of $6.9 billion and $5.8 billion respectively, per data from the FBI and Statista.
While being a victim of identity theft and fraud can be out of our control, there are measures you can take to ensure your accounts and personal information is secure such as creating strong passwords, setting up alerts on accounts, and checking your credit reports regularly.
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Madeline Garfinkle
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For community banks, marketing often points to finding ways to educate, support and grow community, as well as customer knowledge and awareness.
True relationships withstand the test of time, and such is the case with the community bank/customer connection. It’s not unusual to hear about a community bank having served a family or a business for generations, and that’s a testament to the strength of the relationship.
As we consider marketing in this month’s issue, I took time to reflect on exactly what differentiates the community banker and how marketing can help in growing and retaining business. I kept coming back to the fact that for community banks, marketing often points to finding ways to educate, support and grow community, as well as customer knowledge and awareness. By extension, these promotional efforts assume a natural role in a community bank’s journey, just enhancing what are already mission-critical initiatives.
I’ll be connecting with community bankers from around the country at ICBA LIVE in Honolulu, Hawaii, from March 12–16. I hope to see you there!
For example, consider ICBA chairman Brad Bolton’s Community Spirit Bank in Red Bay, Ala., and its work to share tips for financial resolutions in the local paper. Offering that information to the community helps individuals strengthen their financial savvy and supports a broader story of community bank leadership.
Or look to ICBA past chairman Bob Fisher’s bank, Tioga State Bank in Spencer, N.Y., and how it teams up with local television stations to support cause-related activities, like the No Shave November Cure the Blue 5K. Not only does this event help raise funds for an important program, it also demonstrates the bank’s commitment to its community.
These examples offer only a snapshot of what community banks all over the country do to support their communities from a mission-based approach. In many cases, the added promotion these efforts deliver is a side benefit to serving the community.
That’s precisely why these efforts are successful: They garner attention because they are the right things to do. These stories create a value proposition around why banking with a community bank is so vital, and the differentiation from megabanks and credit unions happens by leading with the community bank relationship model front and center.
So, as you think about your bank’s planned storytelling this year, know that ICBA is standing by to help. In fact, stay tuned for a very exciting announcement that we’ll be making during ICBA LIVE, which will shine a light on what differentiates community banking. And our work won’t stop there. We invite to you join us as we continue to tell the community banking story.
Because beyond marketing, what you do matters to the customers and communities you serve. You are and will remain a partner through your customers’ lives and financial journeys. From a marketing perspective, that’s an ideal place to be.
Rebeca Romero Rainey
President and CEO, ICBA
Connect with Rebeca @romerorainey
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Lauri Loveridge
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Photo by Ismail Rajo/iStock
The time has come for the long-awaited FedNow launch. As community banks navigate this process, there are plenty of resources available to answer questions and provide guidance.
By Colleen Morrison
Between May and July of this year, non-pilot instant payment transactions will be live on FedNow, the first new Federal Reserve payment rail in more than 40 years. After much strategy, planning and discussion, the implementation phase has arrived.
“As we near launch, I’m reminded of where we started,” says Nick Stanescu, senior vice president and business executive of the FedNow Service. “The decision to build the FedNow Service was the result of a multiyear initiative of collaborating with the industry to explore ways to modernize the U.S. payment system.”
He notes that the launch of FedNow will represent a major landmark in modernizing and improving the U.S. payment system. “Importantly, this will level the playing field by allowing financial institutions of every size to benefit from safe and efficient instant payments,” he adds.
As community banks look to take advantage of this new opportunity, they seek resources to help them navigate the journey. With that in mind, industry experts agree there are three key sources of information to support banks in honing their instant payments plans.
The Federal Reserve launched the FedNow Explorer to help financial institutions establish their individual evaluation and implementation needs. Offering a guided journey, a self-explore option and a quick link to resources, this site incorporates the latest news and information from the Fed about FedNow. In particular, the Service Readiness Guide and the Service Provider Showcase provide insights into preparation requirements and available solutions.
“You have to educate yourself; you have to educate your employees and your management team. So, starting off with the FedNow Explorer has a lot of great resources,” says Sherri Reagin, chief financial officer at FedNow pilot participant North Salem State Bank, a $590 million-asset community bank in North Salem, Ind. “We even showed one of the videos at our annual training to all of our employees. They’ve heard me talking about FedNow for a couple of years now, but they didn’t fully understand it until there was a visual. There are so many great resources on that website where people can really get started.”
The Federal Reserve account executive stands as a valuable resource for asking bank-specific questions about the FedNow Service and can benefit community banks that want to be early adopters. For example, Stanescu points out that there are four core capabilities of instant payments readiness that a community bank’s Federal Reserve account representative can help evaluate:
Each area creates important decisions for the bank, and the Fed account executive can help financial institutions navigate the pros and cons.
“Your Fed account executives are great places to start, as well as your technology solution providers, based on the product lines you think are going to use FedNow,” says Kari Mitchum, vice president of payments policy at ICBA.
To that point, solution providers will play a crucial role in implementation from the core system to downstream customer-facing applications. Community banks will need to decide their required functionality in receive-only or a send-and-receive scenarios and work with their providers accordingly. For most, that process starts with talking to their cores.
“My advice: Build a plan, understand what partners must be involved and do a lot of exploring with vendors,” says Debra Matthews, chief of deposit operations at $2.1 billion-asset Texas First Bank in Texas City, Texas, a FedNow pilot participant. “Explore what your core has available and plans to do in the future and determine if any additional third parties are needed for implementation.”
Reagin agrees, emphasizing the enhanced role that core providers will play to accommodate FedNow. “Everything we do, all the fintechs that we use—if you’re going to settle a payment, it has to go through your core provider to get through your system,” she says. “So, they’re going to have to be involved, regardless of who you use to interface between the Federal Reserve and your financial institution.”
While the FedNow Service will launch in just a few months, the wide-scale rollout will take some time, and customer adoption will follow suit. However, if market history bears any indication, instant payments will be a critical part of payment processes in the future.
“Keep in mind Apple Pay has been out for almost 14 years, and QR codes were created in 1994. FedNow coming out is not going to be some overnight change,” Mitchum says. “There’s that story from [FedEx founder] Fred Smith that he had the idea for FedEx in the 1960s, and the paper got a ‘C’ on it. They said, ‘Nobody wants stuff next day; there’s no need for this.’
“Now we’re in the time of Amazon same-day delivery, two-hour delivery. But that doesn’t mean that we got rid of USPS. It doesn’t mean we got rid of two-day shipping. There are multiple choices for moving goods; there’s going to be multiple choices for moving money.”
But with the rate of change in today’s digital space and this immediate gratification environment, it won’t take long for demand for instant payments to accelerate.
“I think FedNow is going to transform the way that we do business, and the way that businesses operate in the future.”
—Sherri Reagin, North Salem State Bank
Use cases like early wage access, P2P payments and insurance disbursement have already emerged, and others will continue to develop. Community banks that don’t begin exploring instant payments may find themselves at a competitive disadvantage more quickly than they might think.
“Financial institutions need to really learn the benefits of FedNow to be able to accelerate the services that we can offer to our customers. I think FedNow is going to transform the way that we do business, and the way that businesses operate in the future,” Reagin says. “The sooner we can get our customers and our employees acclimated to it, it’s just going to skyrocket.”
Community bankers benefit from education tailored directly to their needs, so ICBA has developed customized education to complement available resources.
For example, ICBA Bancard ran a five-part webinar series called Ramping Up for the FedNow Launch, which includes the following sessions:
ICBA is planning more events as the FedNow go-live date nears.
“We’re looking to put together a robust 2023, and it’s going to be dynamic,” says Kari Mitchum, ICBA’s vice president of payments policy. “So, as we get closer to launch, make sure you’re always reading NewsWatch Today. We’re going to make sure there are frequent webinars and lots of education out there.”
Currently, more than 180 financial institutions belong to The Clearing House’s Real Time Payments Network (RTP), and 80% of network participants are community institutions with less than $10 billion in assets. It became an attractive option for banks that wanted to get an early jump on instant payments.
“We do think that there’s value in being set up to receive on both the RTP Network and FedNow,” said Nick Denning, senior vice president of payments industry relations at ICBA Bancard. “For a bank that is still trying to figure out what its broad instant payments and FedNow strategy will be, getting set up on RTP to receive now is one thing it can do to get moving forward while they figure out the nuances of their plans and approach.”
Many third-party providers will use the same instant payments solution to hook into FedNow and RTP, so setting up to receive RTP transactions will help banks prepare for FedNow.
Colleen Morrison is a writer in Maryland.
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Lauri Loveridge
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I am grateful to have had the opportunity to serve as chairman. I will continue to advocate for community banking, and for the rest of my career, stand side by side with you to fight our future battles.
Serving as ICBA chairman has been one of the highest honors of my life. It’s hard to put into words how special this experience is. The work you’re doing every day puts real faces and names to the communities we’re fighting for, and it has been a privilege to be your representative at the national level.
Yet, it takes the voices of many to make a true impact. That’s why I’ve asked community bankers to sacrifice a few minutes every day to advocate for our industry. We are what stands between our customers and an overreaching federal government and regulatory system. We hold the line for Main Street America, which needs us.
Reflections on community banking:
In today’s environment, that vigilance is critical to staying ahead of emerging threats. Each day brings forward new concerns, and we have to stay focused on who we are and who we represent. So, keep pressing forward in defending this great industry we get the opportunity to serve.
For example, every community banker has a primary focus on how they can better serve their customers. It isn’t about making more money, but how we respond to community needs. We should also remind policymakers that community bankers are small business owners, too. And even though we have fiduciary and regulatory responsibilities to remain profitable and provide a return to our shareholders, our focus always comes back to how we can serve our customers better. In maintaining that focus on our relationship-centric mission, we will continue to thrive.
That’s why it’s vital for community banks to remain independent, and a big theme for me has been encouraging bank executives to identify their next generation of leaders. There are those within your institution who share your vision and passion. Support their development and groom them to take the reins. Without your bank, your communities are at risk. So, make a succession plan to ensure your bank remains the lifeblood of the community.
With that in mind, I implore you to keep fighting for Main Street. Keep raising your voices to advocate for your customers. Keep engaging with innovative companies to grow, evolve and better serve. Keep identifying future leaders to ensure the longevity of your institution, because your communities need you in their corner.
I want to close by saying I am grateful to have had the opportunity to serve as chairman. I will continue to advocate for community banking, and for the rest of my career, stand side by side with you to fight our future battles. With that passion leading, I’m confident we’ll witness the continued growth and success of our beloved industry.
Brad Bolton, Chairman, ICBA
Brad Bolton is president and CEO of Community Spirit Bank in Red Bay, Ala.
Connect with Brad @BradMBolton
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Lauri Loveridge
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