Make Sure They Know

If the real meaning of who we are is built on our belief system, our values and ultimately identifies us as individuals, then when looking around me, I can’t help but wonder what my future generations’ identity will look like.

You may find this hard to believe, but I don’t mean their financial future.  I am concerned that MY future generations will be robbed of a critical part of their family story and face a loss of their family heritage. Simply put, I don’t want our southern culture, and specifically, our core values to deteriorate and disappear forever.

I want my grandchildren to know where they come from.   Now, I don’t mean the part where people assume that because you are from the south that you are backwooded, (southern term) and uneducated.  I’m talking about all that is good and right, like knowing that respect for the elderly is expected and saying please and thank you is not a suggestion.  I want them to know that being kind is never wrong and being mean is never right.  I want them to know that even though their path may take them far away it’s never too late to come home and most of all the faith of their grandmother was real.

I want them to understand the value of community, the benefits that come from it and the best things in life really are free, like riding your bicycle through town and everyone waiving and saying hello. I want them to understand they better “act right” because someone will tell on them.

As we begin a new year, I resolve to make sure I tell them the stories I remember and encourage them to spend time listening to my parents tell their story. I will also remind them that everyone is not replaceable so be careful who you hurt. AND yes, I want them to know the value of a dollar and that having lots doesn’t make you rich just as having little doesn’t make you poor.

Happy New Year!            

I Don't Know Everything

I have come to the conclusion there are basically two sets of people: those of us who don’t know everything and those who don’t know that they don’t know everything. I recently came to this conclusion by several events that transpired on Thanksgiving Day.   One of which happened as I was taking my grandson home; he asked a question I simply didn’t know.  Without hesitation he said, “Let’s google it”. Now, I knew my cellphone had a password protection on it and immediately thought he will need my password as I smiled and handed it to him.  However, what “I didn’t know” was apparently my smart phone password is overridden with the simple placement of my thumb on the home button.  I apparently didn’t know as much as I thought I did.

The second was when I received a message through social media from a non-customer concerning a mishap at our ATM.  Unfortunately, his financial institution was closed, as was ours, for the holiday.  This mishap had caused him to be out $500 and with no way to contact his bank he was given my name and told I might be able to help.  This young man had no “knowledge” of how “banking” rules work, he only knew that he needed his money and someone needed to help.

Through both situations, I learned we can’t possibly know everything. The truth is we are not wired to know it all; we just need to surround ourselves with people that are willing to share their knowledge.

In the case of my grandson, I am so glad I have him in my life; he keeps me technologically up to speed. In the case of the “potential” customer, he truly didn’t know what to do, but he realized he needed to contact someone at the bank.   On a side note, I found out that by listening we learn, and by showing empathy and putting ourselves in someone else’s shoes we too learn.  I wasn’t able to get the $500 immediately, but it did get me a thank you for listening and a really nice bag of fresh picked tangerines.

START "EM YOUNG"

Riding in a car for three hours with two sets of twin grandgirls all age 5 can teach you a thing or two… especially when it comes to football!  Yes, you read that correctly.  Like 65 percent of Americans, my sons-in laws are fans of football and each girl was eager to share their own opinion of what football team was best.  However, one did state she couldn’t pull for the team she loved at home because her dad would kick her out of the house.  Now, why I am certain our daughter would not allow that to happen, I was impressed that she still loudly stated her team of choice over her dads obvious objection to “her” team.

So, how did these girls know so much about football?  They each knew “their” teams fight song, word for word, and definitely didn’t care that their cousin sitting right next to them was cheering (loudly I might add) for a different team.    Now I am aware that 42% of women are also fans of football.  But I am certain our daughters don’t have their fantasy football team lined up. So where does this come from?  

That only leaves me to believe this love and knowledge of the game comes from the men in their lives.  As a grandmother this makes me smile.  Because I am certain having dads with such a passion for something that the enthusiasm extends to little 5 year old GIRLS will extend way beyond football.

As a banker it also encourages me that it is never too early to begin teaching young people, whether it is football or the value of a dollar. As my children say, “Start Em Young”.   It also makes me think maybe I need to invest in football stock!

Just In Time

Once again this morning I read why “just in time” financial education may be too late. While I understand the concept, I never think teaching financial education is wrong.  Just like I think we are never too old or young to learn.

However, I recently found myself wondering if there is a correlation between early financial literacy and real-world financial success. As much as I would like to believe there is, we simply can’t control other factors that might influence financial behavior.

Growing up, in what some might consider poverty, money was only discussed in terms of the “lack of” and “saving money” was never heard of.    However, my siblings and I each have our own unique take on the value of money and what financial security looks like.  While my sister is a risk taker and makes larger sums of money, my brother is very low maintenance and I on the other hand, need and desire financial security.

So, given that we grew up in the same house with the same parents, what influenced our behavior?  Was it the birth order, our peers, our spouses, our career choices or maybe a combination of all? Who knows?

But one thing is certain, children learn by example and then they choose to either follow or lead!  Therefore, I plan to keep educating our future and myself.  Because one day these financially independent young people will determine my healthcare!

LETS PLAY STORE

It brought back memories of my childhood. You know before Nintendo, IPads and shopping online. 

My husband had picked up our twin grandgirls from Pre-K and as I walked in the house, I noticed he had removed all the items from our large coffee table in the den.  On the table he had placed many items the girls play with when coming to our house.  Old pocketbooks, costume jewelry, play cellphones (of course), books, etc.  As I walked by I overheard one say, “how may I help you” to which the other replied, “Yes, I need to buy a pocketbook?”  Since they are 4 years old, obviously the response was a ridiculous amount of money.  As I listened intently and to my surprise they were really enjoying the bantering back and forth about the cost of the items. “Well that is just too much” I overheard “the shopper” say.

I couldn’t wait to ask my husband what all of this was about.  He had decided it was too hot for the girls to play outside and perhaps, being married to a banker and he himself semi-retired from the investment industry, he thought they needed a lesson in how to be polite to customers and to learn the art of buying and selling.  He even stated he had taught them how to politely answer the phone (I immediately thought of people who missed that course).  Apparently “the business owner” was rude upon answering her first call.  So he quickly chimed in with “that is not how you speak to your customer” and then pretending to be the store owner showing the girls “the correct way” to answer the phone!!

What a novel idea, children learning how to be polite on the phone, learning the art of buying and selling, even learning that price tags may be negotiable and to think NO APP was used.   Why didn’t someone think of this before?  

Where Did Cursive Go?

I recently taught a basic budget class to a group of “Generation Z”, those born between the mid-1990s and the late 2000s. Most of these students were born in 2000 making them too young to remember the September 11th 2001 attacks, the Global financial crisis and probably the most foreign to me, these students have never written in cursive.   Are you kidding me?  How can they survive without knowing how to write their name so illegible that NO one else can read it if they don’t write in cursive? I mean…how can it be called a signature if it is legible?

After this epiphany my thought process was “they are 2 billion strong and they make up over a quarter of our population. How can we as a financial industry connect to this generation? What do we have in common?

Then the greatest thing happened. One student opened the window for me.  As we began to go through the budgeting process, I asked the students how much they might spend on gifts for others to which this one student replied, “Oh I don’t buy people gifts”   and then another budget item was, how many of you have pets and how much money do you spend on them? Again, “she replied, “oh I don’t have any pets”. At this point, I began to really question my ability to get through, and then it happened.  The next item on the budget sheet was “charity” giving to which I stated “I PERSONALLY believe in tithing” and immediately she replied, “OH I love me some Jesus and that I will budget for”!!!    Then the windows of heaven opened (literally), it was not about what my budget looked like, it was about what was important to her as an individual. Many students in that room budgeted for pets, while others saw an “Xbox” membership (didn’t even know that existed) a necessity.  

My being true in my own weird and quirky way made a connection with her. It also allowed me to understand that in order to reach this generation our brand must have a personality... Not a scripted signature.  We must look at them as pet lovers, gamers, Jesus lovers and yes even individuals that can’t write their name in cursive.

Poverty Has A Face

As I ran home to grab a quick bite for lunch, I noticed a mother and her three small children crossing the road in front of me.  I couldn’t help but stare.  Their clothes looked worn and their hair a little frazzled. But they looked so happy, holding hands and smiling.  The mother was so careful to watch as my car was approaching and smiled as I stopped and motioned for them to cross the road.

My first thought was, school is out I wonder what they are doing at the school in this 100 degree weather?  It then hit me; our local school participates in Georgia’s summer nutrition programs and offers free breakfast and lunch.  My mind began racing as I watched them. Was this someone living close to me?

I also recalled reading a study that stated about 18,000 more children in July 2014 were fed during summer programs than in July 2013 and that was the good news. The bad news was that this study also stated that these programs still served less than one in six needy children. It made me wonder how many more children in our community were home and possibly hungry.  I was then struck with a vivid picture and reminded that poverty had a face…many faces to be exact.  It doesn’t have a specific gender, race or live in a specific neighborhood. Many families struggle to keep food on their tables. Many do not qualify for assistance and some are too proud to ask for help.

So, as I begin preparing to teach a basic budgeting class at the local high school, I am certain when I begin to speak about “giving to your local church and/or charity” as part of your budget, those faces will come to my mind. I hope I can convey to my students as Anne Frank stated, “No-one has ever become poor by giving”, and I pray through financial education they never see the face of poverty in the mirror.  

Trend of Entitlement

My husband and I decided we would like to visit a neighboring city on a recent vacation.  The city we were vacationing in offered public transportation as a way to get from point “A” to point “B”.  Being from a small town, certain things are not available and public transportation is one of them.   I had NO idea what to expect and I had NO preconceived ideas.  However, with my personality I immediately said, “lets take the bus, it will be fun”.

Fun was definitely an overstatement!  For the next 2 hours, I watched as people from all walks of life stepped on and off a bus (which by the way made 20 stops between point “A” and “B”).   We met many by name and even learned what had brought them to this place.  Several were immigrants working at local hotels and this was their only means of transportation. One was a loud, obnoxious man upset that the air-conditioning on the bus wasn’t working to his standards and stated on more than one occasion, “The driver on the previous bus was not “personable” enough”.   

However, my favorite was a widow lady on her monthly trip to the local Walmart to be the first to get the day -old cakes marked down after 2pm. You would have thought it was a prized possession.

I left that little adventure realizing that the feeling of entitlement doesn’t necessarily come as a result of “income” or the lack of it. Some on that bus felt it was the government’s responsibility to provide them transportation while others were just glad to have a ride.

Now I admit raising my kids in a small town might have had its advantages.  I don’t remember explaining to my kids why they couldn’t have the brand new truck or the most expensive pocketbook or shoes.  I worked hard to make sure they had things they needed and tried hard to give them things they wanted, but I never wanted them to feel entitled to anything.

Was I overzealous in giving in to wants versus needs?  Did I tell them the truth, that sometimes it was hard to pay the light bill?  Did I teach them how to appreciate small things because I saw my own parents struggle?

I honestly don’t know.  But I am certain I see a trend that some feel entitled to things.  I am also determined to make sure I teach my grandchildren the value of a dollar and to remind them that hard work never hurt anyone.  But most of all appreciate the small things and always be grateful for the ride. 

I don't do Mornings!

I don’t do mornings!

It is rare for me to see the sun come up.  It’s also rare for me not to watch the 10pm news on WFXL and even see the opening monologue of The Tonight Show with Jimmy Fallen. I guess you could say I am somewhat of a night owl.   I simply don’t love mornings! Now that is not to say that I can’t get up and get going when needed…I just don’t want to!!

Now, I do believe it was Benjamin Franklin who penned “Early to bed and early to rise… helps make a man healthy, wealthy and wise”.

So the question is “do we make better decisions in the morning, in particular “financial” decisions”?  For most Americans only two other things, family and health, are more important than financial decisions.

I have been told that “decision fatigue” referring to the results from being inundated with decisions all day long contributes to making poor decisions later in the day.

Well…what if you simply can’t perform some task until at least 10am?  What if your mind doesn't even start clicking until mid-morning?  Does that make you less likely to make sound decisions?

I don’t think so, and I have figured out that I have been blessed with what will soon be 18,250 mornings.  Now granted I have made some really stupid decisions, and a few have been financial ones; however, I have also experienced some very sound decisions.

Therefore, the only thing I am sure of is that every decision has consequences and everything just makes more since after a good cup of coffee!  Let me know what you think! 

Life Happens

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Most jobs do not have just one specific trait. For example: a chef must possess creativity and good organizational skills….not just be a great cook!   A banker is no exception.  When dealing with ones finances, the banker must be a great communicator as well as possess strong mathematical skills and even provide the time and date on some occasions.  LOL

However, among many other traits, one of the most crucial traits for a banker is empathy.  To put it simply, we need to have the capacity to feel what our customer feels.

This became more evident to me recently, when several individuals dear to my heart visited me.  All of these young people come from similar backgrounds but through choices and circumstances each took a very different path.

Two young men came to visit my office with financial questions. While one chose college (not an easy path), the other decided he would wait and work for a while in the family business, putting off continuing his education.  The third was a young lady who had been through a pivotal and emotional week celebrating the life of a special young man known to us all.  The impact that he had on her life gave her a determination to succeed no matter what.

As my family and I begin to celebrate what is traditionally known as Holy Week, I started to ponder how events in our lives impact our financial decisions now and in the future.  I realized a good banker must look at each “transaction” with the capacity to feel what the other person feels and not just from an analytical perspective or from a debt to income ratio.  I knew each young person personally, their families, and “oh the possibilities” in each one. Seeing more than the numbers gave me a heartfelt answer for each of them.  And that is “Community Banking At Its Best”! 

If Time Is Money...

My mother always said, “Time is money”!  So, if that is true, I set out to determine how many hours of work it took me to earn that new cashmere coat I bought on my recent trip to Ireland!

By now the charge has hit my credit card and the reality of the purchase has sunk in.  That beautiful red, coat/wrap that was so soft and beautiful in cold Ireland, doesn’t seem to have quite the pizazz in good ole’ south GA.   I recently read that we should think of all purchases in terms of how long you had to work to buy it.

Now, I can pretty much tell you to the penny how much per hour that I earn.  But no, I don’t care to share that bit of information with you.  However, I can give you a shortcut to figure it out what that REALLY AWESOME RED CASHMERE COAT could have cost me in work hours by taking the amount of money you earn in thousands per year and drop off the last three zeroes. Then divide by two. So, if I earn $60,000 (haha), it becomes $60, divided by two is $30. So, if I earn $30 per hour, that REALLY AWESOME RED CASHMERE COAT cost me 5 hours of hard, mind-altering, work.  Was it worth it? Well, let’s just say I have an entirely new perspective on just how much looking good REALLY COST!!

$4 Latte Makes Me Smile

“I wonder how much money have I spent on $4 lattes this past year and is it irresponsible?”

Now my train-of-thought of course is, I’m almost 50-years-old and I have worked since I was 15 and I LOVE a pumpkin spiced latte and frankly I deserve it (right?).

Well do I?  So, I am setting out to conquer a New Year’s resolution of participating in all the things in life I find exciting and saying No to some things that frankly don’t excite me!  I recently read an article recommending setting up a “thoughtful spending plan”.  The article stated, “there is nothing wrong with spending money on things that are important to you, as long as you consider two things: 1) ask yourself if you have the money to begin with and 2) cut your spending on things that, quite frankly, don’t make you too excited”. Sounds easy, right? 

The challenge is many times during the year I participate in things because of a self-imposed feeling of obligation.  I don’t want to say NO! 

Here’s a great example. Smoked Boston-butts are really not our thing!  However, many organizations in our community sell these as fundraisers.  So what do I do?  I spend $25- $30 on something, that frankly my husband and I don’t like and 9 out of 10 times wind-up throwing most of it away. Do you know how many lattes I could have bought for $25?  A pumpkin spiced latte makes me happy, the Boston-butt on the other hand…well you get the picture.

Setting up a “thoughtful spending plan” doesn’t have to be hard!  All it takes is a few minutes to do some soul searching and evaluate your resources and what makes you tick.  Why not try it?  Throughout the approaching “love” month, see if you notice a pattern emerging of buying things that don’t make your heart smile, and adjust it.   

The point is to be intentional about spending money on things that give us value. If that $4 latte really makes you smile…go for it and enjoy every sip.