Urban Preparatory Academy 2821 E. 24th St. North (Old Mueller Elementary)
GET YOUR MONEY RIGHT
EXPO
2015
Financial Freedom
APRIL 18, 9 AM - 2 PM WORKSHOPS (SEE COMPLETE WORKSHOP LIST INSIDE) t )PX UP *NQSPWF :PVS $SFEJU 4DPSF t &TDBQJOH UIF 1BZEBZ -FOEJOH 5SBQ t " 8PSSZ 'SFF 3FUJSFNFOU
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FREE STUFF & PRIZES!
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KEYNOTE PRESENTER
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HOTEP
CEO Hustle University Keynote Speaker
A Special Supplement to
EVENT PARTNERS: WICHITA BRANCH NAACP • THE COMMUNITY VOICE •MONEY SMART KANSAS • COGIC URBAN INITIATIVES • YOUTH EDUCATIONAL EMPOWERMENT PROGRAM (Y.E.E.P) • URBAN PREPARATORY ACADEMY OF WICHITA •DREAMCATCHER WEALTH MANAGEMENT
EVENT SPONSORS:• AARP OF KANSAS• FDIC •OFFICE OF THE KANSAS SECURITIES COMMISSIONER • THE KANSAS NAACP STATE CONFERENCE OF BRANCHES • KANSAS STATE TREASURER OFFICE
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What is the Financial Freedom Expo Meet Hotep, Our Keynote Presenter Free Credit Reports and Sessions With Financial Planners at Expo Expo Vendor List Workshop Schedule
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Kansas is 8th Least Financially Literate State in America 5 Break that Bad Spending Habit
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Only States Can Really Impact Payday Loans
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Write Your Bucket List
CFPB Proosed New Payday Lending Rules
APRIL 2015
Financial Freedom
EXPO
Brand Your Swag and Make $$$
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About the Wichita Branch NAACP It’s Time to Get Our Money Right W By Kenya Cox President, Wichita Branch NAACP
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he NAACP’s commitment to equality, justice and economic freedom is stronger than ever! Our understanding of the scope and impact of poverty fuels our determination to expand our financial knowledge and ensure that all quadrants of our community are provided with access to self-empowering financial information. We don’t want to just break the cycles of poverty, we want to eradicate them! It’s been said that there is a four lane highway into poverty with barely an unpaved
Cox
dirt road out! Join us April 18th, 2015! We are shaking the dust off, not looking back but looking forward to a brighter economic future. A future, that starts with the road building blocks of financial education. “It’s Time to Get Our Money Right” and do ninety going west, in the direction of Financial Freedom!
gaged in increasing the responsiveness of citizens to be fully engaged in the democratic process. ECONOMIC OPPORTUNITY: Works to enhance the capacity of underserved groups, through financial economic education; promoting diversity in business hiring, career advancement, procurement and promoting community economic development. EDUCATION: Strives to ensure that all students have access to an equal and high-quality public education by eliminating ethnic disparities in our public schools. HEALTH: African Americans have the highest incidence and mortality rates from chronic diseases like cardiovascular disease, diabetes and obesity. HIV and infant mortality have continued to overwhelm the Black community. JUSTICE: Advocates for advance of a better public safety system that reduces the reliance on prisons as means of solving social problems, advances effective law enforcement and removes barriers to voting and employment for formerly incarcerated people.
Event Partners:
P.O. Box 20804 Wichita, KS 67208 316.681.1155 E-MAIL press releases: press@tcvpub.com ONLINE
Wichita Branch
Urban Preparatory Academy of Wichita
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voiceitwichita.com The Community Voice
FINANCIAL FREEDOM EXPO
ichita Branch NAACP was founded, July 19, 1919, by H. T. Sims who was the editor of the Black newspaper in Wichita. The Wichita Branch’s first president was a Caucasian, Judge John Madden, and its membership included then Governor, Henry J. Allen The NAACP is a volunteer-based non-profit organization established with the objective of insuring the political, educational, social and economic equality of minority groups. As the nation’s oldest and largest civil rights organization, the NAACP has worked successfully with allies of all races who believe in and stand for the principles on which the organization was founded: People of all races, nationalities and faiths united on one premise that all men and women are created equal. The NAACP has evolved to meet the challenges of the day, while remaining true to its original mission while working on the following game changers: CIVIC ENGAGEMENT: En-
@VoiceItWichita
Event Sponsors:
EDITOR IN CHIEF BONITA GOOCH
MARKETING CORNELL HILL & JANICE HARDEMAN
GRAPHIC DESIGN FRANCIS ONG
The Financial Freedom Expo is a special supplement to The Community Voice Newspaper. The Community Voice is published biweekly by TCV Publishing, Inc., 2918 E. Douglas, Wichita, KS 67208. Extra copies of this supplement can be purchased for $1 each plus postage, if mailing is required.
Event Supporters:
Chief Bob Thompson
NORTHEAST OPTIMIST CLUB
What is the Financial Freedom Expo?
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t’s a “you don’t want to miss” day of financial education, from some the best financial educators, planners and service providers in the nation; and it’s all free. This is a workshop others would pay $1000’s of dollars to attend, but thanks to the efforts of a coalition of community organizations, it’s free for everyone who can attend on Sat., April 18. If you don’t have any money, want more money, or don’t know what to do with the money you have, this expo is for you. This year the expo is themed “Get Your Money Right,” and that’s what we want everyone to do, no matter where you are in life. At the 2015 Financial Expo, children, young adults, young parents, adults and seniors will all find something designed to address their needs. In our first year, we attracted more than 300 participants who attended workshops, enjoyed a free lunch, visited with expo exhibitors and won free prizes. This year, all of the great things from last year are back,
but we’ve added even more. This year, the expo ends with a Financial Summit, featuring two dynamic national speakers. Charles Lowery, the Director of Fair Lending and Inclusion at the National NAACP, will speak about the racial wealth gap, its occurrence and needed action. Hotep is an internationally renowned success strategist, Congressional Awardwinning educator and entrepreneur known for his out-the-box thinking, guerilla marketing tactics, branding expertise and his unique “no nonsense” approach to making the best out of your life. What else can you expect if you attend the expo: •Lots of people of diverse demographic groups: race, income, wealth, and age. •Informative workshops presented by informed experts in their field. •Lots of opportunities to get your questions answered. •Vendors with great financial infor-
mation you need to know. •Free lunch. •A free copy of your credit report. •An opportunity to meet one-on-one with a certified financial planner •Door prizes and an opportunity to grab up to $500 from the money machine •Great keynote speakers with messages that can change your life.
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If you don’t have any money, want more money, or don’t know exactly what to do with the money
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you have, this
expo is for you.
Financial Freedom Expo is a Money Smart Week Program
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oney Smart Week is a public awareness campaign designed to help consumers better manage their personal finances. This is achieved through the collaboration and coordinated effort of hundreds of organizations across the country including businesses, financial institutions, schools, libraries, not-for-profits, government agencies and the media. These groups come together once a year to stress the importance of financial literacy, inform consumers about where they can get help and provide free educational seminars and activities throughout the week. Programming is offered to all demographics and income levels and covers all facets of personal finance from establishing a budget to first time home buying to estate planning. Since the first Money Smart Week in 2002, the number of events, reach and impact has continued to expand. For a complete calendar of Money Smart Kansas events, go to www.moneysmartkansas.org.
Financial Freedom Expo is the FACT: largest local Money Smart Week Program.
Recruiting
Students
for Communication Upward Bound a pre-college program that features:
For additional information about TRIO Communication Upward Bound Contact Associate Director Wilma Moore-Black at 316-978-6113 or online at wichita.edu/cub
APRIL 2015
• College Admissions • Financial Aid Assistance • Scholarships • FAFSA • Study Skills
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• College Visits • ACT Prep • Tutoring • Career Exploration • Community Service
FINANCIAL FREEDOM EXPO
AWESOME
FF Meet Hotep, Our Keynote Presenter 4
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FINANCIAL FREEDOM EXPO
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APRIL 2015
otep is president and founder of HustleUniversity.Org, the ďŹ rst self-help HBCU for entrepreneurs. He is an internationally renowned success strategist, Congressional Awardwinning educator and entrepreneur known for his out-the-box thinking, guerilla marketing tactics, branding expertise and his unique “no nonsenseâ€? approach to teaching leadership, entrepreneurship and practical business best practices. Hotep created the revolutionary Outcome Progression Model, which he has used to improve performance, personal and ďŹ nancial outcomes for over 10,000 individuals and organizations across the world. This work has earned him nominations as a CNN Hero and for the U.S. Presidential Citizen’s Award. Hotep calls himself a “Business Abolitionistâ€? and considers entrepreneurship as the key to freedom for all people. He is also the author of several popular empowerment books including the phenomenal classic; The Hustler’s 10 Commandments. In a mere 5 years, Hustle University president Hotep has accomplished more than most do in a lifetime! Within
this period he wrote over 12 books, won a Congressional award, and built a business empire enabling him to retire at age 37. He accomplished all this with no business loans, no credit card debt, no investors, no government help and NO COMPROMISE. He currently travels coast-to-coast touching the lives of 100’s of thousands with the empowering message he calls, “The Hustler’s Gospel.�
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didn’t create E FROM HOTE P: the hustler’ I’ve simply s mindset. ide and other b ntiďŹ ed certain commo onaďŹ de go-g n characteri suites. The stics within etters at n myself of life to co I created a place for a every level from the st ngregate. re ll of us who subscribe to ets to the Please don this way ’t confuse m e to be an ed ucator by p for your average hust rofession. ler. I actually Therefore, I sp happen The hustler end my time doing 1 of 2 things. in me PEEP That’s why S I called this game, the educator in place‌‌H ustle Unive me TEACHES game. Having writt rsity. en books w ith titles like The Hustle r’s :T HU shares Gospel and The Hust he Hustler’s 10 Comm the qualitie ler’s Bible, andments, so yo That’s beca use a perso f both a school and a u might notice that church. n’s mindset things: their is knowledge and their be comprised of a comb ination of 2 liefs. So not only d at HU, we a o we teach people how ls to better use universal la o share a common be their know lief system ws regarding o ledge, Of course w and truths. urselves, e Consider H aren’t trying to replace U as a supp tr a d itional co le at school, a nd the bless ment to the lessons yo lleges or churches. ings you are ua ship. receiving a re currently getting t your place of worIf you subsc ri person that be to the mindset of th e hustler; if gets out an d yo waiting for someone to creates your own opp u’re the type of ortunities, in give you pe stead of rm ission. Welcome h om Welcome to e. Hotep, PreHustle University. sident and Founder
Brand Your Swag Immediately following the expo, Hotep will conduct a 90-minute workshop “Brand Your Swag.� Learn more about the workshop on page 9.
Books By Hotep
•The Hustler’s 10 Commandments •Hustle While You Work •The Hustler’s Gospel •Keep It Moving •How to Sell Water to a Whale •Brand Your Swag •The Hustler’s Guide to Publishing and Getting Paid •The Hustler’s Guide to the Entertainment Industry •Romance and Finance •Turn Pain to Power Hotep’s books will be for sale in the expo vendor area.
Take advantage of your home You already own your home. Why not take advantage of its equity to make home improvements, buy a new car or combine higher-interest debt into one low payment? With a loan from INTRUST Bank, you can fund your upgrade and maintain your family’s budget — a smart move your whole family can enjoy. Call us at 383-1234 or visit intrustbank.com.
Home Equity Loans 5-year term
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*Subject to application and approval. The Annual Percentage Rate is subject to change and will vary depending on credit worthiness, loan term and fees. Contract rate will be .25% higher if the payments are not automatically deducted from an INTRUST Bank checking account. Disclosed APR assumes a $50,000 loan with a $250 origination fee. For example: A $50,000 loan with a contract interest rate of 3.75% would require 60 monthly payments of $919.77, resulting in an APR of 3.95%. This offer LV FRQWLQJHQW XSRQ JUDQWLQJ ,175867 %DQN D ÀUVW RU VHFRQG 0RUWJDJH RU 'HHG RI 7UXVW RQ D VLQJOH IDPLO\ RZQHU RFFXSLHG UHDGLO\ PDUNHWDEOH UHVLGHQWLDO UHDO HVWDWH SURSHUW\ H[FOXGLQJ PRELOH KRPHV DQG FRRSHUDWLYHV LQ WKH VWDWH RI .DQVDV 8QVHFXUHG investment property, rental property and commercial loans are excluded. Insurance must be carried on the property securing this loan. Available for fully amortized mortgage-secured loans of $10,000 or more, with a combined loan-to-value ratio LQFOXGLQJ SULRU PRUWJDJHV RU OLHQV RI RU OHVV DQG KDV D PD[LPXP WHUP RI PRQWKV 5DWHV DV RI Member FDIC | Š 2015 INTRUST Bank | Equal Housing Lender
Kansas is 8th Least Financially Literate State in America
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he issue of widespread financial illiteracy – not just in this country, but around the world – has rightfully garnered significant attention in the aftermath of the recent recession. The housing market collapse and ensuing global financial crisis served as a stark reminder of our obsession with debt as well as the dangers of “quick swipe” financial access in the hands of consumers who are marked by a hope-for-thebest, figure-it-out-later attitude and an obvious lack of financial aptitude. But how much did we really learn, and what are we doing to help future generations avoid repeating our mistakes? Not enough, it would seem. Since 2012, Americans have collectively racked up roughly $133 billion in new credit card debt since the beginning of 2012, unsurprising given that only two in five adults actually have a budget. Ultimately, there’s really no shortage of statistics that one can quote to illustrate our money management shortcomings – from the 20% of Americans who spend more than they make to the 60% of folks who don’t have a rainy day fund. But where are the problems most pronounced? Well according to the report, things are pretty bad in Kansas. Kansas ranked as the 8th least financially literate state in America.
That put us right ahead of Oklahoma, but behind ALABAMA – wow! How are they measuring financial literacy? According to personal finance website WalletHub (they conducted the study) measuring financial literacy ultimately comes down to 11 metrics, which we separated into two main categories – 1. Planning & Daily Habits, and 2. Knowledge & Education. Of the 11 metrics, here’s where Kansans really scored low. •46th – Percentage paying only minimum on credit card. •44th – Percentage of people who spend more than they make. •40th – Percentage of people with a rainy day fund. •38th – Percentage comparing credit cards before applying -- they want us to compare credit cards for the best deals, terms and conditions. •24th – Percentage of people borrowing from non-bank lenders •22nd – Percentage of unbanked households -these families too often rely on less secure and more expensive financial services.
Free Credit Report, One-on-One FF 5 Financial Advice at Expo
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f you’re like most Americans, you have no idea what your credit score is or what’s actually on your credit report. Well, put an end to the mystery at the Financial Freedom Expo. Everyone who attends can get a free copy of their credit report. If you don’t like your credit score, or don’t understand what’s on your credit report, then make sure you attend one of two sessions on Increasing Your Credit Score. if you need more one-on-one assistance, sit down with one of the professional Financial Planners who will be available for personal consultations. What are your financial goals, concerns or questions, these certified financial planners can give answers and professional advice.
What if you’re on social security, or if you’re looking forward to the day you can start drawing your social security check, then you’ll definitely want to visit with representatives from the Social Security Administration in the expo vendor area or attend the workshop, “What You Need to Know About Social Security.”
FACTS:
Most adults have not reviewed either their credit score (60%) or their credit report (65%) within the past year.
Selling Your Home 101 FINANCIAL FREEDOM EXPO
Thinking of Downsizing Your home? Time for an Upgrade? If you own a home, The day might come to sell....... Learn the Do’s & Don’t
Kerry Dunn
Call Kerry
APRIL 2015
316-990-7293
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Attend Kerry’s Workshop at the Financial Freedom Expo Sat. April 18
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FInancial Freedom Expo 2014
Financial Freedom Expo Vendors Stop by and get additional information when you visit with our expo vendors
Financial Institutions
1 Photos by Pictureman
Commerce Bank has been making smart mortgage loans to smart homeowners for nearly a century, so, unlike other mortgage lenders, Commerce still has money to lend and they’re lending at interest rates that are close to historic lows. Even if you’re staying put, you might think about moving your mortgage to Commerce Bank. Great Plains Federal Credit Union A non-profit credit union with just one Wichita Branch, the company offers unmatched personal service. They offer checking with no monthly fees and no minimum balance. Looking for a car loan – they have great rates. Mid-American Credit Union They’re exceeding members expectations every day. They offer checking, saving, investments, car and home loans. Sunflower Bank Managing finances is one of the most important things people can do to get ahead and having the right tools easily accessible makes personal money management decisions easier and more effective. Spend your dollars with purpose. Whether saving for college, unexpected purchases, retirement or a rainy day, let Sunflower assist you in making all your pennies count.
Community Businesses
Farmers Insurance-Dan Hanley Agency provides insurance the way you want it. If you want a dedicated agent who can help you select the best coverages and features give Dan a call today or stop by his both at the expo. See if Dan can get you a better value. Kerry Dunn is a realtor Realtor with Remax Realty Professionals This is Kerry’s ninth year selling real estate in the Wichita area. Kerry has consistently ranked amongst the top producing agents in the area. If you’re looking to buy or sell a home call Kerry and let his knowledge and expertise go to work for you. Sammy Oduniyi Agency Is proud to be named an American Star Certified Agency an honor that affirms his commitment and customer experience. You work hard for your dreams you deserve an insurance company that works just as hard to protect them. The Community Voice This 20 year-old communitybased paper continues to provide its readers with important financial information and fights for the empowerment of the community. Stop by their booth and pick up a copy of the Black Business Directory, a current issue of the paper and learn more about their upcoming programs and initiatives.
FINANCIAL FREEDOM EXPO
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APRIL 2015
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Government Organizations
3 PHOTOS: 1.Kenya Cox, Wichita Branch NAACP President, welcomed Kansas Treasurer Ron Estes to the podium during the Expo opening session. 2. Last year, and again this year, there are 24 workshops participants can attend on topics for people of all ages and in all stages of their financial life. 3. Make sure you visit the expo vendors for additional information. 4. Members of the American Legion Post #273, the Northeast Optimist and Phat Azz Bike Club helped with the free meal.
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Social Security Administration Get your questions answered and sign up and sign up to get your free personal online my Social Security account. This account allows you to track your earning, manage your benefit and get an estimate of your future benefits if you are still working. Ron Estes, Kansas State Treasurer, and his staff are here are at the expo presenting information about the Learning Quest 529 Education Savings and Unclaimed Property Programs and conducting online searches for unclaimed property. The Treasurer’s Office is holding more than $317 million in unclaimed property. The Treasurer’s has also donated a $529 Learning Quest account that will be given away at the expo to help one lucky person kick start their own savings. Kansas Office of the Securities Commissioner This state agency is charged with protecting and informing Kansas investors. Learn more about how to safely invest your money and stay clear of fraud and scams. Small Business Administration The U.S. Small Business Administration has delivered millions of loans,
loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA provides assistances primarily through its four programmatic functions: providing access to capital, entrepreneurial development, education, information, technical assistance and training and government contracting. Stop by their booth to learn
more about their programs.
Community Non-profits
AARPof Kansas AARP is a collection of diverse individuals and ideas working as one to influence positive change and improve the lives of those 50 and over. AARP members reflect a wide range of attitudes, cultures, lifestyles and beliefs. The ultimate goal of AARP Services is to create a better world for all of us as we age. They focus on improving the marketplace to better serve the 50 and over population. COGIC Urban Initiatives A program of the national COGICC, this program’s mission is to help build our communities. The program works to address issues such as economic development – job creation and training, and financial literacy, earning, saving, investing, and spending wisely. Communication Upward Bound The TRIO Communication Upward Bound program offers youth in the Wichita area an opportunity to sharpen their communication skills and learn how to work with and write for varied media outlets. The centerpiece of the program is a four-week intensive residential summer camp for high school students housed on the Wichita State University campus and run by faculty and staff in the Elliott School of Communication. Financial Planning Association Professional Financial Planners will be on hand volunteering their services and giving financial advice. Stop by for a personal consultation. Habitat for Humanity Stop renting, You can own your own home by the end of this year, even with less than great credit. Stop by their booth to learn more. Kansas/Wichita NAACP Founded in 1909, the NAACP is the nation’s oldest and largest civil rights organization. Improving Financial literacy and empowerment is one of the organization’s major platforms. Learn more about local efforts of the Wichita Branch and get’s lots of financial literacy information Urban Preparatory Community Outreach Center and Academy Stop by and learn more about the classes and outreach sponsored at Urban Preparatory Academy – the old Mueller Elementary. In addition to a private academic school, the campus host a free Saturday School with diverse, fun and creative learning experiences. Wichita State University Veterans Upward Bound (VUB) is a pre-college program designed specifically to assist veterans with the college admission and financial aid/GI Bill process. They offer individualized range of services designed to prepare eligible veterans for success when they enter their chosen educational program, whether it’s a two-year community college, a four-year college or university, or a private institution, they’re available to assist veterans. All services, including academic and career counseling, workshops, and instructions, are free of charge. Youth Educational Empowerment Program (YEEP) is a non-profit organization that teaches financial literacy to children from birth to age 24, with a special emphasis in low to moderate income communities, thus empowering them to set goals so that they will be financially fit for a productive future. The organization uses their Teen Voice magazine to help deliver their message and train youth.
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FINANCIAL FREEDOM EXPO SCHEDULE 8:30 - Room 9:30 # am Room #1
Room #3 Room #4
Room #6
10:45 - 11:30 am
11:45 - 12:30 pm
Increase Your Credit Score
Increase Your Credit Score
Increase Your Credit Score
Consumer Credit Counseling, Cynthia Ongeche
Auto Insurance for the Hard to insurance Sammy O. Oduniyi & Daniel Hanley
Homeownership 101 Habitat for Humanity & Kevin Andrews
Starting A Business Small Business Administration
Better Money Habits
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Will You Run Out of Money Before You Die?
Consumer Credit Counseling, Cynthia Ongeche
The Good, The Bad, The Ugly of Pay Day Loans
Consumer Credit Counseling, Cynthia Ongeche
Director of Fair Lending & Inclusion National NAACP
Great Plains Federal Credit Union Great Plains Federal Credit Union Angie Franklin Angie Franklin
National Perspective of
Selling Your Home: Downsizing or Moving Up
Racial Wealth Gap - Occurence & Needed Action
An attorney with a history of fighting against predatory mortgage lending and pay day loans.
Financing A Business
(No Class)
Kerry Dunn Remax Realty
Small Business Administration
How to Talk to Your Children About Money Stan Webb, Dream Catcher Wealth Management
5 Keys to Investment Success
Charles Lowery, Jr. , NAACP Economic Department
OPEN
Better Money Habits
t 4UFQT UP IFMQ HFU PVU PG EFCU t 4USBUFHJFT UP QBZ EPXO EFCU t 5JQT GPS TBWJOH GPS MBSHF QVSDIBTFs
Financial Planning For Women
Kansas Office of Securities Commissioner, Shannon Stone
Sue Tirukonda, CFP Financial Planning Association
Learn the Con-Artist’s Playbook
Estate Planning Basics
What You Need to Know About Social Security
Don Grant, Certified Financial Planner, AARP
Penny Emmele Social Security Administration
Financing Your “Billy Saves a Penny” Get Your Money College Education Storytelling with a Right: Teen Edition Demetria Wilson , WSU Communication Upward Bound & Kansas Treasurer’s Office
Charles Lowery, Jr.
The Good, The Bad, The Ugly of Pay Day Loans
Stan Webb, Dream Catcher Wealth Management
Rosa Maymi AARP
Financial Summit 1 - 1:45 pm
Financial Message
Youth Education Empowerment Program, Marquis Murphy
Youth Education Empowerment Program, Marquis Murphy Teen Edition
Economic Concerns & Empowerment Opportunities
HOTEP
CEO Hustle University Keynote Speaker
The Hustler’s 10 Commandments
Best practices, ancient wisdom, and guerilla tactics for success in life and your finances. “If you can’t find a way, make a way.”
1:45 pm Wrap -Up & More Prizes
APRIL 2015
Room #8
9:45 - 10:30 am
12:301:00 pm
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Room #7
Breakout Session 3
FINANCIAL FREEDOM EXPO
Room #5
Breakout Session 2
FOOD AND PRIZES
OPENING SESSION & REGISTRATION
Room #2
Breakout Session 1
Get Started on Financial Planning;
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Write Your Bucket List
R Sammy O. Oduniyi Agency
1133 S. Rock Rd, Suite 7 • Wichita, KS 67207 316.685.7700 • soduniyi@amfam.com www.sammyoagency.com
•Auto • home • Life • Business
APRIL 2015
Competitive Rates Discounts Available
Quality Service Monthly Payment Plans 24-Hour Claims Reporting & Customer Service
FINANCIAL FREEDOM EXPO
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the possibilities for your business. Randy Summers PRESIDENT–WICHITA
Kirk Lies COMMERCIAL BUSINESS DEVELOPMENT
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Chuck Gorney
The professionals you’ve known and trusted for years are at Sunflower Bank. 5PHFUIFS XF DBO IFMQ ZPV BUUBJO ZPVS GJOBODJBM HPBMT
WEALTH MANAGEMENT DIRECTOR
MEMBER FDIC
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316.685.5441 | SUNFLOWERBANK.COM
Bringing out the best in the lives we touch‌
Creating Possibility. 8FBMUI NBOBHFNFOU QSPEVDUT BSF OPU DPOTJEFSFE B EFQPTJU OPU '%*$ JOTVSFE OPU HVBSBOUFFE CZ 4VOGMPXFS #BOL BOE NBZ HP EPXO JO WBMVF
eaching goals and achieving personal ambitions are major objectives of the ďŹ nancial planning process. In order to make plans for the future, you need to know where you are today and where you want to be in the future. Thus, ďŹ nancial goal-setting is very much like planning the itinerary for a vacation or business-related trip. You need to know a starting point and ending point, the time frame for "traveling" (or reaching your goals), and an estimated dollar cost. Having trouble setting ďŹ nancial goals? You're not alone. On the Rutgers Cooperative Extension Financial Fitness Quiz written ďŹ nancial goalsetting always generates a low average score, which means that it is not performed frequently. Perhaps it is fear of the unknown, lack of time, or simply not knowing how to get started. The remainder of this article describes some small simple steps to begin the process of ďŹ nancial goal-setting. One way to get started is to make a "Bucket List," something that actors Jack Nicholson and Morgan Freeman described in the movie by the same title as a "list of things you want to do before you kick the bucket." Many people think they have to write down a nice round number of future goals such as 25, 50, or even 100 different things to cross off before they die. However, any sized list is ďŹ ne and it is deďŹ nitely less intimidating to start with a small number of action items. Once you write your "bucket list," you can begin to convert your dreams into ďŹ nancial goals by making them speciďŹ c and measurable with a date and a price. After that, you can determine what you need to save to achieve your goals. For example, if you have "take a vacation in Hawaii" on your bucket list, your written ďŹ nancial goals can describe when (e.g., 2013) and at what cost. For example, if the trip will cost $5,000 and you want to go to Hawaii in two years, you need to save $2,500 per year or almost $100 bi-weekly. Bucket lists and written ďŹ nancial goals should always be viewed as exible documents. They'll change with time as your interests and life situation change. Not everything that people write down on a list of things to do involves saving money. Some personal ambitions involve improved health status, maintaining or improving relation-
ships with others, philanthropy, or community service. Even some of these goals may have a ďŹ nancial component, however. For example, spending or donating money that was previously saved and buying healthier food. In other words, many life goals ("bucket list" items) have a ďŹ nancial foundation of
some sort, whether it is saving, spending, or donating money. For people who enjoy making lists of things to do (e.g., errands at home or assignments at work) and crossing items off, achieving written ďŹ nancial goals will be particularly satisfying. Some goals may be easier to achieve (e.g., save $400 for a smart phone) while others will be harder (e.g., retire with "X' dollars saved). Once ďŹ nancial goals are written down, they can be prioritized in order of importance A Cooperative Extension educator, Luke Erickson from Idaho, described the process of ďŹ nancial goal prioritization this way. Think of budgeting as building and maintaining a boat, something that keeps you aoat. Think of written, prioritized ďŹ nancial goals as a motor you add to your boat to provide motivation, direction, and "horsepower" to get somewhere worthwhile. Want to be wealthy? Write down your ďŹ nancial goals, prioritize them, take action to achieve them, and review and revise them periodically as you develop spending plans (budgets) for the months ahead. In other words, make ďŹ nancial goal-setting part of the budgeting process. If you know what you want to achieve and treat savings for ďŹ nancial goals as a ďŹ xed "expense," you'll be more likely to achieve success.
“
If you do not know where you are going,
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how will you know
when you get there?
Break That Bad Spending Habit We all have them. You know, those bad spending habits that break your budget on a monthly basis. It could be that you like to shop for shoes. Maybe you always have to have the most upto-date electronic gadget. Whatever it is, you probably already know it’s a problem
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irst, know that what some people might see as overspending, could be right in line for you and your budget. What that means is, there’s no need to follow guidelines. For example, if you consistently cut back on other spending so that you can dine out four times a week, more power to you. You’ve identified what’s important to you and made it happen by being frugal in other areas. If your budget is still functioning properly and you’re meeting all of your goals, overspending in that category isn’t a problem for you. Don’t let anyone tell you it is.
But what if that isn’t the case?
1. Take Only The Cash You Need
How did you feel the last time you had a budgeting breakdown? Were you upset over something? Were you bored? Start tracking how you feel when you splurge on a specific item. For example, if you buy a soda
steady since 2007 – say they have a budget and keep close track of their spending. Nevertheless, insufficient savings tops the list of U.S. adults’ financial worries
Helping you deal
DANIEL HANLEY 316-650-6956 DHANLEY@FARMERSAGENT.COM
8428 W 13TH ST N STE 130
with life’s curveballs were bored. Maybe you ran out of things to do. By identifying the underlying issue, you may be able to find ways to avoid the expense all together. Trent Hamm has several good ideas to assist with handling these “bad days”. Personally, I’ve started taking a short walk to handle my typical “afternoon snack syndrome”. When I have the craving, I just get up and go.
3. Visualize the Prize
I’ve discussed the advantages of setting financial goals. Now that you have them, put them in a prominent place so you have to look at them each and every day. This will constantly remind you of WHY you are cutting back on expenses and/or sacrificing some things that are difficult. If the list isn’t enough, add a picture of something that you are striving to achieve. Looking to buy a house? Print off a picture of something you like in your neighborhood and stick it on the refrigerator. Instant motivation!
4. Leave and Come Back
If you are looking to make a purchase, force yourself to think about it. Put the item back and only come back to it after you have had time to let it sink in. Some people have suggested 24 hours while others suggest even 30 days. I actually recommend doing a “walk-through” before making purchases. This entails taking no cash or debit/credit
weigh the costs and benefits of a purchase. It it’s something that can truly fit in your budget, only after you think it through should you consider buying it.
5. Shop With a List
What happens when you go to the grocery store for milk because it ran out mid week? I bet you come out with a rotisserie chicken, macaroni and cheese, grapes that were on sale, and several other items. Am I right? When you go shopping without a list, it’s really easy to go crazy. Therefore, start writing down only the things you need and stick only to that list when shopping. Have a plan. Have trouble sticking to a list? Find someone who can. Send your spouse who follows instructions with great detail. Send your teenage daughter whom you’ve trained well.
6. Know Your Weaknesses and Avoid Them
When you go to the mall, do you always end up doing more harm than good? Maybe you bought some shoes, a nice new jacket, a soft pretzel, an ice cream cone and to top it off, you had your eyebrows threaded. Holy crap! All you went in there for was to meet up with your friend from college! If your weakness is the mall, avoid it at all costs. Why put yourself through that? I’m not saying that everyone’s weakness
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APRIL 2015
2. Know Your Spending Triggers
In 2013, two in five U.S. adults FACT: (40%) – a proportion that has held roughly
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Heading out to the mall to go clothing shopping? Only take the cash that you need. If you’ve budgeted $100 for clothing, hit up the ATM and get $100 cash out. Throw that $100 in your wallet and leave all of your credit and debit cards at home.Yeah, you read that right. LEAVE YOUR DEBIT AND CREDIT CARDS AT HOME! You will be forced to only work with the cash you have on hand. No more saying, “Well, the bill is $110, so here’s $100 in cash and I’ll just put the remaining $10 on my credit card.”
with you when shopping. Since you have no way to spend, you can truly
You probably cringe when you hear the word budget, but having one -- and following it -- really is a key to financial success.
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FINANCIAL FREEDOM EXPO
What if you only want to spend $50 a month dining out, but end up spending $250? You may be looking at a bad spending habit and it’s time to face the problem and battle it until you get it under control. As you already know, it’s stopping you from saving money or even worse, causing you to pile on debt. Get started working on those bad spending habits today by using these tips. for good.
every day at 2:00PM, write down how you were feeling. Maybe you
THE BAD “B” WORD
Only States Can Really Impact Payday Loans
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We’ve all seen the ads. “Need cash fast?” a speaker asks. “Have bad credit? You can get up to $1,000 within 24 hours.” The ad then directs you to a sketchy-sounding website, like 44cash.com, or a slightly-lesssketchy-sounding business, like PLS Loan Store. Most of us roll our eyes or go grab another beer when these commercials air. But 12 million people a year turn to payday lenders, who disguise the real cost of these loans. Borrowers often become saddled with unaffordable loans that have sky-high interest rates.
Find out how to set aside money for the education of someone special: Visit LearningQuest.com or call 866∙504∙5898. Check for unclaimed property: Visit KansasCash.com or call 800∙432∙0386.
FINANCIAL FREEDOM EXPO
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APRIL 2015
Ron Estes 39th State Treasurer of Kansas
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Online at: www.voiceitwichita.com
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or years, states have tried to crack down on these deceptive business practices. Now, the Consumer Financial Protection Bureau (CFPB) is giving it a shot. Earlier this month, CFPB issued a draft of new regulations on the $46 billion payday-lending industry. The rules are being designed to ensure borrowers have a better understanding of the real cost of payday loans and to promote a transparent and fair short-term lending market. Unlike states, CFPF isn’t allowed to establish caps on interest rates, so its proposed rules won’t be able to stop payday lending altogether. However states have the power to set an interest-rate cap and many states are taking that kind of action. Fourteen states and the District of Columbia have implemented restrictive rules, like setting an interestrate cap at 36% APR. Another eight states have created hybrid systems that impose some regulations on payday lenders, like requiring longer repayment periods or lower fees, but have not put them out of business. The remaining 28 states (including Kansas) have few, if any, restrictions on payday lending. On the surface, payday loans sound like a good idea to many cash-strapped Americans. They offer a short-term loan—generally two weeks in length—for a fixed fee, with payment generally due on the borrower's next payday. The average borrower takes out a $375 two-week loan with a fee of $55, according to the Pew Charitable Trust’s Safe Small-Dollar Loans Research Project which has put out multiple reports on payday lenders over the past few years. Pew found that the average borrower paid $520 in fees for the $375 loan, which was rolled over an average of eight times. In fact, using data from Oklahoma, Pew found that “more borrowers use at least 17 loans in a year than just one.” The $55 fee—payday lenders often advertise a fee of $15 per $100 borrowed—sounds like a reasonable price for a quick infusion of cash, especially compared to a credit card with a 24-percent annual percentage rate (APR). But that’s actually an extremely high price. Consider the standard two-week, $375 loan with a $55 fee. If you were to roll that loan over for an entire year, you would pay $1,430 in fees ($55 times 26). That's 3.81 times the original $375 loan—an APR of 381%. Lenders advertise the loans as a short-term fix—but their business model actually depends on borrowers accruing fees. That was the conclusion of a 2009 study by the Federal Reserve of Kansas City. Other research has backed up the study’s findings. “They don’t achieve profitability unless their average customer is in debt for months, not weeks,” said Nick Bourke, the director of the Pew research project..
So what should that regulation look like?
The CFPB can learn a lot about how to (and how not to) formulate its upcoming regulations from state efforts to crack down on payday lenders. Bourke points to Colorado as an example. Lawmakers there capped the annual
Learn About Consumer Financial Protection Bureau’s recently released proposed payday loan policy changes. Page 11 interest payment at 45% while allowing strict origination and maintenance fees. Even more importantly, Colorado requires lenders to allow borrowers to repay the loans over at least six months, with payments over time slowly reducing the principal. These reforms have been a major success. Average APR rates in Colorado fell from 319% to 129% and borrowers spent $41.9 million less in 2012 than in 2009, before the changes. That’s a 44% drop in payments. At the same time, the number of loans per borrower dropped by 71%, from 7.8 to 2.3. The Colorado law did reduce the number of licensed locations by 53%, from 505 to 238. Yet, the number of individual consumers fell just 15%. Overall, that leads to an 81% increase in borrowers per store, making the industry far more efficient and allowing payday lenders to earn a profit even with lower interest rates and a longer repayment period.
Brand Your Swag and Make $$$ If you’re tempted to think of brands only in terms of companies and businesses, you’re wrong. Brands go much further. You my friend, area a brand.
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ou’re a brand. I’m a brand. We’re all brands, whether we aim to be or not. Personal branding is becoming increasingly important because modern audiences tend to trust people more than corporations. Audiences are used to seeing advertising everywhere, and tend to believe corporations and organizations take actions and speak with only sales in mind. Personal branding allows you to establish a reputation and an identity while still maintaining a personal level of trust and interaction, usually through social media. Furthermore, people want to do business with other people, not with companies. Whether you use your personal brand to consult, freelance, or drive more traffic and trust to your company, it's vitally important to establish one to stay competitive. Just as so with a traditional brand, personal branding requires you to find a signature image, a unique voice, and a recognizable standard that your readers, fans, and customers can grow to recognize.
HABITS,
from page 9
is the mall. Heck, yours could be the cheese deli at the grocery store for all I know. Just know what makes you weak in the knees and stay away!
9. Go Cold Turkey
I recently came across Anna Newell Jones’ blog And Then We Saved and I must say, I’m impressed. I’m a big supporter of having someone to look up to in regards to debt repayment. In other words, if you are looking to get out of debt, it’s extremely motivating to read about someone else who has done it. Anna has done that. In fact, Anna went cold turkey and completed a spending fast. She broke down her expenses to the bare minimum and ended up paying off over $23,000 in debt within 15 months. Anna had a great deal of drive and accountability. You could learn a lot from her!
Take Baby Steps
Brand Your Swag
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Consumer Financial Protection Bureau Proposes New Payday Lending Rules
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he Consumer Finance Protection Bureau will consider new rules covering payday loans, agency head Richard Cordray said Thursday in a statement. The proposal also covers car title loans and other high-interest, shortterm loans. Cordray said that in many cases, "no attempt is made to determine whether the consumer will be able to afford the ensuing payments -- only that the payments are likely to be collected." And when the loan is due, he said, "the lender can trump the consumer’s own discretionary choices about budgeting and spending." In other words, people who borrowed money because they couldn't make ends meet are forced to repay those loans instead of making ends meet. In response, the CFBP is proposing twotracked regulation: protection and prevention. Lenders will be able to choose which system they participate in. The prevention rules, Cordray said, would require lenders to make "reasonable determination that the consumer could repay the loan when it comes due without defaulting or re-borrowing." All fees, not just interest paid, would have to be taken into consideration when evaluating if a borrower can afford the loan
payment, along with other living expenses. These rules, which Cordray referred to as "basic underwriting," would apply at the moment a person borrows money. Under the protection rules, a consumer who took out three loans quickly would have to wait through a 60-day "cooling off period" before taking out another loan. The protection rules would force lenders to allow consumers to get out of debt over time in an affordable way, and would apply until the loan is fully paid off. If customers needed to borrow more to pay off an existing loan, the new loan would have to be smaller than the initial loan, and payday lenders couldn't make more than three loans unless the first loan was fully paid off. Alternatively, the lender could provide a no-cost extension to the loan to help the borrower pay it off. The aim of both rule types is to prevent debt traps, in which borrowers get stuck in a devolving cycle of more borrowing to pay off debt. Since payday loans are unsecured loans, without the ability to simply lend ever-increasing amounts to consumers, the lender's economic incentive is to help the borrower repay the initial loan. The proposed rules would apply to any loan with a repayment period of 45 days or
APRIL 2015
Let me start of by saying from personal experience; you are not going to change your bad spending habits overnight. Just as it took you several months or even years to create the habits, it’s going to take a little while to break them. Do not let that discourage you. Even a slight change in your habits can have a lasting effect. If you try to cut too much, you might fall off the wagon and end up right back where you started, or even worse. Good luck! by Adam Hagerman, CFP®
Workshop Presenter HOTEP CEO Hustle University
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If you are trying to avoid your weaknesses, letting your family and friends know is a good idea. Trust me, trying to avoid the mall and having your friends want to go there all the time makes things tricky. It’s even more difficult if you’re watching them spend money. Having a quick conversation with them about your issue is no big deal. You can even phrase it to look like you are being responsible. Try this: Hey Jane. Do you mind if we start hanging out at my house instead of the mall? I’m trying to save for my kitchen remodel and you know how I get at the mall! Pretty easy right? If they are truly your friend, they’ll understand and support your decision. 8. Inventory What You Own Have you ever gone to the grocery store, bought something and then discovered that you already had it in the pantry at home? Yeah, it happens. Take an inventory of the items that you own to ensure that you are not duplicating purchases. You can do this with almost anything, including clothing. A good
tip is to take a picture of the contents in your refrigerator and pantry before heading to the store. Not sure if you are out of ketchup? Check the picture!
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FINANCIAL FREEDOM EXPO
7. Tell Your Family and Friends
Of course, you don’t really “create” a personal brand. You already have one. Don’t believe me? Google your name followed by your home town. If you have a Facebook page or LinkedIn profile your name probably comes up on the first page. Perhaps you are listed in the phone book. Maybe you have recently been mentioned in a local news article. All of these things are part of your personal brand. Scary? Get over it. It’s already out there and you can’t do anything about it. What you CAN do is manage your personal brand so what people see about you is what you WANT them to see. Start by being clear about the image you intent to project. Want to learn more, then plan on attending the “Brand Your Swag” workshop that begins immediately following the Financial Freedom Expo. The 90-minute workshop will be taught by Hotep, a master self-promoter. In the workshop, he’ll take you step-by-step through the process of creating an outstanding brand and establishing a “competitive advantage” in any industry. The workshop is from 2-3:30 p.m. at Urban Prep Academy. Registration is $10 per person and you can register online in advance at www.voiceitwichita. com.
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FINANCIAL FREEDOM EXPO
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APRIL 2015
AARP has the tools and resources to get you started. Join us at the Financial Freedom Expo for the Detecting and Preventing Fraud for the Aged 50+ workshop. A representative from AARP will discuss frauds and scams targeted to older Americans, including identity theft, imposter scams, and financial fraud. The session will also focus on AARP’s new Fraud Watch Network—an initiative to provide individuals with tools and resources to combat fraudulent activity—and also discuss AARP’s “Con Artist Playbook.” There will be ample time for questions and answers, as well as an opportunity to share your personal stories about fraud.
Saturday, April 18, 2015 | 9 a.m. to 2 p.m. Urban Preparatory Academy | 2821 E. 24th Street, Wichita, KS 67219 Visit aarp.org/ks for more information.