“You Don’t Have to be Rich, Just Have a Plan”

“When my money got low, the number of friends I had did too,” said Actor and Activist Clyde Jones, who recently starred in A Good Man is Hard to Find. Jones shared his personal story, an amazing adventure, where he went from living a life of luxury to being “flat broke.” He captivated the audience of 75 high schoolers, college students, and adults, describing low points and his remarkable awakening to the importance of saving, at an educational forum held at Antioch Baptist Church during the Democratic National Convention in Denver. The forum, held on August 26, 2008, marked the official recognition of the establishment of Black America Saves, a national coalition within America Saves.

The forum dovetailed “The Issues That Unite Us,” a town hall meeting sponsored by the Black Caucus Institute, where students listened to prominent members of the US Congress including, Charles Rangel (D-NY), chairperson of the Ways and Means Committee, Maxine Walters (D-CA), James Clyburn (D-SC) and Shelia Jackson Lee (D-TX). Students posed with movies stars who also attended the town hall meeting. Later, students were joined by George Barany, from America Saves, as he outlined important steps to building wealth. The all-day event was supported by America Saves, ColoradoSaves, and TCF Bank. Students were given an overview of banking services and received important tips on how to save while still in school, purchase an automobile, and use credit wisely.

Mable Banks, 72 year old member of ColoradoSaves, advised students to “start early and stick to it.” Following are excerpts from Banks’ moving speech.

“It has always been a dream for me to be financially free. When ColoradoSaves gave me the opportunity to work with a financial planner, it was a dream come true. I want to thank Susan O’Grady, my financial planner, for helping me get my financial affairs in order. I have become more disciplined with my spending. Now, I only buy what I need and what I can afford.

“Susan helped me to create a budget and learn how to live within it. That is the most difficult part of any financial plan. The actual creation of the budget is easy, but staying within it, is a challenge. Susan kept me on track and headed to the right direction. She says budgeting is about making the right choices. When the urge to spend pops into my mind, I pull out my ColoradoSaves membership card and ask myself:

• Do you need it or just want it?
• Is it in my spending plan?
• And will I later regret making this purchase later?

“It is very important to develop the saving habit early, even as early as a high school or college student, and to carry the habit throughout our lives. When you travel the path of saving early, you accumulate more wealth, and open possibilities that otherwise would never be available.”

After sharing her personal financial goals and discussing the $25 gift certificate ColoradoSaves had awarded her, Mable asked students to recite the pledge with her.

I pledge:

• To spend less than I earn;
• To avoid long-term, high-interest debt;
• To invest in a home, college education, or another appreciating assets; and
• To prepare for retirement.

The afternoon concluded by awarding Tori Flores, of Manuel High School and Mercedes Dowell, of Montbella High School with iPods, complements of TCF Bank. Musu Sirleaf, of Hinckley High School won a $500 college scholarship, compliments of College Invest, another key partner of ColoradoSaves.