September 2021

Parents in the African American community regularly push education on their children, which is a good thing. One aspect of this education that is generally overlooked is financial literacy. For Antonio McCoy, he aims to impart as much financial wisdom to his clients as possible.

McCoy is a growing business strategist and executive coach from Winston-Salem. He has extensive marketing experience spanning over two decades.

“I did voice for radio and TV commercials and sold direct mail for the Postal Service for almost 21 years, so marketing is something I’ve always had an affinity for,” McCoy said. “When I worked in the Postal Service I had clients and they knew I could talk to them about all aspects of their marketing mix and back then social media was not as prevalent as it is today.

“I’ve had people wanting to pay me after I’ve helped them set up their marketing and then, of course, take care of their direct mail. I didn’t know anything about the board and once I realized people were willing to pay for it I decided it was something I wanted to pursue.

“I actually worked in a coaching company for about five months and it didn’t work out, so I went on my own in 2012. I left the job in August 2012 and that’s when where I started MC Howard Business Coaching. “

McCoy was confident he was moving away from the Postal Service as he had his 401k to lean on after he left. He recommends that everyone take advantage, if possible, of their employer’s pension plans.

“What I did was use my 401k, and for the postal service it’s called DSP, to fund me until I’m profitable,” he said. “So it saved me time.”

Over the past nine years, McCoy’s business has grown in leaps and bounds. He has grown to the point where he has separated himself from other business growth coaches.

“I kind of focused on helping businesses grow, in terms of marketing in a lot of cases, and of course as I grew up from an educational standpoint, I ‘ve really started looking at business growth from a financial perspective because there is a risk in marketing and there is also a cost, ”he said. “When I started looking at it from a financial perspective, it really helped me grow.

“I was certified as an executive coach in 2013 because that’s when I started doing my doctorate. So, I kind of went from doing so many businesses now, to really coaching a lot of executives. I also coached directors and people from the central office.

McCoy says it’s very rewarding for him to be this beacon of guiding people on the right path to building or building their business. “It’s very gratifying to see the light bulb light up for people,” he said. “As a coach, and I’m a master coach, so I can certify that people become coaches, and one of the things that coaching does is help your clients understand for themselves. This is not to give you advice.

“A lot of times they don’t have that type of individual in their life, so having someone who is 100% committed to their success is something they always want. In many cases, they find themselves in a position they don’t want to have to live without.

McCoy has seen it all when it comes to marketing for a business. He has seen the good and the bad when it comes to making decisions made by business owners.

“They don’t understand the fundamentals of marketing, they don’t understand the fundamentals of finance, and they don’t understand the fundamentals of the self,” McCoy said of mistakes made by business owners. “The biggest thing that I have to overcome now with business owners is that they understand that social media is not the silver bullet.

“Just because you’re running an ad on Facebook, advertising on Instagram, or making a video doesn’t mean that someone is going to buy your product or service. It will always be a sales process where you have to convince them that either you can do whatever you said you can do, or your product can do whatever you said it could do, and you may have to. be taking the risk.

One of the issues McCoy aims to solve with his business is financial literacy for African American business owners. He says it’s not that blacks are totally lacking in the region, but quite often they lack the in-depth knowledge of other ethnicities.

“Things, when it comes to personal finance, there are subtleties to that, but when you start talking about corporate finance it gets really complex, because there are so many variables that have to come into play.” , did he declare. “Running your home is a business and most people don’t approach it like a business in that you have to do everything you can to keep your costs as low as possible.

“A lot of us don’t approach it that way. Everyone likes to look at the higher number in their financial statement or income, but the higher number feeds your ego, but the bottom line is what feeds your family and that is what matters.

Ideally, McCoy recommends that every entrepreneur get a business coach before launching their brand to grasp the necessary concepts and give their business the best chance for success.

“I would say you would probably want to have a coach up front to figure out the dos and don’ts before you spend the money,” he said. “If you’re spending money, the first thing you need to do if you’re considering starting a business is invest in yourself. A business growth coach will help you broaden your knowledge.

“I’m not going to say any coach will do, I’m just going to be honest. You have to do your due diligence like anything else. All a business growth coach will do for you is to help you recognize things that you haven’t thought of. For example, the most important thing I see business owners screwing up or neglecting is their price, as the cheapest way to grow and how you should pursue this.

McCoy preaches patience when starting out as a new entrepreneur. He says the profits may not come right away, but if you have a viable business and a model for that business, the profits will eventually come if they are marketed the right way.

“Just because you’ve made some money, don’t go out here to buy a car or buy a boat,” he said. “When I started my voiceover business, if I wanted to upgrade my equipment, I ate peanut butter sandwiches every day for lunch for a month. I counted what I spent a month eating lunch at, so I ate peanut butter sandwiches and saved my money to buy a speech processor to sound like the greats.

“Of course, if you make a sale, celebrate, but sacrifice. You can’t go out with your friends, have dinner. You have to invest so much of your money early on in your business. And I’ll be honest, a business growth coach. “Business is one of them. A business only ends when it runs out of money. As long as you have cash, you’re in business.”

Another common mistake many new entrepreneurs make, according to McCoy, is not keeping track of who made a purchase or ordered services from them. He says when cash is low the best thing to do is to reach out to those who know about your product or service and offer them some sort of discount. He says they are more likely to use your product or service again because you are a known commodity to them.

“Most business owners don’t know their database is their most valuable asset,” he continued.

To contact McCoy for more information on his services, please visit www.growthstartup.com or text him at 336-575-9920.

Tim Ranzetta’s financial education started when he was in elementary school, but it didn’t happen in any classroom. Instead, he learned about money on snowy days. While other children slept or logged in The price is right, Ranzetta would wrap herself in her warmest winter clothes and pull out a shovel from her garage. Then he went door to door, selling his snow removal services to neighbors.

“For me, a snowstorm was not a holiday,” he says. “It was a business opportunity. “

In the decades that followed, Ranzetta’s businesses grew more ambitious, from driving a shredder truck to consulting to building startups. He felt that early exposure to even informal financial education helped him navigate his way into adulthood. So in 2010, he volunteered to teach a personal finance class at a high school near his home in Palo Alto, California. But when he searched for lesson plans online, the information seemed not to have been updated since he cleaned up his neighbors’ driveways in the 1970s. “What kid is going to care,” he said. Does he remember thinking, “About the balance of a checkbook? “

In fact, financial education had stagnated for much of Ranzetta’s life. If you are a little skeptical of TikTok, if you had to google the definition of “cheugy” or if you still use the cry and laugh emoji (😂) on a daily basis, in other words, if you’re in your 30s, you probably did. don’t take financial education classes in high school. Before 2000, only four states required students to take one to graduate. Which means you probably didn’t learn budgeting, taxes, or credit in a high school class.

“I was very lucky,” said Ranzetta, who founded and helps run Next Generation Personal Finance, a non-profit organization that provides free financial education for students and teachers. “My father was a banker. He taught me money. My parents were from the middle class. But for too many kids today, financial literacy is a real issue. Our mission is to make sure that every student across the country is guaranteed a one-semester personal finance course in their public school.

By Mariah Ray, Head of Strategic Partnerships and Innovation Policy

DoorDash is committed to empowering local economies and the people who drive them. By working to help our communities leverage their income and build generational wealth, we are proud to announce the launch of the Aim up Financial empowerment program with our trusted partner, the National Urban League. The 91 physical Urban League branches in 36 states and the District of Columbia have historically reached their two million customers through in-person services. COVID-19 and the resulting financial challenges have underscored both the underlying need for these services and the need to make them available online.

Recognizing the need to extend the reach of these services and deliver virtual offerings, DoorDash and the Urban League have collaborated to develop GoalUp as the first-ever digital platform delivering NUL’s proven financial education offerings in a accessible and mobile-friendly online format. Today’s launch marks a major programmatic step in the multi-year partnership between the two organizations, announced as part of DoorDash’s five-year, $ 200 million program Strong engagement of the main street.

“The dramatic changes in our society and economy over the past year have underscored the urgent need not only to expand economic opportunities in underserved communities, but also to make the tools necessary for this expansion available online.” , said National Urban League President and CEO Marc H. Morial. “Not only do we need to reimagine working in a re-emerging America, but we also need to prepare our children and our workforce to engage in an increasingly digital world. GoalUp is an ideal response to rise to the challenge. these two critical challenges. We are proud to partner with DoorDash on this innovative and forward-thinking initiative. ”

Through GoalUp.org, Dashers, and Urban League clients can attend free multimedia courses that cover topics such as building credit, creating a budget, growing savings, and applying for mortgage and finance. education. Additional topics will be added over the next few months, incorporating the Urban League’s proven workforce development and entrepreneurship program. After successfully completing an online course, users can obtain electronic certificates to strengthen their resumes.

DoorDash Members Dasher Community Council (DCC) and Voices of Dashers of Color Council (VDC) were invited to experience GoalUp as part of a six-week pilot program.

” Lessons [offered] through the Financial Empowerment Program have been invaluable to me and my family. The budgeting course in particular helped me a lot. After taking the course, I sat down and made a budget to spend more wisely! I have a young daughter and I’m excited to share these life skills with her, whether it’s budgeting or saving for retirement, ”said Tanya Ludwig, DCC member and pilot course participant.

Earlier this year, DoorDash CEO Tony Xu contributed to the NUL annual conference State of Black America Report and underscored DoorDash’s commitment to revenue opportunities that empower members of under-represented communities. Being able to quickly access flexible income opportunities is invaluable in being able to overcome financial challenges and save for a more secure financial future. Our four year old partnership with the National Urban League aims to help people from underserved communities learn new job skills and succeed in business, and build generational wealth through financial literacy training, education funding, employment programs and more.

Dollars and common sense

By Mark Morris

Given the extent of Square One’s work for children and families, it’s not uncommon for the organization to receive contributions to support its efforts.

But recently, FR Investment Group offered a donation that goes far beyond writing a check.

“Instead of donating money, we chose to do something harder,” said Peter Côté, president of FP Investment Group. “We donate our time and our services to help Square One’s customers and staff improve their financial literacy. “

Dawn DiStefano, executive director of Square One, had seen similar attempts at financial education fail, despite good intentions. This last proposition was different.

“The FR group wanted to understand who we are and what we want for our customers and our staff,” she said. “They were curious, curious and showed us that they also value our expertise.”

The Empower Financial Literacy program is now a monthly offering at Square One. Flavia Cote, Executive Vice President of FR Investment and wife of Peter, hosts the session each month with FR staff, including her daughter, Flavia McCaughey, Vice President of FR.

McCaughey introduced his parents to the idea that working with lower income families to help them understand the basics of finance could have a huge impact on those families – and also on the community as a whole. The Côtes supported the idea but also offered wise advice.

“My parents told me to be prepared that maybe only one person shows up for the meeting,” McCaughey said. “I discussed this possibility with the team and we decided that if the program made a difference in the life of one person, it was worth it.

Instead, 14 people signed up for the program, eight or nine of whom regularly attend the monthly sessions.

“Given that we are still struggling with COVID and everyone has a busy life, I am excited about 14 registrations,” DiStefano said. “The program will be there when they are ready. It’s not a one-and-done thing.

“Instead of donating money, we chose to do something harder.

Far from there. Peter has committed his company to managing the financial literacy program for the next 30 to 50 years.

“This is how long it will take to make a real change in the financial well-being of our community,” he said. “You have to be on the ground and make a long-term commitment.

Change the story

This type of commitment is needed to break what DiStefano has called a self-fulfilling prophecy of bad results.

“Those who grew up in a family where they worried about how they would eat and get to school often end up creating the same unstable environment for themselves when they are adults,” he said. she declared. “They aren’t surprised when they lose an apartment or they don’t care about their credit rating because they feel like they couldn’t buy a car anyway.

Just like saving, tough situations also have a way of getting worse and bigger. DiStefano gave the example of a person who lost their job, and in order to receive housing assistance, they had to be behind on their rent, which would then negatively affect their credit rating. “This is what people are dealing with,” she said.

Melissa Blissett, vice president of family support services at Square One, asks people what’s stopping them from living better lives and uses a tool called a family goal plan to help them.

Flavia McCaughey leads a financial literacy session at Square One.

“The people of FR speak the same language that we use with our families, and we both use the SMART Goals approach,” said Blissett. SMART, a popular goal-setting technique, is an acronym for Specific, Measurable, Achievable, Relevant, and Timely.

Flavia Cote said her team encourages people to set a goal such as buying a reliable car, and FR staff break it down into the actions needed to ultimately achieve the goal.

“We encourage people to try and save at least $ 10 a month,” she said. “Even though they can’t save $ 10 next month, they started to think about saving. “

To avoid being overwhelmed by an important goal, Peter suggests taking it step by step. “I don’t want people to think about years in the years ahead – just think about the next 24 hours. When you reduce it to 24 hours, you help people see an achievable goal.

In their monthly sessions, FR staff help people work out the numbers and, more importantly, understand the emotions that come with managing finances.

“If someone can’t save for a month, we encourage them to set a goal for next month,” said Flavia. “We want to bring hope and make finance simple enough for people to achieve some kind of financial independence.”

Like dedicated savings, positive actions can also have a cumulative effect. Recently, a class action lawsuit involving overdraft fees at a regional bank resulted in a multi-million dollar settlement. After all claimants received their share, there was $ 23,000 left. This final amount is usually donated to a non-profit program in accordance with the central theme of the case and is known as “cypress”, a French expression meaning “as close as possible”.

Plaintiff’s lawyer Angela Edwards heard about the Square One program from Flavia Cote and thought it sounded perfect. “I recommended the cypress for Square One, the defense attorney agreed and the judge approved it.”

Make progress

Peter Cote sees his main job not as a financier, but as a champion for others. “We are dealing with people who have various financial problems and we are their champions in letting them know that everything will be fine. “

When people attend the sessions at Square One, Flavia said, they show that they are ready to move on with their lives. “We are trying to help people understand that their situation is not permanent and that there is a way to change it.”

While a term like financial literacy might sound academic, Peter came up with a few different terms that might better describe the course.

“You could call it financial wellness or life 101,” he said. “Maybe we need to understand 101.”

We also organize educational activities on social networks such as Instagram, Twitter, etc. This is to make it more massive so that it can reach more people.

Jakarta (ANTARA) – Activities aimed at strengthening financial literacy have increased during the COVID-19 pandemic, with the number of such activities reaching a thousand in the first half of 2021, an official said.

“Because the activities took place virtually, participants were able to reach many of them in one day,” Tirta Segara, member of the Authority’s Council of Commissioners for Education and Consumer Protection, said on Tuesday. of financial services (OJK).

Meanwhile, if financial education was carried out on site, moving from one place to another would be difficult, and thus, only one or two activities would be possible in a day, he said.

Financial literacy education activities continued to be carried out amid the pandemic so that the goal of 90% financial inclusion can be reached by 2024, he said.

Besides being more effective, online financial education can also reach a wider community, he explained.

In the first half of 2021, OJK created up to 295 pieces of financial education content for the community, he added.

Related News: Helping Increase Digital Financial Literacy, Inclusion in Villages: OJK

Currently, OJK is completing a learning management system module which can then be independently viewed on OJK servers by people who want to learn more about finance, Segara informed.

However, OJK still finds it difficult to conduct online financial literacy activities in areas that lack uninterrupted internet services, he said.

Not everyone can afford online training, he noted.

“So this has to be facilitated in a group, for example, by using a cell phone that can be used together to listen to the module,” he said.

During the COVID-19 pandemic, OJK also continued to ask the Financial Services Institution (LJK) to educate the community around its offices at least once a year.

LJK, who has been unable to carry out his face-to-face educational activities due to the COVID-19 pandemic, can do so virtually, he said.

“We are also carrying out educational activities on social networks such as Instagram, Twitter, etc. This is to make it more massive so that it can reach more people,” he said.

Related News: Investor Confidence in Capital Markets Rises 96%: OJK

The International Rescue Committee (IRC) and the National Institute of Banking & Finance (NIBAF) – an affiliate of the State Bank of Pakistan (SBP) – organized an event called “Empowering Girls Through Financial Literacy” to promote the education and financial literacy for girls and to celebrate their shared achievements. The event in Islamabad was well attended by government officials as well as representatives of development and international organizations.

The collaboration between NIBAF and IRC enables 7,000 women to acquire financial and basic literacy. The occasion was attended by NFLPY / TEACH graduates and their families who had completed the financial literacy course. SBP Deputy Governor Sima Kamil presented certificates to Balochistani women in town.

The speaker, Ms. Sima Kamil, thanked the NFLP-Y and IRC for helping girls in the most remote areas of Balochistan get a two-month financial literacy training course by addressing the crowd. Rather than because she is a woman, a woman should have equal access to the same opportunities as any other citizen of this country.

She further explained to him that we should focus on the need for financial literacy as a right for our young people, especially girls. According to her, this is in line with Pakistani beliefs as well as those of the country’s founding fathers.

British Prime Minister Theresa May announced in May 2021 the launch of the Girls’ Education Action Plan, one of its pillars of which is to stimulate country-led action to get more girls into school and ensure their safety and learning. When the COVID-19 pandemic broke, he lamented that many girls were still out of school, which is why the UK launched the TEACH Girls Education Challenge program.

Asked about the progress made with the NFLP-Y, he replied that it made him very happy. Addressing the crowd, IRC Country Director Mr. Zain Ul Abedin said this education effort provides students with culturally relevant educational programming.

It should be noted that the National Youth Financial Literacy Program (NFLP-Y) is implemented by NIBAF under the leadership of SBP to provide Pakistani youth and schoolchildren with essential financial education so that they can improve their money management skills and gain a better understanding of financial matters.

The program started in five regions of Pakistan and has already grown to more than 50. Since its inception in 2018, the program has educated more than 830,000 Pakistani adolescents about personal finance.