Financial literacy

First Financial Literacy Videos in Cambodia

A series of nine Khmer language financial literacy videos funded by the United States Agency for International Development (USAID) and sponsored by several Cambodian institutions and NGOs – with the Cambodian general public and in particular young women entrepreneurs like target audience – created in the Kingdom at the end of last month.

In an October 3 press release, Deputy Governor and Managing Director of the National Bank of Cambodia (NBC) Chea Serey said these financial education and financial pathways guides will provide guidance to the Cambodian public and users. services to enable them to fully understand how to access and get the most from modern, efficient and intelligent financial services.

Sabine Joukes, country director of Pact Cambodia who has often worked with young women entrepreneurs, said these financial guides aimed to address many issues related to access to finance for young women entrepreneurs.

Joukes added that there were already solutions available in some cases for these entrepreneurs but their notoriety remained low, so increasing the knowledge, understanding and real access to finance of these businesswomen would open doors for them.

“We will make these documents available to funding partners and other stakeholders,” she said.

According to Joukes, more than 200 participants representing key stakeholders attended the event, including representatives from the US Embassy; CNB; Association of Banks of Cambodia (ABC); Cambodian Microfinance Association (CMA); Wing Bank (Cambodia) Plc; the capital of the bush; SHE Investment Co Ltd; Savings group of women as well as other development partners, NGOs, financial and educational institutions, state institutions and many young women entrepreneurs themselves.

Wing CEO Manu Rajan said women play a fundamental role in all economies today, including Cambodia. They run small businesses and are generally responsible for their family’s cash flow. Financial literacy is an important tool for women entrepreneurs because it gives them important knowledge that enables them to manage their home and small business budgets efficiently and effectively.

He said the financial pathways guides are a map to help young women entrepreneurs make effective decisions before concluding that they need financing and determining the type of financing that is right for their conditions, including the size. and the level of activity of the company.

Ceila Boyd, co-founder and director of SHE Investment, said the project would really highlight public-private partnerships, focusing on young women entrepreneurs and their voices.

“We are proud and happy to have contributed so far and look forward to seeing these resources help women make informed financial decisions in the future,” she said.

She said the nine videos will raise awareness and increase the financial literacy of all young entrepreneurs in Cambodia to strengthen their businesses. Viewers learn about financial access issues and secure financing options for male and female entrepreneurs to grow their businesses.

Kea Boran, representative of ABC and chairman of the board of directors of CMA, said the nine videos accompanying the financial journey guides are essential in helping Cambodian entrepreneurs, especially women, manage the financial aspects of their business. business, especially in the context of Covid-19.

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Financial literacy

The Recorder – Area Schools Discuss Benefits of Financial Literacy Programs

School districts in the area are putting more emphasis on financial literacy for middle and high school students, in part thanks to a program sponsored by Greylock Federal Credit Union called Banzai.

Since 2010, Greylock Federal Credit Union has worked with Banzai to promote the free online resource and bring financial literacy education to over 14,440 students in Western Massachusetts and Columbia County, NY The Content Library can be found at, allowing users to practice real-world financial education from their home or classroom, using any internet-connected device.

Banzai public relations specialist Elizabeth Fitts said the online resources can be used as complementary material to the existing school curriculum. In addition to being accessible to students, Greylock Federal Credit Union members can also access Banzai resources – including articles, calculators, and customizable coaching sessions that explain everything from the basics of tax filing to how it works. health insurance.

Franklin County Technical School College and career awareness educator Justin Lawrence said the Turners Falls school will use the Banzai program as a unit for juniors and seniors in its College and Career Awareness class.

“Our goal is to build the future, and we believe a big part of that is financial literacy,” Lawrence said. “Whatever their academic or professional intention, financial literacy will be important. ”

He explained that the program has an online component where students can access materials and lesson plans, and an associated workbook allows students to practice exercises on paper. Students try to manage a budget, save for a goal, and face unexpected financial pitfalls.

According to Fitts, the Banzai resources are used by more than 80,000 teachers in the United States and the instructional tools align with the Massachusetts state curriculum requirements. After completing Banzai’s classes, she said that users will know how to know where their money is and what it is used for, recognize financial tradeoffs, and plan for a financially healthy future.

Lawrence co-teaches juniors in a shared classroom alongside Raye Young, who teaches seniors. He is a 2008 Franklin County Technical School alumnus who returned as a new recruit this year after the “Career Awareness” class was expanded to the “College and Professional Awareness” class and to include for the first time juniors alongside seniors.

“We’re going to be focusing on college and career because our students really have a choice for both,” Lawrence said. “’All roads lead to work’ is something we say. ”

In addition to financial literacy, the College and Career Awareness course teaches students other life skills, including college and job application skills, interview skills, business practices and other employability skills that “are important to everyone, whether their next step after high school is a college classroom or an industry,” Lawrence said.

While schools and residents in several towns in Franklin and Hampshire counties are listed as having access to Banzai, some schools have chosen to use other financial literacy resources for their degree programs. Mohawk Trail Regional School College and career counselor Sara Neuenschwander said her district does not use Banzai. Instead, it uses Next Gen Personal Finance ( to teach students in grades 7 to 12 during counseling periods in the first half hour of each school day.

“We decided their program was what our students requested,” Neuenschwander said of the Next Gen Personal Finance program.

The program offers one-semester, nine-week and one-year options. It also offers professional development resources, videos, podcasts and other educational tools in a “very well-designed platform,” she said.

Use of the Next Gen Personal Finance program will be linked to the Mohawk Trail Regional School District’s Trailblazer Model, which focuses on student-centered learning and aims to prepare students for the world after high school, which it is a college or a career.

Neueschwander said the students were asked about topics they would like to learn more about.

“The relevance of personal finance – the information they can use now – emerged as one of the main things they were really interested in,” she said. “We have a personal finance course, and a lot of the feedback we received from students was that this course was very useful. So we listened to what our students had to say and found the program (Next Gen Personal Finance).

Zack DeLuca can be reached at [email protected] or 413-930-4579.

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Financial literacy

YAO | Financial literacy: it makes money

I’m still unclear about the differences between a Roth IRA and a 401 (k). I can’t imagine how much money I would need for retirement. I can’t figure out what debt could mean for my future. And don’t even get me started on taxes or insurance rates.

I’m far from the only student to feel this way. It might be reassuring if it wasn’t so terrifying. According to a 2019 survey by EVERFI, 53% of students surveyed felt they were less prepared to manage their money compared to other college activities like staying organized or managing classes. I am not a medium, but since a recent Bankrate survey showed that 51% of Americans have less than three months of emergency savings, our society’s lack of knowledge about money management does not bode well for our collective economic health.

Simply put, there is a financial literacy crisis in this country and few ways to fight it. Financial literacy education should start at a younger age, when most students can enjoy conversations about money, but are not yet struggling with obligations such as mortgage payments, student loans. or large medical bills. Universities like Cornell are in a position where they can help deal with the crisis, rather than allowing it.

Some colleges have actually taken steps to build the financial confidence of their students. The Utah State University, for example, has just added a personal finance course that would meet general education requirements. In fact, during the fall 2018 semester, Cornell had a similar course titled HADM 3200: Personal financial management, but it is no longer offered. The class covered topics ranging from taxes and insurance to investing and retirement planning. Bringing back such a course that teaches life skills like budgeting while discussing concepts like inflation or compound interest could go a long way in building beneficial long-term financial habits. Allowing the course to count towards graduation requirements and marketing it as essential for students of all majors would encourage students to take the subject more seriously.

In 2020, the total amount of US student debt reached $ 1.71 trillion, the average borrower in front of 39,361 dollars. Students take out loans to continue their education in hopes of a better future, so it’s counterintuitive that so many college graduates don’t understand how their current financial decisions will impact their lives later on. Of course, the idea of ​​putting down a down payment on a house may seem distant, and retirement even further away. But, our current credit scores and debt will affect how quickly our mortgages are approved, and the amount of money we invest now can determine the age at which we retire.

Financial literacy classes shouldn’t be about stock picking or advanced Excel modeling, but rather about developing ways to deal with any money issues that are sure to arise much sooner than you expect. There are, unfortunately, so many other ways besides student loans to cripple debt. The sooner we are taught to make informed financial decisions, the more equipped we will be to deal with all the unknowns that life throws at us.

Ten, twenty, thirty years later, I will probably forget the exact definition of an eigenvalue or the temporal complexity of sorting by insertion. Unlike that fleeting information that wears out over time and becomes obsolete, money management is something that lasts for the long haul. If that isn’t a sign for colleges to start educating students on best practices for a financially stable future in this changing world, I don’t know what is. Maybe Cornell can reinstate his personal finance class and show that the school cares about its students’ success long after we’ve left Cayuga waters.

Katherine Yao is a student at the College of Arts and Sciences. She can be reached at [email protected] His chronicle, Hello Katie, takes place every other Monday this semester.

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Financial plan

Vancouver Island Regional Library adopts 2022-2026 financial plan – BC Local News

The Vancouver Island Regional Library (VIRL) Board of Trustees adopted the Financial plan 2022 – 2026: reorganized, relaunched, ready! .

At the September 25 meeting, the board adopted a balanced budget of $ 31,274,714 for 2022. Municipal and regional taxes will contribute $ 25,440,431 to the library budget, an average increase of 3.84% over until 2021.

Since the board approved a one-year hiatus on all new capital projects for 2022, the total budget has grown from $ 39 million in 2021.

The budget was seconded by all the directors present.

“Budget 2022 recognizes the persistence of the global COVID-19 pandemic and also reflects VIRL’s remarkable ability to adapt our services to support our communities during this difficult time,” said Joel Adams, VIRL’s chief financial officer. “By taking a long-term view and recognizing the important role our libraries can play in helping our communities recover, our board of directors signals their confidence in our people, our services and our ability to innovate and grow. “

In adopting the 2022 budget, the board agreed to a one-year hiatus on all new capital projects in 2022. This follows skyrocketing construction and material costs following the pandemic, and offers VIRL the opportunity to reassess capital priorities as costs begin to rebound.

Some projects will continue in 2022 as the projects were well advanced by the time the hiatus was enacted. For more information on VIRL’s capital projects, visit the website Capital projects page.

“If 2020 has shown anything to the board, it’s that VIRL has the resilience and responsiveness to overcome the challenges of the pandemic,” said Gaby Wickstrom, VIRL board chair. “From the ongoing resumption of the pandemic to the pursuit of true and meaningful reconciliation, serving marginalized community members to ensure families have spaces to interact, this budget reflects the board’s commitment to library services.” on Vancouver Island, Haida Gwaii and the Central Coast. ”

For more information on the 2022-2026 Financial Plan, visit

– NEWS Staff, subject

As we to Facebook and to follow we to Twitter

Parksville Qualicum Beach News

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Financial literacy

Momentum, a Calgary-based nonprofit, teaches financial literacy to youth


Momentum, the agency that works with low-income Calgarians of all ages, offers a youth program that aims to educate them about money.

It’s called the Youth Fair Gains program and it’s a chance for young people between the ages of 16 and 21 to learn the fundamentals of finance.

“(It’s) a great opportunity for young people to get a really solid financial foundation and make money along the way,” said Carolyn Davis, director of community engagement at Momentum.

It’s a free nine-month program where participants are in class twice a month. They learn financial basics like budgeting, credit, how the banking system works, and assets.

Since the program was introduced, it has seen 600 graduates.

“Imagine you are 16,” Davis said. “You just got your first paycheck from your part-time job and you’re walking around the mall and there are offers for free phones and instant credit card enrollment. Our program gives young people the tools to think critically as they move through these types of environments to make more sustainable decisions that will prepare them for their future. “

The program has a matching savings component for participants to help them save for tuition, books or tools to start their own business. If they are able to save $ 50 per month for nine months, that adds up to $ 450.

The program will match the money saved four to one. So that’s $ 1,800 of Momentum funds that translates into a combined savings of $ 2,250 for their future.

“A lot of youngsters will say I came for the game, it looks like free money, I thought I would give it a try and I’m grateful for this matching asset, but I learned a lot that goes help me prepare for my future and I’m really grateful, ”said Davis.

Raegan Reiter is a graduate from a low income family.

“My parents weren’t the best with the money,” Reiter said. “They got me when they were 17, so they didn’t have a lot of time to figure that out on their own, so I didn’t learn too much from them.”

Reiter says that before class she made a bad credit decision that cost her $ 1,000. Now she is equipped with tools to help her avoid making the same mistakes. She used the money she earned from the course to fund her post-secondary education and a laptop computer for school. Reiter enjoyed learning about taxes and financial investments through the program.

“Someone came over and explained the different types of investments to me and I just created a TFSA and an RRSP,” Reiter said. “I actually got to have a conversation with my financial advisor because I knew some of the things she was trying to explain to me. “

Today, the 24-year-old is a social worker in a group home and cares for teenagers.

“Young people have so much potential,” Reiter said. “The greatest potential of all of us, so it would be great to be able to influence their lives in a positive way, like mine was when I took the program.”

The next Youth Fair Gains program starts in January 2022 and has open places. Find out more here:

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Financial literacy

Digital financial literacy protects us from cyber fraud

Conventional literacy has gradually turned to digital and financial literacy and the pandemic has helped a lot to change people’s habits. It was a game changer when lower and middle class people started using digital modes for their financial transactions.

Lockdowns and social distancing have accelerated the use of digital financial services and e-commerce, which in turn has helped improve financial inclusion in society. Founded by the Bill Gates and Melinda Gates Foundation, the Alliance for Financial Inclusion (AFI) is an international policy institute and public policy network specializing in financial inclusion policy for unbanked and underprivileged regions of the world. -banked. the knowledge, skills, confidence and competencies necessary to safely use digitally delivered financial products and services, to make informed financial decisions and to act in one’s financial best interest according to the economic and social situation of the ‘individual.

A financially literate person who can manage their finances well but is not able to know what UPI is, online banking, RTGS, NEFT, digital wallet, online account opening, etc. ., may not qualify as digital proficient.

At the same time, a digitally literate person may not be a financially literate person because they are not aware of concepts like compound interest, insurance, retirement planning, etc. What is necessary for an inclusive development of society is the growth of digital technology. financial literacy or many of them end up victims of cyber fraud. People should have the competence to use digital financial services as well as knowledge of risk and consumer protection. According to the National Crime Report Bureau’s (NCRB) Crime in India 2020 report, a total of 50,035 cybercrime cases were registered in 2020, an 11.8% increase in registrations compared to 2019 (44,735 case).

The crime rate in this category grew from 3.3 in 2019 to 3.7 in 2020. In 2020, 60.2% of recorded cybercrime cases were due to fraud (30,142 out of 50,035 cases) followed sexual exploitation with 6.6% (3,293 cases) and extortion with 4.9% (2,440 cases).

A total of 18,657 cases were recorded in metropolitan cities for cybercrime, an increase of 0.8% compared to 2019 (18,500 cases). The rate of cybercrime also fell from 16.2 in 2019 to 16.4 in 2020. Criminal cases revealed that computer-related offenses (Article 66 of the Computer Law) (11,356 cases) constituted the highest number of cybercrimes, accounting for 60.9% in 2020. The nation’s umbrella financial institutions such as RBI, IRDAI, SEBI and PFRDA are making every effort to educate citizens on how to conduct secure digital transactions and to protect against cyber fraud.

The National Center for Financial Education (NCFE) also strives to develop a culture of safe browsing and the precautions to be taken in digital financial transactions. An attempt has been made in this article to explain various modes of computer fraud. Thanks to awareness, we can save ourselves from it.

Sometimes scammers gain access to our mobile device, laptop or desktop after we download an unknown or unverified app or software. The links look like real names, but in reality we are redirected to download the unknown application. Once the malicious app is downloaded, the scammer can gain full access to our device and all of our vital information will be stolen. Beware of third party websites that look like existing genuine and popular websites like bank website or eCommerce website or search engine etc. which are created by scammers. The links are normally spread by scammers via SMS / social media / email / Messenger, etc. ; and when a customer enters secure information without verifying the detailed URL, all of our vital information is captured and used by scammers to make us a scapegoat.

Fraudsters sometimes use online sales platforms posing as buyers of our products. Under the pretext of paying money, they send the option to request money through UPI apps and sue to approve the request to withdraw money from our account. We must remember that in order to receive money it is not necessary to give the PIN code or password.

The modus operandi most used by fraudsters is vishing / phising. They contact random people, ask for their account details masquerading as bank officials or government officials threatening to lock their accounts, in case they don’t submit the details immediately. Once the details like date of birth, account number, card number, passwords, OTPs, etc. transmitted to them, they use this data to withdraw money from our accounts. The RBI publishes messages, videos, and print notifications that no bank agent will ever ask for customers’ PINs or OTPs.

A recent mode of cyber fraud is to receive a message indicating the lump sum income tax refund to an account and the recipient will be asked to verify the account number whether it is correct or not.

In the next sentence, they ask to give the correct account number using the given link. Normally the given number is not ours and we will try to give the correct number through the link which will transfer all our confidential data to the fraudster.

Some technically sound fraudsters are installing skimming devices in ATMs to steal our card data. They can also stand nearby pretending to be other customers, accessing our PIN code as we enter. Later, they create replica cards to siphon money from the account. Another way for fraudsters to access our bank accounts and necessary OTPs is SIM Swap or SIM Cloning. By cloning, they gain access to all of our credentials and use them to withdraw money. In June, Bhubaneswar police dismantled a racket that sold around 2 lakh of pre-activated SIM cards to fraudsters in different states.

Unverified contact numbers displayed by search engines like Google can also help scammers reach the prey. When looking for a customer service number, these websites look alike and their numbers lure innocent customers to reveal their credentials and fall victim to these scammers.

Data can also be stolen by scammers when we use a mobile charging port to an unverified or unknown port. Malware or fraudulent applications are installed without our knowledge and share our confidential data with the scammers. Another common way to defraud customers is by setting up a fake social account. A fake ID is created in the name of a popular person, friend requests are sent to others, and soon after accepting the friend request they start their stuff like asking for financial help. Likewise, the lottery scam is also a popular method by these cheaters.

They send messages to phone numbers to let them know that they have won prizes or have been selected for free giveaways from a popular business. To receive the money or the gift, they have to deposit an advance on the fraudster’s bank account. The mobiles will be switched off shortly after the deposit of the amount.

As digital transactions grow, new modes of computer fraud are being introduced by the culprits. Financial literacy through financial education can only minimize these cyber frauds and the common man can protect his hard earned money.

(Dr Biswal is Head of Department of Commerce, Nowrangpur College, Nabarangpur 764063. Mob: 9437125286, [email protected])

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Financial literacy

Sponsorship Gives Five LCISD Campuses Free Access to Financial Literacy Program | School news


Five Lamar Consolidated ISD high schools will have free access to an online financial literacy program through the efforts of a credit union to help students develop their financial skills.

The First Community Credit Union of Houston, Texas announced that it is sponsoring Banzai, an award-winning online financial education program and economic resource content library.

Since 2016, First Community Credit Union of Houston Texas has worked with Banzai to develop financial literacy in the community by investing time, money, industry experience, and credit union resources.

This recent sponsorship, however, allows more than 13,700 students and teachers from 59 Texas schools to access the program free of charge.

This coverage of 59 schools includes Lamar Consolidated, BF Terry, Foster, George Ranch and Fulshear High Schools of LCISD.

Banzai is used by over 75,000 teachers across the country; its courses align with the Texas State curriculum requirements; and he teaches real-world finance, covering topics such as borrowing, budgeting, saving, spending, goal setting, and internet safety.

And while students are learning, their teachers can track and record their progress remotely.

In addition to its printed lessons and workbooks, Banzai also offers a digital library that covers more complex topics like health insurance, the 50/30/20 rule and how to pay off a credit card.

“The kids have their own accounts and they work on real-life based missions,” said Morgan Vandagriff, co-founder of Banzai.

Banzai’s goal is to help students build a practical knowledge base for a healthy financial future, and Vandagriff highlighted how credit union sponsorship promotes financial education for local students.

“More than ever, it’s important for children to develop strong financial skills to prepare them for the real world,” said Vandagriff. “And the First Community Credit Union in Houston, Texas is realizing that, and they’re doing something about it.”

For more information visit Where

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Financial literacy

NOTICE: Financial Literacy Cannot Correct Socio-Economic Inequalities

(Clare Martin • Student life)

When I was growing up, “rich” worked like a catch-all term for anyone who lived in an upper-middle-class suburban home. Thirteen years of teaching in public schools gave me the skills I needed to be successful at Pitzer College. No fancy tutor, million dollar boarding school, or famous parent got me into a school where 70 percent of students come from the top 20 percent income bracket.

When people argue that financial literacy is the key to erasing socio-economic inequalities, the experiences of millions of middle to low income households in America are inevitably erased.

Of North Carolina State Mandated Financial Literacy Courses To the Trump administration’s Commission on Financial Literacy and Financial Education, mentalities blaming the poor for inequality are rife in the fabric of American society. The arguments for financial education ignore the fundamental fact that the poor are already financially educated. Too many false assumptions about inequality distract attention from the only way America can correct socioeconomic inequalities: give people more money and more opportunities.

Socio-economic inequality cannot be explained through the lens of financial literacy. This ignores the fundamental facts of the US economy which stagnates the wealth of the poor while helping the top few hold an overwhelming majority of net worth. Similar to the ‘do it yourself’ myth, advocates of financial literacy offer solutions that cannot fix America’s weak social safety net, corporate lobbying, union erosion, a low minimum wages, massive student debt, unaffordable housing and systemic discrimination. The majority of individuals are not responsible for their income status. Family wealth and race are the strongest indicators of future financial success, not financial literacy.

Studies show that financial education does not improve financial well-being, and that does not change financial behavior. Financial literacy education is only affected 0.1 percent of people’s financial behavior in a meta-analysis of 77 studies. In disadvantaged groups – including students, migrants and low-income households – the researchers found no long-term financial behavior cash. Similar to how students suddenly can’t write books after taking English classes or running a museum after taking AP US History, financial literacy classes teach theory without realistic application.

Even if low-income households knew the ins and outs of interest rates, the housing market, for example, would still have collapsed. A better understanding of the stock market will not help the poor who spend 80 percent of their income on necessities like accommodation and food; when 54 percent of people live paycheck to paycheck, a class on savings accounts can not solve their problems. People’s finances are too volatile for financial literacy courses that involve fixed budgets, easy-to-understand salaries and simple math are the norm in a much more volatile US economy.

What has been proven time and time again, especially in light of actions taken during the COVID-19 pandemic, is giving people the monetary support they need directly. The first round of federal stimulus checks valued at $ 1,200 proves it perfectly: the monthly personal savings rate has increased by about 20 percentage points after their promulgation, and benefits from the March 2020 Law on Aid, Relief and Economic Security (CARES) against the coronavirus increase in average wage growth for the lowest 25 percent of workers more than 20 percentage points. Meanwhile, the expansion and increase in the March 2021 US bailout child tax credits is estimated to be lift 4.1 million children out of poverty.

Aside from pandemic-driven politics, America needs sweeping reforms to reduce socio-economic inequalities. Until we improve our tax system, energize our unions, reform our campaign finance system, and eliminate the idea that the poor are responsible for their finances, inequality will remain a permanent feature of the economy. American.

Kenny The PZ ’25 is from Anaheim, California. He is a stressed beginner who hopes to work in public policy.

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Financial literacy

Financial literacy is imperative for the success of entrepreneurs

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 or text him at 336-575-9920.

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Financial plan

Community House’s financial plan leaves some Birmingham groups in shock

The Community House, an iconic Birmingham nonprofit, has cut grants to some well-known civic and community groups, forcing around half to find new hangouts.

The Rotary Club of Birmingham, the Senior Men’s Club and the Women’s Club have been notable departures from the meeting space for a long time.

“It’s just prohibitively expensive,” said Bryan Frank, president of the Rotary Club. “We have no way of absorbing these kinds of costs. He’s a service club killer. They are clearly oriented towards profit. ”

Nine clubs that once met regularly downtown at 380 S. Bates St. were officially notified in September 2020 that the free meeting rooms were no longer available. Instead, clubs should pay 50% of the room price. All nonprofits would buy a food, drink, and auxiliary staff tab at a 25% discount. Overall prices would still vary due to the various types of services provided.

While officials at The Community House have said they need to generate more revenue to stay afloat, Frank said the budget measures are tough. A Monday lunch at the community house typically costs around $ 19 for a Rotary club member. With the changes, the individual tab has grown to around $ 45, according to Frank.

“They clearly don’t care about the community,” said Frank, whose club meetings have been moved to the library for now. “This would have been our 95th meeting at The Community House. For us, this is quite devastating. It has completely changed the way we do things.

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Breakfast with Santa has been a popular tradition at The Community House for 25 years.  Not this year, however.

The Community House was founded in 1923 to be a “non-partisan, non-sectarian, non-exclusive community center”.

The establishment is known for its camps, courses, daycares and enrichment events. It is also a location for weddings and social and corporate events.

Tough decisions

COVID-19 could turn out to be its albatross. Operating at full capacity ahead of the pandemic, The Community House closed to the public on March 13, 2020.

Most of its staff have been laid off or on leave, and annual revenues have fallen to about $ 2.7 million from about $ 4.3 million. Disinfection and new cleaning protocols, combined with labor costs, represented a new expense of nearly $ 70,000 for a six-month period in 2020.

After meeting with the members of the board of directors, William Seklar, President and CEO of The Community House, sent his letter in September 2020 regarding the Lion’s Club, Optimist Club, Women’s Club, Senior Men’s Club, Newcomers Club, Storytellers Guild , Rotary Club, Birmingham Bloomfield Chamber of Commerce and Birmingham Shopping District.

Bill Seklar, President and CEO of The Community House, sits in TCH's Ginger Meyer Room.  This room is popular with brides as they prepare for their weddings.  It has a welcoming fireplace.

“We are writing today with a tremendous sense of sadness,” Seklar said in his letter. “Although historically The Community House has been blessed with abundance – more than enough to share our bounty with others, COVID-19 has changed our world forever.”

He announced that The Community House was ending separate agreements with the nine groups “which over the years have come under The Community House”.

There was also his stated intention to treat outside groups and nonprofits more fairly. While all nine clubs received the 50% discount, Seklar reserved a 20% room discount for other outside nonprofits.

The clubs, for the most part, were still in hibernation and also wondering how to survive. As members received their immunizations, they began to take the letter to heart.

Maynard Timm, the president of the Senior Men’s Club, wrote members a note in July telling them they would resume meetings in person on Friday, but not at The Community House.

“TCH has been our home for 64 years and remains a favorite place for our meetings,” Timm wrote. “We will continue to work with TCH management for a possible return in 2022. (But) TCH has not come up with acceptable terms for our needs.”

Seklar said the past two years have been probably the most difficult for him and his team at Community House. Some of his staff remain on leave and he does not know how long the operation will be able to handle salary increases.

“We would love for all the bands to come back,” Seklar said. “As a business, because a charity is always a business, we have to pass these costs on to our customers, but it’s up to each customer.

“I am a Birmingham kid. I grew up here. I know my community and I want this place to survive and I want to turn the page in 2023 into the next century. I think we are taking prudent and prudent steps. “

Seklar stressed that donations and volunteers are always welcome. He invites those interested to call La Maison Communautaire, 248-644-5832.

The Community House has been a unique treasure serving the Birmingham area with a wide variety of programs for all ages.

Contact reporter Susan Vela at [email protected] or 248-303-8432. Follow her on Twitter @susanvela.

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