Meet Mia Russell, AFC^®, a financial educator who leads the content strategy for Wells Fargo’s Hands on Banking^®financial education program. In this role, she’s responsible for the development and enhancement of financial education curricula, resources, and tools for all! The available resources cater to youth, adults, seniors, military, entrepreneurs, and anyone looking to teach or provide financial education.

 

AFCPE: What inspired you to enter this field?

Mia: As a college student, I landed an internship where I helped housing voucher program participants create budgets. I guess they thought a student majoring in business might have sufficient skills… but I learned more than I could have imagined. My first post-college position was as a credit counselor for a bank. These early experiences taught me about the importance of managing my money as well as establishing and managing credit. I’ve enjoyed a 20+ year career helping financially empower individuals and families that spans the nonprofit, educational (Cooperative Extension), and corporate sectors.

AFCPE: What does financial capability mean to you?

Mia: Often defined as attitudes, knowledge, skills, and confidence needed to make informed financial decisions, I see financial capability as the intersection of capacity and ability to become more financially successful. We know that having knowledge is important but we also need to build – and practice – skills as well as gain confidence to ensure informed decision-making and improved financial outcomes.

AFCPE: You are the Vice President of Content Strategy & Integration at Wells Fargo, working directly with the Hands on Banking^® program. Tell us about the program and the resources that are available.

Mia: The Hands on Banking^® program is a free, engaging, and noncommercial financial education program provided as a public service by Wells Fargo. Available in both English and Spanish, the Hands on Banking program helps learners build responsible money management skills and improve each stage of their financial lives; addressing topics from how to budget and manage credit to retirement planning. Our program offers online self-paced courses, resources, and tools for youth, young adults, adults, seniors, military, and entrepreneurs. In addition, we offer engaging and innovative lesson plans and curricula for K-12 educators, aligned with Common Core State Standards. Our resources are also appropriate for college and community-based educators. To learn more about Hands on Banking and access our resources, you can visit https://handsonbanking.org or email us at hobinfo@wellsfargo.com.

AFCPE: Sounds like an incredible program! We are excited to see this program expand and grow. Mia, what’s next for you? What has you most excited?

Mia: Entering my third year at Wells Fargo, I’m excited to continue working to help advance financial capability, nationally and globally. There’s always a new way to think about and approach our work – such as creating content to explain current trends and concepts, such as cryptocurrency to creating relevant content for specific audiences, such as the Disability Supplement Guide created in collaboration with National Disability Institute. Additionally, Wells Fargo has supported an AFCPE grant exploring the effects of financial coaching, education, and counseling. I’m excited about how this research will help financial educators, counselors, and coaches in the course of their work. I’m simply excited about the future of our field and the innovations that may exist as we consider behavioral finance and fintech advances.

 

Mia Answers the Friday 5

1. My Why: Financial education is a life skill that changes the game… learning how to manage your money is empowering and has lasting effects regardless of sociodemographics.
2. My Favorite Quote: Growth comes from stepping outside of your comfort zone (- Unknown)
3. My Hero: My grandmother taught me important life skills and encouraged me to always be willing to take risks. 
4. My Favorite Personal Finance Resource: There are many resources that I personally find helpful, including powerpay.org and Money Habitudes card. And, of course, handsonbanking.org
1. My Best Advice:
   1. For someone starting the journey to financial wellness: I like the quote attributed to Arthur Ashe, “Start where you are. Use what you have. Do what you can”. Stay focused but if you fall off track, it’s okay… every day is a new day.
   2. For a new professional entering the field: Love what you do and do what you love… your passion and action are key ingredients to making this work impactful for individuals and families across the globe.

Follow Mia at:
Email: mia.b.russell@wellsfargo.com

LinkedIn: http://linkedin.com/in/mia-russell-a482ab57

Website: https://handsonbanking.org

The AFC^® certification program has a new supplementary tool to support your preparation for the AFC^® certification examination! The course is designed to guide you through the material, providing you with additional tools and resources to develop your skills, test your comprehension, and put your knowledge into practice!

Housed in a learning management system, the course allows you to: 

• Divide the material into manageable sections of content.
• Sort through study processes more efficiently.
• Engage with other certification candidates through discussion boards. 
• Tap into different learning styles, utilizing videos for visual learners.
• Apply the material you are learning with “Think Like A Counselor” exercises.
• Access study materials, including a glossary of terms and worksheets.
• Explore additional resources and links to bring the material to life.
• Experience new content, including case study applications for non-traditional clients and instruction on cultural sensitivity.

Invest in AFC^® and FFC^® certification and training – for you, your organization, or your important financial capability initiatives.

Have questions about nonprofit or group pricing?
Need help figuring which path is the best one for you?

Contact:

Jarod Taylor, AFC^®, Certification Program Manager

Michelle Starkey, Director of Certification Programs

Whether you are interested in AFCPE certification, training, or membership, we look forward to supporting you in 2019!

Judy Polyne, AFC^® is a financial coach and educator, coaching clients towards their financial goals. Through her work as an adjunct professor at New York University (NYU), as well as with local nonprofit organizations, Judy teaches people what they need to understand financial wellness and how to build a brighter financial future – both individually and collectively. She offers services to all individuals, but her primary focus is providing financial counseling to women of color in higher education. Through her passion and her “Setting the Standard” attitude, Judy is making big strides toward financial and social change in her community. As this week’s #FridayFollow spotlight, Judy tells us what sparked her motivation and offers great advice that all AFCPE candidates and professionals can utilize.

 

AFCPE: What inspired you to do this work?

Judy: In 2002 I was researching the effects of welfare reform on women in large urban communities. I realized that one of the reasons these women struggled so much with this new change in their income was because of their lack of knowledge about how to manage their money and try to build assets.

AFCPE: You provide financial counseling and financial education in your community through several avenues. Can you provide details describing the services you provide?

Judy: I provide one-on-one financial counseling and coaching primarily to my niche market, women of color in higher education (full-time faculty, adjuncts, and graduate students). Additionally, I offer financial education classes and write curriculum for high school and college students. I have provided financial education in schools working with 3rd graders to high school students, in organizations, working with chronically unemployed, working poor, low and middle-income populations, and in individual and group settings.

AFCPE: You recently obtained your AFC^®, congratulations! What does it mean to you to hold the AFC^®designation as you work in these spaces?

Judy: Having the AFC^® designation means that I have a level of expertise that is recognized as the standard, which I can confidently use to back-up the services that I provide in my work with clients and organizations.

AFCPE: What does it mean to provide financial counseling and financial education in your community of New York, NY?

Judy: New York is one of the most, if not the most, expensive places to live in the country. As the song goes, “If you can make it here, you can make it anywhere.” Helping people understand how to manage their money better so that they can make it here is what wakes me up every day.

AFCPE: What advice do you have for fellow AFC^® candidates looking to earn hours in a similar capacity?

Judy: There is a larger need for your services than you may realize. Seek out organizations whose work moves you and offer your services there, by way of a class or brief one-on-one sessions. It’s a win-win. You will help support an organization you believe in, and they will help you move closer towards earning your certification.

AFCPE: Great advice Judy! What’s next for you? What has you most excited?

Judy: I’m really excited about focusing more energy on starting my business, Commencement Financial Services, now that I have the AFC^® credential behind me.

 

Judy Answers the Friday 5:

1. My Why: Because everyone, no matter how much they have/make deserves to be financially secure.
2. My Favorite Quote: “You can’t go back and make a new start, but you can start right now and make a brand new ending.” James R. Sherman, Ph.D. 
3. My Hero: I’m inspired by Saundra Davis of Sage Financial Solutions for her work as a leader in this field.
4. My Favorite Personal Finance Resource: Kiplinger’s Personal Finance
5. My best advice: 

• For someone starting the journey to financial well-being: Your past does not dictate how far you can go in building a bright financial future. Start right now and build the future that you want and deserve.
• For a new professional entering this field: Your clients need your essence, your education, and your expertise. Always bring your whole self to any interaction, and you will find that your clients will turn out better for it.

Follow Judy at:

LinkedIn: https://www.linkedin.com/in/judy-polyne-afc%C2%AE-202921178/

Times of separation are hard on a family and relationships in many ways. One of the most challenging aspects of separation is how to handle the finances – how to budget and continue to make progress toward your financial goals. Service members (SM) experience this challenge on a regular basis which is why it is vital for couples to work together on a financial plan and budget to ensure progress is made and setbacks do not occur during periods of separation.

According to a 2014 article in the Journal of Financial Counseling and Planning (JFCP), regarding stress and financial well-being of SMs, the amount of debt SM’s carry is greater than the general public. In the study 27% reported having more than $10,000 in credit card debt, versus 16% of the general population (Bell, et. al., 2014). The challenge is how to tackle the debt and avoid accumulating more during times of separation.

Budgeting while separated can be difficult. Here are 6 things to consider:

1. Create a solid budget prior to the separation. Every dollar of income needs to have an assignment. There are even apps available that allow both of you to view the budget from your mobile device and always be on the same page.
    
2. Consider the amount of money the SM might spend while away on the mission. These expenses can be a budget killer. To solve this, predetermine a dollar amount as part of the budget that the deployed spouse is allowed to spend. It might be helpful to simply pull this amount out in cash every month and that is all the money the SM has available for the set period. The same could be said for the discretionary spending for the spouse and family back home as well. An envelope system is a great way to budget everyday spending.
    
3. Set financial goals together! This is very important. A time of separation, while stressful, can also net some extra income and it should be decided ahead of time how that money is going to be used. For example, separation pay should have an intended purpose, like to provide child care, lawn maintenance, debt reduction, etc. If you use this “extra” money for frivolous purposes, when a genuine need arises, then  the money may no longer be available.
    
4. Decide how financial decisions are going to be made during a separation. Communications may be limited and as a couple you may not always be able to discuss financial decisions. Put a plan in place to handle these occurrences. For example; how much is one person allowed to spend on an emergency without discussing it first?
    
5. Don’t let emotional spending derail your progress toward financial goals. If emotional spending is an issue for you, please discuss these feelings with a friend or professional before going on a shopping spree to make yourself feel better. A lot of poor financial decisions are made during deployments and these decisions can have lasting implications.
    
6. Set financial goals together and stick to them. It is, when one spouse acts without consulting the other during a time of  separation it can be very stressful on the relationship. Whether the goal is to save or get out of debt, be sure your financial goals are aligned.

This article focuses on members of the armed forces, but these six considerations can be easily applied to any couple who finds themselves in regular periods of separation. While it can be challenging to get out of debt, don’t let a separation slow your momentum!

Guest Contributor: Susan Pascoe, AFC^®

Sources

Bell, M. M., Nelson, J. S., Spann, S. M., Malloy, C. J., Britt, S. L., & Nelson Goff, B. S. (2014). The Impact of Financial Resources on Soldiers’ Well-Being. Journal of Financial Counseling and Planning, 25(1), 41-52. Retrieved from http://afcpe.org/assets/pdf/volume_25_1/04088_pg41-52.pdf

As a personal financial counselor, I am often asked to give an overview of the services I provide to Soldiers and Airmen in my area. Although I am grateful for the opportunity, I often find it difficult to persuade service members that they can benefit from financial counseling. Most of them think they are doing fine because they can make ends meet from month to month. To get them to think beyond the next month, I ask them to do a self-evaluation of their personal finances. Below are the four questions I ask the group. The four questions that can lead them to financial freedom.

1.     Do you have a written budget that you maintain and follow every month?

“A budget is telling your money where to go, instead of wondering where it went.” I make sure service members know a budget is the foundation for everything they do with their personal finances. There are many tools and resources available to help create and maintain a budget, but they must pick and choose what works best for them.    

2.     Do you have enough money in savings to cover six months of your living expenses?

I usually hear giggles when this question is asked because so many service members feel this is an impossible task. To help service members see this as an actual need, I ask them, “What would you do if you had to get out of the military tomorrow and you no longer had any income?” Many service members are terrified by this question because they don’t know what they would do in this situation.

3.     Are you completely debt-free or do you have a debt elimination/debt management plan in place to help you control your debt?

Many of them already know what it feels like to be overwhelmed by debt or know someone who had been consumed by debt. At this point, I just make sure they understand that debt will take control of them, if they don’t get control of it. know if they don’t get control of their debt, it will eventually take control of them. 

4.     Are you contributing enough money monthly into your retirement account to help you reach your financial goals?

I point out that everyone eventually gets to a point where they can no longer work and we will all need money during retirement to cover our monthly expenses. The earlier we start, the better, and this is because of the effect of compounding interest. 

If everyone answers yes to all four questions, I tell the group good job and keep up the good work. But I remind them that they can still benefit from financial counseling if they want to discover what they can do even better.

If someone answers no to any of my questions, I’ll make sure they know I am available to help them convert their no to a yes. The goal of this self-evaluation is to help potential clients see their need for your services. It is ineffective to tell a group of young service members that you can help them set up a budget and get out of debt without making a connection between what they want and what you can provide. These four thought provoking questions can help you bridge that gap and help your client achieve true financial freedom.

Guest Contributer: Cain Hill, AFC^®