Focus on Native Communities A complementary resource to Your Money, Your Goals - PowerPoint Presentation

Focus on Native Communities A complementary resource to Your Money, Your Goals

DISCLAIMER This presentation is being made by a Consumer Financial Protection Bureau (Bureau) representative on behalf of the Bureau. It does not constitute legal interpretation, guidance or advice of the Bureau. Any opinions or views stated by the presenter are the presenter’s own and may not represent the Bureau’s views. This document includes links or references to third-party resources. The inclusion of links or references to third-party sites does not necessarily reflect the Bureau’s endorsement of the third-party, the views expressed on the third-party site, or products or services offered on the third-party site. The Bureau has not vetted these third-parties, their content, or any products or services they may offer. There may be other possible entities or resources that are not listed that may also serve your needs.

Training purpose To provide you with: Information and tools to meaningfully connect Your Money, Your Goals to the community members you serve and help them manage or address their financial challenges An orientation to Your Money, Your Goals and Focus on Native Communities The knowledge and confidence to use the information and tools in your community

Training objectives Understand the content of Focus on Native Communities Be able to identify moments in which you could introduce the tools to the people you serve Be able to use its tools to help people take steps to reach their financial goals Understand how this resource complements the information and tools in the Your Money, Your Goals toolkit

Introductions Share the following: Your name Your organization or affiliation Your interest in financial empowerment

Focus on Native Communities

Focus on Native Communities

Your Money, Your Goals resources Your Money, Your Goals Toolkit Focus on Reentry Focus on Persons with Disabilities Focus on Native Communities

Your Money, Your Goals resources Behind on Bills? English and Spanish Debt getting in your way? Want credit to work for you? Building your savings? Implementation guide Training slides with notes are available for each publication

Your Money, Your Goals

Your Money, Your Goals and Focus on Native Communities These resources serve: Case managers , frontline staff, and volunteers in tribal social services or other nonprofit and government agencies that want to: Help financially empower the people they serve Strengthen their own financial knowledge and skill Community members that may want or need financial empowerment information, skill-building opportunities, and tools.

Benefits of Your Money, Your Goals Your Money, Your Goals may benefit individuals and families in your community by helping them: Set goals based on their values. Make plans to reach their goals. Use cash flow to cover living expenses today and plan for the future. Get rid of debt.

Benefits of Your Money, Your Goals Your Money, Your Goals may benefit individuals and families in your community by helping them: Review credit reports and fix errors. Choose the right financial products and services to meet their needs. Recognize their consumer rights, how to protect them, and what to do if they have been violated. Protect elders from financial exploitation.

Benefits of Your Money, Your Goal s Community members are able to: T ake care of their financial needs and obligations and contribute to the community. M ake informed decisions about protecting and growing community assets. Community members are better able to protect elders from financial abuse and exploitation. Make informed decisions about balancing today’s needs while planning for the next generation.

Navigating the modules Tool Handout

Toolkit organization

Toolkit organization

Focus on Native Communities companion guide contents About the Consumer Financial Protection Bureau Introduction Native Communities and financial empowerment Cultural and emotional influences on financial decision making Using Your Money, Your Goals in Native Communities Your Money, Your Goals content modules Native Communities tool: Using values to set goals Native Communities tool: Savings and asset limitsNative Communities tool: Making the most of the IIM Native Communities tool: Annual planning tool

Focus on Native Communities companion guide contents, continued Financial empowerment and elders Native Communities tool: Identifying elder financial exploitation. Native Communities tool: Getting help for elder financial exploitation. Native Communities tool: Preventing elder financial exploitation.

Using Your Money, Your Goals and Focus on Native Communities — One-on-one A tribal social service staff member providing case management to individuals in the community. An elder mentoring a young adult in the community. A Native Community Development Financial Institution (CDFI) staff member providing additional financial information and skill building to a prospective small business owner. A financial coach helping a community member reach her goals.

Using Your Money, Your Goals and Focus on Native Communities — Group settings Community or organizational meetings. Brown bag lunches or a lunch-and-learn series. Other community training events. Tribal gatherings.

Integrating Your Money, Your Goals The strongest integration strategies start with the end user in mind: Who will be using the toolkit? How will they use the toolkit? What outcomes do you want to achieve through the use of the toolkit? (Outcomes are results that bring about changes or benefits) What content in the toolkit is most important to achieving these outcomes?

Your Money, Your Goals Implementing Your Money, Your Goals and Focus on Native Communities

Module 1: Setting Goals Specific Measurable Able to be reached Relevant Time-framed Goals can be the foundation for building greater self- determination. They provide direction for how to use resources including money .

Module 1: Setting G oals Use “ Setting SMART goals ” to identify goals that will help you plan for and attain the things that matter most to you. Use “ Putting goals into action ” to create a plan to achieve your goals. Use “ Planning for life events and large purchases ” to help you develop a plan to pay for things like a big celebration, a car, or your child’s college tuition.Use the “Revising goals” handout to update or revise goals as needed.Native Communities Tool: Using values to set goals was developed for use in Native Communities to supplement these tools.

Native Communities Tool: Using values to set goals

Native Communities Tool: Using values to set goals What are some traditional values shared by the members of your community? How do these traditional values influence you? How do these traditional values influence your goals?

Using values to set goals Values are the things that people consider most important in their lives. A reflection on traditional values may make the information and tools on goal-setting and related topics in Module 1 feel more relevant.

Native Communities Tool: Using values to set goals

Native Communities Tool: Using values to set goals What were your top five values? Did these surprise you? What do these values say about you? Do your goals reflect these values? How do you think these values affect the way you manage your financial resources? What is the value of an activity like this? How can we use these insights in providing financial empowerment services to clients?

Module 2: Saving What is savings? Savings is money you set aside today for use in the future What are examples of unexpected expenses or emergencies? Saving is about setting aside resources today so they can be used in the future. It’s about balancing your resources to take care of your family and community.

Module 2: Saving Use “ Savings plan ” to build a weekly savings target that will help you accomplish your goals. Use “ Saving and asset limits ” to get a clear picture of how much you can save while still maintaining your public benefits. Use “ Find a place for savings ” to pick a place that’s right for you to keep your savings. Review the “Saving at tax time” handout for tips on how to prioritize saving when you get your tax refund.Complete “Saving and asset limits in Native communities” with information specific to limits for tribal benefits.

Native Communities Tool: Savings and asset limits in Native communities

Native Communities Tool: Savings and asset limits in Native Communities

Module 3: Tracking I ncome and Benefits Income Regular income Irregular income Seasonal One-time occurrence Benefits You have to know what’s coming in before you can plan for what’s being spent. Tracking the money and benefits you receive is the first step in creating a budget that works for you .

Limits to wage garnishment The amount that can be garnished from wages under federal law is usually limited to the smaller of these two amounts: 25 percent of your disposable income Difference between your income and 30 times the federal minimum wage EXAMPLE EXMAPLE Weekly earnings $300 Federal minimum wage $7.25 x 25% x 30 Total garnishment = $75 Subtotal = $217.50 Weekly earnings $300 - 217.50 Total garnishment = $82.50 In this example, federal law would limit your garnishment to $75, because it's less than $82.50.

Module 3: Tracking I ncome and Benefits Complete the “ Income and benefits tracker ” to see how much money you’re bringing home each month. Review “ Choosing how to get paid ” to see the pros and cons of different payment methods and pick what works best for you. Use “ Increasing income and benefits” to think about ways you can boost the amount of money you’re making.Use “Making the most of the IIM” to help young adults and others who are receiving large payments consider how they can build a plan to spend or save that reflects their values and helps achieve their goals.

Native Communities Tool: Making the most of the IIM

Native Communities Tool: Making the most of the IIM

Native Communities Tool: Making the most of the IIM

Module 4: Paying Bills Spending Money you use to pay for a wide range of basic needs, your financial obligations, and other things you may want. How you use your money is often a reflection of values . But, t here are individual consequences for not paying your bills on time or repaying debts. This happens regardless of the contributions you have made to your family or community.

Module 4: Paying Bills Use the “ Spending tracker ” to get a clear picture of where you’re using your financial resources. Use the “ Bill calendar ” to visually organize all of your bills in a monthly calendar. Use “ Choosing how to pay bills ” to learn about all of the payment options you have for paying your bills. Use “ Cutting expenses” to brainstorm ideas for cutting expenses from your. Use “Prioritizing bills and spending ” to make decisions about which bills to pay when you can’t make ends meet.

Module 5: Getting through the Month What is a cash flow budget? How is it different from a regular budget? What do you think may be the benefit of this approach for your clients ? Native Communities have planned for the use and conservation of natural resources for thousands of years. Cash flow budgeting applies those principles to financial resources and income.

Module 5: Getting through the Month Complete “ Creating a cash flow budget ” to see how your income and expenses line up. Use “ Improving cash flow ” to learn about strategies and habits you can change to help your cash flow. Use “ Adjusting your cash flow ” to find expenses that you can move or reduce to make sure your weekly cash flow is positive.Use the “Annual planner” as a supplement to help people plan if their sources and uses of income and other financial resources are annual, twice a year, or sporadic.

Tool: Creating a cash flow budget

Annual planner Using the cash flow budget can be difficult for people who have sporadic or seasonal income and periodic expenses .

Annual planning tool Identifying the timing and the approximate amount of these expenses can help someone plan to have the money on hand or save for the expense.

Annual planning tool

Module 6: Dealing with Debt What is debt? Money you owe. Debt is a liability. Debt may obligate future income. How is debt different from credit? For our purposes… Credit is the ability to borrow money. Debt is the result of using credit.

What is debt? Debt obligates future resources to cover decisions made today. Understanding debt, how to manage it, and how to reduce and get rid of it, are important components of financial empowerment.

Module 6: Dealing with D ebt Complete the “ Debt log ” to gain an understanding of all the debt you owe. Use the “ Debt-to-income calculator ” to discover how much stress debt is putting on your budget. Fill out the “ Debt action plan ” to find a strategy for paying down your debt that works for you. Bring “Comparing auto loans” with you when you shop for an auto loan to help find the best deal.

Module 6: Dealing with D ebt Use “ Repaying student loans ” to understand what repayment plans are available to you. Review “ When debt collectors call ” if you’re having a problem with debt collection to prepare yourself the next time a debt collector contacts you. Review the “ Avoiding medical debt ” handout if you’re dealing with high medical bills to learn about ways to handle medical debt.

Module 7: Understanding Credit Reports and Scores Your Money, Your Goals toolkit includes information to help you understand what credit reports and scores are, what goes into them and why they’re important.

What is credit? Credit is the ability to borrow money and repay it later. Debt is the money that you have to repay when you’ve used credit. You can have credit available to use without having debt.

What is credit?

Why do credit reports and scores matter? A poor credit history can make it difficult for you to: Get a job Get and keep a security clearance for a job, including a military position Get an apartment Get insurance coverage Pay lower deposits on utilities and get better terms on cell phone plans Get a credit card The Bureau has tool and resources to help you improve your credit score

Nationwide credit reporting companies Equifax Experian TransUnion You can get a free credit report from each of the three nationwide credit reporting companies once every 12 months at www.annualcreditreport.com

What are credit scores? Credit scores are calculated using the information in credit reports. A higher score makes it easier to qualify for a loan or lower interest rates. You have many credit scores.

Module 7: Understanding Credit Reports and Scores Complete “ Requesting your free credit reports ” to plan when you’re going to order your free annual credit reports. Complete “ Reviewing your credit reports ” to make sure all the information in them is correct and up to date. Review the “ Disputing errors on your credit reports ” handout to learn how you can dispute mistakes on your reports. Use “Getting and keeping a good credit history” to pick strategies you can use to improve your credit scores. Complete all four items described above to make sure the information on your credit reports is correct.

Module 8: Choosing Financial Products and Services Financial products and services can help people Protect their money and financial resources Better manage their money More efficiently pay for their current living expenses Set aside money for their goals or for future generations Learning about financial products and services and how they work can help you better manage your money , improve your credit scores, and save for your goals.

Module 8: Choosing financial products and services Use “ Finding financial products and services ” to find out about products that may meet your needs and learn about how they work and where to get them Use “ Comparing financial service providers ” to compare companies that offer the products or services you need and choose the one that’s right for you Complete “ Opening a checking or savings account ” to make sure you have all the documentation and answers you need

Module 8: Choosing Financial Products and Services Review “ Avoiding checking account fees ” to choose strategies you can use to lower or eliminate fees. Complete “ Evaluating your prepaid or payroll card ” to make sure you understand the details and fees associated with using the card. Review the “ Knowing your prepaid card rights ” handout before you buy or use a prepaid card so you know about your rights and responsibilities. Review the “Sending money abroad” handout to learn about your rights and responsibilities when sending money to another country.

Module 9: Protecting your Money Protecting what you have as a community ensures it will be there today and for future generations. When it comes to protecting your money, there are laws that give you rights.

Module 9: Protecting your Money Read the “ Protecting your identity ” handout for ways to guard yourself against identity theft. Review the “ How to handle identity theft ” handout to learn what steps to take if your identity has been stolen. Study the “ Spotting red flags ” handout to see some of the warning signs that a “sale” might be a scam. Learn how “Submitting a complaint” can help you if you’ve had a problem with a financial services company.

Your Money, Your Goals Financial Empowerment and Elders

What is elder financial exploitation? Elder financial exploitation is the illegal or improper use of an older person’s: funds , p roperty, or assets . This can occur through fraud or scams, or when caregivers , family members, or others improperly use an elder’s financial resources.

Financial Empowerment and Elders The traditional value of respect for elders is not a guarantee against elder financial exploitation. B ut that value can be used to encourage community members to learn about all types of elder abuse and empower everyone to take action to prevent and report financial exploitation.

Financial Empowerment and Elders Use “ Identifying elder financial exploitation ” to help people identify financial exploitation. Use the “ Getting help for elder financial exploitation ” handout to help people take action if they suspect exploitation may have occurred to an elder in your community . Use “ Preventing elder financial exploitation ” to help people help elders in their community prevent financial exploitation from taking place.

Identifying elder financial exploitation Use this checklist to educate community members about elder financial exploitation. It can be used one-on-one if someone expresses concern about an elder and his or her living conditions, care, or financial situation . Responses to the questions included in the checklist can help you or the individual you are working with get assistance.

Getting help for elder financial exploitation This is a list of resources that may help if you suspect that an elder has been the victim of financial abuse or exploitation.

Preventing elder financial exploitation Preventing elder financial exploitation takes a coordinated community response. Use this tool to start engaging community members in protecting elders. The tool contains both strategies for communities to use and actions for elders and their trusted family members to take.

Closing

Closing Visit http:// www.consumerfinance.gov/practitioner-resources/your-money-your-goals to Download Focus on Native Communities Order and download the Your Money, Your Goals toolkit and other materials Sign up to receive Your Money, Your Goals email updates Let us know what you think! Let us know how you use Focus on Native Communities with the people that you serveNews of your successes and constructive feedback helps the CFPB to develop new resources and enhance existing resourcesEmail YourMoneyYourGoals@cfpb.gov

Closing How do you think you will use this information your community? OR What is the most important thing you are taking away from this training?

Contact us: YourMoneyYourGoals@cfpb.gov Thank you!