Improving Every Year

Posted on April 30, 2012 by Bigger Than Your Block

Abby Ulm, Foundation Manager at SCE Federal Credit Union, and Shay Olivarria at the Los Angeles Federal Reserve during a field trip with local high school students.

More great news! SCE Federal Credit Union Foundation (now the Center for Financial Empowerment) works with several high schools around the San Gabriel Valley and in the 2012 National Financial Capabilities Challenge 24 of the 415 students nationwide (that’s about 6% of ALL the students across the nation) were students that SCE Federal Credit Union Foundation worked with!

In 2012, 35 schools in California took the challenge (that’s about 67% of all schools in California) and the students that SCE FCU Foundation worked with scored really well. In fact, there was an increase of students that scored in the top 20% in year two.

In 2011, the SCE FCU Foundation had 10 students that scored in the top 20%. This year that number increased to 24 students. That’s more than 100% increase! There were:

12 students from Baldwin Park High School

7 students from Duarte High School

5 students from Colony High School

Congrats to all the students and the team at the SCE Federal Credit Union Foundation!

Finding Love Magazine

Posted on April 27, 2012 by Bigger Than Your Block

Read about Shay's journey to self-love on page 14.

Financial education speaker and author Shay Olivarria is featured in this month’s Finding Love Magazine. She talks about sticking out from her peers and being kind of … odd.

Shay Olivarria is a wonderful, loving person. She’s run her own financial education business, Bigger Than Your Block, for five years. She’s earned an undergraduate degree and studied for a graduate degree. She’s traveled to nine countries on three continents. By every definition she’s accomplished, so why didn’t she love herself?

Turn to page 14 and check out Shay’s article in Finding Love Magazine this month.

I’m working through my issues. They are definitely not over yet, maybe they never will be. I’m better than I was, though and that’s all that matters to me. I’m still considered strange to most people I meet. I still have to give myself pep talks before I step on stage. My jokes still fall flat sometimes, but who cares? We’re all works in progress and right now I’m having a great time settling into myself.

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com

NBC Latino

Posted on April 27, 2012 by Bigger Than Your Block

Shay Olivarria was interviewed by NBC Latino! Whoo hoo!

We’re so proud that Shay Olivarria was interviewed by Kristina Puga of NBC Latino for this article with tips about dealing with the possible doubling of the student loan interest rate that’s coming July 1. Read it and share it!

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com

Millennials and Financial Literacy

Posted on April 25, 2012 by Bigger Than Your Block

Just read this article in USA Today about young people that have graduated from college and are flying through life with little knowledge of personal finance. It doesn’t surprise me because this article just came out from Society of Human Resource Management (SHRM) that ranks each state in two categories: knowledge of personal finance concepts and application of those concepts in everyday life.

$15 on Amazon

Buy a copy of 10 Things College Students Need to Know About Money for the student in your life.

The parental instinct to provide for your children can actually be detrimental to preparing them to be financially independent. Beacham says it’s an “unintended consequence” that leaves adult children unprepared to handle their own finances. “You feel like a good parent if you’re taking care of your child,” she says. “(But) the reason kids on college campuses don’t know anything about money is because they have no skin in the game because their parents are still paying. Their child is going to pay a much higher price for the lack of experience and knowledge they have on graduation day.”

So what can parents do to help students learn about personal finance? Take advantage of teachable moments, attend events that reinforce financial education principles, and provide resources to help students understand personal finance concepts.

Camp Miss Independent

Posted on April 24, 2012 by Bigger Than Your Block

Camp Fire USA Executive Director/CEO Sandra Rutherford with SCE Federal Credit Union Foundation representative Shay Olivarria at Camp Miss Independent.

Saturday, April 21st was the Second Annual Camp Miss Independent hosted by Camp Fire USA. The SCE Federal Credit Union Foundation supported the event, so Shay Olivarria delivered three 45- minute presentations on personal finance topics including:

Click to visit SCE FCU

Financial Goal Setting (creating S.M.A.R.T. goals)

Paying Yourself First (Emergency Funds and Retirement Accounts)

Understanding Financial Institutions (Credit Unions, Community Banks,and Banks)

Camp Miss Independent is a two-day event at Camp Nawakwa in the San Bernardino mountains. Students come up Friday night and and stay overnight until Sunday morning. Speakers cover personal finance, dressing for success,financial aid, and college life. Students were excited to receive a special offer from SCE FCU.

SCE Federal Credit Union Foundation representative Shay Olivarria facilitates a discussion the difference between credit unions and banks at Camp Miss Independent.

Students really enjoyed Shay’s presentations. They said they learned:

“The difference between banks and credit unions”

“I can start saving money now”

“Start saving around $50 a month and I’ll have lots by the time I’m 30 years old. So save, save, save!”

“Retirement fund and realizing that I NEED to save money if I want to have a comfortable lifestyle”

“Debit cards do not effect your credit”

“Setting short & long term goals …just setting financial goals in general”

“The eye opening information makes me realize that I need to make smarter decisions”

“Saving money but also knowing how to use it”

I had a great time working with the students that attended Camp Miss Independent 2012!

Baldwin Park Students Finish in Top 20% Nationwide

Posted on April 22, 2012 by Bigger Than Your Block

A southern California credit union. A great place to have a relationship. Click the photo to visit the SCE website.

As you know, Shay Olivarria, has had a mutually beneficial relationship with the SCE Federal Credit Union Foundation for years, so you can imagine how happy she is to learn that 10 the students at Baldwin Park High School have finished in the top 20% of all the students that took the national financial education challenge!

In 2011, 52 public schools in California competed in the competition and posted scores below the national average, which can be attributed to California high school students not being required to take a financial literacy course in order to graduate.

Baldwin Park High School, which offers a financial literacy program with the help of SCE FCU’s Foundation, had 10 students finish in the Challenge’s top 20 percent nationally in 2011.

“Through the SCE FCU Foundation, teenagers are forming healthy money management skills,” says SCE FCU CEO Dennis Huber. “In 2011, we were able to help nearly 4,000 individuals with financial educational programs. Our foundation is an extension of the credit union movement – people helping people.”

Last year, SCE FCU partnered with Boyle Heights Technology Center and Watts Youth Opportunity Movement, two non-profits running a special youth workforce program for 14-21 year olds, to educate them on smart money management skills. More than 140 participants opened a special savings and checking account, which SCE FCU designed with safeguards to avoid overdraft fees as students learn to use their account.

Congrats to all the students!

Here’s to another banner year with SCE Federal Credit Union Foundation!

Here’s to making a difference every day with students across the country!

We’re Too Stupid for Convenience

Posted on April 20, 2012 by Bigger Than Your Block

This morning I read an article about UK-based financial institution Barclay’s bank rolling out yet another way to pay without opening your wallet and pulling out your debit, credit, or store card.

It is one third of the size of a standard credit card, with a sticky reverse side.

It will be sent without charge to customers who request it and will come in addition to their regular credit card.

The credit card provider believes that people should stick it to the back of their mobile phone handset because most adults carry their phone with them at all times. Cardholders may choose to attach it to their wallet or a key ring, instead.

Are we ready for this kind of technology? I don’t think so. Not only do I think we’re not ready, I think that financial institutions know that we’re not ready and that’s why they want us to sign up for stuff like this…. so we’ll blow our money and end up paying fees to them. That sounds kind of conspiracy theory-ish doesn’t it? Well, just because it sounds like that doesn’t mean it’s not the truth.

Originally there was a limit of £10 on wave-and-go purchases. That maximum level now stands at £15 and is set to increase to £20 in June.

This is generally the kind of amount spent on debit cards, rather than credit cards, although Barclaycard is clearly encouraging customers to make more everyday purchases on a credit card.

You know what happens when you walk around with a sticker on your cell phone that lets you charge up to $15 worth of stuff at a time? You buy more crap that you don’t need. Don’t believe me? Barclays’s isn’t the only company looking into this kind of technology. Companies in Silicon Valley have been researching a “mobile wallet”idea for a while. Here are a few choice tidbits from the horse’s mouth:

They really start to salivate at the potential marketing bonanza. Companies developing these services plan on packing loyalty cards, coupon folders, and Groupon-like deal-of-the-day offers right into the digital wallet. Retailers could build comprehensive profiles of their customers, targeting them with additional discounts and come-ons at the checkout terminal or when they’re out and about, in pretty much the same way Amazon and other online retailers track shoppers as they browse the Web.

You know why they offer these deals? Because they know that not only will you make the original purchase, you’ll purchase a few more items because you got a discount. SMH They know what we don’t, that we’re too stupid to make good decisions when faced with “deals” and “convenience”.

Men Earn More Than $400,000 More Than Women

Posted on April 20, 2012 by Bigger Than Your Block

After all the talk about the gender pay gap, the gender net worth gap, I wasn’t really surprised to read something else about how many fewer dollars women earn than men, but seeing the number attached to the image to the left gave me pause. Could it be true? Over a lifetime, on average, men will earn $431,360 more than women due to the gender pay gap.

Part of me wants to mention all the numbers again, wants to point out why financial education is so important, and wants to help give you the tools to do something different …. but …. I can’t. We all know why these things are important. We all know that we need to make good choices. We all know ….. *sigh*

Here’s yet another infographic that explains why we need to be aware our value, stand in our power, negotiate hard, and make the most the money we bring home.

View more infographics at UpWorthy.com.

Allensworth Juneteenth Celebration

Posted on April 13, 2012 by Bigger Than Your Block

Col. Allensworth created the town of Allensworth, CA. It was a town founded in 1908, with the idea that African Americans could own property, learn, thrive, and live the American Dream. Every year they have several events to celebrate and commemorate this town.

Saturday, June 9th from 10am to 4pm Shay Olivarria of Bigger Than Your Block will attending the Allensworth celebration of Juneteenth in Allensworth, CA. She’s pleased to be presenting a lecture on financial education among Blacks. The town was founded by Col. Allensworth because he believed that Blacks needed to be financially independent. He envisioned a town with it’s own school, businesses, and a college. The water turned brackish and people left, but the park has been turned into a state park.

Click the photo to visit the park’s page.

Of course it’s a celebration of enslaved Africans finally being made aware that freedom had come, but it’s also a celebration of our survival. As we remember how far we’ve come, it’s important to plan for the future. Working towards owning businesses, increasing our networth, and passing on our wealth to our children has got to become paramount.

The day will include entertainment for all, food, and of course some great speakers. Shay Olivarria will sell copies of her three books on site or buy them beforehand and have her sign them at the event. Either way, come on out and help celebrate the beauty of Black folks in America June 9th in Allensworth, Ca.

Book Shay Olivarria to speak at your event.

Wonderful people

Posted on April 11, 2012 by Bigger Than Your Block

This doesn't really have to do with anything, but I liked the title of the album. It fits, no?

I met some great students today. Great students. I won’t share their names because I didn’t ask, but today I met:

An architect

A poet

A writer

An investor

I know that they are just beginning their journeys, but I’m loving their energy and I want to publicly proclaim that they are amazing!

I don’t usually post things written by other people, but I met this guy today and I couldn’t not share is genius. Since he’s a published writer I don’t feel bad about sharing his name. Please take a look at the articles Anthony Turner has written and share them with a friend.

Trayvon Martin, Unarmed and Innocent on the NYTimes blog

As a young black male myself, I sometimes get the sense that other people judge me on my appearance. The fact that I’m a black kid in a hoodie is a mark against me (even though I don’t do anything “suspicious” at all). At times I feel self-conscious, wondering if people on the subway or street automatically wonder: “Is he a troublemaker? Should I hold onto my phone tighter?” It makes me feel bad to think that these kinds of thoughts surface in people’s heads when they see a black person.

Foster Teen: ‘I Needed Emotional Support, Not Medication” on The Huffington Post

My caseworker came to my foster mom’s house and told me that he would take me to KFC and then to a “nice place to get help.” I thought, “OK, that sounds cool. I get my favorite food and I go to a center to feel better.”

The next stop we made was a psychiatric hospital for kids. We went through door after door, and it dawned on me that every door had a lock. Once the door shut you couldn’t open it. The doors locked you in. They intended to keep me here. That realization gave me a panic attack. I started running and the security tackled me. I was forcibly dragged in.

Huffington Post – “Foster Teen: I Was Put In A Psych Ward. I Wasn’t Crazy” was picked up on the Citizen’s Commission on Human Rights International website

I felt forced into signing a bunch of papers. I didn’t realize I was signing consent to take medication.

The first things they prescribed were Depakote and Risperdal. I didn’t get a say in what I wanted, and that made me feel powerless.

At the hospital, staff joked about it in a perverse way. “Hey kids, come and get your happy pills!” “Come right up for your Skittles, it makes the world a better place!” I was disgusted that the staff were making light of my situation. I wondered how they’d feel if they were forced to take pills in a lockdown facility.

Kids are awesome and I’m soooo looking forward to seeing all the good things they do in the world!

PEACE,

Shay

ACS Financial Education Event

Posted on April 11, 2012 by Bigger Than Your Block

Shay Olivarria was the keynote at the ACS Financial Education event in New York City April 11, 2011. The event was held at The Children’s Place on 1st Ave and 28th. Everyone had a great time! There were some great vendors at the event:

CheckSpring (community) Bank – They are a local community bank that’s mission is to provide financial services to the local community. They have branches in Brooklyn, Manhattan, and the Bronx.

Department of Consumer Affairs – They have loads of good things going on, but the thing that really stood out was the Safe Start Program. If you can’t open an account at a financial institution because you’re on ChexSystems you might be able through this program. Through the Save USA Program you may also be able to earn $500 for letting your tax return grow in an approved financial institution.

Henkels & McCoy – They provide job services to 17 to 21 year olds that are not enrolled in school.

IRS – Darrell Weinberg talked about free services in the city. Did you know you could get your taxes done for free.

SBA – They were on hand to answer any questions about starting a small business. Check them out if you’ve ever considered starting a business.

Candi Sparks was also there. She wrote a book called Can I Have Some Money? (Volume 3) Max Gets It! Pick up your copy for $10 on Amazon.com.

Need a speaker for your next financial education event? Book Shay Olivarria! Visit www.BiggerThanYourBlock.com to watch videos, read testimonials, and buy copies of 10 Things College Students Need to Know About Money, Money Matters: The Get It Done in 1 Minute Workbook, and All My Mistakes.

Free Library of Philadelphia

Posted on April 6, 2012 by Bigger Than Your Block

Shay Olivarria with staff from the Free Library of Philadelphia.

Thursday, April 5, 2012 Shay Olivarria was pleased to present financial education workshop “Creating a Foundation for Wealth” based on her book 10 Things College Students Need to Know About Money to student-workers at the Free Library of Philadelphia. Wow! The students were so much fun! We weren’t able to film because the students were minors, but there are some comments from the evaluation to give you an idea of how the workshop went.

What was the most important thing you learned today?

“Stop being idiot and save some cash!”

“Savings and a bright, ready mind can get you ANYWHERE!”

“How to think critically about money”

“The difference between a bank and a credit union”

“Invest in retirement and have an emergency fund”

“”I learned about small opportunities that make a big difference”

“The most important thing I learned today was how I can start saving now, to benefit my future”

“Avoid fees was the most important thing I learned. The fees can add up and put you in a hole”

“You can buy stock at any age”

“I leaned about saving money and shopping smart”

Book Shay to speak at your event today.

Why Gas is So High

Posted on April 3, 2012 by Bigger Than Your Block

It costs the Saudis less than $2 a barrel to produce oil, but it costs Americans more than $100 per barrel to buy it. Why?

I have no way to prove that this is right or wrong, but with gas prices causing so much trouble for so many American families, I wanted to make sure that the information/perspective was getting as much press as possible.

NPR asked Adam Davidson to write an article explaining why he believes gas costs so much. Read the whole piece here.

Like it or not, the bill for keeping the Persian Gulf monarchies in power is now being footed by every American. Every time we fuel our car we send an extra 35 cents per gallon, or roughly $6 per fill up, to the Save the King Foundation. Since oil goes into everything we buy from food to plastics, this adds about $1,500 annually to the expenditures of the average American family.

Thoughts?

Colleges Withholding Transcripts

Posted on April 2, 2012 by Bigger Than Your Block

The Nation just did an article on colleges withholding transcripts from graduates that are in default with their student loans. Re-read that last sentence. You take out loans to pay for your college education banking on the hope that a person with a college degree will have a better chance of getting a decent paying job and firmly settling into middle-class-hood. Then you graduate and you start looking for a job. The loan folks give you six months to find a job before they start requiring repayment.

The Problem

Imagine you’ve graduated, find a low-paying job, move back in with your parents, and start working. You can’t put gas in your car, give a few dollars to your parents for bills, and pay your student loan. You’re trudging along and then one day to see a job posting for the job of your dreams! You’re a perfect fit and it’ll pay you enough to repay your student loans and maybe move out to a small roommate situation. The company requires a copy of your transcripts so you call your alma mater only to find out that you can’t get a copy of them because you’re in default on your student loans. This could become a huge problem.

Documentaries such as Default: The Student Loan Documentary are showing the problems that students are facing repaying student loans.

Debt bomb?

Yahoo! explains the problem perfectly:

A year ago, the Institute for Higher Education Policy published a study tracking the dismayingly high delinquency and default rates of the class of 2005. But as the sum of outstanding student loans has climbed towards the $1 trillion mark, passing total credit card debt along the way, the fact that America’s students are essentially putting themselves into hock for an education has more than a few people panicking. As William Brewer, head of the National Association of Consumer Bankruptcy Attorneys, told the WaPo, “This could very well be the next debt bomb for the U.S. economy.”

Suggestions

I have no answers other than the traditionally held:

#1 Attend a community college to complete your lower division classes.

#2 Choose a college with good return on investment (ROI).

#3 Get as many grants and scholarships as you can.

#4 If you have to take out loans, only take what you need. You can deny portions of your loan package.

#5 Start paying the loan off while you’re in school. Interest is a beast.

What suggestions do you have for dealing with paying for college?

Bigger Than Your Block

Financial education for all.

Monthly Archives: April 2012