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FINANCIAL PHILOSOPHIES Richard Padgett spends time to help others save money BY ALISON BAILIN BATZ
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PHOTO BY MARK MORGAN
ichard Padgett was not born with a silver spoon in his mouth. “My mom raised my sister and me on her own for many years,” Padgett says. “As you can imagine, money was tight.” As a result, the concept of saving was instilled in Padgett at a young age. “It wasn’t until my high school economics teacher taught a 401(k) lesson to our class that I saw the real potential in starting to save early on,” says Padgett, who got a job as a bank teller while still in high school to start saving for college. Turns out, Padgett had both a knack for saving and investing. Fast-forward 20 years, and Padgett is the vice president of Washington Federal’s growing Equipment Finance Division at just 36 years old. In a nod to his own journey, he also oversees the company’s Washington Federal Financial Scholars Program in Arizona. “Through the program, we are able to use interactive technology – simulations, avatars and gaming – to bring complex financial concepts to life for high school students, many of whom are in the same situation I was as a kid,” Padgett says. According to Padgett, more than 8,300 students have graduated from the program company-wide since Washington Federal partnered with Everfi, a leading education technology company.
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What do kids learn through the program? It runs the gamut from credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings and – of course – 401(k) plans. Any big success stories? The teachers and students at Metro Tech High School in west Phoenix have really championed the program. So much so, in fact, that Washington Federal and our partner, Everfi, hosts a graduation for them each year, and I recently joined the school’s Banking and Finance Advisory Board to help bring personal finance skills further into the classroom. You’ve been saving a long time – any splurges? I have one vice: performance cars. My kids and I are regulars at Cars & Coffee events in Scottsdale, which brings together automotive enthusiasts in locally organized, family friendly community meetups. Everyone opens up their cars and hangs out to share their stories and passion for the hobby. SO SCOTTSDALE! |
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| AUGUST 2016
7/22/16 1:55 PM