The Atlanta Voice Financial Literacy E-Edition

theatlantavoice.com • October 13 - October 19, 2023 • Page 9

FINANCIAL LITERACY SUPPLEMENT 2023

T H E AT L A N TA

KEY TO VOICE FINANCIAL WELLNESS

PRESENTED BY:

GOLD SPONSOR:

Page 10 • October 13 - October 19, 2023 • theatlantavoice.com

Financial Literacy

Working Together To Make The Vision Of Homeownership A Reality

BY EWUNIKE BRADY Wells Fargo

Owning a home is an exciting journey. One filled with a sense of pride and accomplishment. It’s a place for families to gather, celebrations to be had, hard times to be weathered, where memories abound. At Wells Fargo we are proud of the exciting work we are leading to create greater opportunities for a more equitable housing system. When our industry comes together, we have the power to create and deploy products and programs to create legacies and build wealth that will span generations.

In my role as the Head of the African American Segment with Wells Fargo’s Home Lending Diverse Segments team, I am responsible for creating and implementing strategy in support of addressing the disparity in wealth and homeownership that we face as a nation, with a specific focus on advancing Black homeownership.

We are deeply committed to working

Photo Credit: iStock/Ridofranz

hard to close the gap and create a more inclusive housing system. That work requires partnerships across the industry, boots on the ground, housing advocacy, policy changes, product development, and so on.

For me it also resonates on a personal level. With 20 years in the business, the power and beauty of homeownership took on new meaning when I became a mother. Did you know that Black Americans will pos-

sess $2 trillion dollars in spending power by the end of next year, with Black women accounting for 52% of the black population in America?

Black, head of household women have incredible impacts across all industries, not just mortgage.

It’s extremely important to me that my amazing seven-year-old daughter will encounter a housing system designed to envelop her with wealth-building opportunities.

While I work to build equity now so that I can pass on generational wealth, I look forward to seeing her adorable #BlackGirlMagic aspire without pause as she grows, hones her passions, and becomes a homeowner and an investor in her community.

Together, the work we do plants seeds – seeds of access, of education, accountability, stability, and more. In today’s market, doubt and concern are palpable. In the face of that, there is hope that you can still start to build equity today. Owning a home is possible. You can build a plan to make that vision a reality.

Talk with our Home Mortgage Consultants and begin the incredible journey to homeownership.

theatlantavoice.com • October 13 - October 19, 2023 • Page 11

Sponsored Content

The First Step to Homeownership is Financial Literacy

S

BY BEAU WHITE

Regional Mortgage Executive, SVP, Southern First Bank

outhern First’s mission is to impact lives in the communities we serve, and one of the most impactful events in a person’s life is becoming a homeowner. Homeownership is the largest source of wealth among families, according to the Federal Reserve, and with incredibly rapid price appreciation in the last five years, gains in home equity have been even more significant. For example, a homeowner who purchased a typical existing single-family home in Atlanta, GA five years ago has accumulated approximately $182,500 in home equity, of which $167,500 is from price appreciation, or 91% of total home equity gains.* However, for many members of our communities, the path to homeownership can be daunting. Barriers that prevent minority families from becoming homeowners include lack of access to lenders and credit, lack of capital for a down payment, and lack of understanding and information about the homebuying process.

Purchasing a home takes financial literacy and preparation, and at Southern First, our team is committed to making the mortgage process easier by guiding you through each step of the way. Here are a few steps you can take now to prepare to purchase a home.

Pay Down Your Debt One important factor that lenders use in determining how much house you can afford is your debt-to-income ratio (DTI). This is calculated by dividing your monthly debt payments by your gross monthly income, helping your lender ensure you’ll have enough income to cover both your mortgage payment and existing debts. Working to pay down your debts before purchasing a home can help get you more favorable mortgage terms and gives you more room in your budget for your mortgage payment and other home expenses.

Improve Your Credit Another important factor in determining your loan’s rate and terms is your credit score, which shows lenders your ability or inability to repay the loan. Having good credit helps you qualify for lower rates and monthly payments. Start by checking your credit reports and take steps to fix any inaccuracies. Your credit score is comprised of payment history, amounts owed, length of credit history, new credit, and credit mix. To improve or maintain your credit score, be sure to pay all bills on time, pay

Photo Credit: IStock

down your existing debts, and avoid applying for new accounts or adding significantly to your debt.

need may be very different. It’s never too early to reach out to a lender to understand your options. You may be able to buy sooner than you think, or if you need time to prepare, an experienced lender can provide strat-

Budget for Homeownership There is a lot more to becoming a homeowner than just making a down payment and monthly mortgage payments.

In the short-term, your budget should allow for new-home expenses like closing costs, moving, furniture, and renovations, and in the Take your next step to home sweet long-term, it should alhome. Our team works by your side low for regular maintethroughout the process, making it nance tasks like gutter easier and helping turn your dreams cleaning, unexpected into realities. repairs, and fees such as homeowner’s association dues. Avoid putting all or most of your savings towards a down payment as you’ll need to reserve enough cash for these one-time expenses and new, recurring bills.

Work with your lender to see what low or no down payment options may work for you.

Mortgages made simple.

Reach Out to a Lender Now Many people think they don’t have what is needed to purchase a home, but what you think you need and what you actually

egies to help you plan for a future purchase.

At Southern First, our team is passionate about helping people achieve their dreams of homeownership. Our mortgage experts are committed to building long-term relationships and providing you with access to information and loan programs to fit your needs. We offer competitive rates and a variety of products including low down payment options such as FHA, VA, and USDA loans, and our Southern First Dream Mortgage offers up to 100% financing with no down payment or mortgage insurance required.** Reach out today to get started at 877-679-9646 or www.southernfirst.com/mortgage.

We would be honored to help you get into your next home.

Member FDIC and Equal Housing Lender. // *Source: NAR calculations.

Principal repayment is based on a 30-year fixed rate 10% down payment mortgage. The annual percent change is a compounded annual growth rate.

These can be considered as typical gains. // **Loan originations are subject to underwriting and credit approval. Other terms, conditions and certain fees may apply.

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Sponsored Content

Synovus recently partnered with pro golfer and instructor Edgar Evans, Jr. to host an event introducing young adults from across metro Atlanta to the fundamentals of both golf and financial literacy.

Local students learn how to ‘handle the green’ Getting an early start on saving for the future and managing money is important, but many young people don’t learn these skills in school. That’s one reason Synovus recently partnered with pro golfer and instructor Edgar Evans, Jr., creator of the Saturday Foursome television show and podcast, to host an event introducing young adults from across metro Atlanta to the fundamentals of both golf and financial literacy.

“Golf and finances go hand in hand in the business world, and we want to make sure these kids can benefit from both,” said Evans. “Our goal is to share knowledge and give the participants exposure to a sport that can benefit them mentally, relationally and financially for a lifetime.”

Students were treated to in-person golf lessons by Evans, as well as sessions with Synovus bankers on setting financial goals and paying yourself first.

Setting financial goals This is the first step to creating and sticking

to a personal spending plan. Knowing what you want to do with your money in the future will help you stay on track in the present.

Whatever your financial goals might be, they should: Be realistic. Keep your lifestyle, earnings and timeline in perspective.

Be specific. Figure out the exact amount you want to save.

Have a timeframe. Each goal should have a deadline.

State actionable steps. Identify steps you can take to achieve each goal.

Include milestones. Set checkpoints to track progress and stay motivated.

For example, if your goal is to save $5,000 in 12 months, start by analyzing your spending habits and estimating your monthly income.

Next, see where you can cut costs and look for ways to earn more, such as a part-time job or possibly a side business. You can also search for apps and other tools to help you manage your money and track your progress.

Paying yourself first Paying yourself first makes your financial wellbeing the focus and ensures you’re actively saving and investing for your future.

Start by setting aside a portion of your income each month and placing it in a savings or investment account. You should consider this money "off limits" and avoid withdrawing it for everyday expenses. This simple habit can help build wealth over time as the interest earned on the money you set compounds and increases.

Fulfilling the next generation’s potential Students came away from the Synovus and Saturday Foursome event with a better understanding of the array of options they could use to save toward their futures, as well as how a popular form of recreation can double as a valuable way to network and reach their financial goals. By taking the time to invest in themselves, they are now able to make more informed financial decisions. Said Evans, speaking from firsthand experience,

“Developing discipline in golf and finances will change your life for the better.”

Presented by Synovus.

Important Disclosure Information This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

theatlantavoice.com • October 13 - October 19, 2023 • Page 13

Sponsored Content

Exploring How Special Purchase Credit Programs Help Advance Homeownership

BY CHUCK BISHOP

Head of Diverse Segments for Home Lending for Wells Fargo

Safe, affordable housing is a key pillar of the American Dream. It’s a pathway to financial success for our customers, and a source of stability in our communities. Owning a home is also one of the most important pathways to wealth creation, providing families with a foundation for improving their financial position across generations.

Wells Fargo continues to play a leading role in the crucial, industry‑wide effort to increase racial equity in homeownership through close partnership with stakeholders across the housing sector as well as special programs and targeted investments in communities of color.

Below, Chuck Bishop, Head of Diverse Segments for Home Lending for Wells Fargo explains what a Special Purpose Credit Program (or SPCP) is, and how Wells Fargo’s program aims to advance homeownership for minority customers and align with their Home Lending strategy announced earlier this year.

What is a Special Purpose Credit Program?

In 1976, the Equal Credit Opportunity Act (ECOA) authorized the creation of an SPCP to allow lenders to create a loan program that considers protected bases, such as race or ethnicity, to meet special social needs or help economically disadvantaged populations.

Although SPCPs have been around for decades they may not have been widely implemented, in part, because of a need for greater clarity in creating a compliant program. In February 2022, the Consumer Financial Protection Board (CFPB) acknowledged the need for further guidance on how to develop SPCPs to be consistent with the ECOA and joined seven other federal agencies in issuing a statement encouraging lenders to explore opportunities available to increase credit access through Special Purpose Credit Programs.

Is it discriminatory to have a lending program that focuses on a specific racial or ethnic group?

Under Federal law, lenders are permitted to design and implement Special Purpose Credit Programs to increase access to credit to better serve historically disadvantaged individuals and communities. An SPCP allows lenders to consider factors including race and ethnicity, national origin, and gender to meet special social needs. SPCPs can play an important role in promoting equity and inclusion, building wealth, and removing barriers that have contributed to financial inequities, housing

Photo Credit: iStock

instability, and residential segregation.

How do Wells Fargo’s Special Purpose Credit Programs work?

Wells Fargo launched our first SPCP in 2022. Through the program, more than 4,100 existing Black Wells Fargo customers who may not have taken advantage of low mortgage interest rates prior to when the market rate surged have been able to lower their rate and their monthly payments without extending their loan term.

This year, we announced an expansion of our SPCP efforts to include purchase loans. The new eligib Homebuyer AccessSM grant, developed under a Special Purpose Credit Program, provides downpayment assistance and is available to eligible homebuyers who are purchasing homes in or who currently live in select areas in eight Metropolitan Statistical Areas (MSAs) to start: • Minneapolis–St. Paul–Bloomington, MN-WI • Philadelphia–Camden–Wilmington, PA-NJ-MD-DE • Dallas–Ft. Worth–Arlington, TX

• Washington–Arlington–Alexandria, DC-VA-MD-WV • Baltimore–Columbia–Towson, MD • Atlanta–Sandy Springs–Alpharetta, GA • Charlotte–Concord–Gastonia, NCSC • New York–Newark–Jersey City, NYNJ- PA This program can be combined with many other programs for which they may qualify including the Dream. Plan.

HomeSM closing cost credit, the Employee Mortgage Program, Corporate Relocation, and more.

What advice do you have for homebuyers?

Potential homebuyers looking to purchase a home in any of the eight metropolitan areas and those who currently live in those areas can find out more about the Special Purpose Credit Program by visiting wellsfargo.com/homegrant, calling 866-327-6414, or contacting a Wells Fargo Home Lending office in their area.

Other programs are available in ad-

dition to the SPCP. Everyone’s financial situation is unique to them and it’s important to speak with a mortgage professional or HUD-approved housing counseling agency to begin the homeownership journey. Ask questions like what types of loans are available; if there are programs to assist with downpayment or even closing costs; what the requirements are for loan approval. Aspiring homeowners should understand as much as they can about the homeownership journey before beginning. It could make a difference in the kind of experience you have.

Also, don’t assume that myths about purchasing a home are true. You don’t necessarily need a high downpayment or perfect credit to make your homeownership dreams a reality. Many lenders have programs that are aimed at assisting low- and moderate-income buyers. Educate yourself and ask questions to explore your options.

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Sponsored Content

Paying Down Debt Doesn’t Have to Overwhelm You

BY WORD IN BLACK STAFF IN COLLABORATION WITH WELLS FARGO

W

hy is it so easy to get into debt and so hard to find your way out? And why does trying to manage debt often feel so over-

whelming?

A growing number of consumers are facing this challenge. American household debt increased by $34 billion last year, with 18.3 million borrowers falling behind on a credit card, according to the quarterly report on household debt and credit by the Federal Reserve Bank of New York.

Wells Fargo Bank is helping customers lessen stress and learn to manage their credit and debt effectively. “We have many options and connect with customers using a personalized approach that’s tailored to their needs,” said Darlene Smith-Daniels, Wells Fargo branch manager in New York City. “We are very hands-on, letting them know we’re here to help them establish credit or manage their debt.”

Smith-Daniels, who joined Wells Fargo in 2003 as a teller and worked her way up to branch manager, relates to her customers

and values the bank’s commitment to assisting customers in this area.

“Growing up, I wasn’t taught a lot about credit,” Smith-Daniels reflects. “It gives me a good feeling to help them with our debt management tools.”

Helping customers gain financial literacy is a high priority for Wells Fargo. That includes helping them see the big picture to understand the relationship between credit and debt.

“Managing debt can become overwhelming,” Smith-Daniels said. “We work to find ways for them to tackle it, because that debt is not going to disappear. We help them to not pick up more credit and pay down debt, which gives them more options.”

“We explain that we cannot provide a quick solution, and we counsel them on the need to have patience,” she said. “We show them two approaches: the snowball method — paying off the smallest debt first—and the avalanche method of paying off the highest interest account first. And we work together to find the best method for them.”

Another tool is the Debt-to-Income (DTI) Ratio Calculator to show how debt impacts borrowing power. “It’s vital to understand

this equation,” Smith-Daniels said, “because many customers make the mistake of wanting to wipe out all their debt.”

“Many customers don’t know until they’re speaking to us that this ratio affects them if they want to borrow again. It’s best to have a mix of credit and some debt, as long as it’s in line with a healthy debt-to-income ratio.

It’s all about management. You must have some debt to show that you can repay it. If you have no repayment history, then lenders may have difficulty lending to you.”

Along with the tools, Wells Fargo offers staff with the skill sets to guide customers through the maze of credit and debt management.

She sometimes uses an analogy to help customers understand the need for regular financial check-ups and maintenance.

“I remind them that they see their doctor regularly to make sure everything is working,” she said. “I encourage them to look at their finances that way, to make sure that they sit down with their banker for a review at least once a year and go over their finances. “They say, ‘You’re right. I do need to have that financial check-up to make sure everything is all right, and I don’t get over-

whelmed with my debt.’”

The results have been encouraging.

“We’ve had great outcomes,” Smith-Daniels said. “Some customers come back and say, ‘Now I want to apply for a loan or a mortgage because now I have everything under control, and I can manage my debt much more effectively and efficiently.’ It gives me a good feeling to know we’re helping customers.”

The bank’s approach is designed for the long term.

“If someone is starting off trying to establish credit, we give them the tools, ask if we can follow up with them in a month or two, see how it goes. Then once they get the credit, we work with them on how to maintain it without becoming overwhelmed. If they’re in trouble, we work with them by scheduling a follow-up meeting whenever it’s best for them.

“While getting into debt will always be easier than getting out, Wells Fargo is deeply committed to helping customers reach their goals and gain financial stability. “It does take time — you have to be patient,” Smith-Daniels said, “but we can definitely help you get on the right track.”

theatlantavoice.com • October 13 - October 19, 2023 • Page 19

Strength in Working Together The Black homeownership rate has seen the largest percentage point increase of any racial or ethnic group since the end of 2019, moving from 42.7% to 45.2% in the third quarter of 20221.

As the leading large bank lender to African Americans Wells Fargo understands that our strength comes from working together across the country to achieve racial equity in homeownership.

Our close collaboration with prominent African American civil rights organizations, real estate trade groups, and housing counseling agencies helps bring home buying information and resources to more communities.

At Wells Fargo we also continue to optimize our teams to better serve you and help you create a home buying journey that is right for you and your family.

Scan to learn more about our Home Lending Priorities

1 Wells Fargo Economics team Special Commentary: Gaining Economic & Financial Ground in the Black Community Since COVID Information is accurate as of the date of printing and is subject to change without notice.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2023 Wells Fargo Bank, N.A. NMLSR ID 399801 AS5759580 Expires 04/2024

Page 20 • October 13 - October 19, 2023 • theatlantavoice.com

Financial Literacy

Financial literacy isn’t just for adults

BY DONNELL SUGGS

F

inancial literacy isn’t just for adults, according to author Chelsea Addison. Her book “Savannah’s Savings Jar” tells the fictional story of a 10-year-old that learns an important lesson about how and why it’s important to save money. Addison learned these lessons as a youngster and felt the need to share them in the form of an easy to read children’s book.

“Growing up, my mom talked to my sister and I about stocks, bonds, saving, and spending wisely,” Addison said. “These conversations and experiences have had a lasting impact on my financial habits as an adult. It is my hope that through this book, students will be inspired to take control of their financial futures and develop the necessary skills to build strong financial foundations much like the one my mom helped me build.

“Savannah’s Savings jar” is illustrated by Laura Daogaru and is available anywhere books are sold.

The Atlanta Voice: What led you to writing this book? Any personal experience you’d like to share?

Chelsea “SARAE” ADDISON: As a former second-grade teacher in St. Louis Public Schools, I was inspired to write Savannah’s

Savings Jar by my desire to equip my students with the tools to use money effectively, beyond just counting it. I felt a deep sense of responsibility to teach financial literacy to young students in a fun and relatable way.

AV: Having not read the book yet, what would I, a father of an 8-year-old son, be buying this book for? Meaning, what would my son potentially learn from this story?

CA: As a teacher, I created Savannah’s Savings Jar to be a valuable tool for parents to help teach their children about financial literacy. Throughout the story, I have integrated comprehension questions that are designed to gauge your child’s understanding of the story and financial concepts presented, such as budgeting, entrepreneurship, and the importance of saving and spending money wisely. By understanding how financial decisions made today can impact future financial plans and goals, children can learn valuable lessons that will help them throughout their lives.

To make things even easier, the story includes bolded terms that are defined in the glossary at the back of the book. Parents can use this glossary to help explain financial concepts to their children as they read together. My hope is that this book will not only be an enjoyable read for children, but

“Savannah’s Savings Jar” tells the fictional story of a 10-year-old that learns an important lesson about how and why it’s important to save money. Photo by Donnell Suggs/The Atlanta Voice

also a valuable tool for parents to help teach their children about financial literacy.

AV: In your opinion why is learning financial literacy early in life important, particularly for Black children?

CA: As a researcher in the field of financial literacy and a former elementary school

teacher, I strongly believe that teaching financial literacy early in life is crucial for all children, but especially for Black children.

My ongoing PhD research focuses on building financial capability in elementary school students, which refers to the practical application of financial knowledge.

MAKING HERSTORY Did you know that The Atlanta Voice is a 501(c)3 Nonprofit Organization?

We strive to provide quality journalism to our community every day. Today, I am asking for your support.

SCAN NOW TO DONATE

REGISTER TODAY. ctb.enrich.org

Our Money

Matters

Scan the code to learn more.

The Citizens Trust Bank Our Money Matters (OMM) financial literacy program addresses the widening racial wealth gap.

We invite you to take advantage of these free, personalized financial tools education and, services available to our communities’ citizens and businesses.

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theatlantavoice.com • October 13 - October 19, 2023 • Page 21

Sponsored Content

How the 100 Black Men of America Empowers Youths

by Investing in Their Future

BY MELISSA MURRAY, JENNIFER BLOCK MARTIN, AND ERIC BEST For 14 weeks, students across the country took part of Wells Fargo Junior Investment program, a simulation game that teaches young people how to invest.

Student teams are given a virtual $100,000 to invest in stocks, bonds, and mutual funds using the SIFMA Foundation’s Stock Market Game. They learn the value of capital markets as they work together to maximize the return of their portfolios with the help of mentors from their local 100 Black Men of America chapter.

The competition recently culminated in Las Vegas where five finalist teams competed at the 100 Black Men of America’s annual conference.

Making generational change Now in its fourth year, the Wells Fargo Junior Investment program is delivered to students by mentors like Moses Harris, a senior Black and African American Segment leader for Wells Fargo who’s been a member of the Los Angeles chapter of 100 Black Men for eight years. Harris covers stock market fundamentals and its risks with young people each Saturday morning as part of the program.

“Early on, our students are a little timid on what they should do and how many shares they should buy,” Harris said. “We like to give our students the education, and with education comes confidence. When you’re confident, you’re able to perform and participate.”

The 100 Black Men of America and programs like the Junior Investment program aim to not only help kids learn to create longterm wealth, but also foster mentor relationships between generations.

“We see the parents are very engaged and interested,” said Bonnie Wallace, head of Financial Health Philanthropy for Wells Fargo.

“So, it’s really extending the learning not only with the youth, but with the older generation as well.”

Participant Jada Rabun shares, “Just being in [the competition] after four years, and going on to my fifth year, I really see the benefits of it,” Jada said. “I would have never imagined in eighth grade for me to be at a national conference.”

Jada is the third generation in her family to be involved with the 100 Black Men, which has mentored young Black people to prepare them to be future leaders since 1963. Her father, John Rabun, was brought to the group’s Los Angeles chapter by his own father as a high school student.

“Generation to generation, it means a lot,” John said. “[The organization] has had a profound impact on me and my family, and so I wanted to introduce [it to] my daughters.”

Carrying financial lessons through life The 100 Black Men of America and Wells

Wells Fargo Junior Investment program group photo

Participant Jada Rabun

Fargo have worked together for 34 years, from sponsorships to supporting programs like Pathways for Success, which provides workforce readiness to mentees across the nation.

This collaboration is part of Wells Fargo's broader commitment to increase pathways to economic opportunity for historically marginalized communities.

“Generational wealth gives you the oppor-

tunity to have a better life. Not only for you, but for your kids,” said Lester Owens, Operating Committee Member for Wells Fargo. “The more that we can give somebody the opportunity to be successful, the more they can carry that with them for generations for others to be successful as well.” Owens is also a member of the 100 Black Men of America.

Jada is beginning to see doors that the Ju-

nior Investment Competition and the 100 Black Men could open. She’s already looking at colleges, including some historically Black colleges and universities (HBCUs). “[The 100 Black Men] has really helped spark my interest in the business field,” she said. “I’m going to continue the program probably for life.”

Page 22 • October 13 - October 19, 2023 • theatlantavoice.com

Sponsored Content

Photo Credit: Getty Images

5 Tips to Get Ahead of Holiday Debt

T

he holiday season is fast approaching, and most people find themselves spending a little – or a lot – more than usual during these festive final months of the year.

Americans spend more than $1,450 each year on holiday-related purchases – from gifts and travel to decorations and entertainment. These costs layered into your monthly expenses can significantly strain your budget.

You don’t have to break the bank to celebrate the season. Smart planning can get you ahead of the holidays and leave you with funds for merrymaking the way you want. Consider these five tips to minimize holiday debt.

Save, save, save While solid advice for any time of year, it can take on more importance during the holidays. One way to save is to set up a separate savings account for holiday expenses. Start saving at the beginning of the year, and vow not to withdraw any money

until it’s time for holiday shopping.

Make your holiday plans now Set guidelines for your holiday spending. Make a list of your expected holiday expenses and estimate the costs to see if they fit into your overall budget. Adjust your list as needed.

Build a holiday budget—then stick to it Once you’ve made your list, commit to staying within your budget. With so much pressure surrounding gift-giving, it's easy to spend more than you planned. Shop online to ensure you’re getting the best deal, or search for coupons and deals to help lower costs. Get family and friends on board with your plans by suggesting a gift swap instead of buying gifts for everyone; opt for handmade gifts or even pitch in for a group gift. If you’re hosting a holiday dinner, shop in bulk for food items.

Scope out major deal days In addition to the deal-hunting tips

above, take advantage of Black Friday and Cyber Monday sales. Look up retailers’ deals ahead of time to see if you find goods and services you planned to purchase anyway at lower prices. Many retailers start big holiday sales as soon as Nov. 1, so do some homework now on the gifts you have your eye on so you can spot and take advantage of online and in-person deals before the holiday rush.

Pick up a short-term gig Even the best-laid budget plans can still fall short of your available funds. If your schedule allows it, take on a temporary job to bring in some extra income. Many retail or dining establishments need additional workers to handle the holiday rush, and demand often increases for ride-booking and delivery services as well. Or take up a side hustle selling crafts for example.

These are just a few ways to help you get a handle on holiday debt, but there’s so much more that savvy consumers can do to save. See if your credit cards have special offers at your favorite stores or for your fa-

vorite purchases, and look for special cash back deals. Be flexible and keep an open mind in general – if you can't get a good deal on the gifts you originally planned to buy, see if any of the special offers you qualify for might be good substitutes.

The bottom line Putting financial parameters in place can help you feel more confident and less stressed about your holiday spending.

Have fun with your planning, saving and budgeting – it’s a great way to get into the holiday spirit early.

To learn more about budgeting, visit chase.com/financialgoals or visit one of our more than 95 Atlanta-area branches.

To find the branch closest to you, visit chase.com/branch.

Sponsored content by JPMorgan Chase & Co.

theatlantavoice.com • October 13 - October 19, 2023 • Page 23

Financial Literacy

TIAA’s Legacy Makers Sought to ‘Retire Inequality’

BY ITORO UMONTUEN During the 2023 Essence Festival, TIAA, a Fortune 100 provider of secure retirements and outcome-focused investment solutions, partnered with the Global Black Economic Forum to #RetireInequality. There is a 30% gender retirement gap between men and women. However, 54% of Black Americans do not have the retirement funds to maintain their standard of living.

Everyone has heard that financial literacy includes creating a budget, planning for retirement, managing debt, and tracking personal spending. However, what does retirement literacy mean?

“I think the one key thing and the key message we need to get across is to save something, save something, invest that something, and allow that income to grow for you,” said Kourtney Gibson, Chief Institutional Client Officer with TIAA. “So that you have income in retirement, allow that investment you’re making in yourself to grow so you can have a steady paycheck?

Well after you’re done working. That’s what we mean when we talk about lifetime income at TIAA. It’s what we’re focused on.

The income gap between African Americans

Kourtney Gibson, Chief Institutional Officer with TIAA, moderates a panel with Sean Bankhead, Fe Noel, and Wyclef Jean during Day Two of the 2023 ESSENCE Festival Of Culture™.

Photo By Itoro Umontuen/ The Atlanta Voice

and whites versus Hispanics is tremendous when discussing retirement and equality.

Between women and men, it’s huge. It is now time to focus on retiring those inequalities to ensure everyone has a successful and secure future.”

Strength in Working Together As the leading large bank lender to African Americans Wells Fargo understands that our strength comes from working together across the country to achieve racial equity in homeownership.

Our close collaboration with prominent African American civil rights organizations, real estate trade groups, and housing counseling agencies helps bring home buying information and resources to more communities.

At Wells Fargo we also continue to optimize our teams to better serve you and help you create a home buying journey that is right for you and your family.

Scan to learn more about our Home Lending Priorities Information is accurate as of the date of printing and is subject to change without notice.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2023 Wells Fargo Bank, N.A. NMLSR ID 399801 AS5759580 Expires 04/2024

On average, Black families have 85% less accumulated wealth than White families.

The Great Recession exacerbated the BlackWhite wealth gap and left Black households more susceptible to the COVID-19 recession. White households are also 2.8 times

more likely to receive an inheritance than Black households, according to a 2021 study conducted by the Wharton School of Business. In addition, Black Americans are less likely to be homeowners, exposing them to rent increases, having more student debt, making it harder to save for retirement, and not having access to retirement plans.

“Define what you want your future to look like,” Gibson exclaimed. “Dream. Dream big. Think about what I want when I decide to stop having income and how I want to live and work backward. Set your own wealth goals. Then work with someone: whether that person is on a computer, an online tool, or whether it’s an actual human from a financial advice perspective to help you define how you reach that goal.”

“Forget the big words, compound interest, asset allocation, all those things are important,” Gibson said regarding getting into the investment world. “But the bottom line is, how much money do I need to save today? At what rate? Do I need it to grow, and for how long? And then what will that give me as it relates to income? When did I decide to stop working? What does that look like? That’s where it starts.”

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Make homeownership your path to personal and intergenerational wealth When Black homeownership rates increase, more Black households gain access to a proven way to build personal and intergenerational wealth.

Our mortgage affordability calculator1 on wellsfargo.com helps you determine which mortgage options best align with your financial goals.

Markets change but that does not mean buying a home is out of reach. At Wells Fargo we can help you navigate the home buying journey during all types of economic cycles.

When you are ready to talk, our Home Mortgage Consultants are here to help you create a plan to optimize the benefits of homeownership now and over time.

The Black homeownership rate rose throughout 2022 even in the face of rising mortgage rates, hitting 45.2% in the third quarter - up from 42.7% in 2019.

This is the largest point increase of any racial or ethnic group.

1. How Much House Can I Afford Calculator | Wells Fargo 2. Wells Fargo - Gaining Economic & Financial Ground in the Black Community Since COVID (bluematrix.com) Information is accurate as of the date of printing and is subject to change without notice.

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