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The Biggest Saver TV Show

The Biggest Saver TV Show

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Biggest saver tv show Biggest saver tv show Presentation Transcript

  • BiggestaverTelevision Show
    October 2010
  • Concept
    Build awareness nationwide through a Biggest Saver TV show that features some of the worst savers in America as they undertake debt reduction and build savings
    Partner with a national TV network to broadcast the show to millions of households across the country
    Winner has the highest percentage of debt reduction or highest percentage increase in savings over course of program
    Winner receives monetary incentive to be placed into savings vehicle – 529 fund, certificate of deposit or other
    Offer interactive, online activities for Americans watching the program to begin their own savings programs
    Online pledge to save money, reduce debt
    Educate millions on the importance of good financial health
  • Meet the Smiths
    Husband, age 40 – software developer, wife, age 39 – teacher
    daughter, age 10, son, age 8
    Both parents work, kids in private school
  • Smith Family Financial Goals
    10 more years of private school tuition
    Annual family vacation
    Build emergency fund
    Fund retirement
    Pay for 8 years of college for 2 children
  • Smith Family Finances
    Income: $115,000 annual
    Emergency fund: $6,000
    Investments: $75,000
    Mortgage: $450,000
    Credit cards: $25,000
    Annual private school cost: $20,000
    Car payments: $600/month
    Utilities: $400 (cable, electric/gas, etc)
    Food: $400/month
    Savings rate: 4 percent
  • Meet the Browns
    Husband, 53 – lawyer, wife, 50 – work at home, daughter, age 19
    Husband works, wife volunteers, daughter in state college
  • Brown Family Financial Goals
    Continue to build retirement fund
    Pay down debt
    Pay off mortgage
    3 more years of college for daughter
    Retire and travel
  • Brown Family Finances
    Income: $100,000
    Emergency fund: $15,000
    Investments: $400,000
    Mortgage: $100,000 left
    Credit cards: $15,000
    Student/parent loans: $12,000
    Car payments: $300/month
    Utilities: $300 (cable, electric/gas, etc)
    Food: $300/month
    Savings rate: 8 percent
  • Meet the Adams Family
    Engaged couple, future husband, 26 – nonprofit professional
    future wife, 24 – public relations professional
  • Adams Family Financial Goals
    Pay for wedding
    Pay off student loans and debt
    Plan for children
    Buy a house
    Begin saving for retirement
  • Adams Family Finances
    Income: $55,000
    Emergency fund: $1,000
    Investments: $2,000
    Rent: $800/month
    Student loans: $60,000
    Credit cards: $15,000
    Car payments: $300/month
    Utilities: $300 (cable, electric/gas, etc)
    Food: $300/month
    Savings rate: 1 percent
  • Meet the Williams Family
    Husband, 62 – retired scientist, wife, 56 – nearly retired government worker
    Three children already graduated from college
  • Williams Family Financial Goals
    Pay off mortgage
    Hit $1 million in retirement savings in 5 years
    Pay off children’s college loans
    Plan for medical expenses and long-term care
    Travel
  • Williams Family Finances
    Income: $70,000
    Emergency fund: $10,000
    Investments: $850,000
    Mortgage: $20,000
    Student/parent loans: $120,000
    Credit cards: $5,000
    Car payments: $300/month
    Utilities: $300 (cable, electric/gas, etc)
    Food: $300/month
    Savings rate: 6 percent
    Have been pulling from retirement already
  • Meet the Jones Family
    Divorced father, 45 – project manager, two children ages 14 and 16
  • Jones Family Financial Goals
    Pay down consumer debt
    Rebuild credit score and savings following divorce
    Build some savings for college
    Save for retirement
  • Jones Family Finances
    Income: $60,000
    Emergency fund: $0
    Investments: $80,000
    Rent: $500/month
    Child support: $900/month
    Legal fees: $5,000
    Credit cards: $20,000
    Car payments: $0
    Utilities: $100 (cable, electric/gas, etc)
    Food: $300/month
    Savings rate: 2 percent
  • Biggest aver– WEEK 1
    Identify family/individual financial goals
    Work through why each family/individual is in debt
    Homework: Create a budget and identify areas to save
    Challenge: Who can identify most areas to cut expenses
    Feature celebrity financial expert
  • Biggest aver – WEEK 2
    Develop plan to reduce debt
    Develop plan to build retirement
    Homework: Cancel unnecessary expenses
    Challenge: Debt reduction/savings increase update from each family
  • Biggest aver– WEEK 4
    Focus on adding additional income to pay down debt
    Kids can find a job – babysit, mow lawn, internships
    Evaluate skills and opportunities to freelance
    Homework: Identify freelance opportunity and make $50 in a side gig
    Challenge: Who makes the most in a side gig?
    Debt reduction/savings increase updates
    Feature expert freelancer or entrepreneur
  • Biggest aver– WEEK 6
    Housing financial education
    Identify opportunities to refinance
    Homework: Each family to meet with mortgage company to determine individual feasibility and options for home savings
    Challenge: Debt reduction/savings increase update from each family. Did anyone refinance? How much did they save?
  • Biggest aver– WEEK 10
    Feature menu planning and grocery savings
    Discuss once-a-week or once-a-month family cooking to engage whole family in food savings
    Homework: Clip coupons, buy generic and cook all meals on one day
    Challenge: Who can lower overall food bills the most in one month? Debt reduction/savings increase update from each family
    Feature expert couponer
  • Biggest aver– WEEK 12
    Evaluate family taxes – withholdings, deductions
    Homework: If appropriate, change withholdings at work, increase take-home pay to pay down debt
    Challenge: Debt reduction/Savings increase update from each family
  • Biggest aver – WEEK 16
    Finale
    How much did each family save?
    What percentage of debt was paid down?
    Winning family receives $100,000 to be deposited into selected savings vehicle – 529 account, certificate of deposit, basic savings, mutual funds
  • Engage the nation in savings
    Online savings pledge
    Online/virtual savings buddies
    America’s vote to give $$ or challenges to season participants - during season
    Downloadable budgeting tools
    Access to financial professionals
    Financial hotline
    Host competition for future seasons
  • Give back with financial education
    Host free series of financial education classes to promote show, sponsored and provided by TIAA-CREF
    Donate $$ to scholarship funds for nationwide participation in savings
    $1 for every savings pledge or $0.10 for every dollar saved by Americans
  • Biggest aver – Follow Up
    Feature Where are They Now? stories
    Feature online participants who saved a lot of money
  • Innovation
    The Biggest Saver TV show brings to light the very issue many people won’t discuss with others – financial health, savings and debt.
    The program will feature real-life families as they build savings and reduce debt.
    Viewers will be able to relate to real-life families throughout the process
  • Feasibility
    Work with a national network to develop pilot program and secure families to participate
    Create interactive, online activities to engage viewers in building their own savings
    Online pledge, savings buddy, free financial support
  • Effectiveness
    With the ability to reach millions of viewers through a national network, the program builds awareness for the topics of saving and debt reduction
    Highlighting diverse families with varying backgrounds provides relatable content and discussion points for viewers
    With calls-to-action throughout the show, viewers will be encouraged to engage in their own financial health, ultimately understanding where they are and how to reach their financial goals.
  • Thank you.
    Thank you for considering the Biggest Saver TV show as a finalist for the TIAA-CREF Raise the Rate Challenge.
    Best of luck.