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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
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.