May 30th 2015 workshop presentation (slide share sample)
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This is a Test SlideShare to see how easy or hard the real one will be on 02/04/2016. To find out more about what I do, send and email request to Mary@GoldenHeartsHoldings.com or text 678-856-3258
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May 30th 2015 workshop presentation (slide share sample)
- 1. We are glad you are here! Be sure that you’ve signed in with registration and that there is a packet on your seat There is a restroom in the room, but if you prefer more privacy, feel free to use the facilities in the lobby We want you to be as comfortable as possible, so PLEASE, if we need to make any adjustments or accommodations, just let us know! Welcome!
- 2. Who I am“One of my favorite stories is of two gravely ill men in the hospital. The one near the window delights in sharing the majesty and beauty of the world outside to his contemporary, who, being in constant pain and immobile, looks forward to being regaled by his equally ill roommate. Upon the inevitable passing of the first man, the second demands to be moved to the window so that he can marvel at the world outside; only to learn that there was no window and his companion had been blind all along. Of these two men, I most identify with the blind man who could see beauty and wonder when others lack vision.” -Mary Ellis, CEO/Founder Golden Hearts Holdings, Inc. Mary Norris-Ellis Credit Coach | Speaker | Trainer | God's Gift to Broadcast! Mary Ellis is a Kingdom Builder. She is a gifted speaker, a captivating story-teller, a skilled trainer and an accomplished financial literacy and credit coach, who leads clients and students through the tedious and complicated worlds of consumer credit and finance, using biblical principles and simple strategies that yield PROVEN results. Mary is also an entertainer and show personality, as featured on “The Credit Reality Show” and is the creator and producer of the “B.A.G. Lady Radio Show” She is also a member of several professional women’s organizations An entrepreneur at heart, Mary left Miami, FL, where she was born and raised, taking a leap of faith by moving to Atlanta, GA in 2006. She is a loving wife, devoted mother of three and proud GlamMa! Subscribe to her YouTube Channel http://www.youtube.com/c/Goldenheartsholdings and can check out her radio broadcasts at http://www.blogtalkradio.com/goldenheartsholdings!
- 3. Let’s Stay In Touch! Don’t forget the # • #MirrorMoment • #MakeTodayGolden • #GoldenHeartsHoldings • #UndeniableCredit
- 4. Agenda • Determining Your Financial Health • Credit Basics • Credit and Finance Goal-Setting • Questions, Answers, Testimonials • Return Evaluations The Point of it all is WEALTH!!! What to Expect Today
- 5. Handouts 1. 52-Week Savings Challenges 2. S.M.A.R.T. Goals Task Sheet 3. My Business Cards/Flyers 4. Mirror 5. Evaluation Form (Please return to me at the end of the session) What You Will Leave With Today
- 6. Basics of Finance – Vocabulary Words Account Annual Banking Bills Budget Checking Cost Credit Debt Expenses Finance Income Interest Investment Money Percentage Price Prime Savings Sub-Prime Tithes What We Will Talk About Today
- 7. Bills Debt Cost of Life Expenses Savings Is there a Difference?
- 8. Bills versus Debt Bills • Occur on a regular cycle (monthly, semi-monthly, weekly, etc.) • Amounts may vary from cycle to cycle • Immediate to short term effects • Directly related to your health and/or comfort • There is no “pay-off” – Bills keep coming Debt • Usually monthly, but may occur more frequently • May be larger amounts and connected to larger purchases (buying on time) • Long-Term effects, including future ability to purchase • Likely to affect your credit rating • There is a “pay-off” amount Is there a Difference?
- 9. Cost of Life Expenses and Savings Cost of Life Expenses • Unavoidable • Immediate effect • Necessary for sustaining life • Irregular amounts/Occasional expense Savings • Should be mandatory in your life • Immediate, medium and long-term effect • Impacts your ability to purchase • Has an effect on your future and planning Is there a Difference?
- 10. Formula for Life 10% - Tithe 20% - Savings 70% - Life My Recommendations Yours to Keep and/or Manage What you owe to LIFE!
- 11. “For where your treasure is, there will your heart be also.” – Matthew 6:21 KJV At, Above or Below? “I declare that my future self can count on my today self! I will make decisions TODAY that will ensure my aid and comfort tomorrow. From THIS moment on, I will be honest WITH myself FOR myself. I am the change I have been seeking. I can do all things through Christ who strengthens me.”
- 13. S.W.O.T. Analysis STRENGTHS WEAKNESSES OPPORTUNITIES THREATS S.W.O.T. Analysis
- 15. Hmmmmm… What did you hear? What did you feel? What will you do?
- 16. Break Time!!! One of my Favorite Songs!
- 17. Let’s Stay In Touch! Don’t forget the # • #MirrorMoment • #MakeTodayGolden • #GoldenHeartsHoldings • #UndeniableCredit
- 18. It’s all about perspective… The US Population is 313,914,040 (as of June 2012) According to this report, the Big Three Credit Reporting Companies (Experian, Equifax and TransUnion) are keeping files on 200,000,000 Americans The Population of New York City is approximately 8,336,697 (as of June 2010) The Population of Metro Atlanta is approximately 6,000,000 But over 40,000,000 credit reports have errors in them and roughly about 20,000,000 are serious enough to cause seemingly insurmountable problems for consumers This report is furnished by the Federal Trade
- 19. What is Credit? cred·it /ˈkredit/ noun – “The ability to obtain goods or services before payment, based on the trust that payment will be made in the future: ‘unlimited credit’.” Synonyms - noun. trust - faith - credence - honor – belief Leverage
- 20. Some basic terminology Credit file: A detailed history of money you have borrowed, credit you have used and whether you make bill and debt repayments on time. A credit file may list employment history as well as present and residences. Credit Rating / Credit Score/Credit Grade: An alphanumerical score calculated using the information in your credit file. The credit rating is often used to determine a borrower's credit worthiness and is sometimes referred to as a credit score. Credit check: A process where a person has his or her credit history reviewed before credit is extended.
- 21. Who Governs the Credit Industry? The entire Credit Industry is overseen by the Federal Trade Commission It is governed by US Codes 15 and 16 United States Code (15 U.S.C. § 1681 – 1681u. and 15 U.S.C. § 1692g) Fair Credit Reporting Act (FCRA) Credit Reporting Agencies Credit Bureaus Consumer Reporting Agencies Fair Debt Collections Practices Act (FDCPA) Credit grantors Debt Collectors Employers Text of Fair Credit Reporting Act of 1970, 15 U.S.C. §§ 1681- 1681u. FTC Commentary on FCRA, 16 C.F.R. Part 600. FTC Staff Opinion Letters on the FCRA.
- 22. Where does credit come from, who uses it and what is it used for? Department stores Landlords Mortgage lenders Employers Student loan providers
- 23. We call it CREDIT… but the way we are taught to use it, it really feels like DEBT! Is it Credit or Is it Debt?
- 24. The State of Debt in America: A Cautionary Commentary by CardHub CEO, Odysseas Papadimitriou The economy appears to be rapidly improving. Almost 3 million jobs were added in 2014 and the year ended with the lowest unemployment rate in recent memory: 5.6% - meaning that almost 94 people out of 100 was gainfully employed (confirm USDOL’s definition of employment/unemployment). CardHub.com released 2014 Credit Card Debt Study – Consumer credit card debt statistics is an indicator of spending trends and household financial health The fact that defaults are at their lowest level since WalletHub began tracking credit card debt six years ago also indicates that consumers have the financial wherewithal to remain current on their obligations. That’s the good news. The bad news is that while economic gains are making our spending habits sustainable for now, attitudes toward debt have not improved since the Great Recession. Consumers ended 2014 with a $57.1 billion net gain in credit card debt, and CardHub now projects that we will incur more than $60 billion in new credit card debt during 2015 – a 5% increase. We’ve now had six consecutive quarters of year over year increases in our credit card debt load.
- 25. Reflect on that for a moment What did you hear? What did you feel? What will you do?
- 26. I am here to help! The only constant is CHANGE! Any meals you REALLY like and no matter how hard you try at home, it’s just slightly off from the way they do it at the restaurant? Is there anyone here who does their own hair? Nails? Fix their own car? Make your own clothes? File your own taxes? Do your own dentistry? Perform your own medical procedures?
- 27. How can I help you? What do you think is the number one objection to me or to Regina when it comes to our credit rebuilding services? Is there a difference between doing somethings yourself versus hiring a professional?
- 29. Thank you for coming!
- 30. KINGDOM BUILDER GIFTS ADVOCATE CHAMPION FINANCIAL LITERACY AND CREDIT C WRITER ADMINISTRATOR MORE THAN 20 YEARS IN THE MARKETPLACE VOICE ACTRESS RADIO PERSONALITY TEACHER AND PREACHER
Editor's Notes
- Welcome and IntroductionsMary Ellis is a Kingdom Builder. She is a gifted speaker, a captivating story-teller, a skilled trainer and an accomplished financial literacy and credit coach, who leads clients and students through the tedious and complicated worlds of consumer credit and finance, using biblical principles and simple strategies that yield PROVEN results. Mary is also an entertainer and show personality, as featured on “The Credit Reality Show”, hosted by Dr. Regina Littles in Daytona, FL, and Atlanta, GA, as well as other syndicated outlets and online stations; is the creator and producer of the “B.A.G. Lady Radio Show”; and is currently working with several local personalities to produce reality TV series. She is also a member of several professional women’s organizations, including the National Association of Professional Women, Women in the Spotlight Going Global, and MOMS Building Wealth. An entrepreneur at heart, Mary left Miami, FL, where she was born and raised, taking a leap of faith by moving to Atlanta, GA in 2006. She is a loving wife, devoted mother of three and proud GlamMa! All are invited to subscribe to her YouTube Channel for snippets and more information about this dynamo at http://www.youtube.com/c/Goldenheartsholdings and can check out her radio broadcasts at http://www.blogtalkradio.com/goldenheartsholdings! Opening Prayer – My Christian Faith. Do not want to offend, but if you are offended now, just sit tight because what I have to share will be well worth the offense. Foundational Scripture – Proverbs 3:5-6 NEXT SLIDE
- House Rules Ask the group to use Social Media to share “Aha!” Moments Be sure everyone knows the hashtags to use and how to reach us again Before we get started, there’s something that you NEED to know… I don’t really talk fast, but we got a WHOLE lot of stuff to cover in a little bit of time, so we are going to be moving REAL fast today!!! Now, I’ve told you a bit about me and I like to know who I’ve got in the room with me, so, we are going to do a little something something to get this thing started RIGHT!!! I need people in the room to talk back to me! ICE BREAKER – Quarter BINGO – Birth month determines what color _______ you get. The day of the month is your number. If I call your number I need you to tell me your first name, how you heard about this event and what you want to hear about, learn, confirm today? (write it down… if there is a flipchart and markers use it to scribe) – LISTEN, LISTEN, LISTEN I want to introduce a new interactive feature called the Wall of FAME In your packets are a few sticky notes. Use them to write ANY questions or comments, observations, hopes, dreams, goals, suggestions – it doesn’t matter. Then during our breaks, feel free to go up to any of the White Sheets around the room and post your sticky notes on them! When we come back from our breaks, or during the questions, answers and evaluations piece, I will go randomly read them out loud and answer – to the best of my ability! It can be about material that we’ve covered today, something you’d like me to cover today or at another time, things you’ve seen in my social media feeds, things you’ve seen in YOUR social media feed or whatever! I want this to be FUN and interactive!!! After ICEBREAKER and WALL OF FAME Everything that I talk about ultimately boils down to one overarching thing: Wealth! I’m not talking only money in the bank… I am talking about deeper, wider, generational security, generational cures - even into the unforeseeable future… beyond even the 3rd and 4th generations. How different would your life be in you were your version of WEALTHY? How different would your friends, family and loved ones’ lives be if they were wealthy, too? The one thing that ALL wealthy people have in common is this: They own things that are valuable and transferrable. (ADD TO SCHEDULED POSTS ON HOOTSUITE) Just think about that for a moment NEXT SLIDE TO REVIEW THE AGENDA
- Review the Agenda Determining Your Financial Health Credit Basics Credit and Finance Goal-Setting Questions, Answers, Testimonials Return Evaluations The point of it all – Click to advance… Wealth!!! PAUSE HERE – TALK ABOUT PLANS – No Inserts, No Handouts – read below Move on to Plans When you leave today, you will leave with a PLAN. I don’t mean just some stuff that is written on a sheet of paper that you may or may not look at again. I mean a real PLAN, with benchmarks, deadlines, goals and all!!! Let’s discuss for a moment what a PLAN is. First, a plan ANSWERS questions and/or a need: Who? What? When? Where? Why? How? Next, a plan is ACTIONABLE: Action steps can be taken to achieve goals and reach destinations Next, a plan is SPECIFIC: There are certain things that MUST happened in order to attain a goal A plan is MEASUREABLE: From beginning to end, all activities can be quantified. How much TIME does this thing take? How much MONEY might that thing cost me? How much MONEY might this other thing MAKE for me? When do I expect to see the first result(s)? When should I expect to see this other result? Finally, a plan requires RESOURCES: Time, money, other people are all resources that make up a real PLAN! NEXT SLIDE – Handouts – What’s in the bags???
- Each bag contains a folder with the following contents: 52-Week Savings Challenges SMART Goals Task Sheet Business Cards/Flyers Evaluation Form (Please return to me at the end of the session) NEXT SLIDE – SUCCESS CYCLE
- There is a saying “don’t put the cart before the horse”. It basically means start with first things first. Imagine you have a horse-drawn cart (the old fashioned kind) and you have a pile of bricks that need to be moved. You do all of the work to move the bricks into the cart and then put the horse BEHIND the cart and ask it to push… how far do you think you will get? What if you put the horse INTO the cart? However, what if you hitched the horse to the front of the cart? Would you be able to get those bricks moved? How far could you get? Class interaction - Which of the words on the screen give YOU the most problems? Which are YOUR dirty words??? CLICK NOW Focus today will be on the most profane of them… I call them the Big Four of Finance Basics: Bills, Debt, Budget and Credit NEXT SLIDE – Is there a Difference?
- Focus today will be on the big four of Finance Basics: Bills, Debt, Budget and Credit NEXT SLIDE – Bills versus Debts
- Bills Lights Gas Cable/Internet Cellular Phone Service Insurances (Home, Auto, Life, etc.) Rent Debt Credit Card Financed Vehicle Mortgage Student Loan Financed Furniture NEXT SLIDE – Cost of Life Expenses and Savings
- Cost of Life Expenses – THIS IS JUST THE RENT WE PAY FOR LIVING ON EARTH… unless you plan to not ever live anywhere, go anywhere, eat anything, bathe, wear deodorant or brush your teeth, you’re going to have to pay SOMETHING on a regular and ongoing basis… even homeless people have expenses! Fuel/Transportation Grocery Personal Care Miscellaneous (things come up; recreation, neither bill nor debt) Savings – During this presentation, this is the only time that you will hear me say this is what you ABSOLUTELY SHOULD DO. I cannot make you do anything; however, saving should not be an option to anyone who is serious about eventually becoming financially fit and free. Did you know that Savings is actually a biblical principle? Tithes Savings Instruments (Liquid savings accounts, CD’s, Roth IRA’s, etc.); Saving against a goal, i.e., travel, large purchase, gift, etc. Emergency Fund – for true emergencies only (Fire, Flood, Blood!) NEXT SLIDE – Formula for Life
- Tithing is an investment in heavenly things, which benefit you directly and indirectly. Unless you are agnostic, your religious faith does not matter when it comes to tithing. Even those who do not believe in a “supreme deity” recognize karma and that in giving to the less fortunate in any way is a way to “bank” some good will for themselves. However, tithing is God’s economy. When you give to the poor, you lend to God and He will repay. Savings is flat out yours to do with as you please. It is my recommendation that you use your savings wisely, i.e., towards a goal, to build a nest egg, to ensure your own security, etc. 70% makes life bearable. Use it to pay your bills, eliminate your debt and cover your own costs of living. NEXT SLIDE - Treasures of the heart
- It is time to have a #MirrorMoment It is time to be very, very honest with yourself. Are we living at, above, or below our means? Pull the mirrors out of your bag and look at yourself. Make a declaration right here, right now that from this moment on, that no matter who else you are NOT honest with, you WILL forevermore be honest with the person you see looking back at you. Study the face that is looking back at you… what do you see? Are the eyes filled with hope and fancy? Or dread? Certainty? Insecurity? Does your future look bright? Or is gloom your portion? Do you have anything saved? What’s your 401K or 403B looking like? When you leave here, will you go home to a home? Or to an apartment? Decisions that you make TODAY will impact the person in the mirror in ways that you may not even anticipate. YOU are the most important part of their future. They are counting on YOU to take care of them for the rest of their lives. How will you do that? Look again at the person in the mirror. Can you say – no, can you PROMISE that they can count on you to take care of them… for the rest of YOUR life? Let’s make the verbal declaration… a promise that you can keep to your future self right here. Right now: “I declare that my future self can count on me. I will make decisions TODAY that will ensure my aid and comfort tomorrow. From THIS moment on, I will be honest with myself for myself. I am the change I have been seeking. I can do all things through Christ who strengthens me.” Now give yourself a hand! Congratulate YOU for making a quality decision for YOU TODAY!!! Now, let’s do an exercise to determine where we are today… We can’t know where we are going until we know where we are, right? We are going to be honest with ourselves here… you don’t have to share this with anyone that you don’t want to share it with. This is for today you and Future You only. Ready? OK! Here we go! This whole thing is going to take us 7-10 minutes to get through. That is roughly about 2 minutes per section/activity, so even though that is not NEARLY enough time, we are going to get what we need to get done so that we leave today with a PLAN!! Here’s the strategy: Step 1 – Determine what you have coming in monthly If you have money that comes in less regularly than monthly, i.e., quarterly dividends, semi-annual payments, etc., then divide that by the number of months in between deposits or draw downs to get your monthly total If you feel like you don’t have enough coming in are you doing things that will either supplement or increase what you already have coming in? We will talk about side-hustle and ASU money later in the class. For now, focus ONLY on what physically comes into the home on a REGULAR basis: Net income, child support, veteran’s benefits, SSI, annuity payments, TANF, food stamps, etc. Only include what is steady and consistent Add up all that comes in regularly to create a pot. This is where all of the money is “dumped”. Focus ONLY on what you fully expect to have coming in each month. Step 2 – Determine what goes out every month This part is a little harder. We will get to extra and occasional things later. For now, only focus on what goes out EVERY MONTH DO include things like cigarettes and beer (if you drink and smoke), Twinkies and potato chips if you like your poison with a little more flavor and you are buying them at least one time per week. Yes, also include buying coffee, breakfast, lunch, dinner, snacks, weave – it doesn’t matter… if you make that purchase at least four times a month, then that is a monthly expense for YOU. Step 3 – Prioritization Exercise Which of these things are a priority for you? Rank them from 1-3 1 – Cannot live without it 2 – Life would be uncomfortable, but I can make it without it 3 – This is nice, but unnecessary. I can let it go Now go back over that same list and assign it to a category or either N or W N – Need W – Want We may be surprised that some of our number 1’s are also W’s and that some of our number 3’s are actually N’s Step 4 – Assess and compare (SUCCESS, SWOT, GOALS SHEET (In the packet, but not on the screen)) Add up all of the money you have coming in every month Add up all of the money you have going out every month Is there an overage? (Living below your means) – this can be good! Are you saving well? Are you saving enough? Are you saving against goals? Have you considered investments or other options to GROW your wealth? Is there a shortfall? (Living above your means) – not good… cannot save… not saving enough… dipping into savings… Is the balance at zero? (Living at your means) – also not good… again, you cannot save if you only have “just enough” Reference the SMART Goals Sheet AND the 52-Week Savings Challenge in the packets, but not on the screen… Self-explanatory Little known fact: SAVING is a biblical and scriptural principle. In 1 Corinthians 16:2, Paul tells the church at Corinth that each person ought to set aside a little something on the first day of every week so that whenever he came to visit, no one would feel pressured by having to take up a collection for him. NEXT SLIDE – Success Cycle NEXT SLIDE – SUCCESS CYCLE
- Scheduled Post - #MirrorMoment I believe that we all are destined to be SUCCESSFUL… whatever that means to each of us. I believe we all are responsible for our own successes and, by extension, the successes of others too. This diagram represents my idea of what the Success Cycle – a process, or series of steps, that we each must go through in order to achieve our own success – looks like. External Responsibility (What we put out to others so that we can grow and so they can grow) = Love, Heal, Reach, Teach, Rebuild Internal Responsibility (What we internalize so that we keep growing and help others to grow) = Learn, Grow, Repeat NEXT SLIDE – SWOT Analysis
- Exercise: Do your own SWOT Analyses When anyone becomes a client of mine – whether it’s for Credit, Coaching, Writing, or Voice services, the VERY first thing I do with them is an analysis. I speak to them and I listen for how they respond to what I am saying. I begin teaching from the very beginning, and if someone is not interested in understanding the process, then I know that they are hiring me for services ONLY and that is how I deal with them. If someone is interested in the process, which is clearly a more involved process, but I believe is also more “bang for the buck”, then I know that this person is someone who will not only pay for my services, but will also purchase my books, attend my classes or become a personal coaching client. Those people are my FAVORITES because – as you may be able to tell, my passions REALLY intersect at learning and speaking and ALL I can do with that is TEACH!!! So… here we go! Based on your own life RIGHT NOW, business or personal, (your needs, your wants, your wishes, your dreams, your GOALS) Write in each box 1-3 things that are either a strength, a weakness, a threat or an opportunity in your life RIGHT NOW Once you’ve done that, we are going to a little bit of analysis. Starting at what we want our end result to be, which means we are going to: Build on our strengths Strengthen our weaknesses Address threats Capitalize on our opportunities Let’s define some: Strengths – this is something you know. You may not talk about it much (don’t wanna brag) things that you are good at or come easily to you. People are always telling you about them. They help you. Weaknesses – things that frighten you. They are hard to do or you aren’t able to do them well. People are always telling you about them. They do not help you. Opportunities – chances. They are often unexpected, but you can still be prepared for it when it presents itself. People often don’t tell you about them, or they do so inadvertently. They help you. Threats – things that can hurt you. They are usually known and you do everything you can to avoid tangling up with them. It can feel like they are taunting you, when in fact, they probably aren’t even thinking about you! You and others kind of tiptoe around them. Here’s the good news though… with a shift in perspective, a little preparedness and planning, those same “threats” can be your best assets! (Job Loss is a good example of a threat that can become an opportunity). Later on in this presentation I am going to prove to you that threats can be amongst your greatest assets! Once you figure how to turn a threat into an opportunity, another VERY important thing happens… can anyone guess what it is? CLICK NOW - NEXT SLIDE (SOT GEARS)
- Anyone notice what happened to the WEAKNESSES once we changed our perspective? The WEAKNESSES disappeared! Anyone notice how these gears are moving each other? Notice how even if we reverse the flow that each continues to feed the other. The THREATS are sandwhiched in between the strengths and the opportunities The WEAKNESSES are gone How can you lose? Click Now - NEXT SLIDE
- Let’s chat for a while… What did you HEAR? What did you FEEL? What will you DO? Wall of Fame Social Media Break… make space on the disk from the camera… Live posts NEXT SLIDE – 10 Minutes Break
- This song is about 8 minutes long, so we will take a 10 minute break. When the song is over you have about 2 minutes to get back to your seat and get settled again so that we can keep it moving! Social Media Posts…Remind room to post about the workshop Ask the group to use Social Media to share “Aha!” Moments Be sure everyone knows the hashtags to use and how to reach us again Time to get back to the room… moving on to exercises now… beginning with a #MirrorMoment (ADD TO SCHEDULED POSTS) NEXT SLIDE – Return from Break – Start the video
- US Census Bureau, June 2012 Atlanta Business Journal, December 2012 We STILL haven’t reached the proportion of people in the country who are suffering as a result of specious strategies and bullying tactics NEXT SLIDE
- Where you live is how you live. This same concept can be applied to almost every aspect of our lives. Where you work, what you drive, where you and your children receive your education. In all of these instances, credit can be the single most important determining factor in your quality of life. Synonyms for Credit Cash is King, but Credit is LEVERAGE! If used properly, credit can take the money you have and MULTIPLY its purchasing power shifting your position from comfortable but to THRIVING! Used strategically, credit can help you to build WEALTH! NEXT SLIDE
- I ALWAYS like to begin my conversation with a little vocabulary so that we all are speaking the same language. Credit file: A detailed history of money you have borrowed, credit you have used and whether you make bill and debt repayments on time. A credit file may list employment history as well as present and residences. Credit Rating / Credit Score /Credit Grade: An alphanumerical score calculated using the information in your credit file. The credit rating is often used to determine a borrower's credit worthiness and is sometimes referred to as a credit score. Credit check: A process where a person has his or her credit history reviewed before credit is extended. NEXT SLIDE
- Let’s get down to the red meat of this thing and why you all are here today. I tell you these things not to bore you to death, but to illustrate that what we do is NOT credit repair. What we do is actually credit rebuilding based on the rules, laws and ordinances that are designed to protect each of us. The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anticompetitive business practices, such as coercive monopoly. The Fair Credit Reporting Act (FCRA), Public Law No. 91-508, was enacted in 1970 to promote accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs). The FCRA governs the CRAs. CRAs may also be referred to as "credit bureaus" or "consumer reporting agencies." The CRAs assemble reports on individuals for businesses, including credit card companies, banks, employers, landlords, and others. The FCRA provides important protections for credit reports, consumer investigatory reports, and employment background checks. The FCRA is a complex statute that has been significantly altered since 1970 by Congress and the courts. The Act's primary protection requires that CRAs follow "reasonable procedures" to protect the confidentiality, accuracy, and relevance of credit information. The FCRA establishes a framework of Fair Information Practices for personal information that include rights of data quality (right to access and correct), data security, use limitations, requirements for data destruction, notice, user participation (consent), and accountability. The FDCPA governs creditors and debt collectors. It speaks specifically to the method and manner in which debt collectors and creditors can communicate with you. It also sets out punitive measures for violating any of these communications rules. Some violations carry higher penalties than others and just one misrepresented item on your credit report COULD represent a 5-figure award to you if you are able to prove the violations. Now imagine having SEVERAL misrepresented items on your credit report by several debt collectors. Can you see where I’m going with this? The good news is that the Credit Reporting Agencies have a responsibility to maintain and report accurate data within guidelines that favor YOU and the debt collectors must operate within certain guidelines when communicating with you as they “attempt to collect a debt”! The not-so-good news is that although the FTC has governance over the Credit Bureaus and Debt Collectors, they don’t always “enforce” their own rules! In fact, “The Federal Trade Commission (FTC) issues commentaries on the statutes, but does not engage in rulemaking for the FCRA.” For all intents and purposes, they are “referees” in the credit world. The rules are in place; however, they are generally most vigorously enforced at the judicial level, i.e., going to court and suing the violators for the damages that they are causing you. The best news is that there are remedies available to you and it is US! KOX Financial and Golden Hearts Holdings specialize in helping and teaching consumers to build wealth using what they already have! NEXT SLIDE
- Companies who have goods and services to sell may extend credit Landlords and mortgage lenders use credit reports to “predict” how a tenant might perform Employers may use a credit report to determine if someone should be hired and/or promoted, particularly if the person would have fiduciary responsibilities Student loan providers may use a credit report to determine if and/or how much a student or parent may borrow for his child’s education NEXT SLIDE
- Take a beat and let this set in NEXT SLIDE
- Key Take Aways Almost 3 million jobs were added in 2014 and the year ended with the lowest unemployment rate since the 2009 economic downturn Statistics around consumer credit card debt is an indicator of spending trends and overall household financial health Credit card defaults are also at a 6-year low seems to suggest that, in general, households are doing “OK”; however, if spending is going up, guess what is going down… SAVINGS!!! The study also found that most peoples’ attitudes toward and about debt is just as poor now as it was 6-years ago! The study predicts that as a result we will end 2015 with a 5% net increase in consumer debt This is unsustainable! The market is cyclical. It is not a matter of IF our markets go bananas again, rather WHEN. From a credit, debt and finance perspective, here will YOU be when the inevitable happens? NEXT SLIDE
- I can do it myself It costs too much I just use cash My credit is already OK NEXT SLIDE
- Did you know that last fall Rep. Maxine Waters (D-Calif.) introduced the Fair Credit Reporting Improvement Act of 2014 in conjunction with the House Financial Subcommittee on Financial Institutions and Consumer Credit hearing, An Overview of the Credit Reporting System. The act aims to update the Fair Credit Reporting Act with several new provisions or fixes. Among other things, the act proposes to shorten the amount of time negative information stays on a credit report—from seven to four years—remove all fully paid or settled debt from the report, and erase private student loan defaults for borrowers after they make nine consecutive, on-time monthly payments. I ask these questions to illustrate the point that Good credit is neither an accident nor a coincidence! Growing and protecting your credit score can be tedious and time consuming. The rules are always changing and so are the scoring models. I offer my clients the freedom and security of knowing that someone is proactively and strategically monitoring their credit reports and growing their scores so that an individualized plan to grow wealth and NOT debt is developed! Whether you already have a decent score, need a little boost in order to improve your negotiating position, want to purchase a new home or investment property, or have OTHER LEGACY BUILDING GOALS, my services are for you! In addition to one on one coaching, I offer a series of workshops, classes, and webinars to teach the same principles that I use with my clients to grow wealth and not debt. My proven process and techniques can help you get where you are trying to GROW! In other words, I take care of your credit like it’s my own! Call or email me today to get started! Your future will thank you! NEXT SLIDE
- Pre-selling the book “Shedding the Pennywise/Pound-Foolish Lifestyle”
- Now that I have given you something to think about… GO! Be Great! Thank you so much for coming!!! Catch me on the radio at: Joy Gospel Radio WAIG 103.5FM – Daytona, FL or www.JoyGospelRadio.com (2nd Sunday of the Month); LOVE 860AM – Atlanta, GA (4th Sunday of the Month) FREE Financial Literacy Classes May 30th, 2015 at this same location (5th Saturday of the Month – January, May, August and October of this year) www.GoldenHeartsHoldings.com 678-856-3258 Facebook.com/GoldenHeartsHoldings.com Twitter: @Gift2Broadcast InstaGram: @GoldenHeartsHoldings Pinterest: GoldenHeartsHoldings Mary@GoldenHeartsHoldings.com
- Mary Ellis is a Kingdom Builder. She has harnessed her skills, talents, gifts and abilities into tools that she uses as an advocate for the voiceless and champion for the downtrodden. As a Financial Literacy and Credit Coach, she leads clients and students through the processes of the complicated world of finance, using simple techniques and strategies that yield PROVEN results. As a writer, she paints pictures with words that can take the reader on an unexpected journey, explain technical things with great detail and clarity, or expand on the intricate workings of a particular system. As a coach, she identifies, strengthens, motivates, and helps seekers to move into their purpose and destiny. As an administrator, she creates, codifies and implements strategies and systems that assure the most efficient and effective of operations. As a producer/director, she coaxes sincerity and real emotions out of each player, adding depth and breathing life into each character. As a minister, she is blessed with the gift of Rhema understanding of the Word of God and is a consummate student of the same. She is a dynamic teacher and preacher of the Gospel and is bold in her declarations of faith and love.