Biggest saver tv show

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The Biggest Saver TV Show

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Biggest saver tv show

  1. 1. Biggest aver Television Show October 2010
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. Meet the Browns Husband, 53 – lawyer, wife, 50 – work at home, daughter, age 19 Husband works, wife volunteers, daughter in state college
  7. 7. 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
  8. 8. 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
  9. 9. Meet the Adams Family Engaged couple, future husband, 26 – nonprofit professional future wife, 24 – public relations professional
  10. 10. Adams Family Financial Goals • Pay for wedding • Pay off student loans and debt • Plan for children • Buy a house • Begin saving for retirement
  11. 11. 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
  12. 12. Meet the Williams Family Husband, 62 – retired scientist, wife, 56 – nearly retired government worker Three children already graduated from college
  13. 13. 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
  14. 14. 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
  15. 15. Meet the Jones Family Divorced father, 45 – project manager, two children ages 14 and 16
  16. 16. Jones Family Financial Goals • Pay down consumer debt • Rebuild credit score and savings following divorce • Build some savings for college • Save for retirement
  17. 17. 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
  18. 18. 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
  19. 19. 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
  20. 20. 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
  21. 21. 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?
  22. 22. 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
  23. 23. 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
  24. 24. 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
  25. 25. Engage the nation in savings • Online savings pledge • Online/virtual savings buddies • America’s vote to give $$ or challenges to season participants - during season • Downloadable budgeting tools • Access to financial professionals • Financial hotline • Host competition for future seasons
  26. 26. Give back with financial education • Host free series of financial education classes to promote show, sponsored and provided by TIAA-CREF • Donate $$ to scholarship funds for nationwide participation in savings – $1 for every savings pledge or $0.10 for every dollar saved by Americans
  27. 27. Biggest aver – Follow Up • Feature Where are They Now? stories • Feature online participants who saved a lot of money
  28. 28. 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
  29. 29. 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
  30. 30. 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.
  31. 31. 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.

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