Money Matters
Money Matters
Blueprint for Financial Success: Transforming Dreams into Reality with Kim Chapman
Could your financial habits be the key to unlocking your dreams of homeownership or debt freedom? Join us on this special episode of Money Matters as we flip the script on our host, Kim Chapman, who unveils her innovative Blueprint for Financial Success program. You'll gain exclusive insights into how personalized financial counseling can transform your financial life, whether it’s improving your credit score, budgeting more effectively, or even buying your first home.
We dive deep into the nuts and bolts of the Blueprint for Financial Success, starting with a soft pull from Equifax to gauge your current standing, and progressing to a comprehensive review if you're eyeing homeownership. Kim's non-judgmental, solution-focused approach helps dismantle psychological barriers to financial health. With continuous support from financial counselors and cutting-edge tracking software, you’ll learn how to stay on course and achieve your goals. Discover the importance of setting realistic, incremental goals and celebrating each small win along the way.
Accessibility is key, and Kim's program offers flexible options for those juggling busy schedules, including phone consultations during your commute. We encourage you to visit neighborsfcu.org for more information and to reach out with any questions. Special thanks to our guest hosts Betty and Cynthia for stepping in, and to Kim for her invaluable insights. This episode is packed with practical advice and inspiration to turn your financial dreams into reality. Tune in and take the first step toward your financial success!
Have an idea for a show or a question for Kim? Send us a text message
Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.
The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.
Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want. Now here is your host, ms Kim Chapman. Welcome to another episode of the Money Matters podcast, where we discuss all things finance and help you make the most of your money. I'm Cynthia.
Speaker 2:And I'm Betty, and we are stepping in as your host for this special episode. Today we have a very exciting topic and a very, very special guest. Usually she's the one asking the questions, but today the tables have turned. Please welcome Kim Chapman, the usual host of Money Matters and the engineer behind the new Blueprint for Financial Success program. Welcome, kim.
Speaker 3:Thank you, Betty and Cynthia, and thank you for stepping in as host today. Hopefully you won't outdo me, you know, because I need my job.
Speaker 2:I think we're going to kill it.
Speaker 3:All right. So why are we here? Why am I sitting on the other side of the table today?
Speaker 2:It sounds like you've developed a pretty cool new program for neighbors and we want to learn all about it. Can you tell us a little bit about Blueprint for Financial Success and what motivated you to launch this initiative?
Speaker 3:All right. So Blueprint for Financial Success is really exactly what the name is in terms of. People have financial goals. Often they miss the mark in terms of how do I get there? And so it's just like building a house. We all have an idea of what our dream home is. We need that engineer, we need that architect to come in and give us a blueprint to help us. Okay, we want this over here, we want this to happen in this order, and that's really what we're doing with finance is offering people an opportunity to come in and sit down one-on-one with financial counselors to help them establish what those goals are. If they don't know what they are, but if they are, give them a successful, customized blueprint pattern that will work just for them so that they can reach those goals.
Speaker 2:Awesome. So just to get more specific, what does that have to do with? Like, when you look at someone's finances, what aspects of their finances might you look at?
Speaker 3:Everything. It's really going to start with financial education. You know I am a big proponent of that and sometimes it's just the little things that we don't know. So really providing them with the education first, in terms of why is budgeting important, why is looking at how much you make and how much you can afford really essential to any goals that you have? So we want to look at budgeting. Then we want to look at credit, because the credit really determines our buying power. We all want a million dollar mansion, but unfortunately we may have to settle for something a little bit less if our credit is not up to par. So we look at credit. And then, of course, we look at really everything else in terms of housing costs, payments, you name it.
Speaker 1:So thank you for mentioning about the credit building and the budgeting, but how does the program assist members with auto loans and home ownership counseling?
Speaker 3:So really, whatever their financial goals are, we want to help members reach it. Really in a nutshell, so you know, not everybody is cut out to be a homeowner. You know, some people want to purchase that new vehicle and they want to make sure that they start their credit journey off on the right foot. Maybe there's somebody that's missed a few steps with their credit journey. So we have a plan that we can customize for anybody, no matter where you are in your financial journey.
Speaker 2:So I know you've interviewed a ton of people on the Money Matters podcast. Have any of those conversations influenced you developing this program?
Speaker 3:Oh, absolutely. As a matter of fact, we had a psychologist on here a couple of months ago and she talked about people's mindset and habits and behaviors and really how their history with money affects how that, how they use money today, and so we want to be able to have members come in, sit down with us, talk about those behavior, habits and see is there something that you need to change? Understand why you use money the way that you do, why do you view credit the way that you do? What are your goals? Are those goals attainable?
Speaker 1:And then, using the information that that psychologist shared with us. To help members again just kind of reevaluate where they are and where they want to be. Is there some type of time frame that's involved when someone signs up for the program? How long are they looking to be involved in the program? From start to finish?
Speaker 3:That's going to vary, so it just depends on the goal. So we have different tracks and different programs that I've developed on the backside. Whereas I may have an individual that comes in and we look over their profile, we'll do a financial health checkup, look at where they are and they may be ready to go ahead and move forward with applying for a loan and moving forward with reaching their goals. Then there may be somebody that's oh, maybe they're just a little shy, they need just a boost in their credit score, maybe just a couple of points, or maybe their debt to income is just missing the mark, and we're going to look to see. Maybe you fit in the profile to where it's attainable that you can reach these goals in under six months. Then maybe we'll look at a person that needs just a little bit more than that. Maybe your credit score needs a more moderate boost, maybe you need to develop some savings, maybe you need to again add some credit to your profile. But again, we're going to be looking at is that something that maybe you could attain in six to 12 months? And then, of course, I wouldn't say that we'd put everybody else in another group, but we're going to look at those individuals that may need a little bit more hands-on, step-by-step guided process in terms of reaching those goals. Maybe they need a lot, maybe they need to establish savings not just increase it, but establish savings.
Speaker 3:Maybe they don't have any credit whatsoever, or maybe they have a lot of derogatory credit that they need to go back and identify and look at what are some ways to improve their credit score.
Speaker 3:So, no matter where they are, whether there's something that you know we can, just hey, you're good to go, give them some immediate feedback and send them on their way. Six to zero to six months, six to 12 months, or if it's 12 months and beyond, neighbors is going to be here and we're ready to help empower these members to reach those goals, no matter how much it takes. So don't feel like, oh, you know, it's going to take me forever, neighbors, we're celebrating 70 years, so that should tell you we have a solid foundation, we have a good team, we have a good staff, we have good leaders, we have excellent certified counselors here. So, no matter what the time frame is, we're not going to rush you to the finish line, because it's important that we listen to what your goals are and then that we're here to assist you, step by step, to reach those goals.
Speaker 2:So hopefully it doesn't take you 70 years, but if it does, somebody will be here.
Speaker 3:Hey, there's always that saying. You know, when I started this podcast, it was always a quote better late than never. But whatever it is because maybe you know there are different timelines for goals there's a short term goal, which we like to define as anything that you can accomplish in less than 12 months, but then there are long-term goals, and so long-term goals, that's really, really broad. That could be a year from now, but it could be somebody that's looking for something seven years from now. You may have a college student. I'm just graduating from college, just starting my career, but I want to be a homeowner. I don't see that next year or the year after, but I don't want to wait until I'm ready to start looking at what I need to do. Let's draw up that blueprint. Let's look at what does homeownership look like for you, what is my income, what is the potential house size that you want to be able to do? And hey, three years, five years ahead of time, there's no problem with starting that early to look at it.
Speaker 2:So I am curious, I guess, thinking from the perspective of our listeners and people who might be interested in this program, what is the very, very first thing? Like you said something about a financial fitness checkup, so when they give you a call, they send in that request to start this program. What is the very first thing? What is involved in that financial fitness wellness check?
Speaker 3:First of all, just listening, opening up our ears as counselors and listening to what the members' desires are, but then, when we get to the official financial checkup, we're looking for things in terms of how much debt do you have? If you have any debt, are you saving at all? Do you feel like you can manage your money from paycheck to paycheck? Do you have financial goals? What are your struggles with your financial goals? And really then sitting down and saying what are those short-term goals and helping them really define them, because somebody may say I'll give you an example of a long-term goal oh, I want to be debt-free, don't we all? Hey, oh, cynthia didn't raise her hand or nod her head, she didn't want to be debt-free, Of course of course.
Speaker 3:You know, but that's very, very broad, so we may want to refocus. I want to be debt free to let's look at your debts, let's list out the debts that you have and then maybe we can work on one debt at a time and then break it up into pieces. So you know, breaking that big goal into smaller, little pieces.
Speaker 1:Wow, thank you for that in-depth interpretation. So my next question is about credit building. Which credit bureaus are you looking at and how deep do you go as far as a deep dive into reviewing that credit bureau?
Speaker 3:So again, that's going to depend on what the actual goals are for that member. Initially, when you come in for that financial health checkup, we're going to be looking at Equifax. But obviously if we do have members that are looking to move on to a mortgage if that's their goal, they want to be a homeowner at some point in time we would have to do an application where we will look at all three credit bureaus. So that first initial pool is going to be a soft pool through Equifax. If and when you're ready to move on to the process of actually doing an application for a mortgage, that's when it's going to be all three bureaus and at that point it's going to be a hard pull. But generally, if we look at Equifax, it is generally rated one of the most accurate credit bureaus around. We should be able to identify any strengths or weaknesses.
Speaker 2:That's going to help get that member into a mortgage so what do you want to say to people who are scared to make this step? I know, like you had mentioned the psychological aspect. A lot of people find it hard to even open their bank account, to even look into these things. Are you judging them?
Speaker 3:absolutely not, and that's the one thing that I really like, especially when we do face-to-face. People come in. They are apprehensive, it's their first step. So many times they feel like, oh my God, I have the worst financial situation in the world. They come in and sit down with me. We talk about how, first of all, you're never the worst. You know, no matter, even when I think this is the worst, there's always a situation that's worse than that. But really we explain what their is and we bring up the solutions.
Speaker 3:We're not going to harp on what you've done wrong. We're just going to look at where you are and what are those solutions that can get you to the next step that can help you reach your goal. So it's not about coming in here being judged. It's not about playing the name game. It's really about finding solutions, creating that blueprint to go forward. Right, we are going to look backwards to see how did you get here? Because we don't want to repeat any of those mistakes or behaviors. We just want to correct them. We want to look at how can we do things differently. So, yeah, definitely no judgment.
Speaker 3:I tell you, people leave here all the time. I feel so much better. I was scared to come in. So if you're sitting out there and you're scared, don't be better. I was scared to come in, so if you're sitting out there and you're scared, don't be face to face. If you don't want to do face to face, we have over the phone, we have virtual. But I guarantee you that you will leave that conversation feeling a whole lot better about your situation, because we're going to find solutions, we're going to find ways to help you improve that situation.
Speaker 2:Yeah, that's awesome, and I can attest to Kim at least being a great person to talk to about these things. She is even keeled, very fair, she's going to give it to you straight, but you are going to leave feeling relieved. You know secrets. They thrive in the dark, and when you tell people what's actually going on with you, that's actually when you can start on your way to solution. So I think that this program sounds really, really great and so empowering for people who might be scared to face their financial truths.
Speaker 3:And look, I'll be honest, as I have been with our members, I've been on the other side, so, just like hey, I'm playing the guest today. I've had financial problems in my past and I can identify with a lot of those individuals that I have to work with. You know, it's been some decades, thank God, but yes, have I bounced a check before? You know, have I had a low credit score? I've been through a lot of the things. So not only do I know from personal experience, but definitely from knowledge in terms of what will work. So when we sit down and do a customized blueprint, it's not a cookie cutter, that it's one size fits all. I know the different patterns, I know the different techniques that will work and help you get from point A to point B.
Speaker 1:As someone is progressing throughout the blueprint process. Are they assigned one financial counselor throughout the process or are they going from one person to another based on what they're looking for?
Speaker 3:Ideally, you will be assigned one financial counselor. However, we are all trained to be able to assist our members in that, if your counselor is not available on any given day, you will be able to talk to another counselor. They will have access to your information, your records, and they shouldn't have to miss a beat. They should be able to pick up wherever the other counselor left off and provide you with comprehensive counseling.
Speaker 2:You have to pick up wherever the other counsel left out and provide you with comprehensive counseling? So how are you going to, I guess, track the success of this program? What to you looks like this program being successful?
Speaker 3:So one of the really good things about this program is that we actually have some new, very innovative software that allows us to track and measure success. So we talked about the financial health checkup in the beginning. That's going to measure where you are today Are you saving, how much debt do you have, what is your credit score? And it's going to give you a little score for us to look at, kind of like a little report card. It's going to identify areas that you're doing really well. Simple. Those areas are going to be green. Then they're going to be areas well, maybe just needs a little bit of improvement. You know it's going to come out and it's going to be in yellow and it's going to be cautionary. These are some areas that you're missing the mark just a little bit. And then, of course, if there are some areas where we really need to do some modification and some rebuilding, it's going to identify that in red. So you're going to get a little report card that's going to be easy, easy to understand, easy to read.
Speaker 3:It's going to give you a health score, we're going to give you a credit score and, of course, as we track your progress, we'll do another evaluation, maybe three to six months later, because hopefully, if you were not saving when you first walked in, hopefully within three months, six months, we've been able to get you to save, just to move the bar. I don't care if it's $5. You were saving zero when you walked in the door. Six months from now, if you're saving $5, that is an accomplishment. So don't even think, oh my God, I have zero to save, or $5 is nothing, but $5 is a start.
Speaker 3:$5 will become 10, 10 will become 20 and so forth and so on. And so we'll be able to measure success that way looking at that initial health checkup, doing reviews of that checkup six month, three to six month increments, so that we can measure your success, measure how much debt you have. Maybe you're going to be able to do a debt consolidation loan, maybe we're just going to create a budget to where you can just really chomp down and pay off that debt. So we're going to be able to measure your success individually, but also measure the success of our counselors in general, to see how well we are able to help our members. The better we're able to help our members, we can make an impact in the community.
Speaker 2:That's awesome and it really is about those baby steps and kind of. You know what do they say? Eat the elephant one bite at a time.
Speaker 3:One bite at a time, and that's what it is.
Speaker 3:You know, sometimes we make our goals too big and it's like, oh my God, I will never get there. But our counselors have the ability to break it down into small, chewable, digestible steps where you know you can and we're going to. We're going to celebrate your successes. Right, that first five dollars that you're able to put in your account. We want to celebrate that. We don't want to wait until you get to $1,000 or a million dollars. We're going to celebrate you at five because that's going to make you feel good, that's going to motivate you or the member to be able to put that next $5 and $10. Sometimes that's what you need that cheerleader, somebody in your corner saying, hey, I am doing the right thing, this is going to work. We're going to share success stories so that you know you're going to know that somebody else was in your same situation and they were able to overcome their challenges and meet their goals. And that's what's really, really important to say that you can identify with somebody else that's in the same situation and we've had success with them.
Speaker 1:Well, kim, you just segued to my next question, so you talked about many successes along the way. When someone completes the program, what can they expect?
Speaker 3:Are we going to have a graduation ceremony? We're going to do a party? Oh, most definitely. Granted, you know that's one of the goals that we like is to have some testimonials after those members reach those goals, to be able to reach back, get in front of the camera if they're able to, and share that information with other members that are sitting back, scared to take that first step, scared, believing that this can't work for me, this won't happen for me. So, yes, we're going to have a little celebration, we're going to celebrate all along the way, but most definitely at the end, any member that wants to do a testimony will do that because we want to share those success stories with our other members in the community. Because, again, there are going to be some that are listening that maybe it's just not the right time, maybe they just aren't motivated, but you never know whose story can be inspiring to somebody else.
Speaker 2:Absolutely yeah. So obviously we're just at the beginning of this process and this program, but what do you see for the future of the program?
Speaker 3:Oh, my God, I see people having hope, no matter what their situations are. People waking up day by day and having a dream and then knowing that neighbors is here throughout the community and that they can rely on neighbors to give them trusted and valuable information to help them reach their goals, and for lifelong. So, whether you're 10, whether you're 50, or whether you're 100, that Neighbors is going to be that trusted source to come here and get that guidance that you need to reach your financial goals.
Speaker 1:With anyone signing up for the program and enrolling in the program? Will Neighbors offer any special products or services to this targeted audience?
Speaker 3:Well, I think we're starting with the fact that we're offering free financial counseling, and I think that's the best product right there, because they're able to come in and sit down with certified counselors. It is not going to cost them one dime, one penny. As for the products and services that we already offer, I think that we offer a solid set of products and services that are tailored to fit different individuals, no matter where they are, so I don't think there's anything that we need to change that we offer already. I think that we have the tools. We're just ready for the people to come out, sit with us and let us give them the guidance.
Speaker 2:Yeah, so this is just a gateway to what we've always had and, like you said, a blueprint, a pathway for them to get the services that they need so that they can be financially well, which it's what people need in these, in these hard economic times, as they say. So, on a personal note, what has been the most rewarding part of developing this program?
Speaker 3:Just the excitement about how many people that lives that we can change. You know it's here. We're just ready for the members to come out, meet with those counselors, sit down, discuss those goals. Come out, meet with those counselors, sit down, discuss those goals. Let us sit with you, create that blueprint and then step and share the excitement, step by step, because we're going to be there. So every milestone we're going to be able to celebrate. So I love celebrating successes. Every time my members reach a goal, they see that credit score increase. I'm just as excited as they are when they're able to go ahead and get that car loan. I often invite them bring the keys by, pick me up for lunch.
Speaker 1:Let's go for a ride, right?
Speaker 3:So I'm looking forward to being able to celebrate the success of our members, because that really is a driving and motivating force of being a part of Neighbors.
Speaker 1:Do you have a particular goal in the number of candidates that you have, or that will be that you'll be able to service during this program?
Speaker 3:No, we're not going to set any limits. Ok, right, for as many members out there that want us to help. Hey, we're going to. We're going to be here to help you.
Speaker 2:Well, I guess that kind of brings us to what are your final thoughts? What is the last thing you want to share? If there's someone out here listening right now and they're thinking oh Lord, it's me, I need this help, but I'm scared. What do I do? What do you want to tell them?
Speaker 3:Think about a blueprint. What is it? It is putting your dreams in writing. It's having them come into fruition. So if you don't know wherever you are, maybe you know, maybe you have an idea, you have it all planned out. Maybe you just need somebody to look it over and say, hey, this is great. If you don't have a clue, maybe you don't even know where to start. It doesn't matter where you are, we can assist you. Just take that first step, Make that phone call, fill out the enrollment form. Again, you're not obligated to do anything. The services are completely free. You have absolutely nothing to lose but everything to gain.
Speaker 2:Absolutely yeah, and I'll just speak to my personal experience of buying a house several years ago. You don't know what you don't know until you know right, and we didn't know how to buy a house, and you have people that you can go to to ask that, and this is that place. If you didn't know how to buy a house, and you have people that you can go to to ask that, and this is that place. If you don't know how to budget, if you don't know how the process of buying a home or buying a car even goes, those are all the things that Kim and all the other financial counselors are gonna be able to help you with if you join this program. How do they get signed up?
Speaker 3:So very, very easy. You can go on our website, look for Blueprint for Financial Success. You could call us. We'll get you the QR code, the website. If you're not tech savvy, stop by Branch. Let one of the employees or staff members there help you get signed up and again, appointments. We want to meet you where you are. You can do in person If you like. Face-to-face I love face-to-face, but hey, maybe that's not your cup of tea. We can do in person, we can do virtual, because we know individuals are busy. We don't want that to be the reason that you don't start this program. I don't have time to go to neighbors. I don't have time to do this. Give me 30 minutes. Give Give me 60 minutes on the phone Maybe it's while you're on the drive to work, on the way picking up the kids. We can start that conversation and we will squeeze you in wherever you need to fit in to make this happen. So you know we're here to remove those obstacles out the way.
Speaker 2:Well, that brings us to the end of this very special episode of the Money Matters podcast. We've really had an insightful discussion about the Blueprint for Financial Success program and its potential to make a real difference for members' financial lives. So thank you so much, Kim, for sharing your vision and the details of this innovative program with us today.
Speaker 3:All right, thank you. My guest hosts Betty and Cynthia, and of course, I'll be back next week in my regular role, but please check out neighborsfcuorg. Look for Blueprint for Financial Success. If you have questions, you can contact us by phone 225-819-2178. Thank you, ladies, thank you.
