“When my money got low, the number of friends I had did too,” said Actor and Activist Clyde Jones. Jones shared his inspirational financial story, where he went from living a life of luxury to being “flat broke,” with students at an educational forum held in Denver during the Democratic National Convention. The forum marked the official recognition of the establishment of Black America Saves, a national coalition within America Saves.
The forum dovetailed a town hall meeting sponsored by the Black Caucus Institute, where students listened to prominent members of the US Congress including, Charles Rangel (D-NY), Maxine Walters (D-CA), James Clyburn (D-SC) and Shelia Jackson Lee (D-TX). The all-day event was supported by America Saves, ColoradoSaves, and TCF Bank. Students were given an overview of banking services and received important tips on how to save while still in school, purchase an automobile, and use credit wisely.
Mable Banks, 72 year old member of ColoradoSaves, advised students to “start early and stick to it.” Mable also asked students to recite the Saver’s Pledge with her.
To spend less than I earn;
To avoid long-term, high-interest debt;
To invest in a home, college education, or another appreciating assets; and
To prepare for retirement.
Membership in any of the Saves’ programs is free. Among other benefits, enrolled savers gain access to free financial planning advice.