Shang Saavedra, author of Wealth is a mentality, Share the reformulation as a tool for freedom, not just wealth, can help individuals and educators to build healthier financial habits and thoughts. Read more about her conversation with the Yanely Espinal from NGPF.
Shang Saavedra, Wealth is a mentality
In this episode of the NGPF Podcast, Saavedra reformulates money as a mix of habits, history and hope. She mentions common “money stories” (Feast & Famine, side effects, scarce immigrant) and shows how awareness changes into action.
A favorite reframe: “The motivation did not make us rich, let’s get options.” Those shift-powered economical choices, side income experiments and consistent investing so that they could work against 31 work.
Saavedra’s reassurance for investors for the first time: “If you have a high school education, you can invest.” For most people, cheap diversified funds plus timbeats stock picking.
Her go-to-behavior loop is trigger → action → reward. She recommends exchanging valuable standard values (eg I feel lonely, so I will opt for an expensive brunch with friends) for cheaper, similar alternatives (hiking, coffee, potluck). Combine that with “one next step” goals that have been set at 90% feasibility (such as a small car transfer after payment day or viewing online carts only once a week) to build momentum without perfectionism.
Listen to the full conversation on the NGPF podcast.
Also view: Bill Bynum, Hope Credit Union & Hope Policy Institute
The story of Hope starts in a ecclesiastical basement and grows in a regional engine for economic mobility. As Bynum says, “our mission has always been to increase the economic opportunities for people in the deep south.”
That mission means importing capital into ‘capital deserts’, expanding branches where others closed and weave financial education in every account and loan.
After Hurricane Katrina, Hope helped families access to checks, open accounts and rebuilding, all of which have accelerated recovery. The model has since been scaled with large mission deposits, so that hope can continue to borrow in areas with low wealth.
Underwriting is people first. Instead of hard cutoffs, Hope considers rental and telephone payment history and he uses manual assessment because in the words of Bynum they “treat people like people, no algorithms.”
Nowadays Hope is approaching $ 1 billion in assets, priority gives mortgages and borrowing small companies to reduce the homeowner of the region and opportunities.
Hear more about the work on the NGPF podcast.
Do this week live at: Unveil the new documentary from NGPF with featured educators: Joey Running, Jamal Bermudez and Kerry Woodward
Do not miss this special 1.5-hour session to reveal the newest NGPF documentary that presents the powerful impact of personal financial education through the stories of excellent teachers, followed by a panel with some of the recommended educators: Joey Running, Jamal Bermudez and Kerry Woodward.
Register here.
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