Episode 40: Pocket Change Podcast
Summary
Key Takeaways
- Financial illiteracy is one of the most significant barriers to growing your wealth.
- Communities like Memphis need more access to free financial wellness resources.
- The mission of the Community Engagement team at Leaders is to provide quality financial education to all members of West Tennessee.
- Students should be able to take financial classes to know how to handle their money in the future.
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Full Transcript
Shea:
Hey, this is Shea.
Carrie:
And this is Carrie. Welcome to the Pocket Change Podcast.
Carrie:
Where you'll learn better ways to spend, save, and invest, and take control of your financial journey.
Shea:
So, Carrie, as our listeners know, Leaders was founded in Jackson, but we've had a branch in Memphis for quite some time, and adding another branch in the greater Memphis area soon. Memphis is a great place with arts, culture, food. It's like every place. It has its challenges. There's challenges with poverty and lack of access to financial education resources, I think. So it's just like any other place, but it has some challenges.
Carrie:
Yes. And I think Memphis is having a rebirth and revitalization to the city. A lot of young professionals are moving to that area, making it their home, but there is some financial education resources that are greatly needed in the area as well.
Shea:
That's right, and the person we're going to talk to today is a young professional in the Greater Memphis area, on our team, and so we're glad to talk to him about the impact he's hoping to make in Memphis and the Greater Memphis area.
Carrie:
We're excited to welcome our guest, Chris Thomas, Community Engagement Specialist here at Leaders Credit Union. Welcome to Pocket Change, Chris.
Christopher Thomas:
I'm so excited to be here. Thank you for having me.
Carrie:
We know you well since we work on the same team here at Leaders, but for our listeners, could you tell us a little bit about yourself and your path in the credit union industry?
Christopher Thomas:
Yes. Christopher Thomas, born and raised in Birmingham, Alabama. Got my introduction to credit unions through my father, who was a steel worker in Birmingham, and joined Iron and Steel Credit Union there, and I became a credit union baby. I was introduced to credit unions that way. Got my first checking account there, savings account. Then as I got older and as I graduated high school and become an adult, I started working for the same credit union that I was a member of. So, I've been working in the credit union industry for about eight years now. I have started as a teller as normally you do in the credit union, learning how to work with members, learning how to make deposits and transactions, and now have been in business development, membership development for about six years or so now. So that is my start and introduction into the credit union industry, really trying to drive credit union membership growth, impacting lives how we can through financial education and financial wellness.
Shea:
And then how long have you been here at Leaders?
Christopher Thomas:
Been here at Leaders for three months?
Shea:
Yeah.
Christopher Thomas:
So it's been an amazing journey and experience.
Shea:
We're glad to have you, and we know you're helping serve some of our employer partners and future employer partners and members in the Memphis area. So tell us about your first impression coming to Memphis and being here in Tennessee.
Christopher Thomas:
So what I learned about Memphis and what I like so far is that Memphis has some great things. Three pillars that I believe that I've seen that makes an impact or makes me want to enjoy or have enjoyed this is - number one, community. Memphis is big on community. They're big on coming together for certain causes. Also, fitness - where I live, I see a number of people walking, and running and running clubs, biking clubs, and then also the food. So that community fitness and food really is some of the things that I hone in on that really speaks to me, that's great about Memphis.
Shea:
There's lots of spaces for enjoying the outdoors, even in West Tennessee and in Memphis. And of course the food, Memphis is known for its food and barbecue. So what's your favorite barbecue that you've experienced in Memphis?
Christopher Thomas:
Well, being from Alabama, that's the first thing I needed to experience here, the barbecue tour. I think I've lended my coin or token on Cozy Corners Barbecue, the best barbecue I've tasted in Memphis so far.
Carrie:
I can't wait to try that.
Shea:
Don't any other barbecue establishment get upset. We like to try them all and experience it all. So, we'll keep that in mind. We have to go visit.
Christopher Thomas:
Yes.
Carrie:
Amazing. So Chris, what do you think is the greatest need that you've seen so far in the Memphis area?
Christopher Thomas:
Being in Memphis for a short amount of time, I think the greatest need that all of us may can agree with is the importance of financial literacy and financial education; engaging our younger generations to help them make smarter money managing decisions due to the culture and things of that nature. We want to try to instill that knowledge so that they know as they're continuing to grow in Memphis.
Shea:
And so because of that, how can we and how will we, as Leaders Credit Union, combat some of those financial barriers?
Christopher Thomas:
What I love about Leaders is we're trying to make lives better. I think the ways that we do very well at doing that is engaging our employer groups, but also working with our community groups in schools to help teach financial education. We teach it for free. Our staff is Certified Financial Credit Union Counselors, and so we love to engage in that way. Free financial wellness is free education, and it's fun and engaging. So working with those community partners, nonprofits, Boys & Girls Clubs, wherever we can hang our hat to really engage and teach that financial wellness and try to help improve lives of those in the community.
Shea:
Well, it's important because starting young, if a young person can have that knowledge and education as a young person, that can help them throughout the rest of their life and hopefully, build generational wealth. I think as you've come to join us in our Memphis market, you've done a great job engaging with schools, and community groups, and nonprofits to really get awareness out about leaders, but also that we're here to help and support and provide this free education to the community. So it's hopefully, we're just here to help and hopefully people will see that. So Chris, what are some of the ways and the programs that we teach financial education? Some of them are fun that we get to go out and do.
Christopher Thomas:
Yes, you're right. Not only do we do more classroom type presentations, but I really love our interactive presentations and activities such as our Reality Fair that do where kids get a budget and they can go around to different stations to pick their transportation, to pick their home, and all of those different real-life living situations. They really get a real reality check on how it is to be an adult, and then also recently have been using what I call the poverty simulator that gives us real life emergency issues where we may lose our job or something of that nature, and they have to make decisions regarding the new life that has happened to them. A lot of the kids really are shocked at how life as an adult can really be, and really see the importance of at least knowing and having the knowledge around financial literacy to be best prepared as they can for life situations.
Carrie:
So what's the best financial advice you've ever been given?
Christopher Thomas:
The best financial advice was given to me by a man named Mr. Joyner. Mr. Joyner and his wife are like an older parents to me, grandparents maybe. Parents away from parents being here in Memphis. The other day, he sent me a text message and he said, If you don't put anything in, then you won't be able to get anything out. Not only did that speak to financial situations or areas of life, but it also speaks to every area to me. You cannot make withdrawals if your account is in insufficient funds. So if you don't put anything in, you don't get anything out.
Carrie:
That's right. And that can be applied to all areas of life.
Christopher Thomas:
So true.
Shea:
All right, Chris. The last question, also a financial-related question, but as the Pocket Change Podcast, if you had some pocket change, what would you spend it on?
Christopher Thomas:
If I had some pocket change; growing up, I used to go to the gas station and we had these little candies that we call Fruities. So if I had a little pocket change, I would go back into the childhood memory and go to a gas station and spend twenty-five cents on that Fruity in green apple, or strawberry, or cherry, just to remember what it was like growing up in Birmingham, going to the neighborhood store just for a moment.
Carrie:
A little nostalgic treat there.
Christopher Thomas:
Exactly.
Shea:
It might be 50 cents now.
Carrie:
Yeah, sure, or a dollar.
Shea:
Still some pocket change.
Carrie:
Yeah. Well, thank you so much, Chris, for being here. And for those listening who are interested in financial education in the Greater Memphis area, how can one reach you?
Christopher Thomas:
Yes. My direct email address is cthomas@leaderscu.com. I would love to engage and see how we can help serve improve and help you meet your needs with financial education and financial wellness.
Carrie:
Thanks so much. We were happy to have you as our guest today.
Christopher Thomas:
Thank you.
Carrie:
Thanks for tuning in to the pocket change podcast.
Shea:
Be sure to rate, review, and subscribe, and check out our full episodes on YouTube.
Carrie:
The Pocket Change Podcast was brought to you by Leaders Credit Union.
Shea:
Where we power your passion and make lives better. Cha-ching. Leaders is federally insured by the NCUA Equal Housing Lender.
