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Achieving and maintaining financial wellness is a goal that transcends mere economic stability. It encompasses a holistic approach to managing one's finances, aligning values with money habits, and ultimately, paving the way for a secure and fulfilling future.
Understanding Financial Wellness
Financial wellness is the state of being in control of your financial situation, effectively managing your resources, and making informed decisions to achieve your short-term and long-term financial goals. It is about more than just the numbers in your bank account; it's a comprehensive evaluation of your financial health.
Assessing Your Financial Wellness
To embark on the journey to financial wellness, it's essential to understand your current financial position. Consider evaluating your solvency ratio, a key metric that compares your assets to your liabilities. This ratio provides insights into your financial strength and liquidity. Additionally, explore the stages of financial capability, ranging from financial dependence to financial independence. Assessing where you stand on this spectrum can guide your efforts towards improvement and growth.
Top 5 Priorities for Financial Wellness
Budgeting Mastery
Create a detailed budget that aligns with your financial goals. Track your income, expenses, and savings meticulously. This foundational step lays the groundwork for financial stability.
Emergency Fund Building
Establishing an emergency fund is a crucial safety net. Aim for three to six months' worth of living expenses to weather unexpected financial storms without compromising your financial health.
Debt Management
Prioritize paying down high-interest debt. Develop a strategic plan to tackle outstanding balances, starting with high-interest loans. This not only reduces financial stress but also frees up resources for future investments.
Investing for the Future
Begin or refine your investment strategy. Whether it's contributing to a retirement account, exploring low-cost index funds, or diversifying your portfolio, strategic investments play a key role in building long-term wealth.
Continuous Learning and Adaptation
Stay informed about financial trends, tools, and strategies. Attend financial education workshops, and webinars, or engage with reputable financial resources regularly. The financial landscape evolves, and continuous learning ensures you make informed decisions.
In conclusion, financial wellness is a journey, not a destination. Regularly reassess your financial position, adapt to changes, and celebrate milestones along the way. By prioritizing these top five areas, you're laying a robust foundation for lasting financial well-being and setting the stage for a brighter, more secure future
As team members of the Alive Credit Union family, we are not only dedicated to supporting the financial well-being of our community but also committed to fostering the same within our team. Alive offers a range of benefits designed to empower you on your financial journey, just in time for you to set New Years Resolutions to Inspire Financial Wellness in your own life!
Free Financial Coaching
Take advantage of our free financial coaching services to gain personalized insights into managing your finances effectively. Our accredited experts are here to guide you toward your goals, whether it's debt reduction, savings, or investment planning. Always confidential!
Lower Interest Line of Credit
Access to a lower-interest line of credit can be a game-changer. Whether you need funds for a personal project or unexpected expenses, this benefit is here to support you with more favorable terms or even help you grow your credit score!
Health Savings Accounts (HSAs)
Your well-being matters. Utilize our Health Savings Accounts to save for medical expenses, enjoy tax advantages, and prioritize your health without financial stress.
401k Options (Roth and Traditional)
Planning for retirement is a journey we all embark on. Choose between Roth and Traditional 401k options to align with your individual financial strategy. Secure your future with confidence. Ricky is always at your disposal should you have any questions., just send him a quick email!
Exclusive Access to Dave Widell
Our partnership with Dave Widell, an investment and retirement expert, isn’t just for our members! Dave provides you with the opportunity to gain valuable insights and advice tailored to your unique financial circumstances.
Financial Wellness Blogs and Webinars
Stay informed and inspired with our wealth of financial wellness resources, like Hali’s blogs and webinars. Continuous learning is key to financial success, and we've got you covered.
Career Development Resources
Fuel your professional growth with resources like the Credit Union Education Program (CUEP) and the LSCU YP & LSCU chapters. Investing in your career development is an investment in your financial future.
Remember, by prioritizing your own financial wellness, you not only enhance your personal life but also contribute to the overall success of our credit union. As we grow individually, so does our ability to serve our members with excellence. Think about it, it is only easier to recommend products and services, or share financial guidance when you’ve tried it yourself!
Let's embark on this journey together, supporting each other in achieving financial well-being. If you have any questions or need guidance on how to make the most of these benefits, feel free to reach out to our HR or financial wellness team.
As we approach the festive season, let's take a moment to celebrate the shining beacon that our Alive CU Membership Blog is for our members. This blog isn't just a collection of posts; it's a guiding light for those looking to deepen their understanding of simple and complex financial concepts or seeking new tips and tricks to enhance their financial well-being.
In the spirit of giving and sharing knowledge, I encourage each one of you to explore the blog's insightful content and discover how it can be a powerful resource for our members. Whether it's demystifying financial jargon or unveiling strategies for financial success, the Alive CU Membership Blog is a treasure trove waiting to be explored.
As we embrace the holiday season, let's extend the warmth and wisdom by sharing these valuable insights with our members. Whether it's through a quick email, a friendly conversation, or a social media post, let's make it a point to spread the financial glow!
Key Highlights:
Guiding Light: The blog is a guiding light for members on their financial journey.
Simplicity & Complexity: From simple tips to complex concepts, there's something for everyone.
Holiday Spirit: Share the joy of financial empowerment this holiday season.
Check out this member benefit here: https://www.alivecu.coop/about-us/blog/index.html
Home for the Holidays: Your Path to Homeownership was featured on Action News Jax’s Around Town Segment end of November and the first week of December leading up to our upcoming webinar starring Ken Galliher and our friends at Members First Mortgage. Check out the video below:
In recent years, the post-Thanksgiving shopping frenzy has been overshadowed by a global movement that emphasizes the true spirit of the holiday season—Giving Tuesday. This philanthropic phenomenon has evolved into a day dedicated to charitable acts and community support, and its impact has been profound.
History of Giving Tuesday
Giving Tuesday, observed on the Tuesday after Thanksgiving, was conceived as a response to the commercialization and consumerism of Black Friday and Cyber Monday. Founded in 2012 by the 92nd Street Y in partnership with the United Nations Foundation, this global movement encourages people to channel their generosity toward meaningful causes.
Community Impact
Over the years, Giving Tuesday has grown exponentially, fostering a culture of giving and community involvement. It provides individuals, organizations, and businesses with a platform to contribute to the betterment of society, addressing various social, environmental, and healthcare challenges. The impact is not only measured in dollars raised but also in the sense of unity and shared purpose that reaches communities worldwide.
Alive x Brooks
This year, Alive is proud to announce its collaboration with Brooks Rehab for Giving Tuesday. Alive recognizes the importance of supporting those in need, especially during the holiday season. The funds raised through this partnership will benefit the University Crossing facility, where residents, often older individuals, find themselves away from their families during the holidays. The goal is to create a warm and festive environment by providing donated blankets and organizing fun activities. Every dollar contributed will be matched by The Brooks Foundation, doubling the impact of each donation.
Get Involved
To make this initiative a success, we need your support! Spread the word among your friends, family, and community members. Encourage them to participate in Giving Tuesday by donating to Alive's fundraiser for University Crossing. Every contribution, big or small, will make a difference in the lives of those spending the holidays away from their loved ones.
Let's come together to create a meaningful and joyous holiday season for the residents of University Crossing. Share this post, donate generously, and be a part of the transformative power of Giving Tuesday.
Your credit score is a numerical representation of your financial health and responsibility. Understanding the factors that comprise your credit score and how to manage them effectively is crucial for individuals looking to improve their financial standing. Let’s explore the key components of a credit score and provide strategies to help individuals increase their scores responsibly.
Understanding the Components of Your Credit Score
Your credit score is typically based on a combination of factors. While credit scoring models may vary, the most common one used in the United States is the FICO score, which considers the following elements:
Payment History (35%)
This is the most significant factor in your credit score. It assesses how consistently you've made on-time payments on your credit accounts. Late payments, collections, and public records can have a negative impact.
Credit Utilization (30%)
This measures the amount of credit you're currently using compared to your total credit limit. To maintain a healthy credit score, aim to keep your credit utilization below 30%.
Length of Credit History (15%)
The length of time you've had credit accounts is also important. A longer credit history can positively influence your score, as it provides a more extensive track record.
Types of Credit (10%)
A diverse mix of credit accounts, such as credit cards, installment loans, and mortgages, can contribute positively to your credit score.
New Credit Inquiries (10%)
Each time you apply for new credit, it results in a hard inquiry on your credit report. Multiple inquiries within a short time can negatively affect your score, so be mindful of how often you apply for credit.
Strategies to Improve Your Credit Score
Pay Your Bills on Time
Consistently making on-time payments on all your credit accounts is the most effective way to improve your credit score. Set up reminders or automatic payments to ensure you don't miss due dates.
Reduce Credit Card Balances
Lower your credit card balances to decrease your credit utilization rate. Aim to keep your balances well below your credit limits.
Build a Positive Payment History
If you have a limited credit history, consider becoming an authorized user on someone else's credit card or opening a secured credit card to start building a positive payment history.
Maintain a Mix of Credit
Having a variety of credit types can positively impact your score. However, don't open new credit accounts solely for this purpose; do it when it's financially responsible.
Monitor Your Credit Report
Regularly review your credit report for errors or inaccuracies. Dispute any discrepancies you find to ensure your credit report is accurate.
Be Patient and Responsible
Improving your credit score takes time. Avoid quick fixes or credit repair schemes that may harm your financial situation.
A strong credit score can open doors to financial opportunities and stability. Understanding the components of your credit score and adopting responsible financial habits is crucial for achieving a higher credit score. By imparting knowledge and encouraging responsible financial behavior, you are not only helping individuals improve their financial lives but also contributing to the financial well-being of your community. Responsible credit management is a journey, and your guidance will be instrumental in the process.
Credit, as we know it today, is an essential component of the modern financial landscape. In the United States, it has a rich and fascinating history, deeply intertwined with the nation's economic development. In this article, we will explore the history of credit, its creation, usage, and evolution in American history.
Early Beginnings: The Birth of Credit
Credit has roots tracing back to the early days of trade and barter. In ancient societies, individuals often extended trust to one another, allowing goods or services to be exchanged with the promise of future repayment. The concept of credit continued to develop throughout history, but it truly took form with the emergence of early banking institutions in the 18th and 19th centuries.
The Birth of American Credit: 19th Century
The 19th century marked a significant period in the evolution of American credit:
General Stores
Country general stores extended credit to local communities, allowing residents to purchase goods on account. This practice fostered a sense of community trust and helped fuel economic growth.
Agricultural Credit
In an agrarian society, farmers often relied on credit to purchase seeds and equipment. The crop itself served as collateral, a practice that laid the foundation for future lending models.
Banknotes and Banking
With the establishment of banks, banknotes became a form of credit. Individuals could deposit their money and receive banknotes, which they could later redeem. This marked the beginning of modern banking and credit systems.
The 20th Century: Credit Expands
The 20th century brought further innovation and expansion to the world of credit:
Credit Cards
The mid-20th century saw the advent of credit cards, a revolutionary development that allowed consumers to make purchases on credit. This innovation transformed the way people shopped and managed their finances.
Mortgage Lending
The growth of the housing market was largely fueled by the availability of mortgage credit. Government-sponsored programs like the Federal Housing Administration (FHA) made homeownership more accessible to the general population.
Credit Reporting Agencies
The creation of credit reporting agencies, such as Equifax, Experian, and TransUnion, standardized the process of credit reporting and assessment. These agencies compile and maintain credit histories, which lenders use to evaluate creditworthiness.
The Modern Era: A Digital Revolution
The 21st century ushered in a new era of credit:
Online Lending
The rise of the internet has given birth to online lending platforms, offering a wide range of credit products, from personal loans to peer-to-peer lending.
FICO Scores
The FICO score, developed by the Fair Isaac Corporation, has become the standard for assessing creditworthiness. It takes into account various factors, including payment history, credit utilization, and length of credit history.
Financial Inclusion
Initiatives like the Community Reinvestment Act and the expansion of credit unions have aimed to promote financial inclusion, particularly in underserved communities.
The history of credit in the United States is a story of economic progress, trust, and innovation. It has evolved from informal agreements to a highly sophisticated and interconnected financial system. As a credit union serving the under and unbanked community in Jacksonville, FL, understanding this history is essential in helping individuals navigate the complex world of credit. By imparting this knowledge, you are not only helping individuals build a better financial future but also contributing to the growth and stability of your community. The journey of credit continues, and your role in shaping the financial landscape remains invaluable.
Credit plays a pivotal role in shaping financial well-being and future prospects. Alive Credit Union members stand to benefit immensely from a firm grasp of credit fundamentals and the role it plays in financial decision-making. In this article, we'll delve into the importance of credit for Alive Credit Union members and break down the elements of a credit report and how each factor influences credit decisioning.
The Importance of Credit
Access to Financial Products
Credit is the key that unlocks access to various financial products. For Alive Credit Union members, a strong credit history can lead to better loan options, lower interest rates, and increased chances of securing mortgages, auto loans, and personal loans.
One highlight you can share with members that differentiates Alive from other Financial Institutions is our in-house loan decisioning.
Financial Stability
Creditworthiness is a significant indicator of financial stability. A positive credit report can help members secure lower insurance premiums, as well as rental and utility agreements with more favorable terms.
Future Investment Opportunities
For members aspiring to achieve long-term financial goals such as homeownership or entrepreneurship, credit serves as a foundation. A robust credit history allows for attractive investment opportunities and opens doors to partnerships and business ventures.
Understanding the Credit Report
A credit report is a detailed record of an individual's financial history, compiled by credit reporting agencies. Lenders and financial institutions use this report to assess a person's creditworthiness. The report is divided into several key sections, each contributing to the overall credit decisioning process.
Personal Information
This section contains your personal details, including your name, address, Social Security number, and employment history. While this information doesn't directly affect your credit score, it helps verify your identity.
Credit Accounts
This portion lists all your credit accounts, such as credit cards, loans, and mortgages. It includes information about the account balance, payment history, and credit limit. Timely payments contribute positively to your credit score, while missed payments can have a detrimental effect.
Credit Inquiries
Whenever you apply for new credit, a record of this inquiry is added to your credit report. Multiple inquiries in a short time can indicate financial distress and potentially lower your credit score.
Public Records
This section includes information about bankruptcies, tax liens, and judgments. These negative items can significantly impact your credit score and creditworthiness.
Collections
Accounts that have been sent to collections due to non-payment or delinquency are listed here. These accounts can have a severely negative impact on your credit.
Credit Utilization
This factor represents the percentage of available credit that you're using. High utilization rates can hurt your credit score, so it's advisable to keep this ratio low.
Credit Age
The length of your credit history matters. A longer credit history can positively impact your credit score, as it provides more data for assessing your creditworthiness.
Credit is a powerful financial tool that Alive Credit Union members can harness to secure their financial future. Understanding the elements of a credit report is essential for assisting our members in making informed financial decisions. As a trusted Alive team member, your role in imparting this knowledge is invaluable, as it empowers individuals to make informed choices and improve their financial well-being. By fostering a deeper understanding of credit among your community, you are playing a vital part in their financial success and the growth of your community.
Alive Credit Union is proud to sponsor the second annual Trash Art Competition at the Greater Jacksonville Fair, a creative endeavor that promotes environmental awareness and community well-being. This unique event challenges participants to transform recycled materials into stunning works of art, reinforcing the vital message that sustainability plays a crucial role in our overall wellness.
Using recycled materials not only showcases the artistic talents within our community but also highlights the importance of reducing waste and taking a more sustainable approach to daily life. It's a reflection of our commitment to Inspire Financial Wellness, as we believe that financial health and environmental well-being go hand in hand.
The competition features two age categories, catering to the creativity of both our younger and more experienced artists. We encourage everyone to visit the exhibit at the Greater Jacksonville Fair, running now through November 12th, to witness the incredible art pieces and be inspired by the transformative power of recycling. Together, we can make a positive impact on our community's wellness and environmental consciousness.
At Alive Credit Union, our mission extends far beyond simply providing financial services. We aspire to be more than just financial professionals; we aim to be vigilant heroes in the lives of our members. As we draw to a close on Halloween season, as the world around us takes on a spooky aura, we want to shed light on the real-life villains that can haunt our members' financial well-being. These villains come in the form of scams, identity fraud, and predatory loans. It's our duty to unmask them and take action to protect our community.
The Scary Reality of Scams
Scammers are the modern-day villains of the financial world, preying on the vulnerable and unsuspecting. They utilize various tricks and tactics to deceive individuals into parting with their hard-earned money. These scams can range from phishing emails to phone calls offering too-good-to-be-true opportunities.
Your Superpower: Vigilance
As staff members of Alive Credit Union, you possess the superpower of vigilance. Be on the lookout for unusual transactions or member requests. If something doesn't feel right, investigate further. Always verify the authenticity of communications and educate our members about the signs of scams.
The Phantom of Identity Fraud
Identity theft is a phantom that can haunt our members' lives. It occurs when personal information is stolen and used for fraudulent purposes, often leading to financial devastation and emotional distress.
Your Superpower: Education
Empower our members with knowledge. Educate them about protecting their personal information, using strong passwords, and monitoring their credit reports. By teaching them to recognize the signs of identity fraud, you become their guiding light in the darkness.
The Predatory Lender Menace
Predatory lenders are the financial villains who trap individuals in cycles of debt with exploitative terms and hidden fees. They target the vulnerable, often with promises of easy money and quick loans.
Your Superpower: Awareness
Raise awareness about the dangers of predatory lending within our community. Encourage members to seek out reputable financial services and warn them about the signs of predatory lending. By being a beacon of financial wisdom, you can guide them away from the clutches of these villains.
Taking Action: Your Heroic Duty
Being a hero isn't just about recognizing the villains; it's also about taking action to protect our community. If you spot a scam, suspect identity fraud, or encounter signs of predatory lending, don't hesitate to report it. You can make a difference by connecting our members with the resources and guidance they need to navigate these financial challenges.
Together We Can Defeat Financial Villains
As team members of Alive Credit Union, you are the unsung heroes of our community. Your vigilance, education, and willingness to take action can help protect our members from financial villains. This Halloween season and beyond, let's band together to unmask the scams, thwart identity fraud, and defeat predatory lenders. Together, we can ensure a brighter and more secure financial future for all our members.
Family Promise is a long-time Alive Credit Union partner. Family Promise has been serving displaced families since 2006 in Jacksonville but is a national organization that has served communities since 1986. Family Promise shelters up to three families at a time. The family is invited to stay at the shelter that affords an apartment-style living quarters, communal bathroom, and communal living quarters. The families are provided with food and transportation. They also are granted access to office space, computers, storage for personal items, laundry facilities, and a garden/playground. Family Promise’s case management focuses on breaking barriers so the family can return to stability. The focus areas are stable, affordable housing, job readiness, and employment as well as medical care, childcare, clothing, and furniture for once the family graduates the program.
A focus of family promise is improving financial wellness.
Did You Know
In Jacksonville, there is a critical shortage of shelter beds for families experiencing homelessness
In 2022 Jacksonville was rated number 5 in rent increase with a monthly median rent up 22% over 2019. (Most recent numbers do show a trending stability and decrease in rent, down 1.2%)
There are an estimated 3,400 homeless in Jacksonville, only 1,100 have access to emergency shelter beds
Leading causes of homelessness are attributed: to lack of affordable housing, poverty, unemployment, domestic violence, mental illness, racial inequality, healthcare inaccessibility, low wages, and community violence.
How you can get involved
Every year in November Family Promise has a homelessness education event called: Cardboard City. During this event, you are encouraged to sleep on a couch, in a tent, in your car, or in a cardboard box. At the annual event families, churches, teams, and companies build cardboard “houses”. This year, I would like to challenge our branches to participate in a cardboard house competition. Using simple resources such as free boxes, bags, tape, and scissors, create a house, credit union branch, or ATM. You can display this in your lobby with the cardboard city brochures I sent through the courier. The branch with the best cardboard creation will win a special surprise. Check out the images below from previous years.
As the leaves fall and the nights grow longer, we enter the spooky season. It's the perfect time to delve into the chilling realm of financial deceit, where predatory lenders and loan sharks lurk in the shallows, waiting to ensnare unsuspecting victims.
The Ghastly Nature of Predatory Lenders
Predatory lenders are the true ghouls of the financial world. They target vulnerable individuals, often those with limited access to traditional banking services, and trap them in a web of debt. Their tactics are nothing short of sinister.
The Allure of Easy Money
Like a siren's song, predatory lenders entice borrowers with the promise of quick and easy money. They often target low-income communities, enticing them with the prospect of fast cash, regardless of credit history.
The Wicked Terms and Practices
Once ensnared, victims of predatory lending discover the true horror of their situation. These lenders impose exorbitant interest rates, hidden fees, and unmanageable repayment terms. Borrowers find themselves trapped in a cycle of debt, unable to escape.
Haunting Consequences
The consequences of falling prey to predatory lenders are bone-chilling. Borrowers may lose their homes, vehicles, or personal possessions. Credit scores are decimated, making it even more challenging to access affordable financial services in the future. The emotional toll is immeasurable, as victims grapple with stress, anxiety, and despair.
The Haunting Signs of Predatory Lending
Recognizing the signs of predatory lending can be your best defense:
High-Pressure Sales Tactics: Beware of lenders who pressure you into making hasty decisions.
Unrealistic Promises: If it sounds too good to be true, it probably is. Be wary of promises of guaranteed approval or "no credit check" loans.
Hidden Fees: Scrutinize loan agreements for hidden fees and exorbitant interest rates.
Unmanageable Repayment Terms: Predatory lenders often structure loans with short repayment periods and large balloon payments.
Lack of Transparency: Legitimate lenders are transparent about their terms and conditions.
Escaping the Clutches of Predatory Lenders
If you find yourself or a member entangled in the web of a predatory lender, take action:
Know Your Rights: Familiarize yourself with your rights as a borrower, including state and federal laws that protect consumers from predatory lending practices.
Contact Regulatory Agencies: Report predatory lenders to your state's attorney general's office and the Consumer Financial Protection Bureau (CFPB).
Seek Help: Reach out to nonprofit credit counseling organizations or legal aid services for assistance in negotiating with the lender.
Refinance or Consolidate: Explore options to refinance or consolidate your debt with reputable financial institutions.
Shedding Light on the Shadows
One of the most potent weapons against predatory lenders is education. Share your knowledge and experiences with friends and family to raise awareness about the dangers lurking in the world of financial deceit. Encourage others to seek out reputable financial services and avoid the clutches of these modern-day monsters.
In conclusion, while predatory lenders may haunt the financial world, you have the power to protect yourself and others from their nefarious schemes. Stay vigilant, educate yourself and your community, and remember that there are resources available to help you break free from their grasp. This Halloween season, let's banish the ghosts of predatory lending and ensure a brighter financial future for all.