WELCOME BACK TO "LIVING
808."
IT'S KIND OF SHOCKING OF BUT
MANY AMERICANS ARE SIGNING UP
FOR LOANS, OPENING CREDIT CARDS
AND MAKING DECISIONS THAT WILL
HAVE A SERIOUS IMPACT ON THE
REST OF THEIR LIVES WITHOUT
FULLY UNDERSTANDING WHAT IT ALL
MEANS.
THAT'S WHY FINANCIAL LITERACY IS
SO IMPORTANT.
HERE TO TALK MORE ABOUT THAT,
TONY LOAN MANAGER AT HAWAI'I
CREDIT UNION.
HELLO.
WHAT IS FINANCIAL LITERACY?
I'M SURE IT'S MORE THAN JUST
KNOWING HOW TO BALANCE YOUR
CHECKBOOK.
IT'S COMBINATION OF FINANCIAL
EDUCATION THAT PUTS TOGETHER ALL
OF THE FINANCIAL DISCIPLINE SUCH
AS HOW TO MANAGE YOUR CASH FLOW,
HOW TO DO A BUDGET AND
UNDERSTANDING HOW THE INTEREST
HAS BEEN CALCULATED ON YOUR
LOANS AND SO FORTH.
BIG PICTURE BUT THEN IT ALSO
GIVES YOU A STRATEGY ON HOW YOU
CAN MANAGE YOUR BUDGET SO THAT
YOU CAN BE NATIONALLY
SUCCESSFULLY.
THAT'S SO IMPORTANT BECAUSE
KNOWING WHAT TO DO AND KNOWING
HOW TO DO IT, IT'S TWO DIFFERENT
THINGS, RIGHT.
I THINK IT'S IMPORTANT TO HAVE
THE FULL SCOPE OF FINANCIAL
EDUCATION IS SO IMPORTANT.
HOW DOES THE CREDIT UNION HELP
ITS MEMBERS WITH FINANCIAL
EDUCATION?
WELL, A LOT OF TIMES IT
AND APPLIES FOR THE LOAN.
WHEN THE LOAN OFFICER LOOKS IT
OVER AND TALKS ABOUT HOW THEY
ARE DOING FINANCIALLY.
WE REFER THE MEMBER TO A CLASS
THAT WE HAVE EVERY NOW AND THEN
AND OUR MOTTO IS SAFE.
FINANCIAL EMPOWERMENT BASICALLY
WHERE WE TEACH THE MEMBER HOW TO
DO YOUR OWN BUDGET, HOW TO
ANALYZE YOUR CASH FLOW AND
UNDERSTANDING WHERE THEY
SPENDING THE MONEY AND HOW TO
IMPROVE THEIR CREDIT SCORE SO
THAT IN THE FUTURE THEY CAN GET
BETTER LOANS AND BE MORE
SUCCESSFUL.
THAT IS A WONDERFUL SERVICE
THAT YOU GUYS OFFER.
I DID NOT KNOW THAT.
BUT IT'S SO NICE BECAUSE I'M
SURE PEOPLE WANT TO LEARN,
RIGHT, BUT THEY JUST MAY NOT
KNOW WHERE TO GO, WHERE TO GET
THOSE RESOURCES.
TO KNOW THAT YOU GUYS OFFER A
CLASS IS REALLY WONDERFUL.
WHY IS IT THE WISE USE OF CREDIT
SO IMPORTANT?
AS YOU BECOME AN ADULT,
CREDIT'S GOING TO BE SOMETHING
THAT WILL BE ALWAYS WITH YOU FOR
THE REST OF YOUR LIFE BECAUSE
YOU NEVER ABLE TO BUY A HOUSE ON
CASH OR A CAR, TAKE A TRIP.
SO CREDIT IS SOMETHING THAT YOU
DEVELOP OVER TIME AND IT'S KIND
OF STAYS WITH YOU FOR THE REST
IT ALLOWS YOU TO GET LOANS AT A
LOWER INTEREST RATE SO YOU DON'T
WASTE A LOT OF EXPENSES PAYING
HIGH INTEREST RATES AND SO
FORTH.
HAVING GOOD CREDIT YOU CAN
MANAGE YOUR MONEY BETTER, YOU
CAN DO MORE THINGS AND ENJOY
LIFE AND BE FINANCIALLY
SUCCESSFUL.
I REMEMBER HEARING PEOPLE SAY
OH, I JUST WILL NEVER GET A
CREDIT CARD OR I PAY CASH WITH
EVERYTHING, BUT IT'S ACTUALLY
GOOD TO ESTABLISH SOME CREDIT.
YES, ABSOLUTELY.
SO EVEN FOR SOMEONE WHO JUST
GRADUATED FROM HIGH SCHOOL, THEY
SHOULD START FOR GO TO A CREDIT
APPLY FOR A SMALL LOAN TO BUILD
BUT UNDERSTANDING HOW TO USE
THAT CREDIT, HOW TO USE THE
BECAUSE IF YOU DON'T USE IT
CORRECTLY, YOU'RE GOING TO END
UP WITH BAD CREDIT.
AND THEN ONCE YOUR NEXT LOAN
GOING TO BE HIGH INTEREST RATE.
IS REALLY IMPORTANT ESPECIALLY
WHEN YOU FIRST STARTED OUT.
AND IF YOU HAVE A CREDIT CARD
AND PAY THE MINIMUM EVERY MONTH,
THEY MAY NOT REALIZE THE
INTEREST THEY ARE PAYING AT THE
END OF THE DAY.
WHEN YOU'RE WORKING WITH
MEMBERS, WHAT'S YOUR ON YOUR OBJECTIVE?
HELPING THEM UNDERSTAND HOW
THEY SPEND THEIR MONEY AND
UNDERSTAND THEIR CASH FLOW.
A LOT OF TIMES IT'S JUST REALLY
SIMPLE WHERE THE TIMING OF WHAT
THE TIMING IS JUST OFF.
THEY NEED TO EVALUATE THAT SO
THEY DON'T END UP PAY PENTAGON A
LOT WHEN THE LATE FEES AND
GETTING BAD CREDIT.
SOMETIMES IT'S JUST A MATTER OF
NOT JUST A BUDGET BUT ALSO THE
TIMING OF THE CASH FLOW.
THANK YOU SO MUCH FOR ALL OF
THAT.
VERY INTERESTING BUT REALLY YOU
GUYS DO SO MUCH IN THE COMMUNITY
AND HELPING TO EDUCATE OTHERS SO
WE THANK YOU AND WE APPLAUD YOU.
THANK YOU SO MUCH.
IT'S NEVER TOO EARLY TO LEARN
ABOUT FINANCIAL EDUCATION SO WE
HOPE THAT A LOT OF PEOPLE, A LOT
OF SCHOOLS ARE ALSO