why is it that 300 million Americans have basic questions about personal
have basic questions about personal
have basic questions about personal finances my first big financial question
finances my first big financial question
finances my first big financial question came when the clicker didn’t work the
came when the clicker didn’t work the
came when the clicker didn’t work the clicker networks my question is answered
clicker networks my question is answered
clicker networks my question is answered my first question came when I applied to
my first question came when I applied to
my first question came when I applied to the University of Michigan and while you
the University of Michigan and while you
the University of Michigan and while you might have be while you might be
might have be while you might be
might have be while you might be assuming I was trying to figure out how
assuming I was trying to figure out how
assuming I was trying to figure out how to pay for tuition my question was
to pay for tuition my question was
to pay for tuition my question was actually much simpler how do I pay for
actually much simpler how do I pay for
actually much simpler how do I pay for the $40 application fee at the time I
the $40 application fee at the time I
the $40 application fee at the time I didn’t have the money and so I had to
didn’t have the money and so I had to
didn’t have the money and so I had to borrow $40 from a neighbor that was
borrow $40 from a neighbor that was
borrow $40 from a neighbor that was willing to help me out by the time I got
willing to help me out by the time I got
willing to help me out by the time I got to my senior year I couldn’t afford a
to my senior year I couldn’t afford a
to my senior year I couldn’t afford a place to stay so I slept in the back of
place to stay so I slept in the back of
place to stay so I slept in the back of my car so I could stay in school and it
my car so I could stay in school and it
my car so I could stay in school and it got me thinking why does the quick
got me thinking why does the quick
got me thinking why does the quick clicker still not work
clicker still not work
clicker still not work it’s gonna be the theme of the TED talk
it’s gonna be the theme of the TED talk
it’s gonna be the theme of the TED talk just kidding it got me thinking
just kidding it got me thinking
just kidding it got me thinking one finances are really tough and two I
one finances are really tough and two I
one finances are really tough and two I considered myself lucky while I was
considered myself lucky while I was
considered myself lucky while I was still in school the economy was
still in school the economy was
still in school the economy was collapsing around us and what we now
collapsing around us and what we now
collapsing around us and what we now know was a Great Recession people were
know was a Great Recession people were
know was a Great Recession people were losing their jobs they were losing their
losing their jobs they were losing their
losing their jobs they were losing their homes retirement accounts built over
homes retirement accounts built over
homes retirement accounts built over decades were shrinking and savings
decades were shrinking and savings
decades were shrinking and savings accounts were vanishing I really started
accounts were vanishing I really started
accounts were vanishing I really started to think about it and my question was
to think about it and my question was
to think about it and my question was you know why do we not equip people with
you know why do we not equip people with
you know why do we not equip people with the ability to learn about personal
the ability to learn about personal
the ability to learn about personal finances why do we not equip people to
finances why do we not equip people to
finances why do we not equip people to adapt and change to the economy which
adapt and change to the economy which
adapt and change to the economy which shifts all the time in school we teach
shifts all the time in school we teach
shifts all the time in school we teach the chambers of the heart and yes
the chambers of the heart and yes
the chambers of the heart and yes biology is important we spend a great
biology is important we spend a great
biology is important we spend a great deal of time talking about chemistry
deal of time talking about chemistry
deal of time talking about chemistry reading Shakespeare and learning world
reading Shakespeare and learning world
reading Shakespeare and learning world history as we should but if these are
history as we should but if these are
history as we should but if these are deemed of vital importance would it not
deemed of vital importance would it not
deemed of vital importance would it not stand to reason that a subject that is
stand to reason that a subject that is
stand to reason that a subject that is as ubiquitous as it is essential is not
as ubiquitous as it is essential is not
as ubiquitous as it is essential is not worth teaching to the average American
worth teaching to the average American
worth teaching to the average American has eight thousand dollars in credit
has eight thousand dollars in credit
has eight thousand dollars in credit card debt which costs over a thousand
card debt which costs over a thousand
card debt which costs over a thousand dollars in interest each year just have
dollars in interest each year just have
dollars in interest each year just have a piece of plastic in their wallet when
a piece of plastic in their wallet when
a piece of plastic in their wallet when I graduated our commencement speaker
I graduated our commencement speaker
I graduated our commencement speaker President Obama delivered a resounding
President Obama delivered a resounding
President Obama delivered a resounding message of hope which is now so absent
message of hope which is now so absent
message of hope which is now so absent in her country
but he really did he delivered a message
but he really did he delivered a message of hope and while it was inspiring I was
of hope and while it was inspiring I was
of hope and while it was inspiring I was sitting there acutely aware of the fact
sitting there acutely aware of the fact
sitting there acutely aware of the fact that I had four thousand dollars in
that I had four thousand dollars in
that I had four thousand dollars in credit card debt from buying both
credit card debt from buying both
credit card debt from buying both textbooks and beer throughout college
textbooks and beer throughout college
textbooks and beer throughout college and I promise I promise it was mostly
and I promise I promise it was mostly
and I promise I promise it was mostly textbooks lest we think this is a
textbooks lest we think this is a
textbooks lest we think this is a millennial issue with student loan debt
millennial issue with student loan debt
millennial issue with student loan debt topping a trillion dollars financial
topping a trillion dollars financial
topping a trillion dollars financial instability is hurting all Americans
instability is hurting all Americans
instability is hurting all Americans with 76% of us well there’s a actual
with 76% of us well there’s a actual
with 76% of us well there’s a actual slide with 76% of us living paycheck to
slide with 76% of us living paycheck to
slide with 76% of us living paycheck to paycheck and 85% of people admitting
paycheck and 85% of people admitting
paycheck and 85% of people admitting that they’re financially stressed
that they’re financially stressed
that they’re financially stressed anxious and concerned we’ve got a pretty
anxious and concerned we’ve got a pretty
anxious and concerned we’ve got a pretty big issue and yes
big issue and yes
big issue and yes ouch it does hurt after college I did
ouch it does hurt after college I did
ouch it does hurt after college I did AmeriCorps and I worked at a nonprofit
AmeriCorps and I worked at a nonprofit
AmeriCorps and I worked at a nonprofit that helped low income individuals start
that helped low income individuals start
that helped low income individuals start businesses and while we were teaching
businesses and while we were teaching
businesses and while we were teaching business courses I quickly realized that
business courses I quickly realized that
business courses I quickly realized that they needed personal finances first
they needed personal finances first
they needed personal finances first since this was foundational to business
since this was foundational to business
since this was foundational to business success and once we started teaching the
success and once we started teaching the
success and once we started teaching the personal finance courses it was like
personal finance courses it was like
personal finance courses it was like opening the floodgates people loved
opening the floodgates people loved
opening the floodgates people loved being able to ask and get their
being able to ask and get their
being able to ask and get their questions answered some of which they
questions answered some of which they
questions answered some of which they had for years Wow after that I worked at
had for years Wow after that I worked at
had for years Wow after that I worked at Google with some of the most brilliant
Google with some of the most brilliant
Google with some of the most brilliant people I’ve ever met and what was truly
people I’ve ever met and what was truly
people I’ve ever met and what was truly mind-blowing was that in AmeriCorps the
mind-blowing was that in AmeriCorps the
mind-blowing was that in AmeriCorps the people’s questions were the exact same
people’s questions were the exact same
people’s questions were the exact same as the people who were getting 4.0 at
as the people who were getting 4.0 at
as the people who were getting 4.0 at places like Stanford Harvard and the
places like Stanford Harvard and the
places like Stanford Harvard and the best universities around the world
best universities around the world
best universities around the world including obviously the University of
including obviously the University of
including obviously the University of Michigan the bottom line is this that it
Michigan the bottom line is this that it
Michigan the bottom line is this that it doesn’t matter where you’re at on the
doesn’t matter where you’re at on the
doesn’t matter where you’re at on the socio-economic spectrum whether you’re
socio-economic spectrum whether you’re
socio-economic spectrum whether you’re black white low-income high income no
black white low-income high income no
black white low-income high income no matter who you are
matter who you are
matter who you are everyone wants to know am i doing it
everyone wants to know am i doing it
everyone wants to know am i doing it right
right
right so after all that I’ve experienced and
so after all that I’ve experienced and
so after all that I’ve experienced and gone through I decided to leave Google
gone through I decided to leave Google
gone through I decided to leave Google and start a company that was dedicated
and start a company that was dedicated
and start a company that was dedicated to helping people improve their
to helping people improve their
to helping people improve their financial health and wellness so that
financial health and wellness so that
financial health and wellness so that they could reach their financial
they could reach their financial
they could reach their financial financial goals and dreams at this point
financial goals and dreams at this point
financial goals and dreams at this point I’ve worked with thousands of
I’ve worked with thousands of
I’ve worked with thousands of individuals companies and organizations
individuals companies and organizations
individuals companies and organizations across the country
across the country
across the country and tonight I want to share an idea with
and tonight I want to share an idea with
and tonight I want to share an idea with you that I think can reshape the way we
you that I think can reshape the way we
you that I think can reshape the way we approach personal finances in America
approach personal finances in America
approach personal finances in America one that will make our country more
one that will make our country more
one that will make our country more equitable and hopefully and just maybe
equitable and hopefully and just maybe
equitable and hopefully and just maybe make people a little less stressed
make people a little less stressed
make people a little less stressed it’s called financial justice and
it’s called financial justice and
it’s called financial justice and financial justice is the equal and fair
financial justice is the equal and fair
financial justice is the equal and fair ability for all individuals in society
ability for all individuals in society
ability for all individuals in society to pursue a financially independent
to pursue a financially independent
to pursue a financially independent secure and healthy life we’re the
secure and healthy life we’re the
secure and healthy life we’re the richest country in the world and nearly
richest country in the world and nearly
richest country in the world and nearly 70 percent of us have little mini
70 percent of us have little mini
70 percent of us have little mini supercomputers tucked into our pockets
supercomputers tucked into our pockets
supercomputers tucked into our pockets and yet we have a long way to go to weed
and yet we have a long way to go to weed
and yet we have a long way to go to weed out the financial injustice that
out the financial injustice that
out the financial injustice that cripples our security and health maybe
cripples our security and health maybe
cripples our security and health maybe somebody will magically come from the
somebody will magically come from the
somebody will magically come from the back and give me a new clicker but until
back and give me a new clicker but until
back and give me a new clicker but until then we’ll talk about the three keys to
then we’ll talk about the three keys to
then we’ll talk about the three keys to increasing the level of financial
increasing the level of financial
increasing the level of financial justice in our country
justice in our country
justice in our country number one information we’ve got a major
number one information we’ve got a major
number one information we’ve got a major information issue that really needs to
information issue that really needs to
information issue that really needs to be addressed let me show you what I mean
you should be
you should be into savings every month as much as you
into savings every month as much as you
into savings every month as much as you can
can
can 10% of your paycheck right there’s only
10% of your paycheck right there’s only
10% of your paycheck right there’s only 20% of every check I thought was more
20% of every check I thought was more
20% of every check I thought was more like 10
like 10
like 10 what’s 10 I think it’s 10 percent yeah
what’s 10 I think it’s 10 percent yeah
what’s 10 I think it’s 10 percent yeah what’s a FICO score it stands for
what’s a FICO score it stands for
what’s a FICO score it stands for federal Isaac company financial I don’t
federal Isaac company financial I don’t
federal Isaac company financial I don’t actually remember I don’t know that’s it
actually remember I don’t know that’s it
actually remember I don’t know that’s it yeah it gets me every time they’re there
yeah it gets me every time they’re there
yeah it gets me every time they’re there chuckles and they’re nervous laughs
chuckles and they’re nervous laughs
chuckles and they’re nervous laughs barely concealed the fact that they just
barely concealed the fact that they just
barely concealed the fact that they just realized they don’t know something
realized they don’t know something
realized they don’t know something really important right when we don’t
really important right when we don’t
really important right when we don’t have good information or we have too
have good information or we have too
have good information or we have too much of it that isn’t easily digestible
much of it that isn’t easily digestible
much of it that isn’t easily digestible it becomes way harder to make good
it becomes way harder to make good
it becomes way harder to make good decisions
decisions
decisions I’ve had people break down in tears in
I’ve had people break down in tears in
I’ve had people break down in tears in front of me because of their financial
front of me because of their financial
front of me because of their financial concerns and after 30 minutes of just a
concerns and after 30 minutes of just a
concerns and after 30 minutes of just a couple of good pieces of information
couple of good pieces of information
couple of good pieces of information they’re able to walk away empowered
they’re able to walk away empowered
they’re able to walk away empowered educated and able to act good
educated and able to act good
educated and able to act good information is powerful and it is truly
information is powerful and it is truly
information is powerful and it is truly a key to raising our level of financial
a key to raising our level of financial
a key to raising our level of financial justice in our country
justice in our country
justice in our country number two financial equality we have to
number two financial equality we have to
number two financial equality we have to work towards a greater sense of equality
work towards a greater sense of equality
work towards a greater sense of equality in our country by a quick show of hands
in our country by a quick show of hands
in our country by a quick show of hands how many of you have heard of the wage
how many of you have heard of the wage
how many of you have heard of the wage gap pretty much everyone here the wage
gap pretty much everyone here the wage
gap pretty much everyone here the wage gap results in women making five hundred
gap results in women making five hundred
gap results in women making five hundred thousand dollars less than men over the
thousand dollars less than men over the
thousand dollars less than men over the course of their lifetimes and it’s even
course of their lifetimes and it’s even
course of their lifetimes and it’s even more drastic for minorities now here’s
more drastic for minorities now here’s
more drastic for minorities now here’s something you might not have heard of
something you might not have heard of
something you might not have heard of that’s lurking right beneath the surface
that’s lurking right beneath the surface
that’s lurking right beneath the surface I call it the expense gap the expense
I call it the expense gap the expense
I call it the expense gap the expense gap is the difference in expenses that
gap is the difference in expenses that
gap is the difference in expenses that one group faces compared to another and
one group faces compared to another and
one group faces compared to another and while there are many examples out there
while there are many examples out there
while there are many examples out there let’s again think about men and women
let’s again think about men and women
let’s again think about men and women women have to buy feminine hygiene
women have to buy feminine hygiene
women have to buy feminine hygiene products like tampons over the in
products like tampons over the in
products like tampons over the in decades for their lives right
and if the couple of people that did not
and if the couple of people that did not snap if you’re a little squeamish
snap if you’re a little squeamish
snap if you’re a little squeamish because I just said tampons wait until
because I just said tampons wait until
because I just said tampons wait until you hear this I’ve actually calculated
you hear this I’ve actually calculated
you hear this I’ve actually calculated that the cost of tampons over the course
that the cost of tampons over the course
that the cost of tampons over the course of a woman’s lifetime will add up to
of a woman’s lifetime will add up to
of a woman’s lifetime will add up to another eighty thousand three hundred
another eighty thousand three hundred
another eighty thousand three hundred and ninety one dollars now it now adds
and ninety one dollars now it now adds
and ninety one dollars now it now adds up to six hundred thousand dollars in
up to six hundred thousand dollars in
up to six hundred thousand dollars in lifetime difference that women are set
lifetime difference that women are set
lifetime difference that women are set back compared to men and hopefully by
back compared to men and hopefully by
back compared to men and hopefully by uncovering these areas of inequality we
uncovering these areas of inequality we
uncovering these areas of inequality we can start to work towards better
can start to work towards better
can start to work towards better solutions key number three transparency
solutions key number three transparency
solutions key number three transparency and access we have to increase the
and access we have to increase the
and access we have to increase the amount of transparency and access in the
amount of transparency and access in the
amount of transparency and access in the financial arena so people don’t continue
financial arena so people don’t continue
financial arena so people don’t continue to get exploited by financial companies
to get exploited by financial companies
to get exploited by financial companies I’ll share a quick story with you I’ll
I’ll share a quick story with you I’ll
I’ll share a quick story with you I’ll share a longer story with you
share a longer story with you
share a longer story with you Kylie is 35 years old and she’s got a
Kylie is 35 years old and she’s got a
Kylie is 35 years old and she’s got a great financial foundation already she’s
great financial foundation already she’s
great financial foundation already she’s got no debt she’s got a couple of
got no debt she’s got a couple of
got no debt she’s got a couple of fantastic kids and she’s well on her way
fantastic kids and she’s well on her way
fantastic kids and she’s well on her way to retirement but when we looked at her
to retirement but when we looked at her
to retirement but when we looked at her retirement account we realized as she
retirement account we realized as she
retirement account we realized as she was getting charged a ridiculously high
was getting charged a ridiculously high
was getting charged a ridiculously high fee that was going to cost her over ten
fee that was going to cost her over ten
fee that was going to cost her over ten thousand dollars throughout her life now
thousand dollars throughout her life now
thousand dollars throughout her life now fortunately we were able to make a
fortunately we were able to make a
fortunately we were able to make a couple of changes real quickly and so
couple of changes real quickly and so
couple of changes real quickly and so she was able to avoid this but even the
she was able to avoid this but even the
she was able to avoid this but even the 1% fee which sounds small but is really
1% fee which sounds small but is really
1% fee which sounds small but is really high compared to what else is out there
high compared to what else is out there
high compared to what else is out there can add up to a lifetime difference in
can add up to a lifetime difference in
can add up to a lifetime difference in three hundred thousand dollars in
three hundred thousand dollars in
three hundred thousand dollars in lifetime lost wealth let’s do another
lifetime lost wealth let’s do another
lifetime lost wealth let’s do another quick poll how many of you have heard of
quick poll how many of you have heard of
quick poll how many of you have heard of the term food desert alright we got a
the term food desert alright we got a
the term food desert alright we got a pretty enlightened crowd here
pretty enlightened crowd here
pretty enlightened crowd here nice work food deserts are places all
nice work food deserts are places all
nice work food deserts are places all over America that both urban and rural
over America that both urban and rural
over America that both urban and rural where it’s difficult to access
where it’s difficult to access
where it’s difficult to access high-quality food there are also
high-quality food there are also
high-quality food there are also financial deserts all around us that
financial deserts all around us that
financial deserts all around us that nearly overlap on top of food deserts
nearly overlap on top of food deserts
nearly overlap on top of food deserts and what I mean by this is where you
and what I mean by this is where you
and what I mean by this is where you find the Whole Foods you’re gonna find
find the Whole Foods you’re gonna find
find the Whole Foods you’re gonna find the bank of
the bank of
the bank of Ericka’s in the JPMorgan’s and where you
Ericka’s in the JPMorgan’s and where you
Ericka’s in the JPMorgan’s and where you find the corner store selling the sugary
find the corner store selling the sugary
find the corner store selling the sugary food and drink is where you’re going to
food and drink is where you’re going to
food and drink is where you’re going to find the predatory payday lenders and
find the predatory payday lenders and
find the predatory payday lenders and check cashers that are waiting to
check cashers that are waiting to
check cashers that are waiting to exploit the next people that walk
exploit the next people that walk
exploit the next people that walk through their doors this lack of access
through their doors this lack of access
through their doors this lack of access continues to perpetuate the level of
continues to perpetuate the level of
continues to perpetuate the level of financial injustice in our country so
financial injustice in our country so
financial injustice in our country so the big question is what can we do about
the big question is what can we do about
the big question is what can we do about it and the obvious answer is we play
it and the obvious answer is we play
it and the obvious answer is we play soccer when I was growing up I was the
soccer when I was growing up I was the
soccer when I was growing up I was the goalie and at one point I had a really
goalie and at one point I had a really
goalie and at one point I had a really cool t-shirt it said last line of
cool t-shirt it said last line of
cool t-shirt it said last line of defense first line of offense and while
defense first line of offense and while
defense first line of offense and while this mindset served me well on the field
this mindset served me well on the field
this mindset served me well on the field I think it’s the analogy that can help
I think it’s the analogy that can help
I think it’s the analogy that can help us move forward financially so let’s
us move forward financially so let’s
us move forward financially so let’s look first at offense we have to
look first at offense we have to
look first at offense we have to proactively seek information we can’t
proactively seek information we can’t
proactively seek information we can’t sit back on our heels and let the world
sit back on our heels and let the world
sit back on our heels and let the world happen to us we have to look forward and
happen to us we have to look forward and
happen to us we have to look forward and I would challenge you to go home tonight
I would challenge you to go home tonight
I would challenge you to go home tonight and start to identify a couple of goals
and start to identify a couple of goals
and start to identify a couple of goals that seem important to you and narrow it
that seem important to you and narrow it
that seem important to you and narrow it down to just one and I want you to
down to just one and I want you to
down to just one and I want you to develop a game plan and a strategy on
develop a game plan and a strategy on
develop a game plan and a strategy on how you think you’re going to get there
how you think you’re going to get there
how you think you’re going to get there and it can take months years and even
and it can take months years and even
and it can take months years and even decades to reach various financial
decades to reach various financial
decades to reach various financial milestones but by starting now and being
milestones but by starting now and being
milestones but by starting now and being intentional and playing offense you can
intentional and playing offense you can
intentional and playing offense you can start to score one financial goal at a
start to score one financial goal at a
start to score one financial goal at a time defensively we have to be defensive
time defensively we have to be defensive
time defensively we have to be defensive consumers the financial the financial
consumers the financial the financial
consumers the financial the financial industry is trying to score goals on you
industry is trying to score goals on you
industry is trying to score goals on you by getting you to sign up for and buy
by getting you to sign up for and buy
by getting you to sign up for and buy their stuff so how do we play defense we
their stuff so how do we play defense we
their stuff so how do we play defense we ask questions we ask why when I was a
ask questions we ask why when I was a
ask questions we ask why when I was a middle school math teacher on the west
middle school math teacher on the west
middle school math teacher on the west side of Chicago and my students would
side of Chicago and my students would
side of Chicago and my students would give me an answer I would ask them why
give me an answer I would ask them why
give me an answer I would ask them why and then they would give me another
and then they would give me another
and then they would give me another answer and I would ask them why over and
answer and I would ask them why over and
answer and I would ask them why over and over again until they would throw their
over again until they would throw their
over again until they would throw their hands up and say ok we get it keep
hands up and say ok we get it keep
hands up and say ok we get it keep asking why
well why did the screen go blank that’s
well why did the screen go blank that’s the question so in in sort of conclusion
the question so in in sort of conclusion
the question so in in sort of conclusion by taking a stand both defensively and
by taking a stand both defensively and
by taking a stand both defensively and offensively I believe that we can become
offensively I believe that we can become
offensively I believe that we can become more financially healthy both
more financially healthy both
more financially healthy both individually and as a country and by
individually and as a country and by
individually and as a country and by focusing on these three keys information
focusing on these three keys information
focusing on these three keys information equality and transparency I am confident
equality and transparency I am confident
equality and transparency I am confident that we can improve we’ve got a
that we can improve we’ve got a
that we can improve we’ve got a multi-million multi trillion dollar
multi-million multi trillion dollar
multi-million multi trillion dollar opportunity to take a stand for
opportunity to take a stand for
opportunity to take a stand for financial justice that makes our country
financial justice that makes our country
financial justice that makes our country more financially healthy less stressed
more financially healthy less stressed
more financially healthy less stressed and I think it can improve the lives of
and I think it can improve the lives of
and I think it can improve the lives of all Americans but if we take a stand for
all Americans but if we take a stand for
all Americans but if we take a stand for nothing then I think we will fall for
nothing then I think we will fall for
nothing then I think we will fall for everything
everything
everything thank you
thank you
thank you [Applause]
you
you [Applause]
”
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