Category: The Potential Millionaire Blog

The Potential Millionaire Posts for the English Reader.

Posted on

Hispanics TweetCharla #CreditoyMas: Tuesday, October 21 at 5 p.m. ET.

Potencial Millonario invites you to join Experian  on a Tweetcharla at #CreditoyMas on Twitter this Tuesday, October 21 at 5 p.m. ET.

The Experian folks will be talking with Virginia Zigras – Deputy Chief of Staff & Counsel for Congressman Tony Cárdenas,  Felix Montelara – Host of the Program Potencial Millonario, Isaias Hernandez, Special Program Coordinator, Financial Literacy & Financial Stability Assett Building Program, Mexican Opportunity Foundation,  Rod Griffin – Director of Public Education at Experian, and leaders in the Hispanic community. join us!

Topic: Credit and Financial Literacy in the Hispanic Community

When: Tuesday, October 21 at 5 p.m. ET

Easy ways to chat with us on Twitter: Twubs or Tchat

As more Hispanics gain access to credit and credit cards, they will continue to play an expanding role in the American economy. However, there are still many Hispanics who prefer to use cash and lack access to credit and financial education.

A 2013 survey by the National Council of la Raza shows that two out of 10 Latinos in the United States don’t use banks—a higher rate than Asians and African-Americans. They are also highly likely to rely on predatory payday loans and high-priced check-cashing services.  Join us to discuss the current landscape and how the Hispanic community can become more financially empowered.

Questions we’ll discuss:

  • 1. What are the challenges Hispanics face in becoming more financially empowered?
  • 2. Why are so many Hispanics unbanked using cash only vs. using credit?
  • 3. What are the first steps Hispanics can take to establish credit?
  • 4. What are some of the common concerns among Hispanics about using credit?
  • 5. What kind of credit information and resources would be most helpful to Hispanic small business owners?
  • 6. What are some of the common misconceptions Hispanics have about credit?
  • 7. What are some best practices to reach Hispanics with financial information?
  • 8. Hispanic consumers tend to over-index on smartphone and mobile application use, so will mobile banking and payment products be an important channel to engage them?
  • 9. What are the best ways to reach Hispanic youth to get them started early on the way to financial literacy?
  • 10. What are some of the biggest misconceptions among Hispanics about credit?
Posted on

Potencial Millonario Ep. 51- Andres Gutierrez- salir de deudas y la devoción

Potencial Millonario Ep. 51- Adres Gutierrez- salir de deudas y la devoción

En este programa Ep. 51 de Potencial Millonario te tengo una entrevista con Andres Gutierrez, Ël Machete para su billete”.

Andres Gutierrez, Ël Machete Pa´su billete¨

Y descubrimos quien es? De donde viene Andres Gutierez? Como llego a ser un Guru en cuanto a las finanzas personales con un programa de radio en cientos de emisoras de costa a costa en los Estados Unidos (EE.UU).

Uno de los mejores libros en finanzas personales en español
Uno de los mejores libros en finanzas personales en español

Andres también nos cuenta como el le hizo para salir de deudas en su vida personal. Y nos explica con lujo de detalles que hay que hacer para que usted salga de sus deudas.

En la devocion de la semana les explico lo que dice la Biblia sobre la deuda y si tener o cargar deuda es un pecado. Espero que disfruten del programa pero mas importante que pongan en practica los conceptos aprendido. Y recuerde que todos tenemos Potencial Millonario.
Posted on

I Got Robbed! By a Payday Loan Lender

Source: Potentialmillionaire.net

By: Felix A. Montelara

Payday loans are  a type of loan in which you can borrow money and repay it the next payday. payday loans photo: Payday Loans No Lenders B_zps05820084.jpg  A payday loan is an unsecured loan, for which you can be approved quickly but at a huge interest rate (should be illegal). The reason for the higher rates is the risk taken by the  payday lenders.

If you are in debt and work or live an area where payday loan establishments are accessible to you, take a good look at them and know that if you do business with a payday lender at the exorbitant rates of payday loans understand that it will be a bad financial decision compounded on bad past financial decisions that lead you to considering borrowing from a payday loan lender in the first place.

Here is an explanation of how interest rates are calculated:

  • Determine how much you need to borrow  then find out the  finance charge amount and the loan term. Once you have the amount figured
  • Divide the finance charge amount by the loan amount. For example, if you borrow $100 and the total amount of finance change is $10, just divide the $10 with $100 and you will get 0.1
  • Multiply  the 0.1 by 365 (the number of days a year), you will get 36.5 or if the loan is payable in 10 days then just divide 10 by 365 and you will get 3.65.
  • The number you get from step 3 must be multiplied by 100 for you to get the annual percentage rate  a.k.a APR that you will need to pay.

I have placed a payday loan calculator below.  Just plug in the numbers and you will see how the title of this blog  applies.   Let me explain: if you were to keep renewing the example loan from above over and over again because of need  your APR would be 365%. Compare that to a credit card cash advance or just borrowing from a friend at a double digit versus triple digit percent.  Its like being robbed!

At PotentialMillionaire.net we understand that payday loans are legal and a source of funding.  However, we also know that they are very dangerous for your financial health.  We only ask that you consider alternate routes of financing if possible.

Stay safe,

Felix A. Montelara

[calc id=474]

Posted on

Top 5 Organizations Improving Financial Literacy in the U.S.

“Top 5 Organizations Improving Financial Literacy in the U.S.”

Author: Felix A. Montelara
Source: PotentialMillionaire.net

In the United States (U.S.) most of the nation’s financial education resources are run through nonprofit organizations. In this post I want introduce you to five such organizations that are working toward improving your financial literacy through innovating educational methodology and technology.

As background in 2002 the U.S, Treasury Department created an Office of Financial Education. In 2003 the U.S. Congress enacted legislation establishing the Financial Literacy and Education Commission under the Financial Literacy and Education Improvement Act. In the meantime many organizations cropped up in support of the financial literacy education push. Eventually, on January 22, 2008, President George W. Bush signed Executive Order 13455, creating the President’s Advisory Council on Financial Literacy. The advisory committee defined financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” The U.S. Congress, in July 2010, passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Consumer Financial Protection Bureau (CFPB), whose mission is to promote financial education.

The PotentialMlllionaire.net roundup of top five organizations improving financial literacy in the U.S. are the following:

1. CFED (Corporation for Enterprise Development) www.cfed.org (Research, program development)

2. NEFE (National Endowment for Financial Education) www.NEFE.org (Research, program development)

3. Institute for Financial Literacy www.FinancialLit.org (Professional training and certification for financial counselors and educators)

4. Junior Achievement www.JuniorAchievement.org (nation-wide K-12 financial education)

5. Phroogal www.phroogal.com (cutting edge consumer financial resource)

For the native Spanish speakers living in the U.S. or bilingual (English/Spanish) who prefer to learn “Educación Financiera” in Spanish visit: WWW.POTENCIALMILLONARIO.COM

At the Potentialmillionaire.net understand and know that there are many more organization promoting and working on providing all of us with excellent financial literacy programs. Please feel free to add them in our comments and they will also be recognized.

Posted on

10th Anniversary Of The Annual Conference on Financial Education

Financial Literacy 2.0 – Ensuring Effective Outcomes

By: John C. Linfield, Executive Director

Institute for Financial Literacy

10th Annual Conference on Financial Education, in San Antonio, Texas on April 1-3, 2015! Join fellow financial literacy fanatics as we celebrate this special occasion with door prizes, raffles and special recognition for attendees!

For our 10th anniversary celebration we’re making changes to keep things fresh, exciting and informative.

More Content. We’re adding half a day to the schedule! The first day of the conference will now be a full day rather than our traditional half-day.

More Depth. We’re extending session lengths so presenters and attendees can explore topics in more depth than ever before.

More Practical. We’re re-focusing concurrent session tracks on specific areas of knowledge and skills development, such as Behavioral Economics, Program Development, and Outcome Measurement.

More Hands-On. We’re adding a 2-hour facilitated roundtable workshop so you can brainstorm with your fellow attendees and presenters to develop actionable steps to bring home and begin implementing immediately.

More Networking. We’re adding structured networking opportunities to better support you in meeting new peers, developing professional relationships and identifying potential partnerships. We’re also adding a 1-hour Sponsor Fair to give you more time to speak with sponsors and evaluate the industry resources, products and services that are available.

More Social. We’re adding a low-stress social event so you can “kick back and relax” with fellow attendees and enjoy our host city.

More Value. Despite these changes, the registration fee will remain the same low rate for the third year in a row, giving you even more value for your dollar. Attendance at the annual EIFLE Awards Dinner and Keynote Luncheon will still be included in the basic registration fee.

Please join us to celebrate 10 years of our collective hard work on improving financial literacy in ourselves, our communities and our nation. We look forward to seeing you there!

2013-exhibitorStay tuned for more information.

Best regards,

John C. Linfield

Executive Director

Institute for Financial Literacy

 Sponsor Opportunities

The Conference provides an exciting opportunity for Sponsors to showcase their organization, products and services to an expected gathering of 200 financial educators from across the globe. It’s a wonderful way to support professional development in our industry, raise visibility for the work you are doing, and network with professionals in the field.

Sponsor Benefits

  • Support professional development for financial educators and counselors
  • Exhibit/Display tables to raise the visibility of your organization, product or service
  • Complimentary admission to all sessions
  • Dedicated time with conference attendees each day
  • Networking opportunities with financial educators from around the world
  • Recognition in conference materials

If your company is interested in sponsoring the Annual Conference on Financial Education, please contact John Linfield, Executive Director at JLinfield@financiallit.org or  at (207) 221–3613

Posted on

Good Parenting is Hard (Parenthood)

Good Parenting is Hard

By: Felix A. Montelara, The Potentialmillionaire.net

I want to spend a few minutes talking about parenthood.  I refer you to the parable of the Prodigal Son, Luke 15:11-32.  You all know the story: a young man requests his inheritance from his father and strikes out on his own, living a life of excess until he squanders every cent.  He sells himself into servitude, yet even then he doesn’t even eat as well as the pigs he cares for.  In the cold, hard world, no one helps him.  Amonzon Book coverFinally, he decides to go and repent to his father, and ask that he become one of his servants.  When the father sees him, he rejoices and commands that a giant feast be held in his honor, and he dresses him in find clothes.  The father, according to Luke 15:24 says, 24 “’for this my son was dead, and is alive again; he was lost, and is found.’”  Can you imagine how hard it was for this father to say that?  I wonder to myself, would I have said that?  Or would I have slipped in an, “I told you so” or an “I knew this would happen?”  Let’s be honest- parenting is hard, and we parents are as imperfect as our kids.  We raise our children the best we can, but they grow up and make their own decisions and mistakes.  The real lesson about parenthood here is this:  the father in this story did a good job with this young man, because at the end of all of his failure he knew enough to be humble and go home to where the love was.  And what a strong man was the father, to recognize that the lesson was already learned- and the moment called for acceptance, not admonishment.  If only all parents and children would spend a little more time contemplating this story, which is as pertinent today as ever.  Maybe by doing so we could have a few less mistakes, and a few more happy endings.  I think Jesus was making the point that God the Ultimate Father treats us in the same way- when we go to him with our mistakes he welcomes, accepts, and forgives us.  Shouldn’t we try to do the same?  This reminds me of when Jesus stopped the stoning of the woman by saying, “Let he who is without sin cast the first stone.”  We parents have made our fair share of mistakes.  Let’s rejoice when our kids actually come to us for forgiveness. It means that we did something right.

Luke 15:11-32

Revised Standard Version Catholic Edition (RSVCE)

The Parable of the Prodigal and His Brother

11 And he said, “There was a man who had two sons; 12 and the younger of them said to his father, ‘Father, give me the share of property that falls to me.’ And he divided his living between them. 13 Not many days later, the younger son gathered all he had and took his journey into a far country, and there he squandered his property in loose living. 14 And when he had spent everything, a great famine arose in that country, and he began to be in want. 15 So he went and joined himself to one of the citizens of that country, who sent him into his fields to feed swine. 16 And he would gladly have fed on[a] the pods that the swine ate; and no one gave him anything. 17 But when he came to himself he said, ‘How many of my father’s hired servants have bread enough and to spare, but I perish here with hunger! 18 I will arise and go to my father, and I will say to him, “Father, I have sinned against heaven and before you; 19 I am no longer worthy to be called your son; treat me as one of your hired servants.”’ 20 And he arose and came to his father. But while he was yet at a distance, his father saw him and had compassion, and ran and embraced him and kissed him. 21 And the son said to him, ‘Father, I have sinned against heaven and before you; I am no longer worthy to be called your son.’[b] 22 But the father said to his servants, ‘Bring quickly the best robe, and put it on him; and put a ring on his hand, and shoes on his feet; 23 and bring the fatted calf and kill it, and let us eat and make merry; 24 for this my son was dead, and is alive again; he was lost, and is found.’ And they began to make merry.

25 “Now his elder son was in the field; and as he came and drew near to the house, he heard music and dancing. 26 And he called one of the servants and asked what this meant. 27 And he said to him, ‘Your brother has come, and your father has killed the fatted calf, because he has received him safe and sound.’ 28 But he was angry and refused to go in. His father came out and entreated him, 29 but he answered his father, ‘Lo, these many years I have served you, and I never disobeyed your command; yet you never gave me a kid, that I might make merry with my friends. 30 But when this son of yours came, who has devoured your living with harlots, you killed for him the fatted calf!’ 31 And he said to him, ‘Son, you are always with me, and all that is mine is yours. 32 It was fitting to make merry and be glad, for this your brother was dead, and is alive; he was lost, and is found.’”

Translate »