1. PATHWAYS TO SUCCESS Olakunle S. Oludina 03/07

2. Welcome Introductions YWCA Delaware’s Mission The Pathway’s Flowchart

3. Expectations The CHALLENGE to CHANGE Priorities Reasons Support

4. Self-Assessment

5. THE MAGIC NUMBER Credit Score Insurance premiums Employment & Promotions Interest rates

6. What’s in Your Score!

7. What Hurts A Credit Score Missing payments Exceeding credit card limits Excessive shopping for credit Having a greater number of revolving loans as compared to installment loans

8. How to Improve a Credit Score Pay down credit card debt Don’t close credit cards Make payments on time Don’t open new accounts Establish a positive credit history with years of experience

9. GOAL SETTING Establishing Priorities Making a plan of action Achieving your dreams Realize your dreams by Setting Financial Goals!

10. GOALS Do you still say… Someday, somehow I will get what I want! I will do that tomorrow! Sadly, that day may never come…yet, your excuses will continue! So, if you want your life to change, increase your financial security, and if you want your family to prosper…ask yourself: What am I going to do different today???

11. GOALS: Stepping Stones on the Path to Success! Why is Goal Setting so Important? Provides sense of purpose Improves performance Increases motivation to achieve Improves focus and concentration Reduces stress and confusion Increases pride, satisfaction, and happiness

12. The S.M.A.R.T Approach Specific: Clarify exactly what you want to accomplish…what, how, and why? Measurable: You should be able to say this ‘is’ or ‘is not’ completed…if you can’t measure it, you can’t manage it! Attainable: You must be realistic about what you can accomplish…stretch yourself – you can do it! Realistic: Make sure you do not overstep the boundaries of what is physically, mentally & strategically possible…must be do-able! Timed: You should have an absolute begin and end date…go do it!

13. Long Term vs. Short Term Goals Short Term – 1 month / 6 months / 1 year Long Term – 3 / 5 / 10 / 25 / Lifetime To accomplish LT goals, clearly define what ST goals must be achieved. Prioritize ST goals. Apply the SMART guideline to each goal. Identify obstacles and help needed. If necessary, restate goal with a more specific and realistic objective.

14. Identify the most important goal on your list. Apply the S.M.A.R.T guideline. Can you simplify or breakdown the goal into smaller tasks and practical activities? –Pay yourself first every payday…10% to savings! –Be frugal…no shopping for clothes, eat out less, pack lunch for work, drive less, stop smoking, limit activities to “free” stuff. Restate goal with a more specific and realistic objective. Primary Goal

15. Top 10 Steps Write goals down specifically. Set a completion date for goals. State reason or objective for goals. Define steps/process to achieve goals. Identify people to help you achieve goals and how to reach them. Analyze costs and benefits of goals. Identify obstacles and develop strategies to overcome them. Define your reward for achieving goals. Focus, focus, focus…focus on the target like a marksman. Determine if you are willing to pay the price…are you committed?

16. Make Dreams Come True! Think Big: go extreme…do the unexpected! Start Small: take baby steps…an incremental approach yields success! Have a Plan: write it down, think through the steps, make sacrifices, and take action …assess and change to evolve! Visualize the Accomplishment: see the end to make it real… Focus, Focus, Focus: do it now!!!

17. Money Management / Budgeting Money Attitudes The way you think about money affects the way you manage money. Basic Banking Choosing the right options for you. Budgeting Create a budget & techniques for success. Budget Tracker - Homework Control Your Credit Establish, manage, repair your credit.

18. Home Ownership Education One-on-one counseling. Repair or establish your credit. Review and Revise your budget. Determine the price you can afford for a home. Determine your eligibility for down payment and settlement assistance. Help you choose a mortgage lender. Monitor the status of your loan application.

19. Financial Empowerment Education Understanding your financial standing Guidance on achieving goals Suggestions on alternative solutions

20. MicroEnterprise Development Business Basics Business Plan Development Operation Planning Cash Flow Analysis Target Marketing Strategic Goal Setting Business Financials Access to Business Loans

21. Individual Development Accounts Up to $2250.00 matching grant Income eligible Save for Home Start a business Education

22. Individual Development Accounts Save up to $1,500.00 For every $1.00, receive $1.50 Total grant $2,250.00 Total amount $3,750.00 Min. 6 mos. - $250.00 mo. Save 1 yr. - $125.00 mo. Save 2 yrs. - $ 62.50 mo. Save 3 yrs. - $ 42.00 mo. (You may save as little as $25.00 a month.)

23. DELAWAREANS SAVE! INCOME ELIGIBILITY GUIDELINES Federal IDA Guidelines (2007) Total Household Size Total Household Income (Annual) 1 person$20,040 2 people (including 0 children)$27,380 2 people (including 1 child)$32,001 3 people (including 0 or 1 child)$34,340 3 people (including 2 children)$36,348 4 people$41,300 5 people$48,260 6 people$55,220 7 people$62,180 8 people$69,140

24. Continued Success Workshops Workshops to enhance your knowledge and support you while you travel down the “Pathway to Success” and beyond. Please refer to the listing you were given and indicate now which sessions you are planning to attend.

25. QUESTIONS?!?

26. PATHWAYS TO SUCCESS To accomplish great things we must not only act, but also dream; not only plan, but also believe. Anatole France, 1844-1924 French writer