Who We Are
Mission
My Common Cents Corp. is an educational nonprofit organization dedicated to creating a culture of financial wellness for young people and adults by inspiring empowered life and financial decision-making. We are grounded in the belief that regardless of background or income level, people with better access to education are better able to take control of their circumstances, improve their quality of life and create a more stable future for themselves. Through financial literacy, our goal is to help adults and the next generations receive the tools they need to develop the skills, mindset and lifestyle that allows them to become self-sufficient and achieve financial stability. This means providing the highest-quality education and breaking down barriers that exist in the current system.
Vision
We envision a world where all young people in Georgia have access to the best education, resources and tools they need to make more informed, thoughtful and beneficial financial and life decisions that are aligned with their values so that they can enjoy a more secure and rewarding future. In addition, we envision a world in which every individual has access to the financial information, tools and resources they need to attain financial wellness and achieve their goals.
What is Financial Literacy?
Financial literacy is the ability to understand basic financial concepts and how they impact our everyday lives. It includes the ability to understand financial choices, plan for the future, spend wisely and manage the challenges associated with life events such as job loss, saving for retirement, handling debt or paying for education. Financial literacy is important, because it allows a person to confidently make informed decisions that will positively impact their life both now and in the future. Financial literacy is not an absolute state; it is a constantly evolving state of competency.
What is Financial Wellness?
Our goal is to help you achieve financial wellness. This is a lifestyle that offers financial security and freedom of choice, among other things. And it is through financial literacy and learning about money that will allow you to get there.
Financial Wellness involves the process of learning how to successfully manage all aspects of your financial life — from budgeting and managing expenses to paying down debt and saving for retirement. Money plays a critical role in our lives and not having enough of it can impact our health and overall wellbeing both now and down the road. Financial stress is one of the most common causes of stress, anxiety and fear for people of all ages. Learning how to maximize your financial wellness will help prepare you to to handle potentially stressful financial situations both now and in the future — as well as the impact they have on your life. The most important point to remember is that achieving financial wellness doesn’t happen overnight — it’s a process that involves taking control over your financial life one step at a time.
By taking a holistic approach to money, you can ensure that all components of your financial life are in order and positively impacting your overall wellbeing. Through financial literacy, we provide people with a direct path to achieving this type of financially fit lifestyle that reduces stress and increases confidence in decision-making.
Benefits of Financial Wellness
Security means being able to cover day-to-day and month-to-month expenses without worry. It means having enough money coming in to cover all of your necessities as well as a few extra things you want.
Future security involves being able to cover emergency expenses or unanticipated bills.
Freedom of choice refers to being able to choose where you want to live, where to raise your children, what you want to eat and wear, within reason. It means having enough money for more than just the absolute bare necessities.
Future freedom of choice means getting on track toward future financial goals like buying a home, sending a child to college or covering your retirement. It’s having a plan for the future and understanding how you can reach your goals.
The Need
Lacking the skills needed to make informed financial decisions hurts both individuals and the economy. Financial literacy is an important tool to improve the financial capability and stability of our youth and communities. This is why it’s crucial that we start teaching people about money at a young age.
Teaching kids about finance at an early age allows them to develop a confident and successful relationship with money. Grasping even the most basic concepts gets kids considering all the available options before making important decisions at all stages in life, improving their chances of achieving self-sufficiency and financial security.
We teach kids how to be physically safe, like the importance of wearing a seatbelt. We teach kids how to be digitally safe, helping them make smart decisions on the internet. But what we don’t teach kids is how to be financially safe, like the dangers of too much debt or the blessing of compound interest. As a result, young people are entering adulthood without the skills and knowledge they need to succeed financially, and it’s costing them.
One of the first serious financial decisions many Americans have to make is how much debt they are willing to take on to go to college, and unfortunately, most people aren’t equipped to make an informed decision and understand the impact that decision will have on their future. In other words, many students don’t consider the ramifications of that debt until it’s too late. As a result, the average college debt per student has doubled over the past decade to nearly $30,000, and student loans are the most common form of consumer debt to become delinquent. And that’s just one example.
Americans and Money
A 2017 report from MarketWatch found that half of American households currently live paycheck to paycheck. That’s a big problem.
19% have $0 saved to cover an emergency expenses; 40% have less than $400 in emergency savings.
About 49% of Americans are “concerned, anxious or fearful about their current financial well-being.”
Low income is not always to blame for financial hardship. Only 1 in 5 people (20%) facing financial hardship fall below the poverty line and make less than $40,000 per year.
What many people don’t realize is that achieving financial wellness and stability has nothing to do with how much money you make — it’s about spending and living within your means. It’s about understanding the financial decisions we face on a daily basis and having the knowledge to make informed choices.
Our goal is to provide young people and adults with that knowledge and empower them to make better, more informed life and financial decisions.