Hire Purpose by Deanna Mulligan

Author:Deanna Mulligan
Language: eng
Format: epub
Tags: BUS041000, Business & Economics/Management, BUS071000, Business & Economics/Leadership
Publisher: Columbia University Press
Published: 2020-10-27T00:00:00+00:00

Lesson 2: Build Relationships First

Joejuan Williams, a cornerback for the New England Patriots, told CNBC after he signed a four-year, $6.6 million contract that he remained financially careful. He lives off 10 percent of his income and credits a high school finance class that taught him how to plan and save.52

“For a lot of public schools in inner cities, it’s not required to take any personal finance classes to graduate or even learn about money in that sense,” Williams told CNBC. “That’s not the real world.”

Over the past few years, leaders at Guardian have grown increasingly concerned about the average American’s level of financial knowledge. Only one-third of adults can pass a basic financial knowledge and decision-making test.53 Less than half can define simple financial terms such as “interest” or “bankruptcy.” 54 And only about one in ten have mapped out a five-year financial plan.55

This lack of financial fluency is making it much harder for Americans to stay in control of their finances. According to one report, nearly half of Americans would have to sell a possession or borrow money if faced with just a $400 emergency expense.56 A five-year financial plan, an improved understanding of compound interest, and practice building a monthly budget aren’t going to solve the underlying societal inequities that have placed so many Americans close to the edge. But they can help people take their finances into their own hands and gain some control over their future.

At Guardian we felt an obligation to help respond to this crisis of financial fluency. If we could build a program that empowered individuals to gain a better understanding of the ins and outs of personal finance, it would improve their financial stability and help clear the way toward rewarding professional paths.

After some research and brainstorming, Guardian’s Executive Leadership Team came up with a plan for building such a program. And at the center of that plan was a partnership.

Capital Community College (CCC), a mere ten-minute drive from Guardian’s Hartford branch, had a financial education course that administrators had been trying to make more successful for years. But it wasn’t preparing or engaging students as well as it should.57

This seemed like a perfect opportunity to form a partnership with CCC. We had a team of dedicated financial experts who were excited to share their insights with CCC faculty and students alike. We knew that Guardian could provide enough financial support to help make the class successful and sustainable.

At the same time, we knew we would need to rely heavily on CCC educators to ensure the effectiveness of the course. After all, every great class needs a great teacher. By pooling the strengths of both Guardian and CCC, we felt confident that we could build something great. The Executive Leadership Team tasked Guardian’s multitalented general counsel, Tracy Rich, with reaching out to CCC to present our proposal.

However, after an initial meeting with the school, Tracy returned to Guardian with some disheartening news. Although some at CCC had quickly signaled their support of the partnership, others had expressed significant reservations.

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