Archive for the ‘Asset Building’ Category

Show Me The Money!

Tuesday, January 24th, 2012

This Saturday, January 28, you are invited to receive free tax prep, learn how to be an extreme coupon-er, get free money to use for home repairs, be entered to win prizes and more at Show Me The Money Day events across the state. These events are absolutely free and designed to help you save money – so if you are interested (or know someone who might be), check the locations below:

Lansing - Downtown Capital Area District Library, 9:30 – 2:00

Flint - Courtland Center Mall, 10:30 – 2:00

Saginaw - 1st Congregational Church (403 S. Jefferson Avenue), 9:00 – 1:00

Battle Creek - Battle Creek Family YMCA, 10:00 – 3:00

Wayne County* - Wayne County Community College – Downriver Campus (Ray Mix Room), *THURSDAY, Jan. 26, 10:00 – 2:00

Show Me the Money Day events differ from place to place. To see what the event nearest you is offering, visit the Show Me the Money Day website.

Saving Can Be Fun? Really??

Tuesday, January 10th, 2012

Prize-linked Savings as an Approach to Financial Security 

We live in a world full of opportunities for entertainment. Music, movies, games, cars, restaurants, resorts; the list goes on and on. Especially this time of year, we are bombarded with media images and mass marketing campaigns promoting all things ‘necessary’ for an exciting, happy, luxurious life. Seemingly almost by the minute, our entertainment options get bigger, flashier, newer and as we are told, ever more advanced. And of course, we continue to shell out money to buy the latest and greatest forms of entertainment. Really, who wants an iPhone 4 when you can have a 4s?? Siri is totally worth it.

In the asset building and financial empowerment world, we often cringe at the thought of how much encouragement and pressure Americans face every day to spend their money. Even worse, we hate to hear examples of individuals’ fiscal irresponsibility. How does a person who might not make rent blow their tax refund on a 40” flat screen TV?

No matter how you slice it, entertainment is irresistible. And realistically, how many people want to live a life where you only experience the ‘necessities’ and the rest of your income goes to the bank? Middle and upper income earners make purchases every day on material luxuries and exciting or relaxing experiences. Is the right to spend money on fun just something low income people must give up in order to follow a perfect budget because they don’t have much excess income?

I think we all deserve some entertainment in our lives. And as the saying goes, “If you can’t beat ‘em, join ‘em.” If people will part with their hard-earned money (and lots of it) to buy entertainment, then perhaps entertainment can incite people to put that same money toward more financially secure purposes. Is it possible to make good financial behaviors and choices – like saving – fun and exciting? Could saving be a form of entertainment?

The Doorways to Dreams Fund, the Michigan Credit Union League and individual credit unions across the state of Michigan have answered both questions with a resounding, “YES!”

These entities put their heads together to develop and launch the Save to Win savings product, available at participating Michigan credit unions since 2008. Save to Win is a one year Certificate of Deposit (CD) that offers savers chances to win $100,000, and other smaller cash prizes, every time they save $25. The account successfully weds entertainment with savings. Account holders get to experience the excitement of the opportunity to win large amounts of cash, while at the same time accumulating savings for future expenses, emergency needs, or even to be used as a stepping stone to longer term savings vehicles or purchase of an asset.

What’s more, Save to Win is fair and exciting for people of all income levels. The product is inclusive – it requires a minimum initial deposit of only $25 – and includes provisions that prevent people with more money from skewing the chance to win – savers are limited to 10 raffle entries per month. Through analysis of savings data from the product’s initial years, Save to Win has proven to reach and result in real savings accumulation by low-income earners, the un- and under-banked and other population groups often disconnected from the formal financial services sector. Save to Win provides a chance to save that is appealing to people whose needs and preferences are not often taken into great consideration in the design of formal financial products.

Save to Win shows that it is possible to experience an element of fun while saving. With a little innovative thinking, financial products can be designed to provide savers entertainment, while at the same time increasing their financial stability. Prize-linked savings models are a win-win for fun and financial security!

-Megan

*For more information about Save to Win, visit www.savetowin.org.

**Save to Win fits into a larger national movement surrounding Prize-linked Savings opportunities. More and more organizations and individuals are recognizing the potential to encourage strong financial behavior through entertainment, specifically with the chance to win prizes. Doorways to Dreams hosted the first ever Prize-linked Savings Summit in Boston on November 18. You can view resources and information presented at the summit.

If you have questions or would like further information, please contact email me.

Me? Do people’s taxes? Definitely not.

Tuesday, September 13th, 2011

Looking for a unique way to help out in your community? You should think about serving as a volunteer tax preparer this tax season!

Not only will you save families in your community a lot of money on tax preparation, you’ll help bring thousands of dedicated federal dollars to your local economy through take-up of tax credits by the clients you serve.

I know what you’re thinking, “Me? Do people’s taxes? Definitely not.” Even if you have some burning interest to figure out the forms, technical jargon, and other complexities of the U.S. tax code or just want to save money doing your own taxes, why would you choose to spend time completing returns from Feb. 1 – April 15 unless you’re getting (well) paid for it?

Funny as it may seem, doing taxes is pretty easy and even enjoyable, especially when you help people who are truly in need and may have been preyed upon in the past by high cost paid preparers. Volunteer tax preparers get to directly touch the lives of their neighbors, providing free assistance to help individuals and families make use of the tax benefits (like the refundable Earned Income Tax Credit) that they deserve.

When you hear about the things predatory preparers in Michigan will do (like charge upwards of 800% interest on a Refund Anticipation Loan) and find out how simple it is to help someone get the refund they deserve (by claiming tax credits like the EITC, home heating credit and the homestead property tax credit), the opportunity to serve as a volunteer preparer resonates as a truly impactful means of producing tangible benefits for your community.

Becoming a volunteer preparer builds skills you can use for the rest of your life (you will never have to pay someone to do your taxes again!) and looks great on a resume. You also get a chance to meet really cool people who, like you, want to be active and contributing members of their community. My first year as a tax preparer, I couldn’t believe how much fun the tax site became once I got to know the other preparers and experienced the camaraderie you find in a group of diverse people all coming together for a real purpose.

Check out the Michigan Earned Income Credit Coalition (MEIC) website to learn more about becoming a VITA volunteer preparer: www.michiganeic.org/. You can also call or email me to find out more.

Want to get started? To become a preparer, you must become IRS certified through an online or classroom training process. To check out the online training modules from the IRS go to: http://www.irs.gov/app/vita/. Contact your local VITA group to learn more about classroom training opportunities. You can find information on your local VITA program here.

This coming tax season, I hope you will join me and the hundreds of other volunteers across Michigan who provide such a valuable resource to their communities as volunteer tax preparers!

Megan Kursik, CEDAM, kursik@cedam.info; 517-485-3588 x1942

Publicizing News and the New CEDAM Media List

Tuesday, August 23rd, 2011

This first part of this post introduces the CEDAM media list and explains how to use it effectively. The second part covers basics about publicizing your organization’s news.

Using the CEDAM Media List

Download the media list:
The new CEDAM media list is available for CEDAM members to download at members.cedam.info: Get Media List and Media Tools. For help logging in, please click here. The media list is an Excel spreadsheet. If you do not have Excel, download Excel Viewer for free to view the media list.

About the media list:
In addition to general contact information such as email, phone and mail addresses, the CEDAM media list also notes the coverage areas for each media outlet as well as website, Facebook and Twitter information. Note that both news tips and press releases can be submitted to any contact with “news tips” in the job title.

At the bottom of the Excel sheet there are two tabs. One tab is for “general” news about anything. The other tab is for policy and government news. If you are sending news related to policy or government, contact the people from the Policy-Govt tab in addition to those in the General tab.

Submit statewide or national news:
If your news is either relevant to Michigan as a whole or is national news, email/contact everyone on the general media list. If your Michigan or national topic is also related to policy or government, add the contacts from the Policy-Govt tab.

Submit local news:
You can find what media covers your community by pressing CTRL+F (command+F on MAC) and searching for the name of your county, the name of your city or “Michigan” (to find places with Michigan, Northern Michigan or Mid-Michigan listed in their coverage area).

Submit policy or government related news:
Contact everyone in the General tab and everyone in the Policy-Govt tab.

Why is : ) next to a company name?
This means we know the contact or have worked with them recently.

FAQ

What is a media list?
A media list is a database of media contacts. Media lists are an excellent way to send news, press releases, event information, job postings and volunteer opportunities to news and media outlets. One of the benefits of CEDAM membership is access to the CEDAM statewide media list, which will give you contact information and email addresses for state and local media.

To whom do I send my news?
Generally, you send news to an editor or producer. If you know which reporter covers the topic you are promoting, you may also send news to them. Finally, most media outlets have a general email for news tips and press releases. Send your news to all of the above if possible, because you never know who will pick up your story!

How do I write a press/news release?
The following is a quick list of items every press release should have. For a detailed walkthrough, please see this post.

  • Your organization’s logo or name
  • Contact information and cell phone number for the person the media should go to for more information
  • A headline/hook
  • The date and usually the originating city of the press release
  • Main text, with most important information first
  • A quote from the lead individual or expert in the story
  • ### or -30- at the end of the release
  • A short statement about your organization and what it does
  • Proofreading by someone else

Here is an example of a CEDAM press release (PDF).
Here is an example of a Center for Community Progress press release (PDF).

What is a media advisory?
A media advisory is an invitation to the media to a press conference or event you are hosting that you want them to attend and cover. A media advisory is not the same as a press release. A press release provides all the information the media needs to write a complete article. A media advisory, on the other hand, only gives a “teaser” of what will be at the press conference: enough to get the media interested, but not enough to write a full story without attending.

What is a news tip?
If you do not have time to create a formal press release, you can still send your story to the media via a news tip. A news tip is a quick summary or “news pitch” the media can follow up on if they are interested. Remember to include your contact information.

Can I use social media to send news to the media?
Yes! You can post news directly on the media outlet’s Facebook page, tag the media in a Facebook post or tweet news to them on Twitter. Of course, it is a very good idea to follow up your social media messaging with an actual email, phone call or fax to that media outlet.

What are some other ways to publicize my organization’s news?

  • Consider writing an Op-Ed. Click here for a great post on how to do that as a nonprofit.
  • Ask an individual or organization that has a blog if you can write a guest post about your news, event, story or experience.
  • Post your news on social media.
  • Keep a collection of your news and press releases somewhere on your website.

How to Write a Good Press Release

Tuesday, August 23rd, 2011

[This post is adapted from materials provided by Kathi Landon at SuccessPoint Marketing, Inc. It is available to CEDAM members, along with the new media list, at members.cedam.info]

A press release, news release, or press statement is a written communication directed at members of the news media for the purpose of announcing something claimed as having news value. For any organization that has a message or mission, a press release is one of the most effective and vital means of communication. But remember: it becomes news only when an editor, producer or reporter decides it’s news!

So what makes something newsworthy? Editors, producers and reporters may consider a story newsworthy if it:

Affects or interests their readers Is new
Has flexible timeliness Is uplifting or inspirational
Shows how national or state issues
are affecting a local community
Is unusual or unique

Every organization formats their press release a little bit different, so rather than explain how to set up a press release, we will review techniques to write a good one. For press release formatting please look at the samples below. CEDAM members can use the Press Release Template in the Media and Press Toolkit on the members section of the website.

Here is an example of a CEDAM press release (PDF).
Here is an example of a Center for Community Progress press release (PDF).

Technique #1: The Inverted Pyramid
This is a metaphor used to illustrate how information should be presented within the text. The broad base at the top represents the most substantial, interesting and important information. The tapered lower portion represents other information that follows in order of diminishing importance. This format is valued because the reader can leave the story at any point and understand it. It also allows news editors to easily remove less important information when articles need to fit a fixed size.

Technique #2: The Anecdotal Lead
Instead of introducing the text with the central facts, this technique opens the text with an eye-catching story to interest readers. This technique works well in a press release when the headline clearly indicates what the story will be about. For instance, “Foreclosure Prevention Helps Lansing Family Keep their Home” could open with a story paragraph about the family and then follow up with facts about foreclosure prevention.

How to Get the Press on Your Side
Establish a personal relationship with key media people in your area. When you are sending something you consider especially important, call your contacts to make sure they got your press release. Always make a follow up call when you send a media advisory about a press conference or event you are hosting that you want the media to attend.

  • Do not put out a press release if it does not contain information the media considers newsworthy! This is the quickest way to ruin your credibility with the media and have your future releases disregarded.
  • On a phone call, don’t pitch your story right away. Start by saying something like “Hi, my name is Tamika Smith and I have a story suggestion you might find interesting. Is this a good time for you?” If the reply is “yes,” pitch your story. If it is “no,” you might reply “When would be a good time to call you back?” Your courtesy will be appreciated by the journalist.
  • Pitch to the voice mail. Keep your pitch very short and end with your phone number. If you do not hear back, try again until you get the actual person.
  • Avoid reading a script. You probably know what it sounds like to be called by a telemarketer who does this. Practice your pitch so that it seems natural and spontaneous.
  • Pitch a story, not an advertisement. The media wants to give their audience interesting stories. Make your pitch newsy, exciting and relevant.
  • Although it is always good to develop a rapport with your local press, you need to walk a fine line between building and maintaining a relationship with an editor/reporter and being a pest.