An Albuquerque man is positively impacting minority communities when it comes to financial literacy. The subject may not be appealing for most people, but for Chad Cooper, it piques his interest.”I really learned to grow a real passion around insurance that I didn’t know I had,” Cooper, a financial adviser for Gateway Insurance and Financial Services, said. A fascination for investments and money management soon led him to a passion for helping others, especially those in need. Cooper said everything changed for him after seeing the financial burden his family went through after Hurricane Katrina in 2004. ” Didn’t seem like anyone really cared,” Cooper said. “That you had thousands of majority-Black people just out there without any assistance. Without any help.”His father also went missing for a week. After the devastating aftermath, Cooper vowed to make a difference. One year later, in 2005, he started monthly financial seminars for members of the local African-American community, where the need for personal finance education is great.In 2018, just one-third of Americans could correctly answer at least four out of five financial literacy questions on concepts such as mortgages, interest rates, inflation and risk, according to a 2018 study by the Financial Industry Regulatory Authority (FINRA).The disparity is greatest among African Americans.According to the 2021 TIAA Institute-GFLEC Personal Finance Index, African Americans answered an average of 38 percent of the study’s financial literacy questions correctly, whereas white Americans answered an average of 55 percent of questions correctly.Cooper’s sessions were each free of charge. “The access to that information is very limited, and what all the different diverse cultures have access to. It’s important for us to try to get that information out to as many people as possible,” Cooper said.The Louisiana native moved to Albuquerque in 1997. Since then, he continues to teach financial literacy to African-American communities. Especially with the hardships of the COVID-19 pandemic, which Cooper said has significantly increased support and engagement.”We’re seeing a lot more traction,” he said. “We’re seeing a lot more participation from our African-American community, from our African-American business owners.”Dr. Lisa M. Taylor is a clinician-educator and assistant professor at the University of New Mexico College of Nursing. She said she took Cooper’s free, financial training seminars through the African American Greater Albuquerque Chamber of Commerce.”I’m a new homeowner, and I would like to be able to pay off my mortgage in 20 25 years instead of 30. I was looking for some strategies on how I could maximize my income and be able to do that,” Taylor said. With the use of simple language and easy strategies, she now sets financial goals of her own. Taylor said she placed a goal sheet on her refrigerator.”Every time I open the fridge, I see my goal sheet,” she said. “When I want to pay off my house, the time I was paying off credit cards, and building up my emergency savings account.”Taylor encourages everyone to take the opportunity, not for yourself, but for future generations. “After you take this seminar, you’re gonna have even more concrete skills on how to do that. More importantly, you’re going to have concrete skills to share with your children, with your grandchildren, with your other family members because that’s how we do this,” Taylor said. Cooper’s financial help now expands across several communities in the Duke City, including Hispanics and Native Americans. He’s also won multiple awards for his work.Yet despite his achievements, Cooper said he isn’t straying away from his passion anytime soon. “It’s really important to give back and bring people along, and leave that door open, so more folks can walk through,” he said.All in efforts to encourage and inspire others in his own community.
An Albuquerque man is positively impacting minority communities when it comes to financial literacy.
The subject may not be appealing for most people, but for Chad Cooper, it piques his interest.
“I really learned to grow a real passion around insurance that I didn’t know I had,” Cooper, a financial adviser for Gateway Insurance and Financial Services, said.
A fascination for investments and money management soon led him to a passion for helping others, especially those in need.
Cooper said everything changed for him after seeing the financial burden his family went through after Hurricane Katrina in 2004.
“[It] Didn’t seem like anyone really cared,” Cooper said. “That you had thousands of majority-Black people just out there without any assistance. Without any help.”
His father also went missing for a week.
After the devastating aftermath, Cooper vowed to make a difference.
One year later, in 2005, he started monthly financial seminars for members of the local African-American community, where the need for personal finance education is great.
In 2018, just one-third of Americans could correctly answer at least four out of five financial literacy questions on concepts such as mortgages, interest rates, inflation and risk, according to a 2018 study by the Financial Industry Regulatory Authority (FINRA).
The disparity is greatest among African Americans.
According to the 2021 TIAA Institute-GFLEC Personal Finance Index, African Americans answered an average of 38 percent of the study’s financial literacy questions correctly, whereas white Americans answered an average of 55 percent of questions correctly.
Cooper’s sessions were each free of charge.
“The access to that information is very limited, and what all the different diverse cultures have access to. It’s important for us to try to get that information out to as many people as possible,” Cooper said.
The Louisiana native moved to Albuquerque in 1997.
Since then, he continues to teach financial literacy to African-American communities.
Especially with the hardships of the COVID-19 pandemic, which Cooper said has significantly increased support and engagement.
“We’re seeing a lot more traction,” he said. “We’re seeing a lot more participation from our African-American community, from our African-American business owners.”
Dr. Lisa M. Taylor is a clinician-educator and assistant professor at the University of New Mexico College of Nursing.
She said she took Cooper’s free, financial training seminars through the African American Greater Albuquerque Chamber of Commerce.
“I’m a new homeowner, and I would like to be able to pay off my mortgage in 20 [or] 25 years instead of 30. I was looking for some strategies on how I could maximize my income and be able to do that,” Taylor said.
With the use of simple language and easy strategies, she now sets financial goals of her own.
Taylor said she placed a goal sheet on her refrigerator.
“Every time I open the fridge, I see my goal sheet,” she said. “When I want to pay off my house, the time I was paying off credit cards, and building up my emergency savings account.”
Taylor encourages everyone to take the opportunity, not for yourself, but for future generations.
“After you take this seminar, you’re gonna have even more concrete skills on how to do that. More importantly, you’re going to have concrete skills to share with your children, with your grandchildren, with your other family members because that’s how we do this,” Taylor said.
Cooper’s financial help now expands across several communities in the Duke City, including Hispanics and Native Americans.
He’s also won multiple awards for his work.
Yet despite his achievements, Cooper said he isn’t straying away from his passion anytime soon.
“It’s really important to give back and bring people along, and leave that door open, so more folks can walk through,” he said.
All in efforts to encourage and inspire others in his own community.
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