Dumb Money & Financial Tips with DFCU
Celebrating more than 84 years in Arizona, Desert Financial is the state's most trusted local credit union with over $8 billion assets, 400,000+ members and 47 branches. Membership eligibility is open across Arizona with contactless solutions making it easy to click, call or come in. As a not-for-profit cooperative, Desert Financial takes pride in sharing success. In 2023, members received $16 million in dividends via the Member Giveback Bonus, and the credit union became the official retail banking partner of Arizona State University. Federally insured by NCUA. Learn more at desertfinancial.com.
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LifestyleTranscript
00:00 Dumb Money is the ultimate David versus Goliath tale based on the insane true story of everyday
00:06 people who flipped the script on Wall Street and got rich by turning GameStop, the mall
00:11 video game store, into the world's hottest company.
00:14 In the middle of everything is regular guy Keith Gill, who starts off by sinking his
00:20 life savings into the stock and posting about it.
00:25 When his social posts started blowing up, so does his life and everything that he has
00:29 starts to crumble.
00:30 As the stock tips becomes a movement, everyone gets rich until the billionaire fight back
00:35 and both sides find their worlds turning upside down.
00:39 It's going to be in movie theaters this Friday.
00:41 You got to check it out.
00:42 It's called Dumb Money.
00:44 Seth Rogen is, is it Seth?
00:46 Right, right.
00:47 Seth.
00:48 Seth Rogen is the star of it and everything.
00:50 But I have Lisa here with me from Desert Financial Credit Union talking about ways to save money
00:55 and to make money without dumping your life savings, without getting so involved in the
01:00 stock market.
01:02 And I was saying that, you know what's kind of funny is that my son and I were not that
01:07 involved, but we had bought the GameStop stock way back when it was really low and stuff
01:12 because my son loves gaming.
01:13 It was something that we did together and then it blew up and we saw that happening.
01:17 But that's not always the case when it comes to making money.
01:20 Am I right?
01:21 You're absolutely right.
01:22 It doesn't take a whole bunch of money into investing.
01:26 It takes small, tiny steps.
01:29 The first thing I would recommend is, you know, if you don't have a savings account,
01:34 start a savings account.
01:35 Over 53% of Americans do not have an emergency savings account.
01:40 And so you can simply do that by direct deposit.
01:44 Don't let the money touch your hands.
01:47 If you have a savings account, are you taking advantage of your company 401k?
01:53 Easy way to save money, easy way to take advantage of that match.
01:58 It's free money.
02:00 And so I would definitely recommend that.
02:03 And savings accounts, they typically earn the most interest.
02:09 So with savings, I would think about doing a higher yield savings, like a CD, a certificate
02:16 of deposit or a money market account that offer higher yield interest so you can get
02:23 a little bit more money back.
02:25 So Lisa, let's talk about something that's very important.
02:27 And you said about starting a savings account.
02:29 And we know what's going on right now and that our people are on very tight, tight budgets.
02:36 And you know, someone said, "I don't have the money to save.
02:38 I don't have it."
02:39 But I'm going to go differently and say, you do have it because this is your money
02:44 that you put aside to help you for a rainy day.
02:47 And I think we're forgetting that.
02:48 We're thinking buy now, buy now, get now and not going, you know what, $10, $20.
02:54 It's not a lot because everyone thinks it has to be a lot of money, right?
02:57 Absolutely.
02:58 It's not a lot.
02:59 And I can remember the first recession back in 2007, not having a savings account and
03:04 starting my savings account with $5.
03:06 $5 every two weeks, it adds up, especially if you don't think about it and it doesn't
03:11 touch your hand.
03:13 The other thing is, can you decrease your spending?
03:17 You know, groceries are extremely expensive.
03:20 Are you making a grocery list?
03:23 Are you using those program savers that every grocery store has?
03:29 Are you using coupons?
03:32 Are you cutting that Starbucks out?
03:35 Exactly.
03:36 So, there are things you can do.
03:37 And that's what I love about Desert Vantage Credit Union's program that you have there
03:40 that anybody can go do, if you're a member or not, which is so great.
03:43 But if you're a member, you get some extra perks there because they work with you very
03:46 well and closely.
03:47 And that is about saving money and ways to do it.
03:51 And you just said, you know what, we talk about the coupons, we talk about different
03:55 things, but also we talk about having an account there because you all of a sudden are invested
03:59 in yourself when you're with Desert Vantage Credit Union, am I right?
04:03 Absolutely.
04:04 As a member, you own a part of the credit union, which is awesome, but we also have
04:09 lower rates on items.
04:11 We also have higher savings interest rates.
04:15 And so, definitely investing in a credit union and becoming a member is a great first step.
04:22 And it works with you.
04:23 And we know in the movie, Dumb Money, it's about stocks.
04:26 It's about, of course, investing and stuff like that.
04:28 You guys have a small little program there that you do work with and talk with people
04:31 to guide them.
04:33 But again, you guys aren't stockbrokers, you're not the investing kind of people, but you
04:37 do know how to sit and talk with them.
04:38 And that's why with this movie coming out, hopefully it draws more people to go and do
04:43 the programs at Desert Vantage Credit Union to save money so they can if they want to
04:47 invest down the line.
04:49 Absolutely.
04:50 We do have advisors, financial advisors at the credit union.
04:55 You know, I use the credit union financial advisors.
04:58 And let's say, for example, your organization doesn't offer a 401k.
05:01 Is it possible that, oh, it is possible, you can go into any financial institution and
05:07 open an individual retirement account and start that way?
05:11 I like it.
05:12 Lisa, I'm so glad you stopped by, especially as this movie's coming out, because more people
05:15 are going to go see it.
05:17 And I hope they do, to see the mistakes that a billionaire made.
05:20 And you don't make the same mistakes, but then you get to see what, of course, some
05:23 of the people did with investing their money and little change they had, which is very
05:27 easy to do.
05:28 So where can people find out more about the Desert Financial Credit Union's programs?
05:32 Go to desertfinancial.com and check out our homepage and it'll guide you from there.
05:39 There you go.
05:40 And of course, there's locations all over the valley to go and get in there and save
05:44 your money.
05:45 Awesome.
05:46 Thank you, Lisa.
05:46 You're welcome.
05:46 [end]