State Treasurer unveils savings plan
Published 12:00 am Tuesday, May 3, 2005
WINDSOR – Money – everybody wants it, but how do we keep it?
North Carolina State Treasurer Richard Moore thinks he knows the answer to that question and he’s more than willing to share his secret.
On May 14, Moore will attend a special event hosted by Indian Woods Missionary Baptist Church. His Affordable Housing and Wealth Building Summit begins at 9 a.m. Registration, which is free, begins at 8:30 a.m. A continental breakfast and lunch will be offered free to the participants.
Last week, Treasurer Moore was at the Bertie County church where he laid out his plans for the May 14 event.
&uot;What’s on tap here May 14 will prove beneficial to all,&uot; Moore said. &uot;Together, we will find ways to strengthen the local economy by overcoming the fear of simply talking about money.&uot;
Moore noted that many people are uncomfortable when it comes to discussing personal finances. He recalled learning a lot about money from his late grandfather who owned and operated a country store in Vance County.
&uot;With the way society is now, no one takes the time to sit around the dinner table and discuss financial strategies,&uot; he said. &uot;The lessons are not being taught. Young people just simply want money…they don’t know how their requests fit into the family’s financial picture.&uot;
Moore added that many adults are confused about credit card debt as well as not understanding the value of home mortgage points.
To counteract what young people are missing when it comes to planning financial strategies, Moore is pushing state education officials to institute his &uot;Jump Start&uot; program. It is a financial literacy curriculum built into today’s mainstream secondary educational process.
The State Treasurer is also working on his &uot;NC Saves&uot; program. There, low to moderate income families can start a savings account at various banking institutions. To date, First Citizens Bank and RBC Centura have joined Moore’s team by waiving normal fees to help spur people to save money.
Moore is also asking for local citizens with financial backgrounds to serve as &uot;coaches&uot; for those taking part in the NC Saves program.
Additionally, Moore is working with the USDA in a special financing package for first-time homeowners. He said most Bertie County citizens would qualify for one of those packages – 100 percent financing at five percent interest.
Moore also spoke about the &uot;NC Cash&uot; program. Approximately $570 million of unclaimed property (old bank accounts, insurance policy proceeds, stocks, bonds, etc.) is sitting in the state vault.
&uot;That’s someone’s money and that someone may be you,&uot; Moore stressed.
Moore – with the help of local residents Addie Holloman, Patricia Ferguson and Rev. Ralph White – is building NC Cash clubs that will help Roanoke-Chowan area citizens discover if their name is on the list.
For more information on any of Moore’s program or to pre-register for the May 14 event, visit www.nctreasurer.com or call (919) 508-5164. The deadline for pre-registration is May 11.