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Chicago, IL (April 16, 2024) — City Treasurer Melissa Conyears-Ervin today announced the City Treasurer’s Office (CTO) has teamed up with Chase Bank, the Chicago Urban League, and TransUnion to create the Money Matters Institute (MMI), a new comprehensive financial education program kicking off on April 23. MMI will offer Chicagoans of all ages and incomes with the money management skills and knowledge that will put them on a path to a brighter, more prosperous future.

According to a recent study by Primerica, Inc., two-thirds of the middle-class report that they believe their education failed to prepare them to manage their personal finances, that they are not saving enough for retirement, and that money worries are a large cause of the stress that’s negatively affecting their physical and emotional health.

“Having a better understanding of how money works is an effective way to address the worries people have about their financial futures, which is why a financial education program like Money Matters Institute is so important,” said Treasurer Conyears-Ervin. “In order for people to feel confident, it is critical to equip them with the skills and knowledge to make sound, informed financial decisions,” added Treasurer Conyears-Ervin.

The CTO’s new Money Matters Institute is a convenient and easy-to-understand financial education and wellness program offering wealth creation information from experts in financial services. It aims to empower Chicagoans with the skills and tools to navigate today’s volatile and uncertain economy.

MMI is built around a three-step approach of financial programs, with the first step, “Financial Fundamentals,” featuring six workshops, running April 23 through June 29. The second step, “Money Mastery,” will run July through September, and the third step, “Wealth Accelerator,” will take place September through November. Participants can choose how they wish to attend each workshop, either by Zoom or in-person. All workshops are available to participants at no charge. In addition, free one-on-one counseling through the Chicago Urban League is available.

All webinar workshops are presented from 12pm -1pm. The In-person workshops take place from 6 – 7:30 pm at the Chicago Urban League, 4510 S. Michigan Ave. All workshops are available at no charge, however advance registration is required. To register, visit. www.chicagocitytreasurer.com/mmi. 

Session 1: “Financial Fundamentals (April 23-June 29)

The following workshops will be presented by the Chicago Urban League, Chase Bank, and TransUnion:

Money Goals and Values

Sometimes, our financial decisions put us in a situation that is stressful and counter-productive, either because our decisions were unexpected, unplanned or emergencies, we were unaware of a better option. MMI’s first program is designed to get to the root of how you make financial choices and to lay out a path for stronger decision-making in the future.

April 23: Webinar.
April 25: In-person. 

Crack the Credit Code:

Learn how credit shapes your ability to make significant purchases and access financial opportunities. Gain a better understanding of credit scores and reports, the factors that affect your credit score, and how credit works to effectively manage your finances and help you make informed decisions. Discover how optimizing your credit score can open access to opportunities such as low-interest loans, better housing, and improved job opportunities.  

May 7: Webinar.
May 9: In-person.

Budget and Save

Financial services experts will share the best strategies and tools for managing money. Learn how much to save, which apps to use, which debts to focus on, how well you’re saving for your age, and more. This program will help you create a budget to keep tabs on expenses and provide a plan to follow to make it easier to accumulate savings and meet your financial goals.

May 21: Webinar.
May 23: In-person.

Good Debt vs Bad Debt

Debt can be good or bad, depending on how it’s used. In this program, you will learn how debt can be used to create financial stability and build wealth, and which debt offers no long-term benefits.

June 4: Webinar.
June 6: In-person.

Planning for the Future

Gain valuable advice and information on how to budget, save, and plan for future goals—like a child’s education, a new home, or a stable retirement. 

June 18: Webinar.
June 20: In-person.

Comprehensive Recap Day

Did you miss a Session 1 workshop? Financial experts will recap the content and subjects covered in all Session 1 workshops.

Sat., June 29 from 9am to 12:30pm

In addition to in-person and virtual programs, MMI also offers one-on-one financial coaching at no charge to participants. Financial coaches from the Chicago Urban League will be available to meet one-on-one to address a variety of financial issues. Anyone interested in coaching is required to attend one in-person or virtual workshop first. Some of the topics in this one-on-one coaching include:

• Basic financial knowledge
• Managing debt
• Money management
• Identifying and learning what your financial goals are and creating a strategy to work towards them
• Understanding how money impacts your personal relationship and self-esteem
• Receiving public assistance
• Understanding your credit score and how to improve it

For additional information about the MMI “Financial Fundamentals,” Step 1, Step 2 (July 9 – August 29), and Step 3 (September 10 – November 20), or other financial education programs from the CTO, visit www.citytreasurerevents.com.

“We know that the more you learn about how money works, the more confident and successful you’ll be building wealth today for tomorrow,” said Treasurer Conyears-Ervin. “It’s never too late to start learning, and the first steps can start with financial education at the Money Matters Institute.”

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Checking your credit score is comparable to taking the pulse of your financial health. It’s not just a number; it’s a barometer of your financial standing and potential. Understanding why it’s essential to monitor this numerical reflection of your financial habits can significantly impact your financial well-being.  For your finances, it is just as important as getting a health check-up. 

Primarily, staying vigilant about your credit score offers insight into your financial behavior and the health of your creditworthiness. It showcases how responsible you are in managing borrowed money, impacting your ability to secure loans, mortgages, or credit cards. Lenders rely on these scores to assess risk; a healthy score opens doors to favorable interest rates and higher credit limits.

Routinely checking your credit score allows you to catch inaccuracies or potentially fraudulent activities early. Errors on your report could negatively impact your score and, subsequently, your financial opportunities. Correcting inaccuracies promptly safeguards your financial reputation and ensures fair assessments by lenders.

Life events and decisions affect credit scores. Applying for new credit, late payments, or closing accounts all have consequences. Knowing how these actions impact your credit score allows you to make informed financial decisions. For instance, understanding the effect of closing a credit card on your score might influence your choice to close the card or keep it open.

Regularly checking your credit score can also provide motivation to maintain healthy financial habits. Witnessing improvement due to disciplined financial behavior reinforces positive actions, fostering better money management practices.

References from financial institutions like Experian, Equifax, and TransUnion underline the significance of monitoring your credit score. These entities emphasize the importance of knowing your score, understanding its components, and regularly reviewing credit reports for accuracy.

Notably, resources from financial advisors and government institutions like the Consumer Financial Protection Bureau advocate for regular credit score checks. Their guidance stresses the impact of credit scores on various aspects of life, from securing loans to renting apartments.

Checking your credit score isn’t just a task; it’s a financial responsibility. It empowers you with knowledge, allowing you to make informed decisions, safeguard your financial reputation, and work towards achieving a healthy credit standing. With resources and institutions stressing its importance, regular monitoring of your credit score emerges as a fundamental aspect of maintaining financial stability in today’s world.

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  Monday, December 11, 2023 |By Jason Knowles and Ann Pistone

CHICAGO (WLS) — While inflation overall has been going down, prices are still high and consumers are feeling it as they shop for holiday gits.

The latest inflation rate is at 3.2%, which means it could be a challenge to buy for everyone on your list. Here are some tips to help save money on gifts this holiday season.

“We do not want the overwhelming thoughts of holiday shopping to derail building long term wealth, ” said City Treasurer Melissa Conyears Ervin. “Number one, create a budget. That is so important; so easy, yet difficult to stick to”

Conyears Ervin advises your shopping budget should be 1.5% of your total income.

“So if you make $50,000 a year you want to try to have a budget of $750,” she said.

Now that the budget is set, beware of layaway deals and store credit cards offers.

“We all love purchase now pay later. While that may be a great benefit during the holiday season, please make certain that you are reading the fine print because what we don’t want to do is purchase now and pay more later,” Conyears Ervin said.

And make sure you pay off all credit card balances.

Robin Strach avoids credit cards all together.

“I live a cash life, what I spend I am not going to have to pay later,” she said.

While in stores, you can price match. The store may honor the lower price you find at a competitor’s website.

And don’t forget to use store rewards programs and promo codes, Conyears-Ervin said.

“We want to make sure we are stacking rewards. Many ways to build on cash back rewards get discounts on top of discounts,” she explained.

“Things are more expensive without doubt but I still had to buy the gifts I had to buy,” said Stratch.

A study from consumer experts at Bankrate said 73% of Americans will change the way they shop this year because of inflation.

The City of Chicago Treasurer also reminded people to support small businesses. Doing so can help the local economy and local residents.

Watch Video

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While many correlate domestic violence to physical abuse, it also includes mental coercion. Over the last decade, our society has gained greater insight and understanding of the full scope of domestic abuse, leading to new programs and outreach centers that aid survivors in getting help and coming forward safely.

This month is also a time to honor and mourn the victims of domestic violence. Thousands of children and adults are abused daily, in secret or in plain sight, and cannot get help. These people may feel scared or stressed. They may feel anxious or embarrassed. I know because I am a domestic violence survivor. And, for the first time, I want to share my story with you.

In December 1997, as a 22-year-old college student at Eastern Illinois University, I arrived at the house of my boyfriend at the time and found him with another woman. I was flooded with shock and sadness from what I had just seen. After going outside to collect my thoughts and get my friends, I went back into the house to talk through the situation.

While we both had our fair exchange of words, his anger grew rapidly. He grabbed a knife, barreled toward me and started to choke me. After I tried to free myself and leave the house, he followed me outside, grabbed me yet again and continued to attack me.

Eventually, one of his neighbors stormed outside to separate us and brought me into their house while we called the police.

To make matters worse, the police told me if he was arrested, they would arrest me, too. My boyfriend was a star athlete, and an incident like this wasn’t what anyone wanted to see make the news. 

I felt terrified and absolutely horrible, like it was my fault and that I was nothing. I wanted to quit school even though my finals were the following week.

Thank God my mother was my rock. She came down to school and stayed with me to make sure I finished my finals and graduated.

Living in Fear

Two days later, my mother and I filed a petition for an emergency order of protection in Coles County Circuit Court, which was granted and remained in effect until early January 1998. I ultimately decided not to proceed with a plenary order. I believed, as so many women do, that the system would protect him and not me. Since then, I’ve never stopped looking over my shoulder or fearing he would follow through on his threats.

I was elected treasurer of the city of Chicago after serving in the Illinois General Assembly as a state representative. I’m a proud mother and wife. I am blessed with a strong family and community.

I have been in the public eye and managed to keep this a secret for the last 26 years. Imagine how many others have or are currently doing the same.

Shame is a powerful force that serves to keep so many survivors of domestic abuse in the shadows. It is scary to put that shame to the side and decide to come forward and tell my story – but in doing so, I hope I can help create space for others to do the same. 

It’s my hope that sharing my experience can help my own abuser from hurting someone else. But I also am hopeful that sharing my own story can inspire someone else to seek help. If hearing my story can help liberate even one other survivor, it will be beyond worth it.

At 22, I was also fortunate enough to have a support group of friends along with my amazing mother, who drove down to school in the middle of the night to comfort and help me finish my final exams.

For those of you who know someone who has experienced domestic violence, make sure to act as a prominent figure in their support group. As a survivor, I can confidently say I wouldn’t be where I am today without them by my side.

Thank you for allowing me to share my story and let those affected by domestic violence know they are not alone.

If you or someone you know has experienced domestic violence, please call 911 or the National Domestic Violence Hotline at 800-799-7233.

Melissa Conyears-Ervin has been city treasurer since 2019. She was reelected this year.

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CHICAGO (WLS) — Basketball legend and successful investor Magic Johnson was in Chicago on Friday.

He’s part of a leadership panel taking part in a Financial Empowerment Summit.

Magic, civil rights pioneer Andrew Young, and actor Deon Cole headlined the event at UIC.

ABC7’s Hosea Sanders was the emcee.

The goal is to teach attendees about investment practices and wealth management.

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Melissa Conyears-Ervin serves as investor of the city of Chicago’s cash holdings and is trustee for its pension funds. Recently she helped divest funds from the top 225 fossil-fuel companies through more than $70 million in sales and maturities. She sponsored an ordinance preventing the city from investing in fossil-fuel companies that fail to protect the planet from climate change and those that do not align with the city’s values. Social impact investments include $25 million to create hundreds of first-time affordable homebuyers on the South and West sides and an additional $10 million in community banks to spur development in minority communities. Conyears-Ervin serves on the board of the Chicago Development Fund.

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Third annual financial services and resource fair is the largest one of its kind in Chicago

Chicago, IL –(September 13, 2023)—An NBA legend, five-time NBA Champion, and three-time league MVP and one of the most recognizable team owners in professional sports, is now part of the largest financial education summit and career fair in the Chicago area.

City Treasurer Melissa Conyears-Ervin announced today that Earvin “Magic” Johnson, former pro athlete, now entrepreneur and the newest member of a small group of African American NFL owners will be the keynote presenter for the Chicago City Treasurer’s Office third annual Building Wealth Today for Tomorrow Career Fair and Financial Empowerment Summit (BWTT). The two-day event presented by BMO on October 5 and 6 takes place at the UIC Forum, 1213 South Halsted Street.

“I learned first-hand how responsible financial services and products can make a difference in a person’s life, especially among those who struggled against the roadblocks to building wealth and building a better life for themselves and their families,” said Treasurer Conyears-Ervin. “That’s why I am committed to providing programs like BWTT for more Chicagoans and helping them see the life-changing results of financial education.”

The BWTT career fair on Thursday, October 5, offers connections to careers in the financial services industry and more. It provides a unique opportunity to discover employment opportunities and to connect in-person with leaders and hiring representatives from more than 60 financial services and community development organizations including BMO, CIBC Chase, Huntington Bank, First Eagle Bank, Chicago Housing Authority, Illinois Hispanic Chamber of Commerce, North Lawndale Employment Network, and others. Employment opportunities will range from entry-level to advanced career positions.

“Breaking barriers for others is important to me, and financial education is key to that process,” said “Magic” Johnson. “I’m thrilled to take part in this important event and share my journey with those who are working to create opportunities and build wealth in their own lives.”

At BWTT on Friday, October 6, “Magic” Johnson will lead an all-star line-up of financial services experts sharing their knowledge of building long-term wealth and financial stability. They will lead discussions and workshops on a broad range of topics, including accessing capital for growing small businesses, raising credit scores, finding financial assistance for help with a down payment for a new home or auto, investing for retirement, and more.

“Magic’s life has gone from the basketball court to the boardroom by parlaying the skills and tenacity he acquired on the court into a game plan for his successful business ventures that are providing the products and services that are revitalizing under-resourced and disinvested communities from L.A. to Chicago and beyond,” said Treasurer Conyears-Ervin. “Listening to Magic talk about how he overcame barriers and broke glass ceilings will be inspiring and will encourage others to get on the pathway to building a prosperous life.”

In addition to BMO, BWTT is being sponsored by AARP Chicago, Allstate, Ariel Investments, Chase, CIBC, LinkedIn, Nuveen, R. Seelaus, State Farm, TransUnion, U.S. Bank, Verizon, Wells Fargo, and participating partners Chicago Urban League, UIC, and Job Case.

The BWTT is free, however advance registration is required. Registration includes free parking, food, and refreshments at the event. To register or for additional information about BWTT, including a schedule and list of all workshops and speakers, please visit https://chicagocitytreasurer.com/bwtt/.

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