American Jewelry & Loan was proud to host a successful Financial Literacy Course at their Pontiac store. AJL founder and president Les Gold moderated a panel of financial experts that included representatives from Junior Achievement, Operation Hope, and Greenpath Financial Wellness. Attendees were treated to an expert overview of many topics related to personal finance, including what information is considered when determining your credit score, ways to build and maintain that score, as well as various alternative lending options they might consider.
“It’s very important to be well informed on personal finance matters,” said Gold. “Thanks to our partners, everyone who attended our financial literacy course is aware of the different options available to them and can begin making smart decisions about managing their money.”
In October 2016, American Jewelry and Loan was proud to host a Financial Literacy workshop that’s the first of its kind in the nation. In partnership with Junior Achievement, Operation Hope, and Greenpath Financial Wellness, the aim was to help people understand how to make smart decisions about money. The response was overwhelmingly positive.
Now, a new workshop date and location is being announced. On Tuesday, May 16th, 2017, American Jewelry and Loan will host a Financial Literacy workshop for Alternative Lending customers from 5-7 pm at their Pontiac Location. That store is located at 546 North Telegraph Road in Pontiac. (Click HERE to RSVP)
The workshop will teach attendees “good habits that build good lives,” said Margaret Trimer-Hartley, President and CEO of Junior Achievement of Michigan, which is one of the groups hosting the workshop.
“We’re trying to just raise awareness,” she said, and “we’re doing it at an earlier age.”
Trimer-Hartley said financial literacy can be taught through explaining investment strategies as simple as opening a savings or checking account.
According to the Federal Deposit Insurance Corp., 7 percent of Americans did not have a bank account as of June 2015.
Without a bank account, households are often left with no choice but to turn to check-cashing services and other non-traditional methods to make transactions most Americans see as routine. Others often take loans that dive-bomb their credit scores because the terms of the loans aren’t often clear or easy to understand.
The workshop aims to mitigate some of those problems.
American Jewelry and Loan and its partners hope to bridge a gap he sees between his customers and people who turn to banks for loans. “My customers don’t have access to the traditional banking system,” he said. “Our customers deserve the same opportunities as everybody else … An informed customer is a better customer.”
His family has had a pawn shop in Detroit since the 1940s. Gold said the workshop stems from conversations he had with the Detroit Chamber of Commerce at the Mackinac Policy Conference over the summer, where financial literacy was often talked about.
He intends to define the difference between a loan from a pawn shop and loans from banks and other agencies that, if not paid back, can damage someone’s credit.
Trimer-Hartley said the workshop will touch on investment options, teach the importance of saving for retirement, of health insurance, and will help attendees understand the difference between renting and buying homes and the importance of good credit.
Having a checking or savings account is considered a cornerstone of financial stability in the U.S. Without one, households must rely on check-cashing services, prepaid debit cards and other costly ways to pay bills and make routine transactions. But the situation is improving: For every 10 households that were unbanked in 2013, one of those households is now banked.
While the gains were modest, the results of the survey from the FDIC offered an encouraging sign. The FDIC report was the most recent piece of data showing that the economic recovery is beginning to positively affect those at the bottom.
The improving economy likely had some effect on why more Americans opened bank accounts. Not only did more Americans making less than $15,000 open bank accounts between 2013 and 2015, but the number of Americans making less than $15,000 also declined.
“The poor have more money in their pockets, and more are able to afford bank accounts,” said Aaron Klein, a fellow in economic studies at the Brookings Institution.
There are several reasons why people choose not to have a traditional bank account. Some do not trust banks or want to avoid their fees, or they have privacy concerns, according to the FDIC’s report. There is also a perception among the unbanked that bank accounts are not for the poor. More than half of unbanked households said they believe banks are “not at all interested” in serving households like theirs, the report said.
But the No. 1 reason why Americans say they do not have a checking or savings account is that they believe they do not have enough money to get an account. The FDIC said roughly 57 percent of all unbanked households cited lack of money as a reason not to have an account, and roughly 38 percent of those same people said that was the main reason.
*NOTE: This article is comprised largely of information first reported in a Detroit News article.
Lauren Kaminsky Goldman (aka ‘Gold Girl’) is the woman responsible for making pawnshops cool, chic even, and Beauty & Essex – the restaurant, bar and nightclub with retro appeal – is the place where it happened. Back when the Manhattan eatery opened in 2010, it got noticed for two reasons: 1) they serve free champagne in the ladies’ bathroom (hard not to notice that) and 2) patrons enter through a fully functioning pawnshop with vintage guitars, vinyl and jewellery that’s often displayed on Barbie and Biggie Smalls dolls.
Goldman started stocking the shop at Beauty & Essex in spring 2011, creating an environment and aesthetic that would distance her operation from the traditionally seedy stereotypes of pawnshops. Then, when the restaurant launched a location in Las Vegas last year, Goldman once again brought the vintage baubles. Now, with a Beauty & Essex opening in Los Angeles next month (in addition to a Hollywood outpost of Tao, which is owned by the same company), the pawn princess will bring her curatorial prowess to the West Coast.
Read the full blog post here: https://blog.mrandmrssmith.com/a-guide-to-pawn-shopping-in-new-york-city
Together with the Pontiac Regional Chamber, American Jewelry and Loan is honored to host Entrepreneurship Oakland Master Class. Tonya Acha joins our distinguished panel. She is a referral marketing expert with Asentiv, formerly Referral Institute, helping 100’s of people generates millions of dollars every year for her clients through a variety of marketing strategies.
Tonya’s passion for networking, coaching and presenting has been instrumental in helping nearly 1000 business people to form thriving relationships and businesses every year. She has over 30 years’ experience in business, working with multi-million dollar companies and CEO’s to develop successful teams and productive marketing plans to increase sales and strengthen relationships with current clients and deepen loyalty for their brand for a total marketing experience.
As an entrepreneur herself, she understands the importance of shaping relationships to leverage successful strategies for increased performance.
She savors spending time with her family, Dave, Jonathan, Andrea, and her grandson Grayson. She loves to travel, entertain, and sampling fine wine. What is important to Tonya is creating the life that allows her and others to be fortunate enough to enjoy every day to the highest degree.
Check out this article featuring our friends at Beverly Loan Company:[From Variety magazine] On the third floor of a nondescript Beverly Hills office building, past an armed security guard and beyond a glass case full of diamond jewelry, is a gleaming Academy Award. But this trophy wasn’t awarded to any of the staff, or to anyone related to them. This Oscar was pawned.
Beverly Loan Co., “the pawnshop for the stars,” has been drawing the Hollywood set since 1938. The upscale, family-owned and -operated pawnshop specializes in high-end jewelry, watches, fine art, and entertainment memorabilia such as the occasional Oscar.
Jordan Tabach-Bank is the shop’s third-generation pawnbroker. He has thick dark hair, a bright smile, and eyes that gleam with well-kept secrets. One such secret is a coveted Oscar that he says is “particularly unbelievable,” and although he can’t reveal the famous honoree, he spills that it belonged to a late director-producer whose family has kept it as an heirloom.
“They have been fortunate enough to be able to use it when they find themselves in a crunch,” Tabach-Bank says. “It’s difficult to get a bank loan in today’s climate, it really is, and one nice thing is, if you come in with that Academy Award, we can give you easily $50,000. For this particular award, $100,000 was a no-brainer.”
Pawnshops, of course, allow customers to use their valuables as collateral in exchange for a loan. Tabach-Bank says he offers on-the-spot loans in cash or wire, with no credit checks, no loan committee, and a boilerplate agreement. This is standard practice for pawnbrokers. When the customer pays back the loan, with interest, he returns the merchandise. If a client doesn’t pay back the loan, however, the pawnbroker will hold on to the merchandise and can resell it. Tabach-Bank says his clients often pawn the same piece several times, and the majority redeem their goods.
Read the full article at Variety magazine.
Whether it’s a meaningful Valentine’s Day gift, a Red Carpet look you’d like to emulate, or bridal jewelry, American Jewelry and Loan is the best place to SAVE WHILE YOU SPLURGE!
Les Gold recently visited the Fox News studios in Detroit to share some GIA Certified diamond engagement rings, luxury handbags, and other incredible pieces from our collection. Check it out:
JUST ANNOUNCED: Les and Seth Gold will deliver the Keynote Address at the 2017 Midwest Pawnbrokers Convention in Franklin, Tennessee. “So much has happened since Les and Seth delivered the keynote address at the 2016 convention, we’ve asked them to come back and take a look back at one of pawnbroking’s most memorable years. Join them as they share the one thing that they say is the secret to their family’s success.”
[Read the full article at ThePointsGuy.com]: Les and Seth Gold, the stars of truTV’s popular show “Hardcore Pawn,” reveal what it’s like to face a stomping, snorting rhino, what to do when you accidentally fly to the wrong Portland and how to book your dream vacation with points and miles.
Got any good packing tips?
Les: We do a lot of three-day events so we learned to take it all in a carry-on. Get toiletries when you land — a lot of those are free at the hotel. Take advantage of that and do all that you can not to slow yourself down.
Are you a points guy?
Seth: Yes. We’re very loyal and that’s how you earn points. Some people like to accrue points with many different cards. Keep it simple. I rack up points and I take trips with my Medallion [status from Delta]. Stay with one card and take advantage, that’s the way to do well with points. Loyalty pays off. You can have the vacation of a lifetime if you use your points and you pay attention.
How often do you fly?
Seth: A couple times a month.
How often do you use your frequent flier miles?
Seth: As much as I can. They may be worth more now than later. What if changes are made and more points are required for a trip a year from now? What if rules change? I look for upgrades with my points.
What’s in your wallet?
Seth: My Delta American Express card.
What’s the best trip you’ve ever taken?
Les: I went to Kruger National Park in South Africa and it’s my favorite trip ever. My wife and I got up at 4:00am to go on safari. It was the most amazing thing seeing animals in their natural habitat. Seeing a cheetah walking in the jungle and a pride of lions was just incredible. The crazy thing is that you’re always in jeopardy when you’re in the animal’s habitat.
What was the scariest situation?
Les: A snorting, stomping rhino was in front of our car with two female rhinos. That was pretty scary.
What did you do?
Les: Our driver backed up very carefully. You never know what can happen when you’re in the wild. You read about what has happened to some tourists on safari. Bad things can happen.
Any travel horror stories?
Seth: I was going to sleepaway camp in Portland, Maine, when I was in the seventh grade and had to catch a flight from Detroit to Chicago, where I made my connection. I was hurried onto a plane with some buddies going to camp. I thought everything was fine until I heard the pilot say we’re crossing the Mississippi River. I thought we were maybe taking a different route due to weather, but when the pilot came on later and said, ‘we’re flying over South Dakota,” I knew we were in real trouble.
Seth: We were kids and we just dealt with it. We were treated to dinner and flew back to the right Portland. It was more of an issue for everyone’s parents. It’s an example of how things can go wrong at an airport. If something like that happens to you, just enjoy the experience. You can’t do anything about it.
“People come in because they don’t have the opportunity to go to the bank and draw money out of their account. They use us to make ends meet,” said Seth Gold, vice president of American Jewelry and Loan, the pawn shop featured in the show.
“We’re dealing with real people,” he said. “We deal with about 1,000 people everyday.”
Real people with real money woes aren’t sure where to turn when juggling bills. Too often, the easy options only dig you into a deeper hole. But American Jewelry and Loan invited in some nonprofits who serve cash-strapped consumers to offer advice during a “first annual” financial literacy program.
The audience sat in the middle of the pawn shop, not far from the flat-screened TVs, jewelry counters and furs. Speakers represented GreenPath Financial Wellness, Operation HOPE and Junior Achievement of Southeastern Michigan.[Read the full article at Freep.com: http://www.freep.com/story/money/personal-finance/susan-tompor/2016/11/03/pawn-alternative-banking-cash/92845706/]