This week I traveled to Jackson, Mississippi for the grand opening of a new HOPE Inside location inside of Trustmark National Bank’s new Financial CORE (Center of Resources and Education). This is an excellent resource for the city of Jackson and a great start to a community renaissance that begins with building strong credit scores and financial literacy. The launch of this new three-way partnership between the private and public sectors and the government exemplifies a tried-and-true method for advancing progress and meaningful change in a community.
Trustmark CEO Duane Dewey and his team understand that you can do well by doing good. So they help provide the resources to fuel substantial change. Subject matter experts, like Operation HOPE, represent the public sector or the nonprofit sector, and we’re invited to continue the work that we’ve been doing for nearly thirty years. Lastly, the government, in this case, the city of Jackson, headed by Mayor Chokwe Lumumba, will help facilitate the lasting community impact brought about by the former two.
But here’s the secret to it all. The altruism and social impact of our pending work in Jackson aren’t just for feel-good moments and a feather in our cap. All parties involved understand that if you can improve a person’s state of wellbeing, both inwardly and in their finances, the community as a whole begins to improve. The proof is in the data.
With our new HOPE Financial Wellness Index, you can easily search by city and find the average credit score. Broadly speaking, sub-700 credit scores share specific characteristics. But something begins to happen when people raise their credit scores. More revenue flows in, a new sense of pride in one’s assets rises, a new level of personal responsibility kicks in, and these things increase local GDP, creating new streams of tax revenue. In the end, the bank, the government, and the community all benefit because of goodwill, a commitment to change, and the power of increased credit scores.
Watch my video below to hear a little more on the matter. Then, check out the new HOPE Financial Wellness Index today at www.operationhope.org and follow it up by scheduling an appointment with a financial wellbeing coach to help improve your credit score.