Participant ResourceBooklet (candidates, seminarians not in candidacy, applicants and inquirers)

April 2018

2 PARTICIPANT RESOURCE BOOKLET

We often speak of the many dimensions of wellness in our lives—spiritual, intellectual, emotional, social and physical well-being, for instance. Financial well-being is another vital component in our endeavor to live well. Research has shown that those who experience greater personal financial well-being are more satisfied and healthy as leaders than those who have poor financial health. Those in good financial health are more satisfied with their household financial situation, more satisfied in their ministry, and indicate that they are in better spiritual and physical health than those who are in poor financial health.

This booklet contains information about the financial wellness resources available to you as someone exploring call.

Lutheran Social Service (LSS) Financial CounselingFinancial counseling has been shown to be an effective way to improve personal financial well-being. Those who have participated in financial counseling have incurred less educational debt, decreased their already-incurred educational debt more rapidly, increased their credit scores, managed their consumer debt, lessened their financial anxiety and achieved overall greater financial health.

To more deeply develop skills around financial wellness, it is recommended that you, as someone exploring call, participate in financial counseling, where you can engage in open conversations about financial wellness and financial literacy.

As someone exploring a call, you are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service (LSS) Financial Counseling, provided to you by Portico Benefit Services. LSS financial counselors can help you create a unique plan to strengthen your financial leadership for yourself and to help others.

LSS Financial Counseling offers a full range of financial services that empower people to conquer their debt through tangible steps and personal guidance. LSS financial counselors help individuals, couples and families with:

• consolidating debt• establishing a budget• improving credit scores• protecting their homes• tackling student-loan debt• achieving financial wellness

Included below is basic information about LSS Financial Counseling and answers to frequently asked questions around what to expect in a financial counseling relationship with LSS.

What can I expect with LSS Financial CounselingWhen should I seek out financial counseling?Most simply stated, financial counseling is appropriate whenever you have a question about finances. These questions may cover a variety of topics related to budgeting, borrowing, credit or debt.

3 PARTICIPANT RESOURCE BOOKLET

Times of transition are a particularly appropriate time to consult with a financial counselor.• Before starting seminary, a financial counselor can help you think about what it will mean to

live on one (or in some cases, no) household income.• As you—and potentially your family—prepare for a year of congregational internship, a

financial counselor may be able to provide advice on reducing moving costs or living on less.• As you prepare to graduate from seminary, a financial counselor may be able to provide

helpful ideas on how to effectively budget while you anticipate your first call.

Now is the perfect time to take control of your finances. Use the flow chart titled “How can financial counseling help me achieve financial wellness?” and the infographic titled “Achieve Financial Wellness” included on pages 5-7 of this booklet to help you think through how LSS Financial Counseling might be able to help you.

How can financial counseling help others?A majority of Americans worry about financial issues, including credit card debt, savings and retirement. Financial counseling can facilitate healthy conversations about financial concerns among couples, families and with members of a congregation or community. Use the infographic titled "Your Neighbor's Financial Wellness" included on page 8 of this booklet to help you think through how LSS Financial Counseling might add to your ministry toolbox.

How much does financial counseling cost?You are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of LSS Financial Counseling, provided by Portico Benefit Services.

What can I expect in a financial counseling session?Financial counseling sessions last for one hour and are completely driven by your financial needs and questions. A financial counselor will begin the first session by asking, “What are you looking for?” “What has been going on in your life financially?” and “Where do you want to be financially?”

The financial counselor will then work with you to address your financial concerns. This may involve going through a credit report, discussing debt repayment options or reviewing budgeting techniques. What is discussed will depend on your specific concerns.

At the end of each session, your financial counselor will provide you with a specific action plan. This plan is unique to you and seeks to address the issues raised during the session. You may set an appointment right then with the counselor to review progress on the action plan, or you may call the counselor again to review the plan.

Will I always work with the same financial counselor?Yes. At the end of the first session, the financial counselor will provide you with his or her direct telephone line.

How do I get in touch with a financial counselor?There are three ways to contact a financial counselor at LSS:

• by phone (800-528-2926);• by visiting an office in person, if you are in Minnesota or Wisconsin (lssmn.org/FC-Locations); or• by going online (lssmn.org/portico)

4 PARTICIPANT RESOURCE BOOKLET

Additional financial wellness resources available to youIncluded below is information about several additional financial wellness resources available to you as someone exploring call. These resources will help you start off on the right foot as you pursue financial wellness.

Portico events and webinarsPortico Benefit Services hosts events and webinars designed to enhance physical, financial and emotional well-being. Many of these events and webinars are open to you. To see what is currently being offered, visit the Portico Benefit Services events and webinars page (porticobenefits.org/NewsEvents/Events).

ELCA Fund for LeadersThe ELCA Fund for Leaders helps raise up and financially support students studying at ELCA seminaries who have demonstrated outstanding leadership potential and exceptional gifts for ministry. The vision of Fund for Leaders is to one day support every candidate for rostered ministry with a full-tuition scholarship to an ELCA seminary, to empower and enable leaders to serve as the church needs and the Holy Spirit leads. Visit ELCA Fund for Leaders (ELCA.org/fundforleaders) to learn more.

If I have had a bad experience with financial advising or coaching relationships in the past, how will this be different?Financial counselors understand that many individuals bring feelings of shame or discouragement about their financial situations into a counseling session. The financial counselor will work with you to alleviate these feelings; they know it takes a lot of courage to make the call to a financial counselor. Financial counselors believe that the most successful approach in working with you is as members of the same team.

Ho

w c

an

fina

ncia

l co

unse

ling

thro

ugh

Luth

era

n So

cia

l Se

rvic

e (

LSS)

he

lp m

e u

nde

rsta

nd m

y fin

anc

es

and

a

ch

ieve

fina

ncia

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est

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yo

u

ha

ve s

tud

en

t lo

an

s

?

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yo

u t

ake

ou

t st

ud

en

t lo

an

s in

se

min

ary

?

Do

yo

u

ha

ve a

ny

cre

dit

ca

rd d

eb

t

?

Wo

uld

yo

u li

ke

to im

pro

ve y

ou

r c

red

it sc

ore

?

Co

uld

yo

u u

se h

elp

w

ith h

ou

seh

old

b

ud

ge

ting

?

Are

yo

u

an

ticip

atin

g a

m

ajo

r life

eve

nt

?

Do

yo

u h

ave

fin

an

cia

l qu

est

ion

s n

ot

co

vere

d h

ere

?

Dis

co

ver a

ll yo

ur

op

tion

s a

nd

cra

ft

a p

lan

to

pa

y o

ff y

ou

r stu

de

nt

loa

ns.

Loo

k a

he

ad

at

all

rep

aym

en

t o

ptio

ns.

Un

de

rsta

nd

th

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co

pe

of

you

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dit

ca

rd d

eb

t. If

a

pp

rop

riate

, LSS

co

un

sel-

ors

ca

n h

elp

yo

u s

tart

a

De

bt

Ma

na

ge

me

nt

Pla

n

(DM

P) t

o c

on

solid

ate

yo

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de

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into

on

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tere

st

rate

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go

od

cre

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sco

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rn h

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wo

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wa

lk

thro

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h a

co

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of y

ou

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rep

ort

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d m

ake

a

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ctio

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lan

to

bu

ild a

go

od

c

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ore

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Fig

ure

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t h

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m

uc

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on

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co

min

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ea

ch

m

on

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nd

ho

w y

ou

a

re s

pe

nd

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it.

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k th

rou

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th

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fina

nc

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mp

ac

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f ma

rria

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avi

ng

a b

ab

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mo

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g in

to a

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pla

ce

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retir

em

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Eve

ryo

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ca

n

be

ne

fit f

rom

a f

ree

fin

an

cia

l ch

ec

kup

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As

som

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exp

lorin

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ll, an

ELC

A ro

ster

ed m

inist

er o

r spo

use,

yo

u a

re e

ligib

le fo

r si

x fre

e c

onf

ide

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ssio

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ith a

n e

xpe

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na

nc

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ou

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hro

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ina

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Ch

oic

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se

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f Lu

the

ran

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cia

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rvic

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LSS)

Fin

an

cia

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un

selin

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rovi

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o

you

by

Port

ico

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ne

fit S

erv

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SS fi

na

nc

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ou

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ca

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elp

yo

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for y

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lp o

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ug

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Re

sou

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itia

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art

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Inve

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nd

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de

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ne

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ina

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ou

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ab

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ha

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gth

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ust

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in

div

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greg

atio

nal f

ina

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elln

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row

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ow

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pe

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ct

time

to

ta

ke c

on

tro

l of y

ou

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an

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ake

ad

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tag

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f th

e w

ide

ran

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of

fina

nc

ial w

elln

ess

reso

urc

es

ava

ilab

le t

o y

ou

at

reso

urc

efu

lse

rva

nts.

org

.

For m

ore

info

rma

tion

or t

o s

ch

ed

ule

an

ap

po

intm

ent

:

Pho

ne

8

00

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ers

on

800

-528

-292

6 o

r lss

mn

.org

/FC

-Lo

ca

tion

s

On

line

ls

smn

.org

/po

rtic

o

5

6

FAQ

s ab

out F

inan

cial

Cho

ice

Wha

t is

Fina

ncia

l Cho

ice?

Fi

nanc

ial C

hoic

e is

a p

art

ners

hip

bet

wee

n Po

rtic

o Be

nefit

Se

rvic

es a

nd L

SS F

ina

ncia

l Cou

nsel

ing

to p

rovi

de

an

enha

nced

leve

l of s

ervi

ces t

o b

uild

fina

ncia

l wel

lnes

s. Yo

u a

nd y

our f

am

ily m

emb

ers a

re e

ligib

le fo

r up

to s

ix

free

sess

ions

with

a c

ertifi

ed fi

nanc

ial c

ouns

elo

r fo

r any

of

our

serv

ice

typ

es. S

essio

ns c

an

be

in-p

erso

n a

t any

of

our e

ight

offi

ces,

or b

y p

hone

or o

nlin

e na

tionw

ide.

Ha

ve

a q

uick

que

stio

n o

r im

med

iate

con

cern

? W

e a

lso h

ave

a

coun

selo

r on

call

dur

ing

wee

kda

ys to

hel

p g

et y

our

que

stio

ns a

nsw

ered

.

Whe

n is

the

right

tim

e to

get

hel

p? D

o I n

eed

to b

e in

trou

ble

with

fina

nces

to q

ualif

y fo

r thi

s se

rvic

e?

This

serv

ice

is fo

r eve

ryon

e. Y

ou d

o no

t ha

ve to

be

in

fina

ncia

l tro

uble

to u

se F

ina

ncia

l Cho

ice.

LSS

fina

ncia

l co

unse

lors

are

ava

ilab

le to

hel

p yo

u fin

d to

ols a

nd

solu

tions

for y

our fi

nanc

ial s

itua

tion

incl

udin

g, b

ut n

ot

limite

d to

, red

ucin

g d

ebt,

imp

rovi

ng c

red

it, b

udg

etin

g fo

r life

eve

nts (

like

ma

rria

ge,

ha

ving

a b

aby

, mov

ing

into

yo

ur o

wn

ap

art

men

t, re

tirem

ent),

and

rea

chin

g yo

ur

goa

ls th

roug

h st

rate

gic

savi

ngs.

If yo

u d

o fin

d y

ours

elf

with

a fi

nanc

ial c

halle

nge,

mee

ting

with

an

LSS

fina

ncia

l co

unse

lor t

hrou

gh

Fina

ncia

l Cho

ice

is co

nfid

entia

l. O

ur

coun

selo

rs h

ave

hel

ped

thou

sand

s of f

am

ilies

to s

tab

ilize

th

eir fi

nanc

es a

nd g

et o

ut o

f deb

t. Th

ey c

an

help

you

take

co

ntro

l as w

ell.

My

stud

ent l

oans

just

wen

t int

o re

paym

ent.

Can

Fin

anci

al C

hoic

e he

lp m

e w

ith th

ose?

A

bso

lute

ly! W

heth

er y

our l

oans

ha

ve ju

st g

one

into

re

pa

ymen

t, ha

ve d

efa

ulte

d, o

r you

ha

ve b

een

carr

ying

th

em a

roun

d fo

r yea

rs, o

ur s

tud

ent l

oan

tea

m w

ill he

lp

you

find

wha

t typ

es o

f stu

den

t loa

ns y

ou h

ave

, wha

t re

pa

ymen

t opt

ions

are

ava

ilab

le to

you

, fig

ure

out i

f co

nsol

ida

tion

ma

kes s

ense

for y

ou, a

nd m

ake

a p

lan

to

get

all

your

stu

den

t loa

ns p

aid

off.

Wha

t is

a D

ebt M

anag

emen

t Pla

n (D

MP)

and

ho

w d

oes

it he

lp w

ith c

redi

t car

d de

bt?

LSS

can

help

you

ma

ke a

n a

ctio

n p

lan

for a

ll of

you

r d

ebts

, but

it’s

ha

rd to

bea

t a D

MP

for r

ap

id re

pa

ymen

t of

cred

it ca

rds.

A d

ebt m

ana

gem

ent p

lan

cons

olid

ate

s you

r cr

edit

card

deb

t int

o on

e m

onth

ly p

aym

ent t

o cr

edito

rs

thro

ugh

LSS.

Mos

t cre

dito

rs w

ill th

en o

ffer l

ower

inte

rest

ra

tes a

nd s

top

any

late

fees

, lea

din

g to

fast

er d

ebt

rep

aym

ent.

DM

Ps a

re p

aid

off

with

in fi

ve y

ears

or l

ess a

nd

offe

r ful

l rep

aym

ent,

with

goo

d c

red

it ou

tcom

es. T

here

is

a m

onth

ly se

rvic

e fe

e b

ase

d o

n th

e siz

e of

you

r pa

ymen

t, b

ut L

SS w

aiv

es th

e D

MP

set-

up fe

e fo

r Fin

anc

ial C

hoic

e.

Wha

t can

a fo

recl

osur

e pr

even

tion

coun

selo

r do

if I’

m w

orrie

d ab

out m

y m

ortg

age

paym

ents

? O

ur H

UD-c

ertifi

ed h

ousin

g co

unse

lors

ca

n of

fer g

uid

anc

e on

rent

ing

, buy

ing

or o

wni

ng a

hom

e, in

clud

ing

right

s and

op

tions

to p

reve

nt fo

recl

osur

e. L

SS h

ousin

g co

unse

lors

will

revi

ew y

our fi

nanc

ial p

ictu

re a

nd p

rovi

de

rea

listic

opt

ions

, in

clud

ing

help

ing

you

ad

voca

te w

ith y

our m

ort

ga

ge

com

pa

ny o

r acc

ess p

rog

ram

s to

help

hom

eow

ners

.

I wor

ry a

bout

hav

ing

enou

gh fo

r ret

irem

ent.

Wha

t kin

d of

hel

p ca

n Fi

nanc

ial C

hoic

e of

fer?

Fi

nanc

ial C

hoic

e co

unse

lors

ca

n he

lp w

ith a

lmos

t any

a

spec

t of p

erso

nal fi

nanc

e –

bui

ldin

g a

goo

d c

red

it sc

ore

, d

ebt r

educ

tion,

mon

ey m

ana

gem

ent a

nd b

udg

etin

g tip

s. Th

ey d

o no

t offe

r leg

al n

or i

nves

tmen

t ad

vice

, but

ca

n he

lp w

ith th

e b

asic

s lik

e ho

w to

find

mon

ey in

you

r bud

get

to

save

mo

re fo

r ret

irem

ent,

or t

hink

ing

ab

out h

ow to

b

udg

et in

retir

emen

t, o

r bui

ldin

g fin

anc

ial c

onfid

ence

in

thin

king

ab

out r

etire

men

t pla

ns.

My

spou

se/p

artn

er a

nd I

don’

t agr

ee a

bout

fin

ance

s. C

an F

inan

cial

Cho

ice

help

us

to g

et

on th

e sa

me

page

? M

any

cou

ple

s ha

ve a

diffi

cult

time

talk

ing

ab

out m

oney

a

nd g

ettin

g on

the

sam

e p

ag

e. O

ur F

ina

ncia

l Cho

ice

coun

selo

rs c

an

help

you

set g

oals

and

exp

lore

diff

eren

t to

ols a

nd s

trate

gie

s fo

r ma

nag

ing

your

mon

ey a

nd

rea

chin

g yo

ur fi

nanc

ial g

oals

tog

ethe

r.

Is L

SS F

inan

cial

Cou

nsel

ing

a sa

fe p

lace

to g

o fo

r hel

p?

LSS

is a

mem

ber

ag

ency

of t

he N

atio

nal F

ound

atio

n fo

r C

red

it C

ouns

elin

g (N

FCC

), w

hich

is th

e “g

old

sta

nda

rd”

for r

eput

ab

le n

onp

rofit

fina

ncia

l cou

nsel

ing

. Our

co

unse

lors

are

tra

ined

and

cer

tified

in c

red

it co

unse

ling

, ho

usin

g co

unse

ling

, fo

recl

osur

e p

reve

ntio

n, a

nd re

vers

e m

ort

ga

ge

coun

selin

g, d

epen

din

g on

thei

r sp

ecia

lty. A

p

rog

ram

of L

uthe

ran

Soci

al S

ervi

ce o

f Min

neso

ta, o

ur

miss

ion

is to

hel

p p

eop

le g

ain

con

trol o

f the

ir fin

anc

es a

nd

ach

ieve

fina

ncia

l wel

lnes

s. W

e’ve

bee

n he

lpin

g p

eop

le in

yo

ur c

omm

unity

ove

rcom

e d

ebt s

ince

198

7. W

e ca

n he

lp

you

too.

Is th

e fin

anci

al c

ouns

elin

g co

nfide

ntia

l?

Yes,

and

you

r inf

orm

atio

n sh

are

d w

ith L

SS F

ina

ncia

l C

ouns

elin

g re

ma

ins p

riva

te u

nder

the

sam

e st

ate

and

fe

der

al l

aw

s tha

t kee

p a

ny m

edic

al o

r cou

nsel

ing

reco

rd

priv

ate

. LSS

doe

s sha

re o

vera

ll ut

iliza

tion

num

ber

s with

Fi

nanc

ial C

hoic

e p

art

ners

but

nev

er a

ny c

lient

na

mes

or

any

iden

tifyi

ng in

form

atio

n.

Wha

t doe

s it

cost

to p

artic

ipat

e?

All

Fina

ncia

l Cho

ice

clie

nts c

an

have

up

to s

ix se

ssio

ns p

er

yea

r of fi

nanc

ial c

ouns

elin

g, c

omp

lete

ly fr

ee, w

heth

er

the

focu

s is o

n d

ebt,

bud

get

ing

, cre

dit

rep

ort

revi

ew, o

r ev

en h

ousin

g co

unse

ling

. Fin

anc

ial C

hoic

e a

llow

s you

to

bui

ld fi

nanc

ial w

elln

ess w

ith s

upp

ort

and

follo

w-u

p to

get

ther

e, a

t no

cost

. The

one

exc

eptio

n is

tha

t the

re

is a

sma

ll m

onth

ly fe

e if

you

sign

up fo

r a m

onth

ly d

ebt

ma

nag

emen

t pla

n—th

is is

a no

min

al f

ee b

ase

d o

n th

e siz

e of

you

r con

solid

atio

n. A

ll co

unse

ling

is fre

e.

For more information or to schedule an appointment:

Phone 800-528-2926

In person 800-528-2926 or lssmn.org/FC-Locations

Online lssmn.org/portico

Seek out a financial counselor whenever you have a question about finances, like budgeting, borrowing, credit or debt.

If you are:

• starting seminary

• planning for changes inyour household income

• preparing forcongregational internship

• in the call process

An LSS financial counselor may be able to provide advice on reducing moving costs or living on less.

Achieve financial wellness As someone exploring call, an ELCA rostered minister or spouse, you are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service (LSS) Financial Counseling, provided to you by Portico Benefit Services. LSS financial counselors can help you create a unique plan to strengthen your financial leadership for yourself and to help others.

LEARN TO:manage

student loans and seminary costs

prepare your finances for life

events ahead

increase your retirement savings

set and stick with your financial goals

Now is the perfect time to take control of your finances. Through the Resourceful Servants Initiative, the ELCA seeks to encourage habits that strengthen and sustain individual and congregational financial wellness and growth. Take advantage of the wide range of financial wellness resources available at resourcefulservants.org.

DID YOU KNOW:

80%of ELCA M.Div. graduates

carry at least some amount of educational debt at

graduation

38%of Americans have enough

savings to address an unexpected expense (from an emergency

room visit to a car repair)

15%is the recommended amount

of an individual’s earnings that should be contributed to

retirement savings

Financial wellness is vital to a healthy lifeRostered ministers who are financially secure experience greater satisfaction in their work and their relationships, and are more able to freely serve the church and its mission. Don’t wait ... get started today!

6 FREE financial counseling sessions for those exploring call, ELCA rostered ministers and their spouses

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Financial counseling is an option for you and for members of your congregation and community. To find out more, contact a financial counselor:

Phone 800-528-2926

In person 800-528-2926 or lssmn.org/FC-Locations

Online lssmn.org/portico

How can financial counseling make a difference?

Participating in financial counseling can:

• Help couples get on the same page financially

• Improve credit scores

• Give you the right language to talk about money

• Support your leadership on financial issues

• Increase your ability to make a well-informedreferral

YOUR NEIGHBOR’S FINANCIAL WELLNESS As someone exploring call, an ELCA rostered minister or spouse, you are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service (LSS) Financial Counseling, provided to you by Portico Benefit Services. LSS financial counselors can help you create a unique plan to strengthen your financial leadership for yourself and to help others.

DID YOU KNOW:Many couples experience a

lack of agreement about their finances. Between 33% and 50%

of couples who divorce cite financial issues as a major source

of stress in their relationship.

Most Americans are struggling with

consumer debt and low-to-no savings.

Three in 4 adults worry about their finances.

70% of Americans live paycheck to paycheck. This

seriously impairs their ability to share

and save.

Through the Resourceful Servants Initiative, the ELCA seeks to encourage habits that strengthen and sustain individual and congregational financial wellness and growth. Take advantage of the wide range of financial wellness resources available at resourcefulservants.org.

The church has a voice in the financial lives of its congregants and community. Together, we have the ability to speak strongly about financial issues.

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