Welcome to the first episode of Make It Make Cents, a podcast powered by Acclaim Federal Credit Union that breaks down the sometimes complex world of financial literacy into practical, easy-to-understand ideas. I'm your host Christie Smith, and I'm delighted to have you join us for our inaugural episode. Whether you're just getting started or looking to improve your financial skills, we're here to help you connect to financial wellness one episode at a time.  

Today's episode features Scott Baxter, President and CEO of Kontoor Brands—the company behind iconic clothing brands like Wrangler and Lee. Kontoor has a long-standing connection with Acclaim Federal Credit Union, united by our shared goal of empowering communities through financial education. Together, we’ll explore why financial literacy matters, especially for young adults, and how mastering essential skills like budgeting, managing debt, and making smart investments can shape a brighter financial future. 

Scott shares personal insights from his experience, such as how he learned to manage debt and maintain discipline throughout difficult times like the 2008 crisis. We also talk about the relationship between financial well-being and mental health, the importance of delaying pleasure, and practical tips for making better financial decisions. This talk is jam-packed with wisdom and actionable advice.

Episode Highlights: 

[02:33] Acclaim and Kontoor Brands have a great history together. We are thrilled to dive into financial literacy. 

[03:08] Bad decisions can have a snowball effect. It's important to take some courses in financial literacy in college.

[04:03] It's crucial to build a budget and avoid or eliminate debt. Debt can be an albatross.

[05:08] When young people are financially literate, it gives them options.

[06:21] Finances can be one of the biggest stressors in life. This is why we focus on financial wellness.

[07:17] Scott shares the importance of using cash and not carrying debt. Paying off debt gives you options for everything you want to do in the future.

[08:50] Scott shares personal stories that affect how he handles finances today. Out of school, he hunkered down and paid off his debt. He also started learning everything he could about finances.

[09:45] The crash in 2007 and 2008 was very eye-opening.

[11:48] It's a good idea to keep some cash on hand and have available liquidity.

[12:27] Kontoor has been innovative with financial literacy. 

[13:12] Ways to increase financial knowledge include taking classes, talking with people, reading magazines, and watching shows about finances. Knowledge will help you understand how investments work. 

[15:00] Scott talks about the myth of being too far in debt. Buckle down, change the way you're doing things, and make better decisions. Write down your plan and your goal and follow it.

[16:02] Acclaim teaches financial literacy for different nonprofits and organizations. Write it down, track your expenses, and watch out for subscriptions.

[17:03] Scott's best mentor is his wife. 

Resources & Links: 

• Acclaim Federal Credit Union
• Kontoor Brands
• Scott Baxter - Kontoor Brands
• Scott Baxter - LinkedIn