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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
l we
llne
ss?
DEB
TC
RED
ITPL
AN
NIN
GM
ORE
Stu
de
nt l
oa
ns
Sem
ina
ry lo
an
sC
red
it c
ard
de
bt
Cre
dit
sco
reBu
dg
etin
gFu
ture
Qu
est
ion
s
Do
yo
u
ha
ve s
tud
en
t lo
an
s
?
Will
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
e s
co
pe
of
you
r cre
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
ur
de
bt
into
on
e m
on
thly
p
aym
en
t, a
t lo
we
r in
tere
st
rate
s a
nd
with
go
od
cre
dit
sco
re o
utc
om
es.
Lea
rn h
ow
cre
dit
wo
rks,
wa
lk
thro
ug
h a
co
py
of y
ou
r cre
dit
rep
ort
, an
d m
ake
a
n a
ctio
n p
lan
to
bu
ild a
go
od
c
red
it sc
ore
.
Fig
ure
ou
t h
ow
m
uc
h m
on
ey
is
co
min
g in
ea
ch
m
on
th a
nd
ho
w y
ou
a
re s
pe
nd
ing
it.
Thin
k th
rou
gh
th
e
fina
nc
ial i
mp
ac
t o
f ma
rria
ge
, h
avi
ng
a b
ab
y,
mo
vin
g in
to a
n
ew
pla
ce
, or
retir
em
en
t.
Eve
ryo
ne
ca
n
be
ne
fit f
rom
a f
ree
fin
an
cia
l ch
ec
kup
.
As
som
eo
ne
exp
lorin
g ca
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
ntia
l se
ssio
ns w
ith a
n e
xpe
rt fi
na
nc
ial c
ou
nse
lor t
hro
ug
h F
ina
nc
ial
Ch
oic
e, a
se
rvic
e o
f Lu
the
ran
So
cia
l Se
rvic
e (
LSS)
Fin
an
cia
l Co
un
selin
g, p
rovi
de
d t
o
you
by
Port
ico
Be
ne
fit S
erv
ice
s. L
SS fi
na
nc
ial c
ou
nse
lors
ca
n h
elp
yo
u c
rea
te a
u
niq
ue
pla
n t
o s
tre
ng
the
n y
ou
r fin
an
cia
l le
ad
ers
hip
for y
ou
rse
lf a
nd
to
he
lp o
the
rs.
Thro
ug
h t
he
Re
sou
rce
ful S
erv
an
ts In
itia
tive
, th
e E
LCA
an
d it
s m
inist
ry p
art
ne
rs a
t th
e
Miss
ion
Inve
stm
en
t Fu
nd
, th
e E
LCA
Fe
de
ral C
red
it U
nio
n, P
ort
ico
Be
ne
fit S
erv
ice
s,
an
d L
SS F
ina
nc
ial C
ou
nse
ling
se
ek
to e
nc
ou
rag
e h
ab
its t
ha
t st
ren
gth
en
an
d s
ust
ain
in
div
idu
al a
nd
con
greg
atio
nal f
ina
nc
ial w
elln
ess
an
d g
row
th. N
ow
is t
he
pe
rfe
ct
time
to
ta
ke c
on
tro
l of y
ou
r fin
an
ce
s. T
ake
ad
van
tag
e o
f th
e w
ide
ran
ge
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
-528
-292
6
In p
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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