Meeting People Where they Are with Dr. Kate Mielitz, AFC®

This week we are joined by Dr. Kate Mielitz, AFC®. Kate joined the AFCPE staff in 2022 as the Special Programs Manager, but has been an AFC and a passionate member of the AFCPE community for many years. In this episode, Kate gives our listeners a candid look at how she got to where she is today – we love seeing how all the disparate pieces come together to create change and impact.

We talk about the importance of offering personal financial planning students the opportunity to earn the AFC, and the value of financial counseling within the personal finance space. Kate addresses the shame that oftentimes exists for people around personal finance, and reminds us of how important it is to share our stories and normalize our mistakes. As an educator, Kate is passionate about meeting people where they are, putting the person first, and teaching them to use money as a tool.

Show Notes
3:09 Kate shares her story
7:57 Kate's transition from Academia to her current role at AFCPE
9:46 Registered Education Programs and why personal finance education is critical for college students
17:21 Kate's work with incarcerated populations
20:45 The value of AFCPE Membership
24:49 Why everyone should attend the AFCPE Symposium
27:35 Kate's Final Two Cents

Show Note Links
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Transcript

Speaker 1: 0:02

Welcome to real money, real experts, a podcast where leading financial counseling and coaching experts share their stories, their challenges, and their advice for helping people manage money in the real world. I'm your host, Rachel Daon interim executive director of the association for financial counseling and planning education for a F C P

Speaker 2: 0:25

E. And I'm your co-host Dr. Mary Bell Carlson, an accredited financial counselor or a FFC, and the CEO of Carlson consulting. Every episode, we're taking a deep dive into the topics that personal finance professionals care about helping clients, building community in your professional growth.

Speaker 1: 0:43

This week, Mary is enjoying a much needed vacation, but I have the distinct pleasure to introduce you to one of my favorite people. Dr. Kate millets. Kate is an accredited financial counselor with extensive experience providing financial counseling and education for vulnerable populations. She became an AFC via the FINRA foundation, military spouse fellowship program, and obtained her PhD in personal financial planning from Kansas state university. Kate recently transitioned out of academia and joined the a F C P E team as our special programs manager and her new role. Kate is committed to helping expand access for students and professionals to the AFC credential and the financial services field at large Kate's passions are a F C P public speaking on foundational personal finance topics, reading psychological thrillers gardening, and watching her children and husband do the dishes and the laundry side note. Kate, I can certainly get behind the last fashion Kate's bucket list goal is to be featured on Kai Bristol's marketplace. To talk about the importance of the AFC and the field of personal finance. Kai, if you're listening, let's see if we can make that happen. Welcome Kate.

Speaker 3: 2:03

Thank you, Rachel. It is truly an honor to be here. Thank you so much for inviting me.

Speaker 1: 2:08

We were just joking ahead of this, that we never get to talk to one another

Speaker 3: 2:13

<laugh>,

Speaker 1: 2:13

Which makes it even more fun because now we get to bring everyone else into the conversation and they get to meet you a little bit as well.

Speaker 3: 2:20

I like to get to know people and, you know, I do like to share my story because it's kind of been a winding road to get to where I am today, but I think it kind of defines, you know, who I am and the way that I approach things. So this, this is a thrill for me.

Speaker 1: 2:34

Well, Kate, when thinking about guests to bring on for our 30th year celebration, you were a no brainer in my mind. I remember chatting with you in my first year of working at a F C P E. You had called about, I believe a student scholarship application. And then I got to meet you firsthand at the symposium in Bellevue Washington. And so it's been a long road from, you know, AFC to the time you served on the board. And now, you know, being a really passionate team member at a F C P E. Tell us a little bit about your story. How did you get here?

Speaker 3: 3:09

It is a very winding road because I got my bachelor's degree in broadcasting, but I didn't have a resume tape ready to roll out upon graduation. And so I was looking for opportunities and a friend of mine had gotten a job at a community bank and she was really jazzed about it. And so I started looking, well, what could I do? You know, if she's happy, what might I do? And there was a teller position opened up at a credit union, and I went in and I interviewed, and that interview immediately turned into an interview for collections. And I really just found a place that made me happy. And it turns out that the credit union way, you know, putting the person before they're dead and finding out how I can help first. And reposess later really makes a huge difference in the relationship. And once I had shown an aptitude for doing the collections, the president of the credit union really mentored me and empowered me to grow and try new things. And while I was at the credit union, I got my master's degree in interpersonal communications and just really completely fell in love with understanding how people communicate and then realizing, oh, wait, I can put communication and money together. And so I started putting feelers out, you know, what's this, what can we do? What can I do to help some of my members that just don't seem to get paying things on time, even though according to direct deposit, they've got the money to do so. So I got some training through the credit union system and then fast forwarding through a divorce, a marriage, a move, and a handful of years. And, and another credit union later, my husband slay, uh, was sent to Korea on an unaccompanied PCs. And while he was asking questions about things to do in the area and, and things that were of his interest, he found out just by chance about the FINRA military spouse fellowship. And I applied and because of, because of my history, because of my experience, because of apparently I did a pretty good application.<laugh> the rest of my story really, uh, began at that point. And I became an accredited financial counselor in 2009. I will admit that I did not understand the benefits of membership in a F C B for many years, but I did know that the AFC was going to be my ticket to bigger and better things, because it was about the credibility and right. It was far beyond the training that I got from the credit union, the designation really, frankly. And this is funny, cuz I'm only five feet tall, but I mean it helped me stand taller. It helped me know that, you know, I do have the training that is relevant to more than just my members of the credit union. I can expand this out. And so dash about four years after that, Slade had 24 hour duty with the army and he found me my PhD program. So he always says, Catherine, he calls me Catherine. He says, Catherine, you need to understand that, that you owe your entire career to me. And I say, oh, do I do do I? Um, he's always joking. Um, but I do have to give him credit because without him, I don't know that I would've found the AFC and without him, I probably wouldn't have found my PhD. And so, you know, hats off and, and a salute to slate for, for helping me find my way to where I am today.

Speaker 1: 6:28

You know, I love stories like yours in terms of they feel really windy, but when you go back and you look at each step along the way, everything kind of makes sense. In hindsight, I mean your broadcast sort of background. I feel like you have a very infectious personality. You're not afraid to talk to anyone. You're great with people<laugh>, you know, leading to personal finance and the interpersonal communication and all sort of built upon where you are today and even the role that you just stepped into here at a F CPE.

Speaker 3: 6:58

Thank you. And I think my background really helped me come to terms with owning who I am owning the mistakes that I've made and being able to share those because you know, there's a lot of shame in personal finance and that's unfortunate because we all use money and we all make mistakes. And there is literally nobody on earth that has not made one financial booboo or another. And yes, some of them are really small and some of them are really, really big. And boy, howdy, I've made some hum dingers, but<laugh> my background has. And, and really being an AFC has, has, has taught me, listen, you know, I'm not alone. And if I can share a portion of my story that helps somebody else talk about it and normalize that life happens, that's what I want to do. And that's, that's a really big part of, of me being an accredited financial counselor is being able to help people recognize and, and kind of come to terms with what's happened. And then how do we move forward?

Speaker 1: 7:57

Tell us a little bit about your transition from academia into your current role and a little bit more about that. When

Speaker 3: 8:04

You start a PhD program, it's academia, academia, academia. I knew that the AFC was the credential for me. I did not want to pursue another credential or, or go another path. I knew that I was going to continue to work with people whom in AFC would serve. And so academia really did make a lot of sense. And I joined the Oklahoma state university department of human sciences and human development, family science, I should say. And they were starting a family financial planning program. And we connected with the certified financial planning board of students. We connected with a F C P E to become a registered education program. And I worked there to build a program that could bring financial professionals into the field. Academia moves very, very slowly. And oftentimes there is competition that can cause challenges in getting enrollments, or as I like to say, butts in seats. And I realized that as I was going through and, and teaching my students and doing the research that I needed to do in order to obtain tenure that while I was really, really happy teaching my students and I was really, really happy to be moving them towards designations, that would benefit them in the future. I didn't want to do a whole lot of, of research going forward. I wanted a little bit more control over what I did and how I did it. And I said, you know what? I think I'm gonna push stop on academia. And I reached out and I was very fortunate that, uh, Rebecca Wiggins and Michelle Starky said, Hey, Kate, let's talk. And so here I am today.

Speaker 1: 9:46

And really it's been a perfect marriage of your skills. And I think, you know, one of the things that you're working on in your current role is that you work closely with our registered education program providers and having come from academia, you can really understand some of the nuances that it takes to as we move students, you know, introduce them to the AFC, to the program. Why do you think personal financial education and offering the AFC pathway is so important for college students when entering this field?

Speaker 3: 10:17

<laugh> I think that, uh, personal finance should frankly be required of all students. Well, frankly K through 12 and beyond

Speaker 1: 10:25

Yes.

Speaker 3: 10:25

At an age appropriate level. Yeah. Um, but especially in college, because, uh, these are are young men and women that are gonna go out and, and start their lives. And so when we are offer programming for the AFC designation, through the registered education programs, we are able to show students a way to work with other people, just like themselves, and to help them create strong financial foundations. Not only do we teach them to help others do that, but we help them recognize, okay, I've got student loan debt, okay. I need to establish credit. Okay. I wanna buy a car. How do I navigate those things for myself? And then how do I navigate those things for other people? And one of the thing, you know, we, we often get mixed up throughout our lives, but also very much so in college with comparing ourselves to one another. And well, if I don't do this thing that Johnny over here is doing, or, or that thing that, that Susie over there is doing, I'm not going to be successful. And I think the AFC designation is a way to put that personal relationship first so that we stop looking at what other people are doing and saying, I'm gonna connect with people. It is absolutely a way to help people with money. But if you don't want to do investing, you don't have to, there is a way that you can help people without complex financial calculations, help people with their money and help people move forward and help people get to a point that they're ready to do that. And then you can create a warm handoff. And so you're networking. And then Susie and Johnny become colleagues that you can work with on a continuum from beginning to end of life, uh, with all the pieces in between. And I think that showing students that there is a pathway that focuses on the foundation is absolutely imperative because just like we need teachers, we need accredited financial counselors. We have to have people out there willing to talk about the basics, the foundational pieces in order to get people prepared to move on to the

Speaker 1: 12:32

Next step. I couldn't agree more. And I think what is really neat about a lot of our registered education programs is they are also CFP providers as well. And I think even if you want to go on and you know, investing in working as a financial planner is your goal. There is so much value in taking the AFC education and earning the designation. It gives you something that sets you apart from other planners. It allows you to, you know, identify behavioral issues that people are having with money. And I just think having a designation behind your name as you're going on to wherever your next step takes you,

Speaker 3: 13:12

The thing I really like about the AFC, okay. Number one, you don't, you, you can have it before you graduate from college. So that can, that can sharpen some of your tools in terms of going out and then having a skill set. But if you come by in the AFC with the CFP, listen, that was not my path. That's okay. But combining the AFC with the CFP makes you a more holistic professional together. And if you wanna be a certified financial planner, good on you, we need strong certified financial planners. We need strong, accredited financial counselors, and we really need those partnerships. We need people that carry both designations that that can, and sometimes do work in both worlds for not just for the networking, but for the seamless transfer. When I am done helping you create that strong financial foundation, or my students are done doing that, and you're ready to, to go on and grow wealth and, and, and increase and look to a wealth management, let's have that partnership and, and warm hand you off. Or if you have both designations, maybe you can fill both roles. I think there's a lot of opportunity that is often overlooked. Uh, but this is really about meeting people wherever they're at on the financial continuum. And that's, I don't know how to balance a checking account. I don't know how to build credit all the way through the advanced calculations of, you know, how do I plan for the inheritance that I wanna leave and how do I in invest in a way that's going to grow the money. And there's all this room in between those, the AFC has a strong, significant part of that and can partner very easily with people that have other designations that do more technical work to help people be financially successful. And we all define financial success a little bit differently. Again, going back to that comparison of Johnny and, and Susie, I don't know, I don't wanna be where Johnny is. I don't wanna be where Susie is. I need to be okay with where I'm at. And I think accredited financial counselors help people identify, okay, I am, or I, I'm not happy where I am, but this is where I want to go. And then when they do get there, they have more confidence. Okay, I've worked with a financial counselor. Absolutely. I'm feeling good. I can, I'm happy where I'm at. And it tends to, in my opinion, decrease some of the comparison that we do and, and help us, uh, be comfortable with our own financial realities or identify what we wanna change with our financial realities.

Speaker 1: 15:38

I love that. I think, you know, especially it helps you identify what are your goals, what are your needs? And it doesn't look the same as it does for Jane or Sally or whoever examples you just gave. You know, it's really unique to the individual. And I, I think that's great. The other thing I think, you know, working as an AFC, we talked a little bit about, you know, that sort of partnership and referring to CFPs, but AFCs are really on the ground working with all types of communities. And I think it's really an important conduit to ensuring that all people have access to this type of education and access to live a financially stable, strong lifestyle.

Speaker 3: 16:20

Your income level should not be a tool for which you're discriminated against in terms of receiving qualified, professional, trustworthy, financial help, and guidance and accredited financial counselors work throughout, you know, whether they are sole practitioners out, hanging out their own shingle and, and doing that, or they're working for a nonprofit or they're working for a bank or a credit union, or they work in extension, or they work in academia. There are so many opportunities to meet people where they are however much debt, however much income and help them make progress forward that works for them and their values and their goals, cuz it's about the person first and the money as a tool. And I think accredited financial counselors really capitalize on that because we are talking about the, those financial foundations and you can't build a strong financial foundation. If you don't put the person first,

Speaker 1: 17:21

A lot of your research that you did back in your academic days was around working with incarcerated populations. I'm curious if you could touch a little bit on that in terms of your work with underserved communities.

Speaker 3: 17:33

If you had told me when I was a senior in high school, that I would work with incarcerated populations and just be jumping up and down for joy for the opportunity, I would've laughed in your face. Um<laugh> and I was working for a nonprofit in Augusta, Georgia, uh, before my husband retired out of Fort Gordon and they called the nonprofit and they said, Hey, listen, y'all used to do financial education for us here at the transitional center. And this was before my time, but I'm like, yeah, we'll do it. Absolutely. So I went and I just absolutely fell in love. It gave me an opportunity. I felt to pass on knowledge that when we are looking at the incarcerated system as a whole typically involves, uh, men and women who have not achieved, uh, a high school diploma. And I got in there and I felt absolutely, I know what you need to be taught because gosh, darn I'm the financial professional. And I've been doing this for years and years and years. Uh, but it was shortly after that, that I started my PhD program and I wait, I said, wait a second, uh, turns out I need to measure something and find out if I am actually right. And the transitional center superintendent was so supportive and so excited about what I was doing and turns out I was doing a pretty good job cuz they were hearing good things about me and he allowed me to measure and run some data and collect some data and, and run through the stats and, and get some impact out off of that. And that turned into some additional relationships and collecting more data. And I was able to, to do my dissertation on the financial intentions of, of men and women who are getting ready to transition out, what's really, really funny is that Georgia was so very, very supportive. The head of the transitional centers thought that what I was doing was impactful and important and he was very excited about it. And frankly, he bragged about me and I feel so fortunate, uh, for Tommy fountain and, and for Scott at the Augusta transitional center. But I sent when, when you're doing research, you're always trying to find additional ways that you can test because you wanna make sure that you do your test and your retest. So I sent, and I still have this letter by the way, but I sent a request to the Oregon department of corrections and I said, Hey, you know, I'm doing this research in Georgia. I'd like to come and, and do it here and find out what's what in Oregon. And I have a letter from the Oregon department of corrections that literally says we do not see the value in this research. So, and then said something else. And I just laughed and laughed and laughed because not only has my, my research been published, my research has been cited and I've been able to present, not just to a F C, B E, and people and accredited financial counselors and other financial professionals who are interested in working with this population. But my research has always been extremely well received by the criminal justice professionals and academics. So I figure, you know, Oregon's lost George's game and it's a small piece. I'm not saying that I was gonna answer everything, but it's a small piece. And I did add to the field and that is really exciting for me.

Speaker 1: 20:45

You know, I'm not gonna let you get away with your little comment on membership early in the podcast, so we're gonna bring it back. But<laugh> your focus on advocacy and research? You know, I think now that you've served on the board of directors and you've been a staff member and you've, you know, been at AFC for many years. I'm curious if we asked you the same question today, what would you say is the value of being an a F C P member?

Speaker 3: 21:11

The value of being an a F C P member is truly enormous because it not only opens my doors as an AFC to networking and talking to other professionals, giving me access to a free continuing education, the tools that are provided at the symposium and online. If I had known, then what I know now, you know, I, I never would've passed it up because sometimes people don't think about continuing education units until the end of the reporting period. I get that been there, done that, and that, that is an important part, but it really, really is not just the opportunity to attend a, a session that for which I can obtain continuing education, but it's the chat within those features. And then it's continuing that conversation in the connected community or continuing that conversation on Twitter, like I sometimes do with Jerry BKO or continuing that conversation or growing that conversation at symposium. I mean, there are so many neat ways that membership at a F C V connects you with other professionals. Some of them aren't even AFCs, but there are other professionals that, that, that see the benefit to the designation. There's a way for us to come together and talk about what's going on, whether that is academia and Hey, what are you doing in this class? And Hey, how did you, how did you grow your program or, Hey, I've got this, this client, and this is kind of the general problem. What resources would you recommend or, Hey, you know, uh, this is not my area of expertise, but I need a trusted AFC to, to help out, you know, who could help me serve this client best. And membership brings that because it, it, it puts you in a, in a pool of people that are willing to answer questions that are willing to engage and I'm not talking, you know, Hey, send an email. And two weeks later you might get a reply. I'm saying you throw something in a connected community, or you hashtag value of an AFC on Twitter. You're gonna get a response. People are going to notice, people are going to comment and people are going to help you. And to me, that's really what a F C P membership is about. It's, it's about belonging and it's about support. And it's about moving yourself forward personally and professionally.

Speaker 1: 23:30

Yeah. I love that. And we always talk about a F C P E as being a really inclusive community. And I, I think our diversity is what makes us so special. You know, we do set the standard and the field for financial counseling, but membership is where there is a home for everyone. You know, not everyone has to be certified through us, but they understand the mission and the value of helping people with their money to improve their lives. And I think it's where we all come together. So sorry to put you on the spot. CA excellent answer. No,

Speaker 3: 24:02

That's okay. Um, I, I had, I kind of figured, well, I'm gonna, I'm gonna mention it and we'll see, I, I kind of should have known a little bit better, but the thing is, is I remember the first time I had to turn in CEUs and I had to pay for it. And then I'm like, no, I can't afford to pay for it, but it did not even occur to me. Oh, membership would've number one, been more affordable. And number two, if I have membership, then I can go and access all these CEUs that I need at, at no cost. Listen, Rachel, just because I have a PhD does not mean I'm the brightest star in the sky, but<laugh>, I will say that I did have, within my first year of my PhD, I did join a F C P E membership. So I've only been a member for eight years now, but it is definitely, uh, money well spent every single

Speaker 1: 24:49

Year. Well, Kate, you mentioned a little bit too about the symposium and one of the things we always call you at the symposium, I think you are given that maybe your first year is a Twitter queen with fellow AFC, Barb O'Neal. Yep. Um, any advice we just opened symposium registration this week? Any advice on making the most outta the event?

Speaker 3: 25:09

Oh, goodness. Go. If you can go, go if you want a roommate, because you cannot afford a room on your own. That is absolutely. Okay. Stick something out in connected community, reach out to your fellow AFCs and say, Hey, listen, I want to come, but Hey, life's expensive right now, right? I mean, airplane tickets and all of the things, but go, even if you can't attend in person, attend online and engage. And when I say engage, even if you're not big on social media tweet, something, put something on, on a LinkedIn that you found interesting hashtag at value of an AFC or, or tag at a F C P E, or tag a fellow counselor, um, because you're gonna generate conversation. And the more that you can attend, the more questions that you'll have, the more answers that you'll want. And I know that sometimes our heads get filled and we're like, no, no, no I can't anymore. But I promise you, if you attend symposium, you're going to leave, feeling more engaged about what you're doing and how you're doing it. You're gonna leave engaged because you've met people who can be resources for you, who, for whom you can be a resource opportunities to learn more touch on the research a little bit more. If, if you are not in the research world, you can talk with researchers. And sometimes we're a little intense. Yes, but we're not scary. And maybe there's research that we can help you find or, or do with you in order to strengthen what you're doing, because we want to have, AFCs working with research based practices and we wanna take what practitioners are doing and, and confirm it with research and show support for it in research so that other people will learn from it and grow and, and be even stronger professionals. So I gotta say symposium is probably my favorite thing. Um, in, in the entire part of, of being with a F C P E as an AFC. And I'm a little, I gotta tell you, I've been hearing stories Rachel, about what it's gonna be like on the staff side. I'm so used to being, um, just there and being a participant and attending all the things that I gotta say. I'm excited for my new role, but I'm, I think I'm gonna miss my Twitter queen status and I'm gonna have to relinquish it fully to Barb.

Speaker 1: 27:24

<laugh> we may put you in charge of a F C P E tweets that week, just to keep up your game. Please

Speaker 3: 27:30

Do, please do. I will take that. I will love it. Challenge accepted please. Yes.

Speaker 1: 27:35

I love it. All right, Kate, at the end of each interview, we like to ask our guests to share their 2 cents. If you had one piece of advice to leave with our listeners, what would it be?

Speaker 3: 27:46

Embrace who you are, embrace your financial mistakes, share them, speak them out loud and do not hide from them. You are absolutely positively, not alone. And by recognizing it and calling it out, you'll see what you can do differently in the future. What you can do better maybe, and you'll develop a relationship with somebody else, even if it's just tangentially, that will help you be connected and remain connected with other people whom you can serve, uh, as a colleague, as a friend or as a financial professional.

Speaker 1: 28:22

Love it. Thank you so much, Kate, for joining us on the show today, tell us where people can connect with you.

Speaker 3: 28:28

You can connect with me on LinkedIn though. If you ask me for my LinkedIn address and won't be able to tell you, but you can find me on Twitter at Kate. Miltz just my name at Kate Miltz or on TikTok at Dr. M underscore O N E Y. Dr. M money on TikTok. So please do look me up. Check me out. Let me know if you have any questions or if there's anything that I can do to serve you. And then of course you can reach me. K millets a C p.org. Just go to our website, go to about us, click on staff, find my picture. I'm right there. And I'll be happy to help you out.

Speaker 1: 29:05

Thanks, Kate. What a great conversation that was today. If you've missed any of our other conversations, take a moment, go back, download the podcast. Wherever you listen to it. We have lots of great conversations this year and in years past, share it with a friend. We'll see you next time.