January 2021

Mentors Needed Now More Than Ever!

Are you looking for constructive ways to spend your spare time? Would you like to make a positive impact on a local student’s life? The Young Scholars Liberty Partnerships Program (YSLPP) would like to invite anyone interested in providing academic, social, and cultural enrichment to our young program participants to consider becoming a mentor. The application process is simple:

1. Fill out the enrollment application form

2. Complete an authorization background check

3. Pass a Motor Vehicle Records (MVR) check

4. All applicants must be at least 21 years old and have a valid NYS driver license

Serving as mentors to the amazing young people in the Young Scholars program is among the most rewarding experiences we participate in. For more information, contact Linda Stewart at 315-792-3237 or lbstewart@utica.edu.

The Young Scholars Program

The Young Scholars Liberty Partnerships Program is a multi-year collaborative project between Utica College and the Utica City School District (UCSD) to motivate diverse and talented students to stay in school, earn a New York State Regents Diploma with Advanced Designation, and pursue post-secondary education.

Each year, Young Scholars serves approximately 350 students from grades 7 through 12. UCSD teachers nominate students in sixth grade who show promise, but who may not achieve their full potential due to social and/or economic factors. The finalists are selected by a volunteer panel of professionals from the area.

Chosen students receive year-round academic support including a summer program prepping them for the following school year, college and career exploration, social and emotional support provided by counselors and staff, community service, and enrichment activities. If the student is fortunate enough, they are also paired with a mentor.

The program has been quite successful, as the impressive results show in the YSLPP brochure. More than one hundred YSLPP students have served as summer interns in the local community, and the program’s partnership with Workforce Development has provided hundreds of its students with summer jobs.

Mentorship

An important part of the Young Scholars program is pairing adult mentors with program participants. Mentors are volunteers who serve as positive role models, give students guidance and advice, and provide fun social and cultural enrichment experiences. Many activities are free, so it doesn’t cost a lot, in money or time. In fact, the minimum commitment is only 2-4 hours a month. Some mentors have one student they provide support to, and many mentor multiple students, often participating in activities with several students together. Many mentors have kids of their own, and bring their mentees along during family events.

While mentoring means a very modest commitment of time, mentors can make a tremendous impact on the lives of these promising young people. Mentors say they get more from the experience than the students do, and often form lasting friendships with their mentees. With a small investment in time, mentors make a big difference in the community.

Becoming a Mentor

Although a number of First Source staff and Members have joined with other community members to serve as mentors, the program can use more. The commitment is just one year, though most stay for more. Once you are qualified, the program provides an orientation, and ongoing support to help you get started and continue to provide fulfilling experiences for your mentee.

Why First Source is Invested in the Program

We are very excited to continue to partner with this tremendous program to help fulfill the dreams of our youth here in the Mohawk Valley, as their goals align with our community mission. We provide financial support, fill leadership roles, offer job shadowing and internships to Young Scholars interested in banking and/or financing, donate tools to teach financial literacy in their summer program, team up with Young Scholars for community service, and encourage our staff and Members to volunteer as mentors. 

How Can Your Place of Work Get Involved?

To teach community members more about the program, Young Scholars offers 30-minute “Lunch & Learn” presentations and workshops for any sized group, organization, or business. Simply contact them to schedule a presentation for your workplace or organization. 

Individuals can learn more by contacting Linda Stewart, Mentor Coordinator, by email at lbstewart@utica.edu, or phone at 315-792-3237. Join us in becoming a mentor, and help our students Grow Big Dreams. 

“The positive and empowering effects of being a mentor are immeasurable and I am both thrilled and proud to be part of the YSLPP mentoring experience.” 
- Kim Van Duren, Mentor
 

“Mentoring is something that has changed my life in the most positive way. I always find that mentoring has truly made me have a more profound understanding of today’s youth. I feel that no matter what, both of my mentees know that they have someone with whom to share a laugh or an important conversation. Mentoring is a never-ending gift, a mentoring situation that after graduation will hopefully turn into a lifelong friendship." 
- Dennis Hahn, Mentor

“We text frequently and do as many fun activities as we can together. She attends family functions with me because she truly is my second daughter. Watching her grow is incredible and I know there's much more that Young Scholars is going to see from Areiana in the future.” 
- Alicia Adamczyk, Mentor 

 

Is It Okay To Tap Into My Retirement Funds?

The global health crisis has hit everyone in some way. For many, they experienced tremendous loss of income, some with none at all. While unemployment and added government assistance stimulus checks were helpful to some degree, there are many who are still greatly struggling and weighing all income options, including accessing retirement funds early as a matter of survival.

Tips From Our Friends at Choice Investments

Generally speaking, it is always better to leave your retirement accounts alone and pull funds from non-retirement accounts first. This has to do with many factors including the longevity a retirement account requires to make steady gains and compensate for market losses. Over time, these accounts steadily grow. If money is taken out, the compound rate of return structure changes and there are usually pretty stiff penalty fees and taxes for early withdrawal.

Alternatives To Consider

• If you have an Individual Retirement Account (IRA) and are under the age of 59-1/2, rather than withdraw from your IRA, you may want to consider a personal loan, or home equity line of credit (HELOC). This allows you to borrow against yourself at a lower rate, rather than assume the 10% penalty, and have to pay taxes on the money withdrawn.

• If you are over the age of 59-1/2, you could take a monthly withdrawal from your IRA to make the loan payments. This way you are only taking out a portion each month, which can be more cost effective than withdrawing a larger lump sum.

• If you have a 401k you can always take a loan out against that plan too. Again, this is not ideal, but it is a better alternative than withdrawing a larger lump sum.

• If you have no other choice, then by all means withdraw from your IRA. Money is needed for survival and nothing is more important than your life and health. Just be aware of what you may lose in income overall during the long term.

Invest Smarter

Whether you’re a new or experienced investor, we’re here to help with our investing options. We are more than happy to discuss your personal situation as everyone’s is unique, especially during this stressful time.

Call 315-735-8571 to talk about your options or make an appointment with one of our friendly and knowledgeable representatives today. Simply click on the button below, select “Advisory Services” from the menu and choose “Investment Services.”

¹IRA's are offered through First Source FCU and are federally insured by NCUA.

²Stocks/Stock Funds, other securities, and advisory services are offered through Cadaret, Grant & Co., Inc., a Registered Investment Advisor and Member FINRA/SIPC. These products may also be offered by a First Source "dual employee" who accepts deposits on behalf of the credit union and also sells non-deposit investment products on behalf of Choice Investments LLC through Cadaret, Grant & Co. Choice Investments LLC, Cadaret, Grant & Co., Inc. and First Source are separate entities. You can check the background of these financial professionals through FINRA’s BrokerCheck. First Source Federal Credit Union is not a registered broker dealer and is not affiliated with Choice Investments LLC.

NOT FEDERALLY INSURED    •    MAY LOSE VALUE    •    NO CREDIT UNION OBLIGATIONS    •    NO CREDIT UNION GUARANTEE 

Funds invested through Choice Investments are not federally insured, may lose value, and are of no way obligations of First Source FCU. Involves investment risk and may involve loss of principal. First Source has no guarantees of securities and annuities products offered through Cadaret, Grant & Co., Inc. Financial Professionals associated with this site are registered to conduct securities business and licensed to conduct insurance business in certain states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.