Carlos Andrade, Vice President of Government and Union Services at ABOC, joined the America's Work Force Union Podcast to discuss the importance of financial literacy for union apprentices.
Andrade began his career 23 years ago at a large regional bank in Chicago before transitioning to ABOC. He has served as vice president for the past 12 years. His connection to organized labor comes from both parents, who were union members.
Andrade emphasized the importance of apprentices knowing how to budget their income, particularly given the cyclical nature of work in the trades. He encourages apprentices to always have a plan, think long-term and prepare for lean periods.
Andrade also discussed the significance of responsible credit use. He suggested apprentices use credit cards for regular expenses but pay them off promptly. By reframing credit as a tool for financial growth, they avoid the path to overwhelming debt. He also addressed the challenge of saving for the future, especially for young workers who may prioritize immediate gratification.
To learn more about financial literacy programs for union members, visit ABOC's website.
For the full discussion with Andrade, including more detailed advice on budgeting and investing, listen to the complete episode of America's Work Force Union Podcast.