Managing your money


Credit is neither good nor bad; it’s how you use it that makes the difference. If you’ve taken out a loan to buy something—a car, for example—you were given credit. Credit means you are using someone else’s money to pay for things. In return, you promised to repay the money (the loan) to the person or company that loaned you the money (the creditor or lender). If you buy something on credit, you have debt equal to the amount of money you owe the lender.

   

Don Kelin grew up in Caddo County, Oklahoma and is from the Caddo Nation. A University of Oklahoma football player and Vietnam-era veteran, he considers himself an Indianpreneur—a Native American in the business world. He’s president and CEO of Caddo Office Products, a national commercial office products company.

“I’ve been very fortunate, only having three jobs since college and two of those have been my own business,” he explains. “The discipline I learned in athletics has been important and carried over into other parts of my life.”

“Caddo Office Products is 100 percent Indian-owned and managed,” he continues. “Our management team is made up of four Native Americans and two Hispanics. Our employee breakdown is unusual because we’re 90 percent people of color and women, and the rest Caucasian men. This type of hiring allows each employee to serve as an economic pipeline into their community. We give as much as we can back to the Indian community.”

“We’ve been in business since 1990 and choose to compete against major companies such as Office Max, Office Depot, and Staples. We serve Fortune 1000 companies, the federal government and tribal governments, which include casinos.  How can a small, Native American owned business compete with the major players in the office product industry? Caddo’s business model is very unusual, based on transactions and with a low fixed overhead. The Internet provides 90 percent of the company’s business. We compete on price and technology and out do our competitors with service.”

Kelin believes it’s important for Native American youth to understand finances, whether for their personal life or a future business. “Youth need to have a road map, a direction in which they’re going,” he says. “For my business, I have a road map or a business plan. I look at it every year and change it depending on market conditions and how we are doing. You have to have goals and dreams. I believe our company can become an Indian Office Depot, with Caddo Office Products becoming the fifth largest commercial office dealer in the United States. Having a plan applies to my personal life. I ask myself where I want to be five years from now and update it every year.”

“Understanding the financial world is so important. For example, you may be able to show that your business is making money based on your financial statement but if you can’t collect your receivables then you’re out of business. If you don’t have cash flow then you’re out of business. Banks make decisions based on cash flow, so you must understand its importance. You must also understand the importance of controlled growth for your business. A business can grow too fast and not have enough credit or cash flow to support this growth.”

Kelin adds that, “Native American youth need to understand that it’s OK to be a businessperson, it’s OK to live off the reservation and to be successful as well as living on the reservation and being successful. We need more role models in the business world, to be able to give back to our own communities.

Continuing their education is so important for our youth; this will also help them be an economic pipeline back to our people and help them understand the journey through life. To walk in both worlds with their head held high.”

 
 
Managing Your Money | Saving and Investing | Credit and Debt | Homeownership
Resources | Glossary | Worksheets | Calculators | Acknowledgments | News | Home