Victory for Michigan's Children!

Congratulations Personal Finance supporters! Personal Finance Education is now a reality for MI Students!

What a historic time in our State! On Tuesday of this week, Senate Bill 834 passed with 100% support from our Legislators! This bill will allow for school districts to offer a one semester personal finance class to fulfill a math credit. Local districts can decide who will teach the course. What a long fought victory due to the efforts and hard work of a great team. Each of you has served as a support some how over the years and for those efforts I am truly grateful.

On May 6th the MI Jumpstart Coalition will serve a meal once again to Legislators in the State Capitol and begin crafting legislation to require each student in MI to take a personal finance course prior to graduation. This we hope will compliment the current legislation.

With your help, we have come a long way in four years. In October 2007, the State Board of Education voted for personal finance education to be integrated in K-12 courses. Now with this new legislation we are beginning to give more children an opportunity to become financially savvy. The road ahead is not easy, but we will be persistent in helping build a stronger future for our most valued resource – our children. After all it is time.

We are very pleased to even have the State Treasury now as our newest MI Jumpstart member. Together we will strengthen long term self sufficiency in Michigan. Many thanks again for your support. I encourage you to thank your Legislators for voting “Yes”. Many thanks again for helping craft a hopeful future for our children.

Lois Gibbons - President Michigan Jump$tart Coalition

FEFE's September Newsletter

The Family Economics & Financial Education Project has many exciting opportunities it would like to share with you in the September newsletter. To download the newsletter, go to the FEFE Web site at www.fefe.arizona.edu, and click on the September newsletter link.

FEFE Master Teacher Program
« Do you want to become a FEFE Master Teacher? If you have attended a FEFE National Conference in Bozeman, MT or Tucson, AZ, you are eligible to apply! Download an application today at http://www.fefe.arizona.edu/masterTeacher.php and return by December 1, 2008.

Curriculum:
« Learn how the FEFE Master Teachers “Maximize the FEFE Curriculum.” Great resources FEFE has available have been featured!

Lesson plan and content updates:
« Check out hot topics about credit!
« The Values Auction Lesson Plan 1.17.4 has been updated. The directions and rubric for the values auction activity are now more clear and concise. Please be sure to go on the FEFE website http://www.fefe.arizona.edu/curriculum.php?categoryID=22#79 and download the newest version!
« Coming soon: an updated Selecting a Credit Card lesson plan 1.4.1!

Save the Date:
« The 2009 FEFE National Training will be held June 15-18 in Tucson, AZ! The registration packet will be available in December.

Channel One News, FINRA Investor Education Foundation and Consumer Federation of America to Launch National Teen Financial Literacy Project

Check it out! http://www.tradingmarkets.com/.site/news/Stock%20News/1913795/

The National Financial Literacy Challenge

The President's Advisory Council on Financial Literacy is offering their second financial literacy challenge for high school students November 3rd-26th. For more information please visit http://flc.treas.gov:80/index.htm. Be sure to pass this information on to teachers, administrators, and others whom you feel might be interested.

SB 834 Passes!

Great News - SB 834 passed the house on Wednesday, September 24th. The legislation changes the math requirement in the state's high school graduation requirements by adding financial literacy as one of the accepted mathematics courses for the fourth year of the subject. The bill is on to the Senate and then the Governor! Thanks to everyone who has helped make this happen!

Check out Inside Michigan Education

David Dieterle, President of Michigan Council on Economic Education was interviewed for the Inside Michigan Education podcast for this week. Be sure to log onto www.insidemieducation.com and check it out!

NAFCU's 'Reality" Progam Helps Students

NAFCU has recently endorsed a program called CU 4 Reality. This program helps middle and high school aged students understand budgeting and helps them develop financial skills. This program is sponsored by America’s Credit Union Museum.

The program is designed to help students through a curriculum that has them make budgets and allocate their expenses, such as food and clothing and other unexpected possible expenses. It dosen't take long for the students to realize how quickly money can run out. It also helps to teach them how to save more and stretch their funds better.

This comprehensive program not only helps teachers, but it also gives the students a chance to put their skills to work in a CU 4 Reality Fair. The Fair is a fun simulation of spending and budgeting based on career choices and lifestyle decisions.

Get more information on this program by visiting the America’s Credit Union Museum web site at www.acumuseum.org.

Great Article in the Free Press!

There was a great article in the Free Press about financial education. Be sure to pass the word on!

Teach finance know-how in high school.

A load of shifty practices, poor policies and incorrect assumptions by financial businesses precipitated the current crises in real estate and the mortgage industry. But a lot of individuals made bad decisions, too, about how much house they could handle or their prospects for long-term employment and income growth.

Such mistakes are costly. The next generation of home owners should avoid repeating them.
It's to that end that Macomb County state Sen. Michael Switalski is pushing a bill to let Michigan high school students choose a course in "financial literacy" to meet some of their mathematics requirements under the state's new mandatory curriculum.

Switalski's bill moved unanimously through the Senate but sits in the House Education Committee. The Legislature should not let its current session end without sending the measure to Gov. Jennifer Granholm.

This is not about softening the algebra component of the curriculum, but broadening mathematics to offer education in credit, financing, interest, mortgages and debt, all the stuff too many families don't really grasp until they are overwhelmed by some aspect of it.

Young adults could be spared a lot of grief later if they learn responsible money management at an early age, especially how interest works on credit cards. Yes, this could also be learned at home, but a recent national survey found that family finances are rarely discussed among family members.

In another survey, less than half of high school students showed that they understood that a credit card user making only minimum payments each month will ultimately pay more in annual finance charges than the sum of all purchases.

The value of fixed rate mortgages was another weak spot, with only 36% of students understanding how such mortgages protect against inflation.

Government can't dictate how people choose to spend their money. But the state can give students a choice to learn about how to use it wisely.

NEFE HSFPP Trainings to be held in August 2008

MSUE and MCUL are once again holding two one day NEFE High School Financial Planning Program trainings in August. Come and learn about the NEFE HSFPP program and be ready to teach the program prior to school starting in the fall. This free one day training will provide you with the necessary tools to teach the NEFE High School Financial Planning Program curricula to your high school aged students. Training sessions will be held in August in Bay City and Grand Rapids. At the Bay City location only - .5 CEU’s will be offered to teachers by the BAISD.

Trainings will take place:

August 14, 2008
FinancialEdge Credit Union
1199 S Euclid Ave
Bay City, MI 48706
9 am – 3 pm
Registration closes: Friday, August 8, 2008
At this location only - .5CEU’s will be offered by the Bay Arenac Intermediate School District (BAISD)

August 20, 2008
Kent County MSUE
775 Ball Ave, NE
Grand Rapids, MI 49503
9 am – 3 pm
Registration closes: Friday, August 15, 2008
To register:
Please e-mail tobee@anr.msu.edu the following information. A confirmation will be sent to you one week prior to the event. If you have questions, please phone Erica Tobe at 517-355-9655 or email tobee@anr.msu.edu.

Name:
School:
Address:
City, State, Zip:
Phone:
E-mail:
Are you familiar with the curriculum? __Yes __No
Specify the Training Location and Date you will attend:

Mini-Society Economics Training for teachers grades 3-8

The Wayne County Regional Educational Service Agency will be hosting a Mini-Society Economics Training July 29-31st from 9:30am-3:00pm at the University of Michigan: Dearborn. In the sessions, you will create a society and market economy in your own classroom. Students will earn income in classroom currency they have designed, conduct market surveys, create goods and services, even learn how to price and sell them during class Market Days. See how your classroom society faces the same issues that our adult society does. In this course, you will create your own workshop society and participate in many of the same experiences your students will. You will also learn about Michigan's Economic Grade Level Content Expectations. Cost for the session is $50.00 and sb-ceu's: 1.5.

Register at www.resa.net. Click on workshops, search July and scroll down to Social Studies.

This is a great opportunity! Be sure to pass on the information to any teacher you know who would benefit!

Teachers Conferences are coming up!

The Michigan Jumpstart Coalition is gearing up for our next two teachers conferences! The first one will be held on November 19th at Grand Valley State University and the second will be on December 2nd at the Federal Reserve in Detroit. If you're a teacher, make sure you sign up for one of these great conferences, and let your fellow teachers know about them as well!

Senate Bill 0834 Unanimously Passed the Senate

Senate Bill 0834 was unanimously passed by the Michigan State Senate.

http://www.legislature.mi.gov/(S(5nrpdo55fnpklc45sptsguuf))/mileg.aspx?page=getObject&objectName=2007-SB-0834

Regarding the bill, Senator Switakski stated:

"This bill promotes and permits, but does not mandate, that financial literacy be among the options of courses eligible to fulfill the math requirements under the revised curriculum standards. Financial literacy would be both a valuable and a popular course for students. And, Mr. President, just how many math courses can you say that about?

The current level of bankruptcies, foreclosures, and savings rates testify to just how valuable a course it would be. It’s supported by the Department of Education, banks, credit unions, and people who hold the value of financial literacy and fiscal responsibly dear. I hope that all members will support the bill. "

Please join us in thanking Senator Switaksi, and all of our legislators, with their invaluable support in ensuring that all Michigan students get the financial literacy education they deserve.

The Family Economics & Financial Education and the Family & Consumer Science Educators of Michigan are hosting a Four Day Training program August 4th-7th at Higgins Lake. The workshop can accommodate 50 participants. For more information and to register contact Louise Bombyk at lbombyk@power-net.net or (989) 288-2380 - home (989) 277-3826 - cell.

Great Article in the Free Press about Money Smart Week!

On April 21st, the Free Press had a great article about teaching personal finance early. It was great exposure for Money Smart Week and the importance of financial literacy. What can we do to get this message across??

National Financial Literacy Challenge

The newly formed President’s Advisory Council on Financial Literacy has recommended that the U.S. Department of the Treasury challenge U.S.students to learn more about personal finance. Beginning April 28, 2008, high school teachers can register their classes to participate in the 2008 National Financial Literacy Challenge. The Challenge is a voluntary, 35-question test that students can take to earn recognition of theirfinancial knowledge. It will be offered online until May 16, 2008 and there is no fee to participate. The awards are sponsored by the Charles Schwab Foundation (a national Jump$tart partner). Register today at http://FLC.treas.gov/teacher.

If you have any questions about this program, please contact the Treasury Department at FLC@do.treas.gov. (Please note that since this is not a ump$tart program, our staff can only offer limited assistance.) Additionally, a Help Desk and Help Desk phone line are provided to teachers who register, to assist them with any technical questions or difficulties.

A Tale of Two Families

I was standing in a bank lobby the other day and was struck by two conversations I overheard.

The first began with two parents and their little boy who was about five years old. As an advocate of personal finance education I was thrilled to observe the parents patiently showing the child how to fill out a deposit slip. While they stood back a little bit, the boy shyly approached a teller and presented his deposit slip.

After making the deposit, the teller showed him how to read his receipt to make sure his money had been deposited correctly. She then asked him what he planned to do with his money. By this time many eyes in the bank were watching the little boy and all probably expected a typical child's response--a bicycle, a skateboard, perhaps a future car. Not this young saver! He very assuredly explained he wanted to save enough to invest in a mutual fund!

At another counter, a middle-aged woman was asking a teller to check her account balance. Once the parents with the child had left, this woman loudly expressed her opinion: "How ridiculous! Children that age can't understand money."

Standing behind her, I couldn't help jumping into this conversations and saying that young children can and do understand money. I explained I was a teacher and that I often have young adults in a a community college class who are experiencing the negative results of no parental instruction--large debts, poor credit histories, etc. I could see my argument had fallen on deaf ears and finally gave up.

Now it was my turn to approach the teller who had helped the women. The teller very quietly confided to me. The woman regularly visits the bank to get her balance versus calculating it herself. The teller went on to tell me another interesting bit of information. The woman has two sons of her own. One is 22 and the other is 25. Both along with a girlfriend still live with mom. They have never been able to figure out how to be on their own financially.

Wouldn't it be wonderful if all parents were like those teaching the little boy? Unfortunately, this is not the case. Many parents do not have the time or skills to teach their own children. The woman represents a worse case scenario. A parent who does not recognize the importance of financial literacy. She and her children are certainly experiencing the consquences.

19 Year old wishes she learned more in school

The article below about a 19 year old Plymouth resident who wishes she learned more about money management in school demonstrates the need for financial education. You can also read part two at tangentlife.com

Jasmine Millwood: Lessons Learned about the Cost of Living … Part I
Written by Deb Madonna
Thursday, 10 January 2008

I cleaned out my car yesterday and my uncle happened to notice several empty Starbucks cups and high-amount receipts from Target. I continue to vacuum and such when he shakes his head and walks inside.

In confusion I say, "What was that about?" He says, "Yes you seem like a really broke college student who eats nothing but ramen noodles," in a low voice dripping with sarcasm. I thought to myself, he is right.
What am I going to do when I move out? I should start saving, big time. Because little did I know, the real world is a lot more expensive than I thought.
You always hear the jokes about how parents start saving for their children's college funds when they learn they are pregnant. But in reality, it's much more complex than that. My dear cousin bought me this book for Christmas, "The Young, the Fabulous and the Broke." This is what I should be. Instead I'm wearing the latest fashions from Twelve Oaks and splurging and Max N' Erma's Once a week with my friends. Although I work three jobs, some large percentage of my paychecks should be directly deposited into my savings account for the grueling days of unemployment and never ending study sessions.
You could take a random survey in the high school and ask the students all about credit and checking accounts, interest and APR. You could ask, but probably not receive any answers. Thinking back to my high school years, which weren’t so long ago, I think how my perspective on money and finances was so miniscule and narrow-minded. Obviously, my uncle was the source of most of my monetary needs however I did start working a part-time job at the youngest age possible, fourteen years and nine months old. With a workers permit from my school's counseling office in hand and a big gleaming smile I set off into the crazy world of long hours, that glorious payday and the grueling taxation you can never escape from.
I am thankful for my early working experiences, I learned so many things about the professional world; commitment, responsibility, punctuality and employee expectations. My uncle always made it clear that school was above work, because without school you good work is hard to come by in this world. I started a savings account and adding some of my paycheck every week. I got my first debit card when I turned 16 and became open to a whole different animal. I learned about NSF fees and available balance.
Although I have gratitude towards my past monetary experiences I wish someone would have sat me down at that perfect age where I could begin to comprehend how important good credit is. I wish I could have learned more in depth about interest rates, budgeting and everything else for that matter. I unfortunately learned the hard (and extremely expensive) way.
In my opinion my generation, due to the easy access to pretty much everything, is very impulsive. Too impulsive. We want something, we go get it.
If I could lend advice to my fellow young students and friends about money, I'd give you four pieces of advice.
1) Never, EVER lend anyone money. You might as well wrap it up and put a big bow on it as you give it away, you'll never see it again.
2) Credit cards are for emergencies and essentials only, not splurging. Examples: Gas, oil change, groceries. Not examples: Twelve Oaks shopping spree, Max n Erma’s once a week.
3) Make sure you know what an available balance is: the money that is ACTUALLY in your checking account. Keep a checkbook if you need to!
4) Save, save save. It is the best thing you can do. Keep saving. You can never have too much in your savings account.
College is not cheap, one must realize. To complete my career aspirations, I have about $66,000 more to fork over to my institution of choice for my remaining baccalaureate and the final stretch through dental school. College costs rise more and more each year. This year, average college costs have risen 6.6% than that of last years alone. How's that for some apples?
And don’t forget your studious hard-working pupil needs transportation, car insurance, a cell phone, health insurance. Sit in math class for a minute and crunch those numbers. I don’t know how my uncle does it.

Congratulations on your blog! This can be an effective tool to share information, ideas, upcoming events and other activities designed to help improve the financial literacy of kids in your great state!

As we begin 2008, please remember that April is Financial Literacy Month through the United States so keeping the Michigan Jump$tart Coalition updated on public events and educational programs will be a great way to get the word out with one voice. Given the wobbly condition of our economy right now, financial education is certain to become part of the dialogue as we proceed to the end of this century's first decade.

Daniel Hebert
Northeast Regional Director
Jump$tart Coalition

Michigan Youth Financial Educators Win Awards

Michigan Youth Financial Educators win awards! Below is an article from the Michigan Credit Union League. Check out the video clip to hear more about why helping youth learn to handle finances is "Taking Charge of Michigan's Financial Future!"


MCUL/FIC Youth Achievement Awards Presented (Includes Video)
The Family Involvement Council proudly presented two credit unions with first-place plaques for their involvement with youth. MCUL Public Affairs Director Mike Bridges attended the Metro West Chapter luncheon Dec. 10 and handed out the hardware.
Natalie McLaughlin of Community Financial Members FCU (MW) won the Youth Involvement Award. McLaughlin is the education partnership coordinator at Community Financial and has been instrumental in its student-run branches. She said the credit union began making youth a priority in its operations 16 years ago.
Michael Poulos, president/CEO of Michigan First CU (MW), accepted the Generation Next award. Michigan First CU has 10 student-run branches. Its program began in earnest about seven years ago and Poulos said he hopes to double the number of student-run branches in 2008.
To view a video clip of the presentation and hear from both Poulos and McLaughlin click here: http://support.cu-village.com/MCUL_Email/lt/t_go.php?i=203&e=Mzk5MA==&l=http://www.youtube.com/profile--Q-user--E-MCreditULeague.