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.
Thursday, January 17, 2008
Wednesday, January 16, 2008
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.
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 $66,000 more to fork over to my institution of choice for my remaining baccalaureate and the final stretch through dental school. College costs rise more and more each year. This year, average college costs have risen 6.6% than that of last years alone. How's that for some apples?
And don’t forget your studious hard-working pupil needs transportation, car insurance, a cell phone, health insurance. Sit in math class for a minute and crunch those numbers. I don’t know how my uncle does it.
Monday, January 7, 2008
Congratulations on your blog! This can be an effective tool to share information, ideas, upcoming events and other activities designed to help improve the financial literacy of kids in your great state!
As we begin 2008, please remember that April is Financial Literacy Month through the United States so keeping the Michigan Jump$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$tart Coalition
As we begin 2008, please remember that April is Financial Literacy Month through the United States so keeping the Michigan Jump$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
Thursday, January 3, 2008
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.
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.
Tuesday, December 18, 2007
Wall Street News You Won't Want to Miss
Look at the wonderful article in yesterday's Wall Street Journal Dec. 17th, on page R1. entitled 12 Ways to Make Your Kids Financially Savvy. How can all of us here in MI get this message out?
Teen Money Magazine
I attended the Jumpstart conference at the Federal Reserve in Detroit and was incredibly impressed with both the presenters and the attendees.
I have an idea and need your help. I would like to start an online and print magazine to help unlock the great potential within teenagers. It will combine the excitement of a teen magazine with the value of a business publication. There is currently nothing of this nature on the market that I am aware of. Publications like the Wall Street Journal or the Economist present excellent information, but they can be difficult for young people to relate to or read. One the other hand, teen publications are fun and exciting, but lack substance. I believe my magazine concept could help bridge the gap between valuable content and entertaining delivery methods.
I would like teenagers to be involved in the creation of the magazine. Eventually, student run news bureaus around the nation and globe could contribute content to this revolutionary publication. Teenagers would acquire valuable skills while working on this project. Content would come from a variety of sources including industry experts, celebrities, educators, and young people. Issues covered would range from the practical and entertaining to in depth coverage of complex topics.
The magazine will serve as a guide to dreaming big and achieving success. I believe America’s youth can attain greatness; they just need a little help and encouragement. In this land of unparalleled opportunity, there is no reason why our youth should be struggling because they have never learned how to excel.
I need your help to make my “dream” a reality. I am looking for your advice and input as financial educators who are working with youth on a regular basis. Please share your stories, thoughts, and advice.
Sincerely,
Brent Courson
4701 Birch Lane
Dexter, MI 48130
734-426-3767 Office
734-426-1169 Home
BrentCourson@chartermi.net
I have an idea and need your help. I would like to start an online and print magazine to help unlock the great potential within teenagers. It will combine the excitement of a teen magazine with the value of a business publication. There is currently nothing of this nature on the market that I am aware of. Publications like the Wall Street Journal or the Economist present excellent information, but they can be difficult for young people to relate to or read. One the other hand, teen publications are fun and exciting, but lack substance. I believe my magazine concept could help bridge the gap between valuable content and entertaining delivery methods.
I would like teenagers to be involved in the creation of the magazine. Eventually, student run news bureaus around the nation and globe could contribute content to this revolutionary publication. Teenagers would acquire valuable skills while working on this project. Content would come from a variety of sources including industry experts, celebrities, educators, and young people. Issues covered would range from the practical and entertaining to in depth coverage of complex topics.
The magazine will serve as a guide to dreaming big and achieving success. I believe America’s youth can attain greatness; they just need a little help and encouragement. In this land of unparalleled opportunity, there is no reason why our youth should be struggling because they have never learned how to excel.
I need your help to make my “dream” a reality. I am looking for your advice and input as financial educators who are working with youth on a regular basis. Please share your stories, thoughts, and advice.
Sincerely,
Brent Courson
4701 Birch Lane
Dexter, MI 48130
734-426-3767 Office
734-426-1169 Home
BrentCourson@chartermi.net
Wednesday, October 24, 2007
Okay here is the latest!
On October 17th Senator Switalski from Roseville, introduced a bill that mentions personal finance. Well, it is a small step in the right direction, but not near enough. No it is not required for each child.
http://www.legislature.mi.gov/documents/2007-2008/billintroduced/Senate/htm/2007-SIB-0834.htm
http://www.legislature.mi.gov/documents/2007-2008/billintroduced/Senate/htm/2007-SIB-0834.htm
Thursday, October 18, 2007
Try out these great tools!
Every stage of life seems to be accompanied by some major financial decisions. Here at the Michigan Jump$tart Coalition we want to equip you and your family with the proper information and tools for those decisions.
Below is a sample of some of the great tools we offer, and you can find the entire list on the right side of this blog and of course, over at our website.
Below is a sample of some of the great tools we offer, and you can find the entire list on the right side of this blog and of course, over at our website.
Wednesday, October 17, 2007
Our Objectives
Objectives Public and Educator Awareness. Increase public and educator awareness of the need to improve the personal financial literacy of Michigan youth.
Business Community. Facilitate business community involvement in the activities and programs of the Michigan Coalition.
Personal Finance Standards. Promote the teaching of personal finance by demonstrating how personal finance topics relate to existing Michigan educational standards and benchmarks.
Teacher Education. Promote teacher education workshops and conferences that increase educator awareness of personal finance content, materials and activities to assist in the teaching/learning process.
Technology. Promote the use of computers by teachers and students in order to gain personal finance knowledge and skills.
Business Community. Facilitate business community involvement in the activities and programs of the Michigan Coalition.
Personal Finance Standards. Promote the teaching of personal finance by demonstrating how personal finance topics relate to existing Michigan educational standards and benchmarks.
Teacher Education. Promote teacher education workshops and conferences that increase educator awareness of personal finance content, materials and activities to assist in the teaching/learning process.
Technology. Promote the use of computers by teachers and students in order to gain personal finance knowledge and skills.
Our Mission, our Vision
Mission 
For more, be sure to visit the rest of our website.
The Michigan Jump$tart Coalition seeks to improve the personal financial literacy of Michigan young people, in partnership with the national Jump$tart Coalition for Personal Financial Literacy.
Vision
The Michigan Jump$tart Coalition envisions a time when all Michigan young people will have access to personal finance education in order to develop the necessary skills to be financially competent upon graduation from high school.Vision
For more, be sure to visit the rest of our website.
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