I was pleasantly shocked to be presenting to a full classroom – for all four sessions – at yesterday’s 16th Annual Summer Workshop for Washington Maintenance and Operations Administrators (WAMOA). With 40-50 people per session, I had the opportunity to talk with nearly every person who attended this year’s gathering in Spokane!
We covered a lot of information: credit, credit reports & scores, the CARD Act of 2009, budgeting & planning for the unexpected and/or retirement and identity theft. The groups were all very engaged, asking great questions and sharing personal stories. Thank you WAMOA members!!!
We LOVE being invited over to the Eastern side of our great state and are happy to tailor our outreach to what your communities want/need. I’m looking forward to making the WAMO gathering an annual event for DFI outreach as well!
Hopefully we’ll see you all next year!
Presentations & Handouts
Presentation - DFI Communications & Financial Education (PDF)
Handout - Budgeting (PDF)
Handout - Identity Theft (PDF)
Handout - Protect Your Credit Score (PDF)
Friday, June 26, 2009
WAMOA members engaged in learning more about credit, budgeting and ID theft
Thursday, June 25, 2009
50+ Educators Attending Washington’s Financial Education & Training Institute
50+ K-12 educators from across the state are at Western Washington University this week to attend the 4 day Financial Education and Training Institute sponsored by the Financial Literacy Public Private Partnership (FLPPP).
The Financial Education and Training Institute will give teachers the tools, training, and some of the confidence they’ll need to teach smart money management skills in the classroom.
Representative Sharon Tomiko Santos, chair of FLPPP, kicked off the training by giving motivational remarks about the importance of teaching financial education in the K-12 classroom. She thanked attendees for their hard work and applauded a number of organizations for their commitment to financial education in Washington State.
DFI on Hand for Day 1 to Teach Saving & Investing Sessions
Linda Jekel, Director of Credit Unions, and I taught 2 sessions on saving and investing. The first session focused on free resources available and what general saving and investing concepts should be taught in K-12 classrooms.
The second session was geared towards 6-12 educators and focused on the free Investor Education 2020 curriculum available from the Investor Protection Trust. We used the curriculum to teach basic saving and investing concepts and gave examples on how attendees can use the curriculum in their classrooms.
Reviews of Institute Overwhelmingly Positive
I had the chance to talk with a number of teachers after our presentation and the buzz and excitement was overwhelming.
A number of teachers stopped me and spoke with excitement about all the great tools and resources they are receiving and how they are excited to put it to work in the classroom.
One teacher even admitted that the training was providing knowledge that will help her better manage her finances at home. Truly, a success!
More about the Institute
The Institute is being sponsored by the Financial Literacy Public Private Partnership, Washington Jump$tart Coalition, and the Office of the Superintendent of Public Instruction.
Dates: June 23-26, 2009
Web Links
Wednesday, June 24, 2009
Washington Programs To Be Mentioned In US House Financial Literacy Hearing
Tomorrow, U.S. Representative Luis V. Gutierrez (D-IL), Chairman of the Subcommittee on Financial Institutions and Consumer Credit, will hold a hearing to discuss how future financial literacy efforts will fit into the newly proposed financial regulatory restructuring plan.
Witnesses will also be asked to address how transparent, consumer friendly products can be implemented by the newly proposed Consumer Financial Protection Agency as well as the role of financial literacy education in this new regulatory body.
Washington Programs And Organizations To Be Mentioned In Written Testimony
Dallas Salisbury from the Employee Benefit Research Institute (EBRI) has included information about some of Washington's financial education programs and organizations in his written testimony.
Here's what he said about Washington.
Washington State is very active in promoting financial literacy throughout the state throughout the year. These efforts are conducted in partnerships.
Some of the organizations involved in these efforts are:
Governor Chris Gregoire
Washington State Department of Financial Institutions
Washington State Department of Retirement Systems
Washington Society of CPAs
Jump$tart Washington
Consumer University
There are many more organizations at the state, local, and national level working to promote financial literacy throughout the state of Washington
View Full Written Testimony (PDF)
Hearing Web Site
Tuesday, June 16, 2009
Washington’s Stock Market Game Winners Know How To Make Money!
OK, let me start by addressing the elephant in the room: Yes, to win big in the Stock Market Game (SMG), students will take huge risks and become familiar with day-trading — something not recommended in any sound financial education curriculum.
These kids get that. They’re not dummies.
They know the difference between investing your own savings, and virtual investments. As they said at the 2008-09 Stock Market Game Awards Ceremony, “You either play the game to see what would happen in a realistic situation — or you play to win.” These kids played to win.
Students begin with $100,000 to invest in the stock market. The goal of the game is to make the most money by the end of the semester. This year’s first place high school team,
“We were down $6,000 from the leader,” he said.
So the
“We were down $50,000 at one point,” Herseth noted.
In the end, the stock market gave them what they needed. They pulled ahead, beating second place team Eastmont Senior High School of East Wenatchee by just $5,801.95.
First place middle school winners, Lighthouse Christian School of Gig Harbor, ended with an even more impressive final portfolio — $159,966.32. And just to show you that age has little to do with being financially savvy — the elementary school winners, Benjamin Franklin Elementary of
Students invested in companies like Apple (knowing a new iPod and iPhone were coming out), Harley Davidson (seeing that “riding weather” was around the corner and gas prices were going up again) and
Using resources at their disposal, like the Web site http://www.hoovers.com/ that offers detailed information about publicly traded companies, others invested in companies like JC Penney (with the best increase of 57% more than initial investment) Disney, Caterpillar and Microsoft.
The teachers I sat with at the awards luncheon, Kimberly Knudson of Woodland Intermediate School and her husband Mark Knudson, agree — you CAN teach students complex concepts AND math in a “hands-on” way by participating in The Stock Market Game Program.
In
Congratulations to this year’s winners!
High School Spring 2009
Teacher: Brian LeTourneau
Students: Michael Herseth, Paul Minkler, Gretchen Helpenstell
Teacher: Jim Schmutzler
Students: Kim Stanger, Tony Fahsholtz
Teacher: Kelven May
Students: Ross Upton, Yangchen Ashi, Nicole Fullerton
High School Fall 2008
Teacher: Kerry Delfino
Students: Kemper Mirick
Teacher: Kerry Delfino
Students: Zac Chambers, Jennelle McCormick, Daniel Sanchez
Teacher: Patty Eckelman
Students: Jordan Evans, Felicia Vasquez, Kelsie Hesseltine
Middle School Spring 2009
Teacher: Bob Werner
Students: Hunter Werner
Teacher: Kimberly Knudson
Students: Virn Warndahl, Zoe Hinsdale, Jacy Thomas, Jon Watts
Teacher: Pam Crenshaw
Students: Curtis Petrina, Ben Hamblin, Devidas Adkins
Elementary School Fall 2008
Teacher: Sonya Turner
Students: Christian Deardorff, Nikolai Scheel, William Collins
Elementary School Spring 2009
Teacher: Neal Manegold
Students: Priya Nakkiran, Richard Zhang, Matthew Canin, Jonah Joughin
Teacher: Neal Manegold
Students: Madeline Hankins, Kevin Nakahara, Haley Howard, Brad Aarnio
Teacher: Jessica Daley
Students: Erika Shing, Jenny Yang
InvestWrite Winner – High School
Jesse Chugani,
Teacher: Kelven May
Monday, June 8, 2009
States That Require Financial Education Instruction
According to the national Jump$tart Coalition:
- 3 states require at least a 1 semester course devoted to personal finance education (Utah, Missouri, and Tennessee)
- 18 states require that personal finance instruction be incorporated into other subject matter area.
The remaining states do not require personal finance instruction but that does not mean personal finance may not be taught electively.
Here In Washington
Here in Washington, financial education instruction is not required. However, there are many schools who offer personal finance as an elective or incorporate discussion into other core subject area.
Washington recently included financial education as part of the Grade Level Expectations (GLE) for grade 7 Social Studies in the Economic Choices component.
The 2009 Legislature passed SHB 1347, which establishes the Financial Education Public-Private Partnership (FEPPP) and replaces the Financial Literacy Public Private Partnership. The partnership has been tasked to communicate financial education standards, review curriculum, identify assessments and outcomes, and more.
For more information about FEPPP, visit http://www.flppp.org/.
Washington Financial Literacy Work Group
In 2008, the Washington Financial Literacy Work Group was formed to report on state funded financial literacy efforts, and what can be done to improve financial literacy in the state. View the Work Group's final report. http://dfi.wa.gov/work-group/
Map Of 50 States Requirements
To find out which states require financial education instruction visit Jump$tart’s States Requirements Page. http://www.jumpstartcoalition.org/state_legislation/index.cfm
Monday, June 1, 2009
Fighting Fraud 101 – Smart Tips For Older Investors
Here’s a free investment fraud pamphlet from FINRA, AARP, and DFI . The pamphlet is geared towards older investors, but is a great resource for any investor.
Why are fraudsters targeting seniors who are nearing or already in retirement? Simple. Fraudsters tend to go to where the money is.
If you are thinking about investing, please do your research first. Research the investment, research common types of fraud, and research the background of the investment professional you are working with.
Fighting Fraud 101 is a great place to start. If you know someone who is thinking about investing, forward this resource to them.
What’s In Fighting Fraud 101?
- Do You Fit The Profile Of A Typical Fraud Victim?
- Common Tactics Fraudsters Use, And How To Spot Them
- How You Can Protect Yourself From Investment Fraud
- Questions To Ask Before You Invest
- How To Check The Background Of An Investment Professional
- What To Do If You Think You Are A Victim
View And Share The Brochure
http://dfi.wa.gov/consumers/pdf/fighting-fraud-101.pdf
More Information
DFI Web Site
FINRA Web Site
AARP Washington Web Site
Friday, May 29, 2009
Loan Modification Scam Warning Signs
We are advising homeowners who are delinquent on their mortgage to be cautious about using the services of someone offering to help them work with their lender to modify the terms of their home loan.
Protect your home and your money by recognizing the warning signs of a loan modification scam and reviewing the tips on how to protect yourself.
Warning Signs Of A Possible Loan Modification Scam
- Company operates out of state
- Company is not licensed with DFI
- Company claims license is not required because attorneys are involved
- Out of state attorneys are not licensed to practice in Washington
- Money is required upfront before any paperwork is reviewed or signed
- Company tells you NOT to contact your lender
- Company requires direct access to your bank account or credit card
Tips On How To Protect Yourself From A Loan Modification Scam
- Work With Licensed Individuals & Companies
Make sure you’re dealing with a licensed individual. Companies and individuals offering loan modification services must be licensed with the Department of Financial Institutions. Verify A License With DFI - If The Company Is Not Licensed In Washington, Check With Their State Regulator
If you do choose to do business with a company from another state, contact the company’s regulatory authority in that state to make sure they are properly licensed, then check with DFI to verify the license status in Washington. - Verify An Attorney’s License
If you're working with an attorney, verify their license with the Washington State Bar Association. - Read & Understand All Documents
Be sure to carefully read and understand any documents you are asked to sign. Do not sign anything you do not understand. - Refuse To Allow Direct Access To Checking Accounts Or Credit Card
Protect your money and refuse to allow direct access to your accounts. - Consider Your Options
You can contact your lender yourself to seek a loan modification. Contact a HUD approved counselor. HUD approved counselors are available to help you obtain a loan modification.
See a list of approved counselors on HUD's Web site.
If your lender is a HUD approved lender, they are required by HUD to work with you to modify your loan. See HUD's Web site for more information or call the number below that pertains to your loan.
FHA: (888) 297-8685
VA: (800) 729-5772
Conventional: (800) 569-4287
