Archive for financial literacy

Several organizations contribute to financial literacy during the 2nd quarter

July 2, 2013 financial literacy, Press Release No comments

PORTLAND, Ore., July 2, 2013—Financial Beginnings, a Portland-based nonprofit that provides free financial education programs, announces grants received during the 2nd quarter of 2013 and a successful fundraising campaign which raised $20,000 in 20 days.

2nd Quarter Grant Awards

$20,000 from the Credit Association of the Pacific Northwest for Financial Beginnings’ Financial Foundations high school and young adult financial education program.

$15,000 from The Standard Charitable Foundation for Financial Beginnings’ Financial Footings elementary financial education program.

$13,400 from Meyer Memorial Trust for technology upgrades to increase volunteer capabilities.

$20,000 in 20 days

Financial Beginnings was faced with the challenge of raising $20,000 in 20 days in order to reach its fundraising goal for the 2012-2013 fiscal year.  Financial Beginnings was able to reach the goal of $20,000 in just 15 days thanks to contributions from volunteers, supporters and sizable contributions from Country Financial- $10,000, HomeStreet Bank- $5,000 and Unitus Community Credit Union- $1,800.

Financial Beginnings offers all of its programs free of charge and relies on the generosity of its supporters to cover program costs.  The $20,000 raised in this most recent campaign will provide 1,111 youth with Financial Beginnings’ financial literacy programs.

About Financial Beginnings

Formed in 2005 and based in Portland, OR, Financial Beginnings is a nonprofit organization that provides free financial education programs throughout the Pacific Northwest.  Financial Beginnings’ largest program educates youth and young adults in the basics of personal finance through visits to schools or community groups.  Financial Beginnings’ courses incorporate all aspects of personal finance to provide individuals the foundation needed to make informed financial decisions. More information is available at www.financialbeginnings.org.

 

Turning the lights on

July 1, 2013 financial literacy, Savings, Uncategorized One comment

Article submitted by volunteer, Susan D’Alessandro

As a 25 year veteran in the financial planning industry, I have seen many sad financial situations mainly due to lack of knowledge on how to manage the family budget.  Once I became aware of the existence of Financial Beginnings, I was very excited to come aboard and be a volunteer. I am pleased to say that after teaching 20 classes, I enjoy teaching the Budget Game the most. This class gets the students engaged quickly and keeps them engaged.

Here are a few tips I use to keep the class moving.  First I pair up the students or put them in a group of three depending on class size.  I also give each pair a job and salary using the options provided in our workbooks. Instead of posting the monthly expenses sheets around the room, I hold up the expenses one by one and have the pair/groups choose one from each selection for their budgets. This helps me control the timing and keeps the students focused.  It also allows me to walk around the room and see if any group is having a problem understanding the exercise. Once the main expenses are chosen, I have them sum up the expenses and see how much is left in their wallets. They usually feel pretty good about this point.  Then I continue to add expenses for utilities, entertainment, vacation, cell phone, health insurance and misc. repairs. Usually by the end there is no money left even for the pairs with the higher salaries paid using a paystubs creator software.

It is at this point that the lights come on in their minds that running a family budget is no easy thing. They begin to make comments about how their parents must have to work really hard to give them what they have. They also see that life is expensive and they get to make choices on how they spend their money.  I know that by volunteering with Financial Beginnings I am the one that has helped turn this light on for them and have helped them start down the path of making smart decision with their money.

Financial Beginnings announces upcoming financial forums

June 2, 2013 financial literacy, Press Release, Uncategorized No comments

PORTLAND, Ore., May 31, 2013—Financial Beginnings, a Portland-based nonprofit that provides free financial education programs, announces the 2013/14 Unraveling the Mysteries of Your Money series.
Unraveling the Mysteries of Your Money is a series of free forums open to the general public. These forums offer expert panelists who field questions and discuss finance topics that are relevant and important in today’s economy. They are organized and hosted by Financial Beginnings in partnership with The Oregonian newspaper and Brent Hunsberger, writer of the It’s Only Money column on personal finance, and who serves as the moderator of the forums. OnPoint Community Credit Union is the title sponsor of the Unraveling the Mysteries of Your Money 2013/14 series.

2013/14 Schedule:
Starting Out Strong: Building a solid financial foundation for your family
Wednesday September 25, 2013 from 6-8pm at Alpenrose

Navigating the Changing World of Healthcare
Tuesday November 5, 2013 from 6-8pm

Never Too Late: Mitigating financial troubles and moving forward
Thursday February 6, 2014 from 6-8pm

Stay Safe, Be Informed: A forum about identity theft, scams and predatory lending
Tuesday April 22, 2014 from 6-8pm

For more information about the Unraveling the Mysteries of Your Money panel series, visit: http://www.FinancialBeginnings.com/Unraveling-the-Mysteries-of-Your-Money/

About Financial Beginnings
Formed in 2005 and based in Portland, OR, Financial Beginnings is a nonprofit organization that provides free financial education programs throughout the Pacific Northwest. Financial Beginnings’ largest program educates youth and young adults in the basics of personal finance through visits to schools or community groups. Financial Beginnings’ courses incorporate all aspects of personal finance to provide individuals the foundation needed to make informed financial decisions. More information is available at www.financialbeginnings.org.

My First Experience Teaching as a Financial Beginnings Volunteer

May 31, 2013 financial literacy No comments

Article submitted by Sarah Stubee

A month ago I was standing in front of a group of students at West Linn High School talking about Budgeting.  I had finished the volunteer orientation a month before, read through the materials and reviewed the power point.  However, I was still pretty nervous to say the least!  It has been a rather long time since I was in high school, so I was not sure what to expect from the students.  What I found out is that teaching a Financial Beginnings course is one of the most rewarding activities I have done in quite some time!

Being in the financial industry and having made my own budgeting mistakes as a youngster, this was a topic I felt passionate about.  I wish someone had showed me how to make a budget when I was this age instead of learning the hard way.  As I shared my own experiences and those of folks I have come in contact with throughout my career, the kids got more and more engaged and excited.

When I asked them for examples of types of income and expenditures, they were ready with lots of creative but applicable answers.  I found the power point easy to follow as well.  The material really teaches itself and allowed me to relax and enjoy engaging with the students.

Once we had finished the basic lesson, I had the kids break up into groups and analyze the budget of a character in a story and then make recommendations of how this character could better manage his finances.  Again they had lots of great suggestions and were completely engaged and excited.  I think they sensed that this was something they could really use in their lives going forward.

I wrapped up the class with some thoughts on my own career, as the kids were interested in what my job entailed.  I thanked them for being my “guinea pigs” as well as their teacher who was extremely accommodating and helpful.

As I drove back to my office, I felt excited and a sense of accomplishment.  I get it now… this is really important!  A lot of kids will not hear these lessons at home, and yet this is some of the most important information that will affect them the rest of their lives.  I am now looking forward to teaching my second and third classes as a local Junior High in just a couple of weeks!

Should I refinance into a 15 year mortgage?

May 23, 2013 financial literacy, Uncategorized No comments

 

 

I recently took on a teaching position at Portland State University teaching what else, but Personal Finance. This new position brings a bit of additional cash into my budget.

When my husband and I purchased our house two years ago we wished that we could have afforded a 15 year mortgage, but it was something we could not work into our budget. We ended up getting a 30 year fixed at 5%. A rate I would have never believed when I bought my first home 13 years ago at a rate of 8.5%.

Since purchasing our home rates have continued to drop and now with the recent influx of cash to our budget we are revisiting our mortgage. We want to see if we can afford to get into a 15 year mortgage.

 

 

 

 

 

 

 

 

Our payments do go up by about $450 per month, which can be covered by the teaching income. But the amount of interest paid on the life of the loan is significant with a savings of about $200,000.

I feel confident that rates are not going to get any lower than they are now, so I think we have to proceed as soon as possible and lock this in!

Financial Beginnings hosts events during Financial Literacy Month and Money Smart Week

April 19, 2013 financial literacy, Uncategorized No comments

PORTLAND, Ore., April 19, 2013—Financial Beginnings, a Portland-based nonprofit that provides free financial education to youth and adults, hosts events during Financial Literacy Month and Money Smart Week, including financial coaching programs.

Proclamations signed by President Obama and Governor Kitzhaber designate April as Financial Literacy Month. Also in April, the Federal Reserve Bank of Chicago organizes Money Smart Week (April 20-27th), a public awareness campaign to help consumers better manage their finances with the use of a second charge business loan.

During the month of April Financial Beginnings’ trained volunteers will educate 1,858 youth and young adults in basic money management. During Money Smart Week, Financial Beginnings will host one of its free public forums, Unraveling the Mysteries of Your Money, and its annual fundraiser, The Game of Life. Details are as follows:
Unraveling the Mysteries of Your Money
A New Beginnings: Retirement and Personal Financial Management
Wednesday April 24, 2013 6:30-8pm at the Tigard Library
Register: http://a-new-beginning.eventbrite.com/
Panelists:
Joyce DeMonnin, Public Outreach Director at AARP
Terry A. Donahe, Certified Financial Planner at Cascade Wealth
Nelson Rutherford, CPA and CFP at Alten, Sakai & Co.
David C. Streicher, Attorney and CPA at Black Helterline LLP

Unraveling the Mysteries of Your Money is a series of free forums open to the general public. They are organized and hosted by Financial Beginnings in partnership with The Oregonian newspaper and Brent Hunsberger, writer of the It’s Only Money column on personal finance, and who serves as the moderator of the forums. OnPoint Community Credit Union is the title sponsor of the Unraveling the Mysteries of Your Money 2012/13 series. More about the series http://financialbeginnings.org/Unraveling-the-Mysteries-of-Your-Money/

The Game of Life
Thursday April 25, 2013 4-7pm at Urban Space in downtown Portland
Tickets just $35: http://gameoflife2013.eventbrite.com/

At this fun and non-traditional fundraising event, guests gather to play games, win great prizes, enjoy delicious food, and learn about Financial Beginnings’ impact. At this year’s event we are also welcoming Brent Hunsberger, Finance Columnist for The Oregonian, who will be presenting about the expanded Unraveling the Mysteries of Your Money forum series. We are pleased to announce that KGW News Channel 8’s Nick Allard will once again serve as event emcee. For more information, you can visit barchart.com.

About Financial Beginnings
Founded in 2005, Financial Beginnings is a Portland-based nonprofit organization that provides free financial education programs throughout the Pacific Northwest. Last year Financial Beginnings’ youth programs, recognized among the top gold companies, reached over 12,000 youth and young adults. Financial Beginnings’ programs incorporate all aspects of personal finance to provide individuals with the foundation needed to make informed financial decisions.  Also you can claim from the Financial Services Compensation  Scheme if you’ve lost money because of poor investment advice about manage funds. You can also making a claim if the product was not suitable for your needs or that of your business. Additionally, they offer valuable insights on how to get cheaper insurance through various strategies and expert guidance. Financial Beginnings also hosts free financial forums to the general public. More information is available at www.financialbeginnings.org.

Meet Financial Beginnings’ Volunteer of the Quarter!

April 2, 2013 financial literacy, Uncategorized No comments

Meet Leah Miller from Beal Bank, Financial Beginnings’ volunteer of the quarter.  Leah contributed an astounding 32 volunteer hours this quarter!  Leah shares below why she is so passionate about being a Financial Beginnings volunteer.

My name is Leah Miller and I work for Beal Bank USA. I have worked with Apps für Trader and have been a banker in this community for going on 14 years and understand the importance on educating as many people as possible on financial responsibility. With the change in our economy over the last handful of years + and potential for a further dissemination of our world’s problems, I believe in Financial Beginnings dream of inspiring our next generation to make smarter decisions when it comes to money.  Money matters, and so do our ways of handling it. I believe in creating a bigger picture to those who would not know otherwise.

I am dedicated and passionate to encourage today’s youth in making smart and responsible financial decisions in their lives. I love teaching all of the subject matters for Financial Beginnings/Operation Hope from everyday banking to risk management and from credit to investing. I grasp that throughout an individuals’ life span, they will have to endure important decision making in one or more of these areas. So, if I can have an impact on any of the students in these teachings and they can apply it usefully, the lessons and material presented have been advantageous, if even to just one.

New Credit Cards

March 19, 2013 financial literacy No comments

Identity theft, by way of credit card fraud, has long been a fear shared by many consumers. Credit cards can easily be used fraudulently if they are simply lost or stolen and now with technology, credit card data is even easier to steal. The use of phishing websites and skimmers has become increasingly common and credit cards offer little or no security to counter these devices.

What if I told you there was a more secure option for credit card payments? What if I told you it has been around for years?

Canada, China, and the majority of Europe have been using them since 2008. Many international travelers may have already experienced the disappointment of having their “standard” credit card rejected by a store or restaurant while abroad.

The new credit card option is called an EMV card, or Europay MasterCard Visa (named after the companies who developed it). These cards have an embedded microchip that add additional levels of security to every transaction. Transaction information is uniquely encoded every time, making it more difficult for skimmers to nab easily duplicated payment data from the cards.

These cards require different processing terminals to take payment information, which is why many people may have their cards rejected in foreign countries that have already adopted EMV cards. Many American companies have already started to offer EMV cards for people who frequently travel internationally but they are not yet offered to normal consumers. Visa and MasterCard are working hard to get the United States to switch and the change is coming, slowly but surely. MasterCard has been making a strong effort to persuade all U.S. ATM makers to upgrade their machines to accept EMV by April, 1st 2013. Most likely the United States will have converted completely to EMV cards and terminals by 2015. So be prepared to see new credit cards coming your way and make sure to take advantage of all the security features they offer.

Financial Beginnings receives $12,000 from Bank of America to fund financial edcuation

March 16, 2013 financial literacy, Press Release No comments

PORTLAND, Ore., March 16, 2013—Financial Beginnings, a Portland-based nonprofit that provides financial education at no cost to children and young adults, recently received a $12,000 grant from the Bank of America Charitable Foundation.  The grant will provide funding for Financial Beginnings’ free financial education programs for low-income students in grades K-12.

“This grant could not come at a more critical time,” says Melody Bell, Financial Beginnings executive director. “We have seen demand for our programs increase dramatically due to the new financial literacy requirements and this grant from Bank of America will help us with that need.”

Financial Beginnings and Bank of America have a long-standing partnership providing financial education to youth throughout Oregon and southwest Washington.  Bank of America has provided a total of $47,000 in funding to Financial Beginnings since 2010. For the last two years, Bank of America has been recognized as Financial Beginnings’ Partner of the Year because of the incredible employee commitment in spreading financial literacy to youth.  During the last program year, Bank of America employees taught 1,546 youth at 23 schools and community groups in Oregon. There are 123 trained Bank of America employees that have spent 190 hours in the classroom.

In addition to grant support and employee volunteer time in the classroom, Bob Cook from Bank of America sits on Financial Beginnings’ Board of Directors.  Cook has been a key player expanding Financial Beginnings’ volunteer base.

“I’m so pleased to be on the board of Financial Beginnings to help them spread the word about the importance of financial education in our community,” said Bob Cook, business banking senior vice president at Bank of America for Oregon and southwest Washington.  “Helping students access the financial education they need is key to ensuring economic stability in the future, and I’m proud that Bank of America supports the great work we do for students and young adults across Oregon and southwest Washington.”

This $12,000 grant is part of $22 million in critical needs grants that Bank of America recently provided to over 1,000 nonprofits across the country—$86,000 of which was awarded to nonprofit organizations in Oregon and southwest Washington. The majority of these grants support nonprofits serving low-income communities that have been disproportionately affected by the economic downturn.  This funding is part of the company’s intensified philanthropic focus on three core issues vital to the economic health of communities: housing, jobs and hunger and represents an important component of Bank of America’s lending, investing and giving activities to help advance local economies.

About Financial Beginnings

Formed in 2005 and based in Portland, OR, Financial Beginnings is a nonprofit organization that provides multi-session courses, free of charge, to students and young adults throughout the Pacific Northwest through visits to their individual schools or community groups.  The courses incorporate all aspects of personal finance to provide individuals the foundation needed to make informed financial decisions. More information is available at www.financialbeginnings.org.

About Bank of America Corporate Social Responsibility

Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Bank of America’s CSR efforts guide how it operates in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients, and employees. The goal is to help create economically vibrant regions and communities through lending, investing, and giving. By partnering with stakeholders, Bank of America creates value that empowers individuals and communities to thrive and contributes to the long-term success of its business. Bank of America has several core areas of focus for CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger, and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at bankofamerica.com/about.

Press Release- Financial Beginnings and Umpqua Bank Launch Elementary Curriculum

February 27, 2013 financial literacy, Press Release No comments

PORTLAND, Ore., February 27, 2013—Financial Beginnings, a Portland-based nonprofit that provides financial education programs, in partnership with Umpqua Bank, an Oregon-based bank, launch a new financial literacy program for elementary school students.

The development of this financial literacy elementary program comes partially in response to the new Social Science Content Standards, which went into effect this school year in Oregon.  These new standards now embed financial literacy education requirements beginning in kindergarten and continuing through high school.

Financial Beginnings is utilizing the new elementary curriculum, named Financial Footings, to supplement their existing financial education programs provided to middle schools and high schools. This new elementary curriculum will complement existing Financial Beginnings programs by providing a continuum of finance education from kindergarten through high school graduation. Research demonstrates that providing this education early and reinforcing it often is the key to increasing overall and lifelong financial literacy.  Umpqua Bank provided Financial Beginnings with a grant to support the development of the curriculum and will be utilizing the Financial Footings program to supplement their Learn to Earn program.

Financial Beginnings launched Financial Footings in January and, to date, 436 students at eight Portland-area schools have completed the program. Financial Beginnings provides all of their programs at no charge to schools and community groups.  Educators are provided with student workbooks and volunteers who present the information to students. For more insights and information, you can also check out the bullion max reviews to gain further understanding of the program’s impact and effectiveness.

Educators interested in this program can find out more, and register at: http://www.financialbeginnings.org/educators/

About Financial Beginnings

Formed in 2005 and based in Portland, OR, Financial Beginnings is a nonprofit organization that provides free financial education programs throughout the Pacific Northwest. Financial Beginnings’ largest program educates youth and young adults in the basics of personal finance, with a particular focus on money management, through visits to schools or community groups. Financial Beginnings’ courses incorporate all aspects of personal finance to provide individuals the foundation needed to make informed financial decisions. More information is available at www.financialbeginnings.org.

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