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Fortunately, we can all do something about this -- even if you feel like you need a money-management lesson yourself. The federal government wants your opinion about how to improve financial literacy in America. The Department of the Treasury, in its capacity as Chair of the Financial Literacy and Education Commission, has invited the public to comment on a proposed set of financial education basics known as "core competencies."
Specifically, the government wants your feedback on whether its list of Core Competencies is complete and whether there are portions that should be deleted, revised, or expanded. Here is the Federal Register Notice that explains the proposed Core Competencies and the public comment process in greater detail.
Please do make your voice heard on this matter. It's so easy to do and it will take just a few minutes. Even if you don't know what curriculum-type additions should be made, tell the government what personal finance information you wish you had learned before this economic downturn began.
You must submit your comments on or before September 12, 2010. You can email your comments to:
FLECstrategy@do.treas.gov
Alternatively, you can mail written comments to:
Department of the Treasury
Office of Financial Education and Financial Access
1500 Pennsylvania Avenue NW
Washington DC, 20220
I plan to email my own suggestions because after reviewing the list of Core Competencies, I saw sections about saving, spending, earning and borrowing money, but nothing there about investing or donating money. Those are two areas that should be added. Also, I believe the section on borrowing should be greatly expanded and broken down into specific categories, such as home loans, car loans, student loans, credit cards and so on.
Americans often complain that government doesn't listen or that our tax dollars go to things that we don't support. Well, who can argue with increased financial education and promoting financial literacy? This is a no-brainer on which we can all come together. If we do, hopefully we'll help avoid another financial meltdown like the one we're currently trying to escape.
Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'
Comments: (7)
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By: Kay on 8/28/2010 9:46AM
The real reason so many people went into foreclosure is because they took out loans they could never realistically pay on. Many people lied about their income to get good loan rates or they stupidly took adjustable rates because it was the lowest at the time. http://bit.ly/EasySavingIdeas Shows some great ways on how to educate yourself for saving and budgeting so that you can protect yourself in the future.
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By: rasfanta on 8/28/2010 10:41PM
some, not the majority. The loans these people were given were predatory, sub-prime ARM, a product which never should have been allowed to exist. This goes for some other products wall street created to rip off the masses, like hedge funds, credit default swaps. Why demonize uneducated, trusting borrowers and sympathize with unscrupulous, corrupt, lying, cheating, thief lenders? Wall street is terrible. They privatize the profits and socialize the loss. Do you even understand what I am saying? Based on your comment, I don't think you do.
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By: Mark Hemstreet on 8/28/2010 12:59PM
The "One - Year Mortgage Holiday" 9 Point Stimulus Plan as fully detailed at
www.saveoureconomy.com is the silver bullet solution to solve the current housing, credit, banking, financial crises, that will immediately jump start our economy, create millions of new Jobs, stimulate growth and generate long term economic prosperity through out America! The Mortgage Holiday Plan is the bold, ingenious ultimate "Trickle Up" stimulus plan that will help all home owners, renters and small/medium businesses that will actually work to stabilize the housing market and get America's economic wheel of commerce rolling again, which will also help balance the Federal budget and help start reducing the National Debt, which will strengthen the American dollar.
The Mortgage Holiday is a fair and balanced legitimate stimulus plan, Of, By and For the People, Main Street that empowers We The People, allowing us to have a well deserved one year time out from making our monthly mortgage payment, so that we can decide how best to save, spend & invest our own money. Renters of apartments, office & retail space will also receive a monthly savings and partial rebate in rent.
If you really want to help educate the general public, then read the merits of the "One - Year Mortgage Holiday" 9 Point Stimulus Plan, that is supported by a majority of American's across the country, that actually take the time to simply read the Plan at www.saveoureconomy.com!
Mark
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By: rasfanta on 8/28/2010 11:08PM
Those greedy MFs will never go for this. I feel the tyranny of the credit score should be abolished. Employers should not be able to pull your credit report for a job or apartment rental. We should not have to pay for a credit score-pay for our own financial information - absurd. Fair Isaac is not fair to the american people. If a person/family is forced into forclosure, the banks have to take that loss being unable to block bankruptcty by the former owner. The differene in the money not obtained for the full value of the loan in a short sale should not be considered income. The people have been screwed royally by the financial industry. And, no accountability. Nobody goes to jail except bernie madoff who stole from the rich. If he had stolen from the poor, he probably would not have gone to prison for 150 years. Anyhow, god is not sleep and the people loss their ill-gotten gains. Why do home owners have to pay to insure the banks house? Let the banks provide their own homeowners insurance coverage. When the house is paid off and the bank is no longer the owner, than the true homeowner can pay for insurance. Same with autos owned by the bank. Too much free money given to insurance companies. Why were those great, big SUVs made after our experience with the gas shortage in the 70s? Was it to appease insurance companies who see less risk from accident and injury with a bigger rather than with a small vehicle? Why don't insurance give some money back to the customer if there is no hurricane or other natural disaster every year? The american financial industry is betting against america. They pray for natural disaster to befall america so they can get paid. They are real vultures. Dismantle them.
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By: Jimmie on 8/30/2010 11:31AM
The unfair lending practices throughout America caused the problem. Heavy profits were made by the institutions making the loans.In cities where you have a large immigrant population such as Miami Fla., loans were given out to immigrants like a yard sale. The government gives immigrants job food vouchers,buisness loans, welfair, medicade and free hospital surgery, drivers licence and voters registration cards. Immigrants are let into politics and the police departments without checking their backgroung in their country.
FannieMae gave out a large number of home loans to Hispanics, come to Miami and you will see Hispanics who have been here only a few years in brand new homes and driving high price automobiles.The abandoning of the American people through high priced loans and lack of jobs and medical care has a lot to do with it.If you do not have a decent paying job in a city where your countrymen are the minority,all the financial planning in the world will not help you. I do not hate the Hispanics in Miami, they hate me for being a Black American, and they are not going to allow me to get ahead over their own. I charge the US government with causing this financial inbalance through allowing too many immigrants into this country with so few job opertunities to the prople that are born American citizens. Do a survey on the job market in Miami and you will see what I am talking about. I have never seen any news article talking about this problem, because the immigrants control the very government and media that has displaced millions of American workers, and now are blaming us for financial mismanagement, and the problems of the failed economy. By not giving Black American a chance through discrimination, you have slowed the growth of new ideas and enventions created in this country. American Blacks are very crucial in the high tech and invention market, look at the past achievements of Blacks in America, and how it made America the number 1 industrial nation in the world. Now the face of America has different flags flying , and roads and buildings named after foreign leaders and countries. A financial bailout of a minimum $20,000 to the average American homeowner will stimulate the growth of this country, and the stopping of discrimination in cities where American born citizens live ,where they are the minority.The Hispanis in Miami are the majority population but they are using up all the resourses dedicated to minorities.We found a way to give billions of dollars to Haiti and other foreign nations without payback, find a way to give billions to the Ametican born citizens that are trapped in financial debt. If you bailout the American people and bring home the jobs that has made china an economic power, you will see this country rebound. It takes money to make money. I would rather pay high prices for American made goods, knowing I have a job that can afford me and my family to do so.
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By: rasfanta on 9/02/2010 9:21PM
Many good points made. Americans of all races, need to rise up and demand to get what immigrants receive. Immigrants are not suppose to get what americans cannot get. Everything you say is true and this BS globalization is responsible for this. These corporations use the resources of america to pay for their expeditions abroad, their cheap labor abroad and the looking out for jews abroad at the expense of american people. I blame teddy kennedy and the 1964 immigration act for our problems with immigration. 1964 was not the time to open the doors of this country to the world. We were in the midst of our own civil issues. This country changed after that immigration act. It changed for the worst, not for the better.
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By: WILLIAM on 9/03/2010 1:54AM
just give each tax payer one million dollors.that will save this country more jobs more small buissnes.ect.the goverment gives alot more money then this would cost. invest in us the americans not other countrys.
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