This week, Alaskans got word that the Permanent Fund Dividend would be $900, and checks would roll into accounts on Oct. 3. What will become of that windfall? Hawaii vacations? New snow toys? Instant gratification?
Studies show that Americans are woefully unskilled in managing their money. Financial literacy scores for young people continue to decline year over year, even as they face a rough-and-tumble job market and increasing responsibility for their own financial well being.
On the next Hometown Alaska, we’ll talk about money and how it works. Host Kathleen McCoy will be joined by two Alaskans and one comedian—all three engaged in promoting a clear understanding of money, how it works and how to stay out of trouble with it.
Do you have a monthly budget? Do you pay your credit cards off each month? Are you still paying off last year’s Christmas binge-spending? What is a smart debt to carry out of college? And what are the special challenges for new veterans and new college graduates?
Listen in, bring your questions, share your strategies.
“5 things to remember about Financial Literacy”
courtesy of guest Jacque Briskey, CPA
1. Start NOW – there is never a “better” time to attack the problem. Eat that big elephant one bite at a time.
2. Start SMALL – Take baby steps. Make little changes such as taking your lunch each day or making your own coffee instead of stopping at the drive-thru
3. Start LEARNING – Do a budget and know your spending habits. You can’t make good decisions without good information. Read, listen & research how to save.
4. Start THINKING – Think before you purchase. Is it something you need or something you want? No more emotional purchases!
5. Start SAVING – Put a little away every paycheck into a separate bank account, preferably through direct deposit so it never touches your hands. Start to grow your emergency fund.
In the studio
- Rebekah Matrosova, outreach coordinator, Alaska Commission on Post Secondary Education
- Jacque Briskey, Certified Public Accountant, financial literacy outreach
On the phone
- Colin Ryan, college circuit motivational speaker on financial literacy for young people
- Take a financial literacy test yourself (Investor Education Foundation)
- Escaping the cycle of scarcity, NYTimes
- Alaska CPAs promote financial literacy at Bear Paw Festival, July 2013
- A Stand Up Life.com, Colin Ryan financial literacy tools for college students
- 30-step plan to financial wellness, Financial Literacy Month
- Cash Course.org; define your finances, define your future
- Protecting military members from predatory lending, Consumer Financial Protection Bureau
- Money Smarts (5 videos aimed at teens on credit, budgets, loans, college)
- 360 Degrees of Financial Literacy (every age group-teens to retirees)
- Success Centers, Alaska Commission on Post Secondary Education financial aid help
- What advice would Jimmy Wales give to the younger generation? Quora.com
- Report: ‘Financial Capability in the United States, 2012’ (40-page PDF)
- America’s grade for financial literacy? F, CNBC
- Call 550-8433 (Anchorage) or 1-888-353-5752 (statewide) during the live broadcast (2:00 – 3:00pm)
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HOST: Kathleen McCoy
LIVE BROADCAST: Wednesday, September 25, 2013. 2:00 – 3:00 pm (Alaska time)
REPEAT BROADCAST: Wednesday, September 25, 2013. 9:00 – 10:00 pm (Alaska time)