Financial Literacy Day on Capitol Hill in DC

I was recently invited to participate in the annual Financial Literacy Day on Capitol Hill and used it as an opportunity to meet with several of our key lawmakers in Washington, DC and to promote my nationwide Financial Literacy Initiative. The event was a great experience and it was also a lot of fun to network with other people who are so passionate about the same cause. Angela was fortunately able to join me on this trip and was a GREAT help as you can see in the photo below!

As consumers, we really need to do more to bring awareness to the need for better financial education at all age and income levels. While I do not think that we should rely on the government for this to happen, I do feel that the only way to counter this epidemic is to integrate such classes into the school system and make them a graduation requirement.

National Financial Literacy Challenge

An initiative recommended by the President’s Advisory Council on Financial Literacy and sponsored by the U.S. Department of the Treasury, the National Financial Literacy Challenge measures the financial literacy of America’s high school students through a 35-question online test. Students will compete by taking the test April 28 through May 16.

Each of the top regional performers in the 2008 National Financial Literacy Challenge will win a $2,500 scholarship for use at the post-secondary institution of their choice. A $1,000 contribution in their name will additionally be given to the school or program that provided their money management education. Each winner and two guests will also enjoy a trip to Washington, D.C. The trip will include an awards banquet on June 17, official recognition at the June 18 meeting of the President’s Advisory Council on Financial Literacy, and special tours and activities.

The Challenge was developed by the U.S. Treasury in consultation with four non-governmental economists and the following education organizations: Jump$tart Coalition for Personal Financial Literacy, Junior Achievement USA, The National Council on Economic Education, and the National Endowment for Financial Education

For Additional Information: http://flc.treas.gov/teacher.aspx

2nd Live TV Appearance on FOX Business

I was invited back to the FOX Business Network to discuss what consumers should do with their economic stimulus checks.

FinancialLiteracyQuiz.com Newspaper Article

The Coloradoan Newspaper just published a feature article focusing on my website, FinancialLiteracyQuiz.com. Click here to read the article online.

Financial Literacy & Education Summit 2008

I just "attended" (virtually) the 2nd Annual "Financial Literacy & Education Summit," which was hosted by the Federal Reserve Bank of Chicago in conjunction with VISA. The opening remarks were provided by Ben Bernanke, the Chairman of the Federal Reserve who replaced Alan Greenspan. There were several great speakers and panelists for the event, and I could have not echoed their comments more as it relates to the need for better financial education in our society.

I think we all agree that there are numerous resources available to consumers (many being free or low cost), but the challenge is bring awareness to this topic (my personal goal), explaining why this type of education is important to them and how it directly relates to their everyday life for many years. The second part is to actually deliver the content to the people who need it, whether that be via the web, text messages, books, seminars, etc.

While individuals ultimately need to accept personal responsibility for their own education, getting the support (i.e. buy-in and not necessarily money) from the school system, employers and parents would be most helpful. Click here to visit the website where a replay of the Summit should be available soon.

Live FOX TV Interview with Neil Cavuto

I was recently a LIVE television guest with Neil Cavuto on the nationally televised FOX Business Channel broadcast from New York City. We talked about the importance of Financial Literacy at all age, income and education levels in an effort to bring better awareness to this nationwide epidemic, and I will likely appear on the show again in the future. Click here to see the interview posted on YouTube or visit the FOX Business Network website.

Q2-2008 – Update & Financial Literacy Newsletter

I hope that this update finds everyone doing well! Greetings from New York City, where I just arrived on Thursday for a variety of media interviews.

Since April is also unofficially "Financial Literacy Month" in the US, I have a lot of exciting news to share with you since my last update back in February. I am continuing strong with my nationwide initiative to bring awareness to the Financial Illiteracy Epidemic, which is ultimately the cause of the daily news headlines relating to the Foreclosure Crisis, Stock Market Meltdown, the Looming Recession, and the like. Studies continue to show that we as Americans are ignorant when it comes to the basic understanding of our own personal finances, and I am working diligently to reverse this trend at ALL age, income and education levels, and not just for the business or financial savvy.

My ultimate goal is for a semester-long Financial Literacy Class, taught by a qualified instructor, to become a high school graduation requirement, just like math, English, science, etc. (unfortunately, only 7 states currently have this type of a program in place). Almost unanimously, parents and business leaders are in favor of this plan, but due to a multitude of excuses, school officials have generally been resistant to making Financial Literacy Classes a priority. Until this happens, it is our responsibility for obtaining our own financial education.

Here is a summary of my current happenings and upcoming activities:

Nationwide Book & Speaking TourIn early January, I began traveling the country for my Nationwide Book & Speaking Tour, and I have already visited over 25 cities for book signings and other related events, with almost 15 more cities left before the tour concludes with my participation at Book Expo America (BEA) in Los Angeles at the end of May. Please check the website Events page to see if I will be coming soon to your area!

I am really enjoying the public speaking part of this project, as I have what I feel is a very powerful presentation on the importance of Financial Literacy (accompanied by some scary statistics!), and it allows me to connect with large groups of people simultaneously. If you are part of an association, professional organization, corporation or school (high school or college) and would like to have me come speak at one of your events, please contact me. For additional information about my speaking services, or to see what other meeting planners and attendees are saying, please visit www.BraunSpeaks.com.

Media Interviews & LIVE Fox TV Appearance
In order to get the word out about the importance of Financial Literacy, I have been conducting numerous radio and TV interviews across the country. Last night, I was a guest on the nationally syndicated "Joey Reynolds Show" which airs in over 80 markets across the country, talking about the importance of Financial Literacy. I was a Live TV guest with Neil Cavuto on the Fox Business Network on April 11, 2008.

Barnes & Noble Stores now Stocking my Book!
I am pleased to announce that the majority of the 700+ Barnes & Noble stores are now stocking The Secrets of Money: A Guide for Everyone on Practical Financial Literacy. So now, no matter where you live in the country, or where you may hear me speak, you can easily get a copy of this new release locally. This is a major accomplishment for me, considering that it is relatively unheard of for both a new and self-published author to get this type of distribution in place so quickly, and I am appreciative for the cooperation of the executives at Barnes & Noble who helped make this a reality. Thank you too for all of your patience and support while this agreement was being put in place.

FinancialLiteracyQuiz.com Releases Quarterly Results
As part of my nationwide initiative, I created FinancialLiteracyQuiz.com, so that visitors could test their own knowledge of this important subject and determine areas needing improvement. This 50-question and multiple-choice online quiz covers topics such as Credit & Banking, Real Estate (Buying, Selling, Leasing & Financing), Car Buying, Insurance, Taxes, Investing for the Future, and simple Estate Planning. While certainly not surprising, sadly the average quiz scores for the 1st quarter of 2008 were just 56.84%, yet a minimum score of 75% is required to "pass." Please click here to take the quiz yourself or click here for the full press release detailing the quarterly quiz results.

Financial Literacy Day on Capitol Hill
I am pleased to have been invited to participate in the upcoming "Financial Literacy Day on Capitol Hill," being held in Washington, DC on Monday, April 28th. Both the public and numerous lawmakers are invited, and I am planning to use my FinancialLiteracyQuiz.com website to bring awareness to the need for better financial education across the country.

Book Awards
I am now an award-winning author! The Secrets of Money: A Guide for Everyone on Practical Financial Literacy recently earned a 3rd place for the EVVY Award in the Business & Finance category, issued by the Colorado Independent Publishers Association (CIPA). The book is also a candidate for the national "Benjamin Franklin Award" which is sponsored by the Publishers Marketing Association (PMA), and winners will be announced at Book Expo America (BEA) in Los Angeles at the end of May.

Financial Literacy Book Camps
I am currently working with some other experts in the field on the development of a Financial Literacy Boot Camp (www.FinancialLiteracyBootCamp.com) which will provide comprehensive and accelerated financial education classes multiple times per year lasting 2-5 days each, and may start as early as this fall. Insofar as the details of this program are still being worked out, we would greatly welcome any input or suggestions on how to make these classes as successful as possible.

Delta Sigma Pi Initiation
As a national business fraternity founded in 1907 with more than 200,000 members, I was humbled when they recently asked me to be one of their honorary initiates for 2008. It was a great experience to participate in the very traditional initiation ceremony at the University of Northern Colorado (UNC), which was attended by the local pledge class, numerous alumni and the associate director who traveled out from the home office in Ohio. I now know the secret handshake and password, but have been sworn to secrecy! I look forward to keeping in touch with my new "brothers" from Delta Sigma Pi across the country!

Summary & Closing
Thank you again to everyone for your ongoing support of my nationwide Financial Literacy Project - I could not do any of this without your help! Please be sure to frequently visit my website and BLOG for timely updates. As always, your feedback and suggestions are welcome. I hope to see you soon at an upcoming Event!

Warmest Regards,

Braun Mincher, Author/Speaker
The Secrets of Money: A Guide for Everyone on Practical Financial Literacy
Available at www.BraunMincher.com and from booksellers nationwide.
(ISBN-13: 978-0-9797003-0-9)

Joey Reynolds Radio Show - New York City

While recently in New York City, I appeared as a guest on the nationally syndicated "Joey Reynolds Show" to talk about the importance of Financial Literacy. Joey is quite an interesting guy, and was the original "shock jock" well before Howard Stern! Click here for information about his radio show and click here for Joey's bio.

FinancialLiteracyQuiz.com Releases 1st Quarter Quiz Results

*** PRESS RELEASE ***

FINANCIAL LITERACY AT A
RECORD LOW DUE TO THE LACK
OF FINANCIAL EDUCATION
Further: Most Consumers Fail Basic Financial Literacy Quiz

FORT COLLINS, CO – [April 7, 2008] – In conjunction with April being Financial Literacy Month, FinancialLiteracyQuiz.com has today released its 1st quarter statistics showing that the average quiz score from thousands of online test takers was just 56.84%, yet a minimum score of 75% is required to “pass.” The majority of consumers nationwide, regardless of age, income or education level, are not able to pass a basic quiz covering such topics as Credit and Banking, Real Estate and Mortgages, Car Buying, Insurance, Taxes, and Investing and Saving for the Future. The online quiz from FinancialLiteracyQuiz.com is comprised of 50 multiple-choice questions, provides an immediate score to visitors with suggested areas of improvement, and is free.

FinancialLiteracyQuiz.com is the creation of Braun Mincher, a successful social entrepreneur and author who is working to bring better awareness to the financial illiteracy epidemic sweeping the nation, and helping consumers at all levels get needed financial education. “Ultimately, the underlying cause of the recent media headlines relating to the Foreclosure Crisis, Stock Market Meltdown, Looming Recession and the like, are directly related to the lack of financial education on the part of us as consumers. If we want to prevent this situation from happening again in the future, we need to make financial education a top priority,” says Mincher.

Some highlights of the results from FinancialLiteracyQuiz.com:

• Only 40% know that their liability for credit card fraud is limited to $50.
• Only 50% know that Property Taxes and Mortgage Interest are tax deductible.
• Only 33% know what “Annual Percentage Rate” (APR) means.
• Only 56% know that the annual interest rate on most Payday Loans is 390%.
• Only 34% know the upper and lower income tax brackets.
• Only 53% know that the long term capital gains rate is 15%.
• Only 32% know what required deductions are taken from their paycheck.
• Only 59% know that the “Rule of 72” is the time required to double your money.
• Only 41% know that most gains on the sale of their personal residence are tax free.
• Only 32% know that a “Roth” type of IRA/401k does not tax the growth (appreciation).
• Only 55% know that the maximum annual 401k contribution is $15,500.
• Only 47% can define “Prime Rate,” and only 38% know what it currently is in the U.S.
• Only 38% know that a “Durable Power of Attorney” allows somebody else to make your healthcare decisions when you are unable.

In summary, the quiz data shows that consumers are not knowledgeable when it comes to everyday financial decisions. Males scored slightly better than females on the quiz with men getting an average score of 58% and women 53%. Those with only a high school education averaged 48%, an undergraduate degree 58%, and a graduate degree 62%. Interestingly, test takers who reported “some college” scored 58%, the same as those with bachelor degrees. Scores noticeably improved with age, either due to better financial education or more life experiences. Those below age 25 averaged 40%, the 26-30 age group 54%, the 31-39 age group 60%, the 40-49 age group 62%, the 50-65 age group 61%, and those over 65 were ironically 65%.

Would you believe that doctors and lawyers make the same financial mistakes as homeless people? According to Mincher, “40% of consumers live beyond their means, half are living paycheck-to-paycheck, and the national savings rate is now a negative number. People are more likely to declare bankruptcy than either graduate from college, file for divorce or get diagnosed with cancer. We need to reverse this trend through better financial education of both adults and students or we face dire consequences in the coming years. Considering the state of the economy along with soaring gas prices, now more than ever, consumers need financial education.”
To further his initiative of better financial education, Mincher is “Challenging” high schools and colleges across the country to make semester-long Practical Financial Literacy Classes a graduation requirement, just like math, English, science, etc. Presently, only 7 states have such a program. Most parents and business leaders are in favor of this initiative, but some in the academic and education communities have pushed back with a multitude of excuses. Not easily taking “no” for an answer, and in the same entrepreneurial fashion that made him a success in business, Mincher is forging ahead with his project, and subject to certain conditions, is not only offering to provide the curriculum, but also offering a textbook for each student at no charge.

# # #

About Braun Mincher: A young and successful entrepreneur who had the ability to "retire" several years ago at the age of 30, Mincher is a self-made multi-millionaire, even though he started with nothing and dropped out of college to grow his first business. He is currently traveling the country to further his passion of better educating ALL consumers, and not just the business or financial savvy, on the topic of Practical Financial Literacy.

Mincher is a recognized expert in the field of personal finance who is frequently interviewed by the national media, and his credentials include being both a licensed real estate broker and a licensed mortgage broker, in addition to previously being named “Entrepreneur of the Year” by Ernst & Young / Inc. Magazine. He is also the award-winning author of The Secrets of Money: A Guide for Everyone on Practical Financial Literacy, which was released in December and is available from booksellers nationwide.

Delta Sigma Pi Professional Business Fraternity

At a traditional and ritualistic ceremony last evening, I was inducted as an honorary initiate into the national Delta Sigma Pi Professional Business Fraternity. It was a humbling honor to be invited to join this great organization which dates back to 1907 and has more than 250 college chapters and more than 200,000 members. Delta Sigma Pi was organized to foster the study of business in universities; to encourage scholarship, social activity and the association of students for their mutual advancement by research and practice; to promote closer affiliation between the commercial world and students of commerce, and to further a higher standard of commercial ethics and culture and the civic and commercial welfare of the community.

I am greatly appreciative to my friend, and now brother, John Hess of the University of Northern Colorado (UNC) and Shanda Gray, Associate Executive Director of Delta Sigma Pi in Oxford, Ohio for bestowing me with this honor. I now know the "secret handshake" and "password" (I could tell you, but then I would have to kill you...). I look forward to connecting frequently with my new "brothers" across the country! Click here for additional information about Delta Sigma Pi.