NEW ULM - The New Ulm Human Rights Commission, with the help of the New Ulm Public Library, is sponsoring a Financial Literacy Program directed toward middle and high school students who are entering the job market or who might be preparing to attend college. It is also directed toward young adults who are thinking of buying a house or beginning to invest, preparing to save for their children's college education or even start planning for retirement.
The program will cover basic information on how to create a budget and it will explain how checking, savings and credit card accounts work and how to read your financial statements. It will cover the meaning of basic financial terms such as interest, compound interest, penalties, available credit, etc. Other topics will include: understanding credit reports and how to build "good" credit, borrowing money, loans, investments, insurances, how taxes work and how those affect your finances.
The featured speaker is Madelia resident Dennis Paul, employed with a financial institution in New Ulm since March 2012. Paul holds a Bachelor of Science degree from the College of Business at Minnesota State University, Mankato, with a focus on estate planning and insurance. His licenses include: Series 7 General Securities, Series 66 Registered Investment Advisor and State and federal regulations and Minnesota life and health insurance licensing.
The speaker will be available for questions after the presentation. Parents of young children are welcomed to attend.
"We use money every day, but most of us do not understand how the economy, the financial world or the banking system works," says Alma Marin of the Human Rights Commission who is promoting the event. "This fact makes us vulnerable. Earlier this year, the Minnesota Department of Human Rights put the spotlight on how predatory lending, payday loans, credit discrimination and other practices take advantage of people who do not know finances. These practices are considered a violation of human rights.
"To understand our rights and demand fairness, we have to have a basic knowledge of finances; especially young people who are entering the adult world without any idea on how to manage their money."