1. Making Financial Literacy Accessible to youth and other underserved audiences Dr. Ruby Ward, Utah State University Ruby.ward@usu.edu Trent Teegerstrom, University of Arizona

2. Take the math out of the calculation Give people more control They do not need the internet or Excel Put it in terms they understand Make it fun Motivation

3. Teaching Youth Teaching American Indians and others Using the App Outline

4. Get their attention What I want to teach –Credit and savings are tools. –Effects of time and interest rate on savings Saving early gives more time to accumulate interest Higher interest rate makes a difference –Goals are within their reach. To reach goals they need to give something up. Life is about choices –Buying on credit has a cost Teaching Youth

5. What I tell them I am teaching –Let’s make you a millionaire How much would you have to save each month to have $1 million when you are 65? Put it in terms of what they are giving up each month –Hours worked –Sodas from vending machine –Trips to movies with concessions Vary years and interest rate Teaching Youth

6. Take home messages –They can become a millionaire if they choose to –If they have longer to save, they need to save less for retirement –If they have a larger interest rate they need to save less Teaching Youth

7. Teaching about using credit Two examples. –Both make the same amount of money per hour and work the same number of hours –Ask the students to pick something to buy How many hours do they need to work? –Student works and saves –Student buys on a credit If they buy on credit can they afford to have as many things as someone who does not? Teaching Youth

8. Take home messages –Buying on credit costs They will either need to work more hours Or buy less to pay for the cost of credit –Credit can be a tool. To buy house and other things may not be possible without credit Teaching Youth

9. Need to show the effects in ways they understand Then can teach about fixing credit score and budgeting Want them to understand how credit works and what influences a credit rate How can they determine what they can afford Put it more in their control Teaching American Indians

10. Is Your Credit Score Good? ABCD 730 – UP 729 – 680 679 – 630 629 - 600 From Jennifer Kintz, University of Nevada, Reno.

11. 35% PAYMENT HISTORY 30%TOTAL DEBT 15% AGE OF ACCOUNTS 10% NEW CREDIT 10% TYPE OF CREDIT Your Credit Score is Created by These 5 Things From Jennifer Kintz, University of Nevada, Reno.

12. Arizona Used Auto Loans for 48 months (4 years). Interest Rates for Range of Credit Scores From MyFico.com

13. What does that mean for how much you pay? Buying $20,000 truck, financed 48 months (4 years)

14. What does that mean for how much you pay? ($20,000 Truck, 4 yrs.)

15. How many calves do you have to sell? (500 lbs at $2 per cwt) Sell 32% more calves with bad credit.

16. What about the whole loan? (500 lbs at $2 per cwt)

17. Ready in June Will notify you when available In both android and IOS www.DiverseAg.org/Money will have teaching materials and instructionswww.DiverseAg.org/Money Financial App