|Volume 7, Issue 1, 2007||Federal Reserve Bank of Dallas|
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Dallas Fed Updates Building Wealth
The latest buzz in the Dallas Fed's Community Affairs Department is the release of a revised and expanded edition of the Bank's hallmark personal finance education resource, Building Wealth, and the new interactive Building Wealth CD-ROM.
An introductory guide to wealth-building strategies, Building Wealth: A Beginner's Guide to Securing Your Financial Future was created initially because research indicated that the biggest barriers to buying a home or starting a business were poor credit and lack of savings.
Building Wealth teaches financial basics in a comprehensive, yet uncomplicated, way that appeals to all walks of life. It provides an overview of budgeting, saving, investing, controlling debt and protecting wealth in an easy-to-understand workbook format.
Since its debut in 2000, more than 200,000 copies of Building Wealth have been printed and shipped throughout the country at the request of educators, bankers and community-based organizations. In addition, it is the Bank's single most popular Internet feature, downloaded from the web site hundreds of thousands of times each year.
The publication is used as a resource for consumers, educators, students, nonprofit organizations and credit counselors. It has been accepted by the Texas State Board of Education for use in mandated personal finance education in high school economics classes.
Banks are giving copies of Building Wealth to customers, especially young people, those with credit problems and those who have been denied a loan. They also use it in first-time homebuyers' programs to teach budgeting and help customers see if they can afford the payments. Nonprofit organizations have used the resource to help low- and moderate-income people learn how to budget and save.
Building Wealth has been expanded to include a new chapter, "Protect Your Wealth," that covers the basics on different types of insurance such as property, health, life, disability and long-term care. The revised edition also includes new information on identity theft and credit reports and scores and an expanded resource guide.
In an effort to reach today's consumer, who is used to getting information digitally, the Bank developed an interactive CD-ROM version of Building Wealth. The CD features vignettes with the animated characters in the workbook as they face real-life financial choices. The CD also includes introductions by Federal Reserve Chairman Ben Bernanke and Dallas Fed President Richard Fisher.
Go to http://dallasfed.org/ca/wealth/index.cfm to view the guide, download the program or request a CD-ROM or printed guide.
e-Perspectives, Volume 7, Issue 1, 2007