Financial Education

When it comes to credit scores, it's the details that count. Credit scores are those elusive numbers that for years were secretive figures seen only by lenders deciding whether to approve a consumer's application. Within the past year, the major credit bureaus - Equifax, Experian and TransUnion - have begun offering credit scores to consumers in addition to detailed credit reports that show their credit history. Credit scores assign a number to a person based on the information in the individual's credit report using complex mathematical equations.

Proposed cuts to Baltimore's budget would put the second season of the City Hall vegetable garden, which produced more than a ton of food for the homeless last year, in danger of an early frost. Cuts to the University of Maryland Extension Service in the city would likely eliminate the service altogether, and with it the Master Gardeners Program, which provided most of the labor and expertise during the garden's first year. Bill Vondrasek, chief horticulturist for the City Department of Parks and Recreation, which is in charge of city gardens, said he would still plant a vegetable garden around War Memorial Plaza, "but it probably wouldn't be done as well."

APG Federal Credit Union (APGFCU) celebrated a membership milestone on April 1, when Michael Willis joined the credit union. Willis is the 100,000th person to open an APGFCU account and he received a $100 Visa gift card as a congratulatory award. In 2012, APGFCU membership grew by 4.3 percent over 2011. The credit union is ranked number one in deposit market share among financial institutions in Harford County with deposits of $948 million, (as of Feb. 28, 2013). APGFCU attributes its success to its long-term, loyal members, talented employees and dedicated volunteers.

To Americans drowning in debt, Andris Pukke styled himself as a lifeline to solvency. He first promised loans to people with bad credit when he was barely out of the University of Maryland, College Park in the early 1990s. When consumers paid for loans that didn't come, Pukke encountered the law. Undeterred by a guilty plea to mail fraud, Pukke then pursued credit counseling. He launched AmeriDebt Inc. in Germantown and perfected a new wrinkle in what had been a community-based service - advertising on late-night TV. This time, hundreds of thousands responded.

When Loren Dunton, president of the National Center for Financial Education, travels by air, he doesn't worry about searching for the best airline ticket deal.Mr. Dunton, 76, uses his Continental Airlines Freedom Passport for people 62 and older."My wife and I never could have afforded the amount of travel we have enjoyed without it," says Mr. Dunton.Air-fare discounts for people 62 and older have been around for many years in different forms. But in the past year a number of airlines have crafted new senior discount deals or beefed up their previous plans with new options.

TODAY'S PARENTS recognize the need to teach children fundamentals of savings accounts, stocks, mutual funds and so on," says Financial Planning Perspectives. "It's now as critical as teaching children work and social skills."The Institute of Financial Planners says, "Today's parents know their children must rely more and more on their own investing skills to fund retirement years instead of leaning on Social Security and employee pensions."To teach investments, start with piggy banks and savings accounts.

New positionsPaul Anderson named PENTA Advisory managerPENTA Advisory Services said Paul S. Anderson has joined the Baltimore-based consulting, forensic accounting and bankruptcy services firm as a manager. He will assist with litigation engagements and help expand the firm's practice in fraud investigation and forensic accounting. He was formerly a consultant with Coopers & Lybrand, assigned to its financial advisory services group.Tubbs joins Columbia specialty software firmRouteSmart Technologies chose Keith Tubbs as national HTC account manager.

What's your comfort level with taking financial risk? If you're puzzled about how to honestly respond, you're not alone. Most people find out their comfort level with risk only after the fact - that is, after they've lost money. Then, and only then, do they know how much they can financially and emotionally afford to lose. Tolerance for risk is difficult to accurately gauge because taking risks (at least in the United States) is a socially desirable trait. Ever since our country's founding, entrepreneurial behavior has been highly regarded and amply rewarded.

Financial education program slated for Tuesday in Annapolis A financial education program for seniors is scheduled for 9:30 a.m. Tuesday at Atria Manresa assisted-living community in Annapolis. Larry Prascus and Morris Vickers of Severna Park-based Financial Security Advisors, which specializes in financial services for seniors, will discuss strategies to avoid outliving one's resources and offer advice on protecting assets in the event of catastrophic health problems. Prascus and Vickers are members of the National Society of Certified Senior Advisors.

The thrill of potentially winning big bucks gets people to spend millions of dollars regularly on lottery tickets. Can this same concept excite Marylanders to become better savers? We'll find out. A new law that kicks in next month will allow banks and credit unions here to offer raffles with cash prizes as a way to promote savings. Michigan's credit unions launched a similar campaign a few years ago, and thousands of depositors have managed so far to save tens of millions of dollars.