FINANCIAL LITERACY FOR THE 21ST CENTURY

Size: px
Start display at page:

Download "FINANCIAL LITERACY FOR THE 21ST CENTURY"

Transcription

1 APPENDIX F FINANCIAL LITERACY FOR THE 21ST CENTURY Did You Know? Thirty-three percent of high school seniors are in debt. Forty-five percent of college students have an average credit card debt of more than $3,000. Universities lose more students to credit card debt than academic failures. About 17.5% of Americans do not have health insurance. Roughly 6% of Americans earn an annual salary of over $100,000, and many Americans in this income range consider themselves broke. Sources: What do these statistics mean to you? Do you know how to shop for credit? How to establish a checking account? Have you ever thought about what goes into selecting an insurance plan? Do you know how to create a budget? Do you have an idea of how long it will take to build wealth? How can you go about choosing the best investment plan? Do you know if credit cards will financially help or hurt you? Your generation faces more financial choices than ever. You probably have some experience in making financial choices such as what to buy and the best time to buy. You may have already set financial goals for yourself such as saving for a new cell phone or a down payment for a car. You may already be learning to become financially independent. As you proceed down life s highway, you will have many financial choices and challenges. You may receive credit card offers by the age of 18. You might need to pay for your education beyond high school, or you may want to buy a home. You will probably spend more than $2.2 million in your lifetime. Today s student needs financial literacy navigation for life s journey. Financial Literacy for the 21st Century will guide you in exploring financial literacy topics that meet national guidelines created by the National Endowment for Financial Education (NEFE) and the Jump$tart Coalition. These two organizations are dedicated to improving financial literacy. Learning the basics of financial literacy can provide you with a foundation on which to build wealth and make sound financial decisions for a lifetime. Real life and engaging activities allow you to apply workplace and citizenship skills such as problem solving, critical thinking, and technology. These and other skills make up the Framework for 21st Century Learning which supports the initiative to narrow the gap between what you learn in school and what you need to know to succeed beyond the classroom. The following activities are woven into financial, economic, business, and entrepreneurial themes. They will prepare you to compete in a global economy that demands creativity and innovation. Understanding topics such as credit, savings, insurance, investments, take-home pay, taxes, and budgets will provide you with the tools you need to be financially healthy, wealthy, and wise even when you come upon speed bumps. So, get in the driver s seat and take control of your financial future now! F Appendix F Financial Literacy for the 21st Century

2 WATCH YOUR MONEY GROW: THE RULE OF 72 One of the best ways to make money is to let your money work for you! When you place money in a bank, it will typically pay you a percentage of what you have deposited just for opening an account. The percentage you are paid is called interest. Interest grows money especially compound interest. Compound interest is earning interest on interest. In other words, the money earns interest, and then the interest earns interest. The Rule of 72 is an important yet simple way to see the power of compound interest. This formula allows you to calculate how long it will take the original investment to double its value at a given interest rate when left alone in an interest-bearing account. The magical number is 72. When 72 is divided by the interest rate, the answer reflects the number of years it will take to double the money. That is assuming no additional deposits are made. The Rule of 72 illustrates the advantage of saving early. For example, assume Clement earns 8% interest on his money. He would like to know how long it will take him to double his money at this rate of return. The answer would be nine years (interest rate) 5 9 (years to double) However, if Clement chooses to place his money in an account that pays only 3% interest, it will take him 24 years to double his money The Rule of 72 can also be used to determine how long it will take debt to double at a certain interest rate if no payments are made. Of course, payments and late charges usually apply. However, this magical number can allow one to see how quickly debt can double. Assume that Shannon borrows $5,000 from her friend at 6% interest (interest rate) 5 12 (years to double) It would take 12 years for Shannon s debt to double if she did not make any payments. Skills: Problem Solving, Creativity, Communication & Collaboration, Technology Literacy 1. Rachel dreams of starting her own business. She will need a $6,000 investment to get started; however, she has saved only $3,000. The bank pays a 4% interest rate that is compounded annually. How many years will it take for Rachel s money to double? 2. Ideally, Rachel would like to open her business in two years. What percent interest would Rachel need to receive in order to double her money in two years? 3. Apply the Rule of 72 to debt and assume that Rachel s credit card charges 18% interest. If she cannot make her payments and does not incur late fees, how long will it take for Rachel s debt to double? 4. Select a partner. Using the headline Time Is Money, create a short, eye-catching newspaper article. Using media of your choice, explain to a younger audience how this common phrase relates to the Rule of 72. Financial Literacy for the 21st Century Appendix F F-1

3 PLAYING IT SAFE WITH RENTER S INSURANCE Unexpected financial losses can affect your financial future. One way to manage this risk is to buy insurance. Renter s insurance is recommended and sometimes required when renting a home or business location. The building owner may have insurance, but that may only protect the building. The renter s personal belongings may not be protected. A renter should carefully evaluate personal belongings to determine the amount of insurance coverage needed. Renter s insurance should provide liability protection. This protects you if you are sued by someone who might be injured on your property. It covers legal fees from lawsuits. It may also cover medical payments acquired by the injured party. Find out whether your living expenses would be covered should you have to find another place to live or conduct business while damage to your home or business is being repaired. Some insurance policies compensate the policyholder for the interruption in business due to the accident or emergency. The dollar amount reimbursed after a loss depends on the type of coverage. An actual cash value policy pays the amount of the item s current value. It does not consider what you paid for the item originally. For example, a five-year-old computer might be covered at today s value of $175 due to the wear and tear and changes in technology. It would not be covered for the original purchase price of, say, $500. A replacement cost policy pays the amount it would cost to replace the item today. The same computer today might cost $600. Most insurance policies have a deductible. A deductible is the amount that the insured pays out of pocket before the insurance coverage takes over. Skills: Problem Solving, Critical Thinking, Technology Literacy Lauren purchased renter s insurance with the following coverage: $100,000 liability for lawsuits and medical, $20,000 replacement cost for personal property, and a $500 deductible. One night, Lauren left a candle burning, which resulted in a fire that destroyed all of her personal belongings. The original cost of the belongings was $32, How much will the insurance company pay for this claim? 2. How much will Lauren pay to replace her personal property? 3. If Lauren had an actual cash value policy instead of a replacement cost policy, what would be the impact? 4. Many students do not realize they will need renter s insurance while attending college. a. Using Excel, create a list of items you would own in an apartment and their estimated cost (as of today). Using the Auto Sum feature, determine the total value of the items. b. Then, call or use the Internet to research the cost of renter s insurance if you were to obtain a replacement cost policy with $0 deductible. Also, obtain the cost for the policy with a $300 deductible. F-2 Appendix F Financial Literacy for the 21st Century

4 SHOP FOR A CHECKING ACCOUNT A checking account is necessary when managing your money. A checking account is a safe and convenient way to control large sums of cash. It is also a good way to pay your bills. Your canceled checks, which are checks that have been paid, serve as a record of spending. Not all checking accounts are the same, however, even within the same bank. You must shop around and compare features in order to find the checking account that best fits your needs. For example: Where is the nearest location? What is the required minimum deposit to open an account? Does the bank offer online banking? What is the required minimum balance in order to maintain the account? Is there unlimited check writing? Does the bank have interest-bearing accounts? Fees should be carefully reviewed as well. Common fees include charges for ordering checks, ATM (automatic teller machine) withdrawals, monthly service fees, and a fee for insufficient funds should the amount on the check presented for payment exceed the available funds in the account. Skills: Problem Solving, Critical Thinking, Technology Literacy 1. Compare and contrast the following two checking accounts. Based on your findings, which checking account would best fit the needs for a high school student who just started his or her first job? Explain your position. The Almighty Dollar Bank (ADB) Student Value Plus Checking Account requires $500 to open a checking account with no minimum balance requirement. There is a $5 monthly service charge. No ATM fees are charged unless the ATM card is used at a bank other than ADB, in which case a $3 fee is imposed by both ADB and the other bank. The first 200 checks are free. Subsequent check orders cost $17.95 for 200 checks. There is a $35 fee for insufficient funds. Online banking is free for the first three transactions each month. The People Friendly Bank (PFB) Free Student Checking Account has no minimum initial balance, but it charges a $5 fee if the balance falls below $50. This account pays 1% annual interest on balances over $5,000 and has no monthly service charge. There is no charge for ATM withdrawals. Checks cost $12.95 per 200, and there is a $25 fee for insufficient funds. Online banking is free. 2. Explain why a business would open a checking account instead of a savings account to manage cash. 3. Compare and contrast the costs and features of checking accounts from three different banks. Summarize your findings in an Excel spreadsheet. Financial Literacy for the 21st Century Appendix F F-3

5 ROAD MAP TO YOUR FINANCIAL FUTURE A budget is a financial road map used by individuals and companies as a guide for spending and saving so one does not spend more than they earn. Businesses and individuals must occasionally evaluate finances and adjust their budget to achieve financial goals. One of the first steps in creating a budget is to determine the amount of income expected. The second step is to determine the expected expenses. There are two types of expenses to consider: fixed and variable. Fixed expenses are necessary costs such as rent, transportation, insurance, and loan payments. The cost of fixed expenses does not change. A strategy called Pay Yourself First should be included as a fixed expense by setting aside at least 20% of your after-tax income for savings. The costs of variable expenses change from month to month and in many cases can be controlled. Variable expenses include utilities, groceries, recreation, and clothing. Expenses are totaled and then subtracted from your income to determine the difference. A positive number indicates that less is spent than is earned. This leaves a surplus for further investing. However, a negative number indicates that spending exceeds income. This is called a deficit. Skills: Problem Solving, Critical Thinking Bethany has been working full time for one year and frequently finds herself short of cash. Her total income is $39,000; however, her income after taxes is $2,500 per month. She has the following expenses: car payment, $400 per month; auto insurance, $3,000 per year; gas, $50 per week; groceries, $150 per week; clothing, $50 per week; entertainment, $25 per week; utilities, $150 per month; rent, $700 per month; and cell phone, $30 per month. 1. Using the information provided, calculate Bethany s current monthly surplus or deficit. 2. Based on the Pay Yourself First principle, calculate the amount that Bethany should budget for savings. 3. Classify Bethany s expenses as either fixed or variable. 4. Assume that Bethany s hours and pay are reduced. Her after-tax income is now $2,000 per month. Analyze the effect on her budget. Explain. F-4 Appendix F Financial Literacy for the 21st Century

6 USING CREDIT CARDS WISELY As students reach the legal age of 18, most will receive credit card offers. Is it good or bad to have credit? It depends on how credit is used. If a credit card is used primarily as a convenience and the account balance is paid off each month, then credit is being used wisely. Unfortunately, many credit card users only make minimum payments, which is deceptive since it often takes many months or years to pay off the balance. Credit is not free money. It is a loan that allows the user to buy now and pay later. If not paid on time, interest is added based on an annual percentage rate (APR). The APR is often calculated monthly on credit cards. For example, Anthony s credit card has an APR of 18%. Divide 18% by 12 months, and he pays 1.5% per month. Multiply 1.5% by the $1,000 balance of the credit card, and $15 is the added cost. Anthony now owes $1,015. Because interest rates and credit terms differ among credit card issuers, it is wise to shop around. Some card companies offer a low introductory interest rate as bait, but then they increase the rate after a short period of time. The following terms should be considered when selecting a credit card: APR (not just the introductory rate), annual fees (yearly fee just to carry the card), and, in some cases, the security deposit. Remember to read the fine print carefully before signing a credit card application. Many do not realize that a signature on the application makes it a legal contract. The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act, was designed to protect consumers from unreasonable fees and interest rates. This law also requires the fine print to now have a minimum 12-point font for easier reading. Using a credit card wisely involves evaluating each purchase according to one s needs. Purchases made with a credit card should not be impulsive. Excessive use of credit can result in long-term financial problems and a poor credit report. A credit report is much like a high school transcript. It follows a person throughout their lifetime. Credit scores enable others to evaluate a person s creditworthiness. Most people do not realize that a poor credit score can negatively affect their insurance rates and even their employability. Skills: Critical Thinking, Problem Solving, Information Literacy, Media & Technology Literacy 1. a. Using the Internet, research the purpose of the Credit CARD Act. Then determine the benefits of the act for consumers. b. Create a brochure to inform other consumers about the Credit CARD Act. Use publishing software to explain your findings. Be sure to include at least five ways the new law benefits the consumer. 2. a. Go to and review credit card options. Compare the APR, annual fees, and security deposit (if applicable) for five different credit cards. Create a spreadsheet or table to report your findings. b. Type or write a paragraph describing the best option based on your findings. Explain why this is the best option. 3. Using moviemaker or comparable media, create an advertisement for the credit card of your choice based on your research. Be sure to explain your findings. Financial Literacy for the 21st Century Appendix F F-5

7 CHARITABLE CONTRIBUTIONS Americans should be proud of their charitable giving. The average American family donates $2,000 per year. Some small businesses donate as much as 6% of their profits. American families and businesses give more than any other country. Charitable giving, also known as philanthropy, is vital to a civilized society. Finding a charity that will use donations wisely requires research. In an effort to pressure donors, many charities create a false sense of urgency. It is never wise to give money under pressure. That can result in a poor financial choice and adversely affect one s budget. The first step in choosing a charity is to find an issue of personal interest to you. Then, become familiar with the charities that support your cause. Study the charity s finances and see how it spends its donations. At least 75% of donations should go directly to the cause. Be cautious of organizations that spend heavily on administrative expenses, program development, or education. This may indicate much of your donation will go towards advertising, rather than the cause you want to support. Watchdog organizations monitor and report how effectively charities spend their money. The Better Business Bureau, CharityWatch.org, and Charityguide.org are examples of watchdog organizations. Skills: Information Technology, Technology Literacy, Problem Solving, Communication, Creativity & Innovation 1. Assume you are the owner of a small business that sells children s toys. a. Use the Internet (search on children s charities) to find three charities for children that you might support. Explain why you chose these charities. b. Use Excel to create a chart or graph for each charity. The chart should display each charity s use of funds as a percent of expenses. 2. Explain how a small business that is not making a profit can still donate to charity. 3. List at least three ways businesses benefit from their charitable contributions. 4. Select a health-related issue. Use the Internet to search for a charity that supports this issue. Compose a persuasive letter to your school administration explaining why your school should have a fundraiser to support this charity. To support your position, be sure to include at least three reasons why your school should support this charity. F-6 Appendix F Financial Literacy for the 21st Century

8 WAGE GARNISHMENT Employers are required by law to withhold money, called deductions, from employees wages. Examples of deductions are federal income tax, social security taxes, and Medicare taxes. State and local income taxes may also be deducted. In addition, employees may ask their employers to deduct for insurance, savings, meals, union dues, uniforms, and charitable contributions. Some employers may be required by law to deduct wages from an employee for other reasons. Wage garnishment is a process that requires an employer to withhold a portion of an employee s paycheck to pay a court-ordered debt settlement. Common settlements include child support and damages awarded to an individual or business. Generally, the employer sends the garnished amount to the court. The court then pays the employee s creditor. All states permit wage garnishment, but limitations and types of wage garnishment vary by state. Someone considering a loan or credit purchase that they can t afford should think twice. Garnishment may add to financial hardship. Even worse, it will result in one s employer learning that he or she is not very responsible about money. Skills: Critical Thinking, Problem Solving, Communication & Collaboration, Information Literacy, Technology Literacy, Flexibility & Adaptability, Social & Cross-Cultural Skills 1. Explain in writing the purpose of wage garnishment. 2. Explain in writing why wage garnishment is not a voluntary deduction. 3. a. You will be placed in groups of four. Each group will research the types of wage garnishments that are permissible in a given state. Two students from the group will take on the role of the creditor (the person trying to obtain the unpaid debt). The other two students will take on the role of the employee who is having his wages garnished. Allow students time to debate and discuss the issue. b. At the conclusion, ask students to go to an online discussion board and discuss whether they believe that wages should be garnished. Financial Literacy for the 21st Century Appendix F F-7

9 WHAT IS A GOOD RISK? When lenders loan money, they want to make sure the borrower can pay back the loan. While each lender is unique, most will use some variation of the five C s of credit to help determine creditworthiness of individuals and businesses before approving a loan. 1. Character: What is the borrower s general attitude about payment obligations? What is their educational background? 2. Capacity: What is their ability to repay the loan? In addition to their previous payment history, their sources of income and current debt are also considered. 3. Capital: What is the borrower s net worth? Usually, the greater their capital is, the greater their ability to repay. 4. Collateral: What assets are available as payment if the loan is not paid? 5. Conditions: What are current economic conditions? Is their job secure? By determining creditworthiness, the lender may avoid the inability to collect on debt and reduce the amount of uncollectible accounts. Skills: Creativity & Innovation, Communication & Collaboration, Social & Cross-Cultural Skills 1. Assume you are a small business owner. Use desktop publishing software to create your own credit application. Include ten questions that would help you determine creditworthiness. 2. With a partner, create an informational poster to display in your school for other students to learn about the five C s of credit. 3. If you had to pick the top three C s of credit, which three do you think are better predictors of creditworthiness? Explain why. F-8 Appendix F Financial Literacy for the 21st Century

10 LEASE AGREEMENTS At least once a year, every consumer should review their personal financial statements to assess income and spending. Most financial experts recommend that one spend no more than 30% of their net pay on housing. This might be a good time to review your living arrangements. Home ownership comes with tax advantages, privacy, and fewer restrictions. Still, many find renting more appealing. The ability to relocate quickly and the benefit of maintenance-free living are advantages that many people prefer. However, luxuries like pools and clubhouses may cause many to rush into the lease agreement without properly considering their budget. This is not the time to sign quickly. A lease agreement is a legal, binding contract. The tenant is responsible for paying the rent to the property owner as agreed upon in the contract. The lease agreement will contain the name and address of the property, the rent amount, the date rent is due, lease start and end dates, type of notice needed for termination of lease, conditions upon which landlord can enter property, and signatures. It may also contain fees for pets and parking and noise restrictions. A security deposit is typically required. The amount is usually equivalent to one month s rent. This deposit is money paid in advance to the property owner in the event of damage. The renter receives the deposit back at the end of the lease if the property is left in good condition. Skills: Problem Solving, Creativity, Information Literacy, Communication & Collaboration 1. Read the following scenario and describe the recommended action. Be sure to explain why. Also, describe how Brandon could prevent a similar situation from occurring in the future. Brandon s lease just ended, and he moved to another apartment. Several months ago, Brandon allowed his friend Brady to stay with him. Now, Brandon s landlord will not return his $500 security deposit because of damage caused by his friend s dog. The property owner claims that the $500 will partially cover the cost of replacing the soiled carpet in three rooms. Brandon disagrees with the property owner. According to the lease, animals are allowed. Brandon believes that if someone should pay the charges, it should be Brady. 2. If you were the property owner, formulate a list of at least five rules and restrictions that you would place in your lease agreement using the guidelines above. 3. a. Research the Federal Fair Housing Act and Fair Housing Amendments to determine what types of housing discrimination is legal. b. With another student, discuss legal discrimination in housing and whether this is a fair practice. Financial Literacy for the 21st Century Appendix F F-9

11 ADDING UP THE BENEFITS Today, workers change jobs more frequently than ever before. In the past, it was common for an employee to stay with a company for an entire career spanning as much as 30 years. Frequent staff changes are costly to a company. Costs can affect the company s profit. In order to keep these costs under control, companies have become more employee-friendly. Benefits such as sick leave, paid vacation, and health insurance are becoming more flexible. These benefits may help a company keep employees longer. Free day care, wardrobe assistance, and on-site dog parks are examples of generous benefits that companies are offering to lure and keep employees. Some companies may even offer sabbaticals. A sabbatical gives the employee time off from the job to pursue personal interests or just rest. For the thirteenth year, software company SAS was named one of Fortune s 100 Best Companies to Work For. While some companies are reducing benefits, SAS chooses to be different. Founder and CEO, Jim Goodnight, welcomes benefits that might increase productivity or foster creativity. Offering on-site health care and free M&Ms has proven to be a winner. At a company where employees are encouraged to balance their work and personal life, SAS has one of industry s lowest turnover rates, and it is extremely profitable. Skills: Problem Solving, Technology Literacy, Communication & Collaboration, Creativity & Innovation 1. Brainstorm with a partner and list at least ten benefits that would make you a more loyal and productive employee. 2. Research the benefits offered by two companies in your community or closest city. Use the Internet to find information or interview people who work at the two companies. Draw a Venn diagram on a poster to compare and contrast your findings. 3. If you had the option of receiving 20% additional salary or an eight-week paid sabbatical, which would you choose and why? Explain your answer in one or two paragraphs. F-10 Appendix F Financial Literacy for the 21st Century

12 DO NOT LOSE A CHUNK! Many items lose their value over time. Probably the one that you can relate to the most is an automobile. While owning a car can be expensive, with costs for fuel, maintenance, repair, insurance, and interest paid on the loan, the largest cost is depreciation. Did you realize that as soon as you drive your new car off the dealer s lot, it is worth less money than you just paid? Some vehicles depreciate faster, so there are factors to consider when buying a new car in order to minimize your monetary loss. When buying a car, try to look for one that will appeal to a lot of people rather than just your own preferences. This includes: Color: Stay away from trendy, flashy colors. It is more likely that cars with common, neutral exterior colors such as black, white, or silver will remain popular. Supply and Demand: Buy a car that is a little harder to find, and you will not have as much competition at resale time. Safety: Everyone appreciates safety features such as tire pressure warnings, pedestrian friendly bumpers, and rollover sensors. Comfort: Options such as automatic climate control, an auxiliary jack to play music devices, and navigation systems enhance the value of a vehicle. Reputation: Some brands have a reputation for having fewer maintenance issues. This should be considered when determining the overall cost of the vehicle. Fuel Efficiency: Some cars get better gas mileage. This not only helps with resale but in overall vehicle costs as well. Once you own the vehicle, there are factors you should consider to cut down on depreciation. Maintenance records showing regularly scheduled services, low mileage, and cleanliness can help you get the highest price at resale. Skill: Creativity & Innovation, Critical Thinking & Problem Solving, Communication & Collaboration, ICT Literacy 1. a. Shop for a car! Select a make and model. Then use the Internet to research the retail price for the car. Be sure to indicate the options you want such as power seats or a CD changer. b. Go to Kelley Blue Book at Research the value of the same make and model that is three years old with 36,000 miles. Then do the same for one that is five years old with 60,000 miles. Compare the two by changing the mileage to 60,000 for the three-year model and 100,000 for the five-year model. Explain your findings. 2. Use the above instructions and research three other vehicles. Create a table or spreadsheet to display your findings. 3. Assume you are a car salesperson. Your sales commission is based on selling the cars that will depreciate the fastest. Create an advertisement (print or video) highlighting the features of this car. Be sure to include factors of depreciation in your advertisement. (Example: color bright lemon yellow) Financial Literacy for the 21st Century Appendix F F-11

Using Credit to Your Advantage.

Using Credit to Your Advantage. Using Credit to Your Advantage. Topic Overview. The Using Credit To Your Advantage topic will provide participants with all the basic information they need to understand credit what it is and how to make

More information

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the

More information

Your Money Matters! Financial Literacy Teacher Guide. Thanks to TD for helping us bring this resource to schools for free.

Your Money Matters! Financial Literacy Teacher Guide. Thanks to TD for helping us bring this resource to schools for free. Your Money Matters! Financial Literacy Teacher Guide 2 Table of Contents: Introduction...3 Toronto Star epaper...4 Financial Awareness Inventory...5 SPENDING To Spend or Not to Spend Activity...6 I Need

More information

A financial statement captures a person s overall wealth at a specific point in time. In this lesson, students will:

A financial statement captures a person s overall wealth at a specific point in time. In this lesson, students will: PROJECT 3 CASH FLOW AND BALANCE SHEETS INSTRUCTOR OVERVIEW Financial statements are compilations of personal financial data that describe an individual s current financial condition. Financial statements

More information

A financial statement captures a person s overall wealth at a specific point in time. In this lesson, students will:

A financial statement captures a person s overall wealth at a specific point in time. In this lesson, students will: PROJECT 3 CASH FLOW AND BALANC E SHEETS INSTRUCTOR OVERVIEW Financial statements are compilations of personal financial data that describe an individual s current financial condition. Financial statements

More information

Grades 9 12: Standard 1: Earning Income Benchmark Code Benchmark FoolProof Module/Activity. Benchmark Code Benchmark FoolProof Module/Activity

Grades 9 12: Standard 1: Earning Income Benchmark Code Benchmark FoolProof Module/Activity. Benchmark Code Benchmark FoolProof Module/Activity FL-V3-050316 PROPOSED NEXT GENERATION SUNSHINE STATE STANDARDS FOR SOCIAL STUDIES FINANCIAL LITERACY STRAND Grades 9 12: Standard 1: Earning Income SS.912.FL.1.1 Discuss that people choose jobs or careers

More information

National Standards for Personal Finance Education - Jump $tart Correlation to Virtual Business - Personal Finance

National Standards for Personal Finance Education - Jump $tart Correlation to Virtual Business - Personal Finance National s for Personal Finance Education - Jump $tart Correlation to Virtual Business - Personal Finance I. Financial Responsibility & Decision Making II. Income & Careers III. Planning & Money Management

More information

How do I get good credit?

How do I get good credit? Slide 1 Credit The information provided in this e-course is intended for educational purposes only and does not constitute specific advice for you as an individual. When evaluating your particular needs,

More information

Money Management Test - MoneyPower

Money Management Test - MoneyPower Money Management Test - MoneyPower Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A person s debt ratio shows the relationship between debt and net worth.

More information

Understanding Vehicle Financing

Understanding Vehicle Financing Understanding Vehicle Financing Understanding Vehicle Financing With prices averaging more than $31,000 for a new vehicle and $17,000 for a used model from a dealership, you might consider financing or

More information

GET CREDITWISE SM SM

GET CREDITWISE SM SM GET CREDITWISE SM SM Table Of Contents October, 2006 Credit Matters 1 An introduction Establishing Credit 3 Begin building a solid financial base Using Credit Wisely 5 Narrowing your options Monitoring

More information

Jump$tart Coalition for Personal Financial Literacy. Goodheart-Willcox Foundations of Personal Finance 2014 by Sally Campbell and Robert Dansby

Jump$tart Coalition for Personal Financial Literacy. Goodheart-Willcox Foundations of Personal Finance 2014 by Sally Campbell and Robert Dansby Jump$tart Coalition for Personal Financial Literacy correlation of standards with Goodheart-Willcox Foundations of Personal Finance 2014 by Sally Campbell and Robert Dansby This chart correlates the performance

More information

SAVINGS BASICS101 TM %*'9 [[[ EPXEREJGY SVK i

SAVINGS BASICS101 TM %*'9 [[[ EPXEREJGY SVK i SAVINGS BASICS101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

Using Credit to Your Advantage

Using Credit to Your Advantage Hands on Banking Using Credit to Your Advantage Credit Reports, Credit Scores and Dealing with Debt The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the

More information

SM4-1: Credit Card Application (version 1)

SM4-1: Credit Card Application (version 1) SM4-1: Credit Card Application (version 1) SM4-1: Credit Card Application (version 1) pg. 1 of 2 SM4-1: Credit Card Application (version 1) continued SM4-1: Credit Card Application (version 1) pg. 2 of

More information

Standard 6: The student will explain and evaluate the importance of planning for retirement.

Standard 6: The student will explain and evaluate the importance of planning for retirement. TEACHER GUIDE 6.1 RETIREMENT PLANNING PAGE 1 Standard 6: The student will explain and evaluate the importance of planning for retirement. Planning for Your Retirement Priority Academic Student Skills Personal

More information

Lesson 13 Take Control of Debt: Become a Savvy Borrower

Lesson 13 Take Control of Debt: Become a Savvy Borrower Lesson 13 Take Control of Debt: Become a Savvy Borrower Lesson Description After reviewing the difference between term loans and revolving credit, students analyze a fictitious character s use of credit

More information

account statement a record of transactions in an account at a financial institution, usually provided each month

account statement a record of transactions in an account at a financial institution, usually provided each month GLOSSARY GLOSSARY Following are definitions for key words as they are used in the financial life skills resource. They may have different or additional meanings in other contexts. A account an arrangement

More information

Familiarize yourself with laws that authorize and regulate vehicle dealership financing and leasing.

Familiarize yourself with laws that authorize and regulate vehicle dealership financing and leasing. W ith prices averaging more than $28,000 for a new vehicle and $15,000 for a used vehicle, most consumers need financing or leasing to acquire a vehicle. In some cases, buyers use direct lending: they

More information

Understanding Financial Statements. For Your Business

Understanding Financial Statements. For Your Business Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,

More information

Synthesis of Financial Planning

Synthesis of Financial Planning P 7A R T Synthesis of Financial Planning 1. Tools for Financial Planning Budgeting (Chapter 2) Planned Savings (Chapter 3) Tax Planning (Chapter 4) 2. Managing Your Liquidity Bank Services (Chapter 5)

More information

baj01275_app_433-454 02/09/2007 17:10PM Page 433 EPG_Team-C 105:JWQD032:bajapp: APPENDIX PERSONAL FINANCE WORKSHEETS

baj01275_app_433-454 02/09/2007 17:10PM Page 433 EPG_Team-C 105:JWQD032:bajapp: APPENDIX PERSONAL FINANCE WORKSHEETS baj01275_app_433-454 02/09/2007 17:10PM Page 433 EPG_Team-C 105:JWQD032:bajapp: APPENDIX PERSONAL FINANCE WORKSHEETS baj01275_app_433-454 02/09/2007 17:10PM Page 434 EPG_Team-C 105:JWQD032:bajapp: 434

More information

Lesson 2: Savings and Financial Institution Knowledge Making the Most of Your Money

Lesson 2: Savings and Financial Institution Knowledge Making the Most of Your Money Lesson 2: Savings and Financial Institution Knowledge Making the Most of Your Money All the materials and information included in this presentation is provided for educational and illustrative purposes

More information

1 Tools for Financial Planning

1 Tools for Financial Planning PART 1 Tools for Financial Planning Chapter 2 Planning with Personal Financial Statements How to increase net cash flows in the near future How to increase net cash flows in the distant future Chapter

More information

Personal Finance Unit 1 Chapter 3 2007 Glencoe/McGraw-Hill

Personal Finance Unit 1 Chapter 3 2007 Glencoe/McGraw-Hill 0 Chapter 3 Money Management Strategy What You ll Learn Section 3.1 Discuss the relationship between opportunity costs and money management. Explain the benefits of keeping financial records and documents.

More information

Dr. Debra Sherrill Central Piedmont Community College

Dr. Debra Sherrill Central Piedmont Community College Dr. Debra Sherrill Central Piedmont Community College 2 Understand the types of installment loans. Identify ways to pay for college. Know how to purchase a car. 3 I. Introduction to Financial Terms II.

More information

It s Your Paycheck! Glossary of Terms

It s Your Paycheck! Glossary of Terms Annual percentage rate The percentage cost of credit on an annual basis and the total cost of credit to the consumer. APR combines the interest paid over the life of the loan and all fees that are paid

More information

Planning for Your Retirement

Planning for Your Retirement STUDENT MODULE 6.1 RETIREMENT PLANNING PAGE 1 Standard 6: The student will explain and evaluate the importance of planning for retirement. Planning for Your Retirement Lindzi and Lezli will attend retirement

More information

Buying a Car. A Car Means Convenience. Which Car is Right for You?

Buying a Car. A Car Means Convenience. Which Car is Right for You? Buying a Car A Car Means Convenience It s Wednesday morning and you are sleeping soundly, dreaming about that Hawaiian vacation you d like to take. Suddenly you hear, instead of ocean waves, a loud buzz.

More information

Renting vs. Owning a Home

Renting vs. Owning a Home Renting vs. Owning a Home Grade Level 10-12 Take Charge of Your Finances Materials provided by: Cathe Felz, Family and Consumer Sciences Educator, Three Forks High School, Three Forks, Montana Time to

More information

How to Use Your Retirement Funds to Finance Your Small Business with No Taxes or Penalties. How To Use Your Retirement Funds to Finance Your Business

How to Use Your Retirement Funds to Finance Your Small Business with No Taxes or Penalties. How To Use Your Retirement Funds to Finance Your Business How To Use Your Retirement Funds to Finance Your Business By Bill Seagraves, President January 25, 2009 TABLE OF CONTENTS Overview Succeed in Business and Retire Wealthy: It s All About Cash Flow The Rich

More information

Financial Needs Analysis. Frank and Kathy Sample-Accumulator Hartford, Connecticut

Financial Needs Analysis. Frank and Kathy Sample-Accumulator Hartford, Connecticut Financial Needs Analysis Frank and Kathy Sample-Accumulator Hartford, Connecticut PREPARED BY: JANET LERNER, CFP - LERNER, STEVENSON & ASSOC. JUNE 8, 2012 Table of Contents Introduction... 4 Net Worth...

More information

Grade 9-12 Subject Economics & Personal Finance Fourth Nine Weeks Instruction Dates: April 14 June 15

Grade 9-12 Subject Economics & Personal Finance Fourth Nine Weeks Instruction Dates: April 14 June 15 Classroom policies and procedures Curriculum Focus: Virginia Credit Union Smart Start Education Curriculum https://www.vacu.org/education_resources/articles_tips/financial_education_for_kids_teens/resources_for_teachers/smart_start_curriculu

More information

BUILDING YOUR MONEY PYRAMID: FINANCIAL PLANNING CFE 3218V

BUILDING YOUR MONEY PYRAMID: FINANCIAL PLANNING CFE 3218V BUILDING YOUR MONEY PYRAMID: FINANCIAL PLANNING CFE 3218V OPEN CAPTIONED MERIDIAN EDUCATION CORP. 1994 Grade Levels: 10-13+ 14 minutes 1 Instructional Graphic Enclosed DESCRIPTION Most people will earn

More information

Instructor Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum

Instructor Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Loan to Own Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum TABLE OF CONTENTS Page Module Overview 1 Purpose 1 Objectives 1 Time 1 Materials and Equipment Needed to Present

More information

Personal Financial Literacy 2014

Personal Financial Literacy 2014 A Correlation of Table of Contents Standard 1: Income... 3 Standard 2: Money Management... 5 Standard 3: Spending & Credit... 7 Standard 4: Saving & Investing... 11 2 Course Description is a course designed

More information

This Report has been prepared for: John & June

This Report has been prepared for: John & June Trader Makes $4 Billion Wiz Kid Stock & Option Trader Makes $4 Billion Trading Stock Options! Budget Reporting Software Discover Why BudgetPak Provides thebest Financial Reporting & Analysis Input Forms

More information

It lets you pay for expenses you could not afford with cash, such as a college education, a new vehicle, furniture or a home.

It lets you pay for expenses you could not afford with cash, such as a college education, a new vehicle, furniture or a home. USING CREDIT WISELY Credit Is An Important Financial Tool It lets you pay for expenses you could not afford with cash, such as a college education, a new vehicle, furniture or a home.

More information

Personal Finance Standards (Assignment Code #22210)

Personal Finance Standards (Assignment Code #22210) Personal Finance Standards (Assignment Code #22210) Rationale Statement: A citizen that lives within his or her income has more control over his or her life while expanding choices. Having the knowledge

More information

lesson nine cars and loans overheads

lesson nine cars and loans overheads lesson nine cars and loans overheads the cost of owning and operating a motor vehicle ownership (fixed) costs: Depreciation (based on purchase price) Interest on loan (if buying on credit) Insurance Registration

More information

Renting vs. Owning a Home

Renting vs. Owning a Home 1.9.3.L1 Note taking guide Renting vs. Owning a Home Total Points Earned 30 Total Points Possible Percentage Name Date Class Housing is the largest personal expenditure Approximately of a person s income

More information

1Planning Your Financial Future: It Begins Here

1Planning Your Financial Future: It Begins Here This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. 1Planning Your Financial Future: It Begins Here Terms Financial plan Financial goals Needs

More information

Financial Planning. Introduction. Learning Objectives

Financial Planning. Introduction. Learning Objectives Financial Planning Introduction Financial Planning Learning Objectives Lesson 1 Budgeting: How to Live on Your Own and Not Move Home in a Week Prepare a budget and determine disposable income. Identify

More information

Buy or Lease a Car. published by AAA Fair Credit Foundation

Buy or Lease a Car. published by AAA Fair Credit Foundation Buy or Lease a Car published by AAA Fair Credit Foundation Buy or Lease a Car 1. What is Leasing?................................................................. 2 2. The Pros and Cons of Leasing and

More information

Personal Finance Scope and Sequence Unit: Financial Planning

Personal Finance Scope and Sequence Unit: Financial Planning Unit: Financial Planning Your perspective on money affects your behaviors regarding money. Maximizing utility with money requires planning What are my values/needs/wants? What is my perspective on money?

More information

COMMON QUESTIONS ABOUT BANKRUPTCY

COMMON QUESTIONS ABOUT BANKRUPTCY SCUDDER G. STEVENS, P.A. ATTORNEYS AT LAW A PROFESSIONAL ASSOCIATION 120 North Union Street P.O. Box 1156 Kennett Square, PA 19348 (610) 444-9840 (800) 294-4242 FAX (610) 444-9841 COMMON QUESTIONS ABOUT

More information

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application Loan Application What to Know About Loans What do I need to know about applying for a loan? A loan is used to help you pay for something that you want to buy, like a car, college tuition, school trip or

More information

GEORGIA PERFORMANCE STANDARDS Personal Finance Domain

GEORGIA PERFORMANCE STANDARDS Personal Finance Domain GEORGIA PERFORMANCE STANDARDS Personal Finance Domain Page 1 of 8 GEORGIA PERFORMANCE STANDARDS Personal Finance Concepts SSEPF1 The student will apply rational decision making to personal spending and

More information

Kelli A. Adams, EA, CFP Counselor kadams@gwwade.com Meg Welborn, JD Associate Counselor mwelborn@gwwade.com

Kelli A. Adams, EA, CFP Counselor kadams@gwwade.com Meg Welborn, JD Associate Counselor mwelborn@gwwade.com Kelli A. Adams, EA, CFP Counselor kadams@gwwade.com Meg Welborn, JD Associate Counselor mwelborn@gwwade.com GW & Wade provides a comprehensive array of financial services to address your unique financial

More information

Money Management THEME

Money Management THEME THEME 3 Introduction Money Management Do you know people who handle money carelessly? Lots of seemingly smart people are clueless about where they stand financially. There is Beverly, a professional woman,

More information

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i MANAGING CREDIT101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

Overcoming the Credit Barrier. Poor Credit Affects Your Ability to Plan

Overcoming the Credit Barrier. Poor Credit Affects Your Ability to Plan Overcoming the Credit Barrier: Clearing the Way to Your Financial Goals was written and designed for The National Foundation for Credit Counseling (NFCC ) and the Financial Planning Association (FPA )

More information

Using Credit to Your Advantage Credit Cards and Loans Participant Guide

Using Credit to Your Advantage Credit Cards and Loans Participant Guide Hands on Banking Using Credit to Your Advantage The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the program anytime at www.handsonbanking.org & www.elfuturoentusmanos.org

More information

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About:

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About: usbank.com/student financialgenius.usbank.com Course Objectives Learn About: Different Types of Loans How to Qualify for a Loan Different Types of Interest Loan Lessons The Low-Down on Loans, Interest

More information

Hofstra North Shore-LIJ School of Medicine. Office of Financial Aid

Hofstra North Shore-LIJ School of Medicine. Office of Financial Aid Hofstra North Shore-LIJ School of Medicine Office of Financial Aid Consumer Credit and Your Credit Report Joseph M. Nicolini, MHA Director of Financial Aid What We Will Cover Consumer credit and credit

More information

Financial Literacy Quiz ~ ANSWERS

Financial Literacy Quiz ~ ANSWERS Financial Literacy Quiz ~ ANSWERS Answers are in bold. 1. Which of the following statements best describes your right to check your credit history for accuracy? a. You can't see your credit record b. Your

More information

Saving and Investing

Saving and Investing Teacher's Guide $ Lesson Ten Saving and Investing 01/11 saving and investing websites web sites for savings and investing The internet is probably the most extensive and dynamic source of information in

More information

THEME TWO: SIGNIFICANCE OF LEARNING, EARNING AND SPENDING ON PERSONAL FINANCIAL WELL-BEING

THEME TWO: SIGNIFICANCE OF LEARNING, EARNING AND SPENDING ON PERSONAL FINANCIAL WELL-BEING THEME TWO: SIGNIFICANCE OF LEARNING, EARNING AND SPENDING ON PERSONAL FINANCIAL WELL-BEING LESSON TITLE: Theme 2, Lesson 2: Credit: Friend or Foe? Lesson Description: This lesson will help students evaluate

More information

Canada Deposit Insurance Corporation (CDIC) a federal government organization that provides insurance to protect money deposited in Canadian banks

Canada Deposit Insurance Corporation (CDIC) a federal government organization that provides insurance to protect money deposited in Canadian banks Glossary Following are definitions for key words as they are used in the financial life skills resource. They may have different or additional meanings in other contexts. A account an arrangement at a

More information

Lesson Plans and Handouts from Gregg J. Zogby, Wellington C. Mepham High School

Lesson Plans and Handouts from Gregg J. Zogby, Wellington C. Mepham High School Lesson Plans and Handouts from Gregg J. Zogby, Wellington C. Mepham High School As presented in the W!SE Webinar for Financial Literacy on October 30, 2014 Table of Contents Types of Investments... Pages

More information

Participant Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum

Participant Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Loan to Own Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Table of Contents Page Lending Terms 1 Consumer Installment Loan Versus Rent-to-Own 2 Federal Trade Commission

More information

FINAL EXAM. True or False. Multiple Choice. 21. False 22. False 23. False KEY. 10. False. 24. True. 31. True. 4. False. 26. True 27. True 28.

FINAL EXAM. True or False. Multiple Choice. 21. False 22. False 23. False KEY. 10. False. 24. True. 31. True. 4. False. 26. True 27. True 28. FINAL EXAM KEY True or False 1. False 2. True 3. True 4. False 5. False 6. False 7. True 8. True 9. False 10. False 11. False 12. False 13. False 14. True 15. True 16. False 17. True 18. False 19. True

More information

My Credit Report Card

My Credit Report Card Lesson 1: My Credit Report Card Lesson Overview: This lesson will provide students with an overview of elements that are included in their credit report. Students will examine how various behaviors affect

More information

Indiana Financial Education http://doe.in.gov/octe/facs/indianafinlited-frontpage.html. Standards Final December 2008

Indiana Financial Education http://doe.in.gov/octe/facs/indianafinlited-frontpage.html. Standards Final December 2008 Indiana Financial Education http://doe.in.gov/octe/facs/indianafinlited-frontpage.html Standards Final December 2008 By the end of 12th grade, every student should have achieved the Financial Literacy

More information

Major Expenditures Answer Key

Major Expenditures Answer Key Page 1 Major Expenditures Note Taking Guide 2.6.7.L1: Major Expenditures Answer Key Housing Renting a Home Two factors that can influence the price of housing are: Answers will vary but may include: 1.

More information

Selling a Small Business and Succession Planning for a Small Business

Selling a Small Business and Succession Planning for a Small Business Table of Contents Welcome... 3 What Do You Know? Selling a Small Business and Succession Planning... 4 Pre-Test... 5 Determining If a Business Should Be Sold... 6 Discussion Point #1 Reason for Selling

More information

OHIO TREASURER S FINANCIAL EDUCATION GLOSSARY OF TERMS

OHIO TREASURER S FINANCIAL EDUCATION GLOSSARY OF TERMS OHIO TREASURER S FINANCIAL EDUCATION GLOSSARY OF TERMS 401(k) An employer qualified retirement plan set up by a private company in which eligible employees may make salary-deferral (salary-reduction) contributions

More information

Opening a Bank Account

Opening a Bank Account Opening a Bank Account Section Objectives A basic component in establishing financial independence is Opening a Bank Account. Banking services are essential tools for managing personal finances and building

More information

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About:

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About: Loan Lessons Course Objectives Learn About: Different Types of Loans How to Qualify for a Loan Different Types of Interest The Low-Down on Loans, Interest and Keeping Your Head Above Water usbank.com/financialeducation

More information

What to Do With a Windfall Episode # 511

What to Do With a Windfall Episode # 511 What to Do With a Windfall Episode # 511 LESSON LEVEL Grades 6-8 Key topics Decision Making Investing Personal Financial Plan Entrepreneurs & Stories LA Sparks WNBA Basketball Candace Layla West Dance

More information

Table of Contents. Money Smart for Adults Curriculum Page 2 of 21

Table of Contents. Money Smart for Adults Curriculum Page 2 of 21 Table of Contents Checking In... 3 Pre-Test... 4 What Is Credit?... 6 Collateral... 6 Types of Loans... 7 Activity 1: Which Loan Is Best?... 8 The Cost of Credit... 9 Activity 2: Borrowing Money Responsibly...

More information

Presentation Slides. Lesson Nine. Cars and Loans 04/09

Presentation Slides. Lesson Nine. Cars and Loans 04/09 Presentation Slides $ Lesson Nine Cars and Loans 04/09 costs of owning and operating a motor vehicle ownership (fixed) costs: Depreciation (based on purchase price) Interest on loan (if buying on credit)

More information

Money Management & Savings Basics

Money Management & Savings Basics Money Management & Savings Basics Financial Education Taking the first step is always the hardest. Many workers want to learn more about financial planning and budgeting, but they don t know where to start,

More information

Credit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by:

Credit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Credit Workshop What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Concept Checklist What will I learn today? [ ] What is Credit? [ ] Advantages/

More information

Grade 11 Essential Mathematics. Unit 2: Managing Your Money

Grade 11 Essential Mathematics. Unit 2: Managing Your Money Name: Grade 11 Essential Mathematics Unit 2: Page 1 of 16 Types of Accounts Banks offer several types of accounts for their customers. The following are the three most popular accounts used for everyday

More information

PNC is a registered mark of The PNC Financial Services Group, Inc.( PNC ) 2013 The PNC Financial Services Group, Inc. All rights reserved.

PNC is a registered mark of The PNC Financial Services Group, Inc.( PNC ) 2013 The PNC Financial Services Group, Inc. All rights reserved. The seminar and/or webinar and materials that you will view were prepared for general information purposes only by Baker Tilly and are not intended as legal, tax or accounting advice or as recommendations

More information

Income, Expenses and Budget module

Income, Expenses and Budget module Income, Expenses and Budget module Trainer s introduction The skills to control your personal income, expenses and budget are the most basic tools that people need in their financial toolkit. But many

More information

Student Take Home Guide. Money Smart. Pay Yourself First

Student Take Home Guide. Money Smart. Pay Yourself First Student Take Home Guide Money Smart Table of Contents Table of Contents...1 Money Smart...2...3 Worksheet...4 Plan...5 Savings Tips...6 Compound Dividends Exercise...8 Compound Dividends...9 Savings $1

More information

Lesson 6: Inheritance and Investing What s Your Story?

Lesson 6: Inheritance and Investing What s Your Story? Lesson 6: Inheritance and Investing What s Your Story? All the materials and information included in this presentation is provided for educational and illustrative purposes only and is presented with the

More information

PERSONAL FINANCE QUESTIONS

PERSONAL FINANCE QUESTIONS PERSONAL FINANCE QUESTIONS I. THINKING ECONOMICALLY 1. Good decision making involves all the following except: A. Determining your alternatives. B. Establishing your criteria/goals. C. Evaluating your

More information

THE ABC S OF VEHICLE FINANCING CURRICULUM. Counting Your Money

THE ABC S OF VEHICLE FINANCING CURRICULUM. Counting Your Money Counting Your Money Section Objectives Counting your money and managing your money wisely is the most important part of your trip on the road to personal financial success. It is a critical step in achieving

More information

ATTORNEY ADVERTISING

ATTORNEY ADVERTISING ATTORNEY ADVERTISING Some jobs are best not delegated. Improving your credit score and putting your finances in shape are best handled by you not by an ill-informed, uncaring, and heavily-marketed debt-settlement

More information

Credit arrangements can be formal or informal. The three most common types of credit used by consumers are described below.

Credit arrangements can be formal or informal. The three most common types of credit used by consumers are described below. 1-888-842-6328 For toll-free numbers when overseas, visit Collect internationally 1-703-255-8837 TDD for hearing impaired 1-888-869-5863 Credit Wise Credit: a Useful Tool Most of us use consumer credit

More information

GFL Comparison SB 40, New Standards, Old Standards

GFL Comparison SB 40, New Standards, Old Standards SB 40 Requirement New Standards GFL Comparison SB 40, New Standards, Old Standards STANDARD 1: Students will understand how values, culture, and economic forces affect personal financial priorities and

More information

4. Profit. 5. Credit

4. Profit. 5. Credit What do you want and how are you going to get it? Personal Finance 1. Income 2. Budget 3. Investing 4. Profit 6. Spending 7. Savings 8. Assets 9. Expenses Income vs. Expenses 5. Credit 10.Liabilities SS8E5

More information

Teacher's Guide. Lesson Nine. In Trouble 04/09

Teacher's Guide. Lesson Nine. In Trouble 04/09 Teacher's Guide $ Lesson Nine In Trouble 04/09 in trouble websites It's hard to admit and deal with debt or financial trouble. It can be a painful time, but students need to learn practical, beneficial

More information

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Loan To Own 2

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Loan To Own 2 Loan To Own Welcome 1. Agenda 2. Ground Rules 3. Introductions Loan To Own 2 Objectives Identify various types of installment loans Identify the factors lenders use to make home loan decisions Identify

More information

Financial Planning for Physicians

Financial Planning for Physicians Financial Planning for Physicians Harvard Medical School March 20, 2014 Presented by: Richard Sentnor 1 Introductions 8th year speaking at Harvard Focus: Residency to retirement Doctors all around the

More information

Personal Financial Responsibility Instruction Guidelines for Implementation

Personal Financial Responsibility Instruction Guidelines for Implementation Personal Financial Responsibility Instruction Guidelines for Implementation Digest This policy establishes guidelines for school corporations to meet the legislated requirements for including instruction

More information

12-Step Guide to Financial Success

12-Step Guide to Financial Success 12-Step Guide to Financial Success Step 1: Be accountable and responsible The first step on the path to financial success is accepting responsibility. You are in control of your financial future, and every

More information

financial One Two Punch Activity...51 You ve Got the Power of Compounding Activity...51 One Two Punch Answer Sheet...53

financial One Two Punch Activity...51 You ve Got the Power of Compounding Activity...51 One Two Punch Answer Sheet...53 financial Financial Planning Financial Planning Pre-/Post-Quiz...49 Lesson 1: Building the Future Introduction to Financial Planning...50 One Two Punch Activity...51 You ve Got the Power of Compounding

More information

GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1. Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide

GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1. Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1 Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 2 Contents How Does

More information

Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS

Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS A College Education is a Smart Investment High School Graduate $25,000 Some College $30,000 Associate s Degree $32,000 Bachelor s Degree

More information

K.2 Answers to Common Bankruptcy Questions

K.2 Answers to Common Bankruptcy Questions Adapted from Consumer Bankruptcy Law and Practice, 10 th Edition, National Consumer Law Center, copyright 2012. Used by permission. K.2 Answers to Common Bankruptcy Questions A decision to file for bankruptcy

More information

Managing Your Money. a haircut. With $110 to spend, Sandra wrote seven checks totaling $90.

Managing Your Money. a haircut. With $110 to spend, Sandra wrote seven checks totaling $90. Managing Your Money C H A P T E R 6 a haircut. With $110 to spend, Sandra wrote seven checks totaling $90. Unfortunately for Sandra, she made a math error in entering one of her checks into her checkbook

More information

Designing Your Budget

Designing Your Budget 2 Designing Your Budget Budgeting is needed to get the most mileage out of your income. It is your road map for managing your money. Planning your spending is called Budgeting. Smart investing@your library

More information

Chapter 113. Texas Essential Knowledge and Skills for Social Studies. Subchapter C. High School

Chapter 113. Texas Essential Knowledge and Skills for Social Studies. Subchapter C. High School Text of Adopted New 19 TAC Chapter 113. Texas Essential Knowledge and Skills for Social Studies Subchapter C. High School 113.49. Personal Financial Literacy (One-Half Credit), Adopted 2016. (a) (b) General

More information

Assist. Financial Calculators. Technology Solutions. About Our Financial Calculators. Benefits of Financial Calculators. Getting Answers.

Assist. Financial Calculators. Technology Solutions. About Our Financial Calculators. Benefits of Financial Calculators. Getting Answers. Assist. Financial s Technology Solutions. About Our Financial s. Helping members with their financial planning should be a key function of every credit union s website. At Technology Solutions, we provide

More information

Brought to you by PEPCO FCU. Seminar objectives

Brought to you by PEPCO FCU. Seminar objectives Take Charge: Wise Use of Credit Cards Brought to you by PEPCO FCU Seminar objectives Learn: Benefits and costs of credit cards How to build a good credit history Warning signs of too much debt How to figure

More information