CURRICULUM MAP. Vocational Technical Education Framework Standard. 2M.03 2M.04 2.F.05c

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1 CURRICULUM MAP Personal Finance 642 Essential Questions & Content Vocational Technical Education Framework Standard Skills Assessment & Learner Expectations September Why is it important to make a financial plan? What should be in your financial plan? How do you make a budget? Want vs. need Steps of a financial plan SMART goals 2M.03 2M.04 2.F.05c Analyze your current spending Understand the steps of making a financial plan Differentiate fixed & variable expenses Understanding various budgeting methods Setting SMART goals Activities Evaluate sample financial plans Organize steps of financial plan Game: Are you a good money manager? Evaluate sample budgets Tracking personal spending

2 October What is the time value of money? What is the purpose of a budget? Which investments should be used to reach each of my financial goals? And why? Time value of money Income and growth investments Compounded interest Pay yourself first (PYF) Expenses Spending plan Gross income vs. Net income The Rule of 72 2.F.10 2.F.11 6.C.08a 6.A.07a 6.C.01a Understand the affects of inflation and compounded interest Calculate future values with compounded interest Understand features of income and growth investments Describe influences on your budget and how a budget is affected by these influences Identify variable and fixed expenses Examine the affects of inflation and compounding

3 November What types of companies are in each market? What are the benefits and risks of each type of investment? What is credit? How can credit be managed responsibly? What are the consequences of excessive debt and how can one correct it? 3A.02c (24.4) 3.A.11c (22.6) 6.C.01a 6.A.07a 6.C.08a Understand the various stock markets and what companies they contain Recognize the general trends within the markets Understand features of various investments Identify habits to build good credit Identify practices on how to use credit wisely Understand how to get a credit score and what a credit score means Survey credit choices Differentiate between Chapter 7 bankruptcy and Chapter 13 bankruptcy Credit card application process Looking for the 4 C s of credit Bull and bear markets Capital gains taxes Mutual Funds, ETF s Tax structure of various investments Good credit vs. bad credit Bankruptcy 4 C s of credit Credit history

4 December What are the tax ramifications of various aspects of my life? What financial services are available? How do financial institutions differ? Understand personal income tax structure Distinguish between a credit union and a bank Describe how to select financial services Explain ways to keep your information safe Explain what steps to take when your private information has been stolen Reconciling checking account Identify online scams Tax brackets/tax structure Savings account Checking account CDs Bank Credit Union Debit Fees Fraud January What careers fit my personality and skill set? How can one manage risk? How do you choose insurance that is right for you? 3.A.10c (19.27) 3.A.13c (3.17) 4.A.02a 4.A.03a 4.A.07a 4.A.09a Research careers Identify ways to manage risk Describe how insurance is used to protect against financial loss Explain the features and processes related to automobile Write analysis of career search and present to the class

5 Avoid, reduce, accept, share risk Premium Deductible Auto insurance insurance Examine how insurance needs vary from person to person Assess how insurance fits into financial planning vocabulary, concepts and methods Insurance applications