FINANCIAL LITERACY Choices you make in your young life will affect you for the rest of your life!

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Presentation transcript:

FINANCIAL LITERACY Choices you make in your young life will affect you for the rest of your life!

Day 1 - Scenarios Each of you will receive a new life, new name – a new identity. As you read about your life, circle key events or decisions and make note of vocabulary words that you might not understand. Who likes their new life? Why? Who doesn’t like their new life? Why? What life events happened when…18? 25? 35? 45? 55? 65? These topics will be covered in this unit – FINANCIAL LITERACY!

Day 2 – Money Personality Journal: What does money mean to you? What are your views about money? Are you a spender or a saver? Why do you think you are that way? Do your values influences your views? Your upbringing? Explain. Share thoughts…. Watch “Your Life Your Money” – Introduction and Making It, Keeping It.

Goal Setting S = Specific M = Measurable A = Attainable R = Relevant T = Time-bound Money Value Survey Surprise Gift

Day 3 – Need v. Want In your notebook: Create two columns (need and want) list items in each. Discuss. Watch “Your Life Your Money” – Make Your Money Work for You. What are the differences between an atm/debit card, check, and credit card? How do you write a check? Practice. Keeping a checking account – deposits vs. credits.

Spending Plan/Budget Income – Expenses = Savings Why have one: Puts you in control of spending and saving Helps you set priorities Helps you live within your means Protects your credit rating Helps you maintain savings and investments

Expense Categories Fixed – stays the same each month (rent) Variable – Costs each month that change (utilities, groceries) Periodic – Sometimes unexpected, you don’t pay every month (medical bills, taxes) Gotta Get It Gauge!

Beware of Fringe Banking! Pawn Shops Rent-to-Own Programs Check Cashing Outlets Refund Anticipation Loans Payday Lending Credit “fixers” Examples… Homework – personal budgets

Day 4 – Bean Budget Divide class into groups of 3-5. Each group will receive 24 beans and an envelope containing various expenses and how many beans they each cost. As a group you must decide how to spend your beans. Add and take away beans as things change! Millionaire facts: Who wants to be a millionaire?

Day 5 - Credit Saturday Night Live clip 4 C’s of Credit: Collateral – car, house, business Capital – savings, something that can be sold Capacity – job, steady employment, existing debt Character – history of paying bills on time = Credit Score Watch “Your Life Your Money” – Digging Out of Debt and Start Saving.

Day 6 – The Future Watch “Your Life Your Money” – Get Insured and Do It Yourself. Journal: Life is about choices and choices have consequences. What choices will you now make regarding your career and your financial future? 10 Financial Tips for Success! (Handout)

Day 7 - Taxes Powerpoint on taxes!

Day 8 – Stock Market Powerpoint on the Stock Market! Trace a stock assignment.

Days 9 & 10 – Survival Guide In class reading and questions to turning 18 and surviving the future!