1. How Good Are You At Saving?!? Complete the savings inventory to understand more about your saving habits Are they good? Or do you need to work on them a little more?

2. 5.2 Budgeting Evaluate the costs and benefits of budgeting

3. How do Education and Career Choice impact life?

4. Level of Education and Income Look over your “Level of Education & Income” handout from today After examining the data answer the accompanying questions

5. Let’s Take a Look at Salaries

6. Why Do Some Jobs Pay More???

7. I. What is a Budget? – A. How to spend income v. expenditures (expenses) 1. Income: Amount of money that a person or business makes a. Gross Income: Total amount of money made before deductions b. Net Income: The amount of money left over after expenditures. Important to “Pay Yourself First” c. Disposable Income: Money left over after fixed expenses are paid. 2. Expenditures (expenses): Total amount a person or business spends.

8. B. Types of Deductions 1. Payroll Deductions: expenditures before paycheck is received a. Pre-Tax Deductions (1.) Retirement Payments (2.) Life insurance (3.) Social Security -FICA (4.) Medicare -FICA (5.) Healthcare (6.) 401-K optional

9. 2. Payroll Taxes: Deductions a.Federal Income Tax – paid to the US Gov’t b.State Income Tax – paid to the State Gov’t

12. Bill Cosby on Budgeting http://rockstarfinance.com/bill-cosby- budgeting/ http://rockstarfinance.com/bill-cosby- budgeting/ https://www.youtube.com/watch?v=L7soJdO hKZM https://www.youtube.com/watch?v=L7soJdO hKZM Your turn- Balance Brianna’s budget.

13. C. Types of Bills 1. Mortgage - owning home / Rent – not owning a home – What is a foreclosure? 2. Car Payment – a. Gas Payments 3. Insurance: company “backing” you up a. Car Insurance: required b. Home/Renters Insurance : recommended

14. 4. Phone Bill 5. Saving: setting $ aside for a later time 6. General Expenses: – a. Groceries – b. Household Items – c. Entertainment

15. Make Your Own Budget Take out your Budget Handout You will be creating your own budget with the information provided. You must budget for the following Housing, Utilities, Car, Insurance, Gas, Phone, Cable & Internet, Groceries, Saving, Household Items, Credit Payment, Student Loan, Misc. Fixed Expenses are expenses you have to pay; rent, insurance, car payment, phone plan, mortgage. Discretionary expenses are those that can change: utilities, groceries, entertainment. You must have money left over at the end!

16. Part I and Part II –Dream Essay You will do this at home. Give this some thought. A typed page of 2 or 3 paragraphs is all you need. Follow the instructions. Due by Friday On a separate sheet- use bullets and list your short-term and long-term goals. Due by Thursday

17. Part 3 and 4 Your road to life is a plan on how you want to achieve your goals. This is due on Monday. Take a personality test by googling Personality Test. There are several free tests to play around with. Print the results and if you can’t print then type a summary of the results and type a short paragraph reactions to the results. Do you agree or disagree. Due on Monday.

18. Part 5- The Job You will be given a salary and the # of children you have. Your budget is based on just your income. Your spouse is a stay at home mom or dad. Follow the instructions. Due next Wednesday. Complete the Job Reflection after you do the research.

19. Earning Power Take out your handout booklet entitled “College & Career Readiness” Follow the instructions and complete ALL the activities – 25 minutes today DO NOT write in the booklet!!! You will need an extra sheet of paper to complete the activities. #6 will be due to Ms. Patterson by Friday.

20. What’s due when!!? On Friday- Your dream essay and the short paragraph to you parents on college. On Monday- Your personality test reflection, your Road to Life Plan ON Wednesday- Part 5 –The Job. Find a job and complete the Job Reflection.

21. Part II-Today 25 minutes on Earning Power- focus and stay on task. Financial Football- have some fun. Play a 10 min half. Choose the Rookie level. You’ll work your way up to Hall of Fame. http://www.practicalmoneyskills.com/games/ trainingcamp/ http://www.practicalmoneyskills.com/games/ trainingcamp/ What are all these Deductions from my paycheck. Read and complete the worksheet. If you have time- go and try a Personality Test.

22. Splat!!! NeedGross IncomeFactors of Production Trade-OffFederal Income Tax Consumer Sovereignty Physical Capital ExpendituresScarcityLabor LandDeductionsMortgageWantPre-Tax Deductions Opportunity Cost State Income Tax Human CapitalNet IncomeEconomics