1. Financial Survival 1 Maryland Content Standards on Personal Finance Short term

2. Standard Three Goals, Spending Plans, and Markets

3. Short Term Goal Setting Short term goals are usually those you wish to accomplish in less than a year. Intermediate Goals usually are for one to five years, and Long term goals are usually for five or more years.

4. Setting Short Term Goals Financing your Future Activity 1.2.1

5. Some Short Term Financial Goals Pull your credit report at www.annualcreditreport.com Write a will Adjust your investment portfolio Adjust your tax withholding Pay down short term debt like credit card balances

6. Charity and Philanthropy Unfortunately, not all charities are legitimate or efficient. A good web site to check out charities is www.charitynavigator.org

7. Short Term Budgeting Activity 20.2A and 20.2B from FFFL John and Marcias Monthly Spending Plan

8. Short Term Tax Decisions Use a tax pro or do it yourself Health Savings accounts Child Care Savings Accounts Adjusting your tax withholding

9. Spending often requires signing contracts

10. Short Term Contracts Cell phone Apartment Car Rental Merchant Credit Card Student loans

11. Contract Obligations Most people do not read the contracts they sign. Young adults (18-24), especially, do not read what they are signing because they only recently became responsible for what they sign.

12. Cell Phone Contract From www.radicalparenting.com Cell phone contract for a teenager

13. Students Need to Know Co-signing means responsibility for 100% of the loan balance if the person for whom you have co-signed stops making payments.

14. Auto Buying Myth There is no three day cooling off period when you buy a car.

15. Markets Affect Spending Refer to An Introduction to Market Structure Handout

16. What do Consumers need to Know About Market Structures Perfectly Competitive: –Chance to negotiate the price? –Expectation of quality differences? –Need to comparison shop? –Expectation of Government regulation?

17. What do Consumers need to Know About Market Structures Monopolistically Competitive: –Chance to negotiate the price? –Expectation of quality differences? –Need to comparison shop? –Expectation of Government regulation?

18. What do Consumers need to Know About Market Structures Oligopoly: –Chance to negotiate the price? –Expectation of quality differences? –Need to comparison shop? –Expectation of Government regulation?

19. What do Consumers need to Know About Market Structures Monopoly: –Chance to negotiate the price? –Expectation of quality differences? –Need to comparison shop? –Expectation of Government regulation?

20. Supply and Demand Graphs Producers provide goods and services Consumers buy goods and services

21. Government Intervention Price Floor – When the govt says the price of something may not go below a certain set price. Price Ceiling – When the govt says the price of something may not go above a certain set price.

22. Price Floors and Price Ceilings See Handout from Capstone, Unit 2, Lesson 14, Secondary Effects: Price Floors and Price Ceilings

23. Another Look at Govt Intervention Lesson 6 – High School Economics in Virtual Economics CD – Price Controls – Too High or Too Low?

24. What are the Consequences for Consumers? Price Floors – Tend to cause surpluses – Why? Price Ceilings – Tend to cause shortages – Why? Other unintended consequences?