1. Professor Katherine Schuessler Marian University Economics Teaching Conference November 7, 2014

2.  "Service-Learning [is] a credit-bearing, educational, experience in which students participate in an organized service activity that meets identified community needs and reflect on the service activity in such a way as to gain further understanding of course content, a broader appreciation of the discipline, and an enhanced sense of civic responsibility" (Bringle & Hatcher, 1996).

3.  Reality Day- a personal finance simulation for high school students.  Video of “Mad City Money” https://www.youtube.com/watch?v=OMbwCU Gm9L4

4.  Staff the stations and advise high school students with the help of community members.  Research costs and provide the options for each station.

5. First step:  Orientation for the high school students. ◦ High school students are assigned an occupation based on their expressed career interests and a “life status”. ◦ The life status includes such things as marital status, children, pets, student loans and credit card debt.

6. First step:  Orientation for the high school students. ◦ Students complete the top of second page of yellow handout. ◦ Explain the tax withholdings and net pay, discuss child support ◦ Have H. S. students enter the net pay into a check book ledger. ◦ Assist H.S. students in writing their first check – usually student loans- and enter into the ledger.

7. On to the stations:  Visit the Financial Station to deposit paycheck and pay student loan.  Next visit Real Estate and Automotive stations Write a check or use a debit card or each payment and enter it into their checkbook.

9.  Students must:  visit the remaining stations in any order.  stop at each station and receive a stamp even if it doesn’t’ apply to them.  visit the Checks and Balances after every five transactions to show that their check book balances.

10. Students are required to pick up two Fate Cards These bring the recipient good or bad news….

11. Optional stations SOS : Help for students who run out of money. It may be food stamps, or housing assistance or a payment from a charity. Judge/Government – Pay any fines here Bus tokens-an option for those who chose not to buy or lease a car.

12. Optional stations Part- time Jobs: Can’t make ends meet and you don’t want to trade in the truck? Get a part-time job for 4-25 hours /week.

13. Random Events Nurse cards: a nurse randomly gives out cards informing the unfortunate recipient of a medical problem and corresponding bill Tickets: beware of the police officer writing tickets. Many students are fined for speeding, disorderly conduct or littering.

14. Budget Adjustments: Often the students run out of money and want to change the home or cars they have selected

15. College Volunteers write a two page paper reflecting on their experience and responding to the questions below. Their ideas are shared with the class. What? What happened? What did you observe? What issue is being addressed in this event?

16. So What? Did you learn a new skill or clarify an interest? How is your experience different from what you expected? What did you like/dislike about the experience? What did you learn about the people you served and those you worked with? Now What? What did you learn from this experience? How does this learning relate to economics? How can you apply this learning? What changes if any would you make to improve this event for the various participants?

17.  Increased their understanding of the personal finance  Practiced skills in leadership, communication and collaboration.  Connected with professionals and community members who they will learn from and may connect with again later for jobs or internships

18.  Have a more positive outlook on both the class and on service to the community  Had fun!

19.  H.S. students face tradeoffs in managing their scarce resources.  H.S Students have a better understanding of costs.  Students learn that their own human capital (knowledge and skills) is their most valuable resource and the importance of education and training in their future economic success.

20.  Grading Service Learning  Orientation of Volunteers  Background checks

21.  “Students need to rethink their career paths. People with incomes under $2000/mo. expected it to go much farther than it did.”  “I was rather surprised by how, for lack of a better word, clueless some of the students were.”  “Young people have no idea how expensive it is to have a child. One girl told me her daycare was more than her house payment; I just sort of giggled because I know it is true.”  “The funniest thing to hear was all the complaining they did because of the huge expense of daycare and also, having to buy diapers.”

22.  “I worked checks and balances and I loved it. This is exactly what I will probably be doing in a very short amount of time so to be able to get this kind of experience firsthand really was great.”  “I learned that I was very capable of explaining the viable options that the students had in investing their money. I got one pointer from a community member. I told her that I was a little nervous and that I may not know how to explain the concepts to the students. She told me not to worry, that I already know more than they do and if I don’t, just fake it. As long as you sound confident in your explanation they will never question you.”

23.  “This opportunity is a great way for college students to get a glimpse of the realities that are to come after college…..teaching these students is a way for us to become better prepared as well.”

24.  Eyler, Janet, and D.E. Giles. A Practitioners Guide to Reflection in Service-Learning. Nashville: Vanderbilt University, 1996.A Practitioners Guide to Reflection in Service-Learning  Implementing Service Learning in Higher Education Author(s): Robert G. Bringle and Julie A. Hatcher Source: The Journal of Higher Education, Vol. 67, No. 2 (Mar. - Apr., 1996), pp. 221-239 Published by: Ohio State

25. Thank you!!