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Financial Literacy Skills. Unit 1: Managing Money. Objective 1: Identify trends in career opportunities. What will happen to the labor force in the near future? Slower growth More diversity Older Highest growth in service-producing industries

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Financial Literacy Skills

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Financial literacy skills l.jpg

Financial Literacy Skills

Unit 1: Managing Money


Objective 1 identify trends in career opportunities l.jpg

Objective 1: Identify trends in career opportunities.

  • What will happen to the labor force in the near future?

    • Slower growth

    • More diversity

    • Older

    • Highest growth in service-producing industries

    • Fastest growth in computer technology and health care services


Objective 2 list sources for career information l.jpg

Objective 2: List sources for career information.

  • Career consultants

  • Counselors

  • Educational institutions

  • Employers

  • Internet networks and resources

  • Personal contacts

  • Professional societies and journals

  • Public libraries, career centers, guidance offices

  • Trade associations and magazines


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Objective 3: Research careers of interest.


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Objective 4: State guidelines for pricing a job offer.

  • Set your personal priorities.

  • Compare the job offer to your current job or other offers.

  • Be realistic about negotiating.

  • Calculate your value in advance.


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Objective 5: Identify ways to earn and save money.

  • Live below your means.

  • Create a realistic spending plan and stick to it.

  • Stop impulsive buying.

  • Reconsider any purchase over a certain amount.

  • Purchase medical and vehicle insurance.

  • Charge items only if you can afford to pay for them now.


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Objective 5: Identify ways to earn and save money.

  • Put away your credit cards.

  • Never co-sign a loan or assume a joint debt with someone who has a shaky financial history.

  • Do not make high-risk investments.

  • Let your savings work for you.

  • Shop for the smartest investments.

  • Diversify your investments.


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Objective 5: Identify ways to earn and save money.

  • Find alternatives to spending.

  • Earn money whenever you can.

  • Use your own time, ability, and talent.

  • It is smarter to earn interest than to pay interest.


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Objective 6: Distinguish between fixed and variable expenses.

Fixed expenses

  • Rent or mortgage

  • Taxes

  • Loans

  • Leases

  • Insurance

  • Regular payments to others

  • Regular contributions

  • Dues

  • Regular savings

Variable expenses

  • Utilities

  • Charge accounts/credit cards

  • Medical bills

  • Transportation

  • Food

  • Non-regular savings

  • Other items


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Objective 7: List the basic steps in a financial plan.

  • Establish your financial goals.

  • Estimate and total your income.

  • Estimate and total your expenses.

  • Analyze your current income and spending.

  • Prepare a trial financial plan.

  • Put your plan into action.

  • Evaluate your plan periodically.


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Objective 8: Summarize three methods of managing personal finances.

  • Prevention

  • Preparation

  • Coping with financial challenges


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Objective 9: State guidelines for using a budget.

  • Determine your goals.

  • Estimate your income.

  • Estimate your expenses.

  • Earmark money available for expenses.

  • Spend money according to your budget.

  • Regularly compare your estimated expenses to your actual spending.

  • Evaluate your budget and revise as needed.


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Objective 10Develop a budget.


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Objective 11Analyze budgeting case studies.


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Objective 12Apply money management principles.


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Objective 13Calculate and compare unit prices of consumable items.


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Objective 14List items deducted by law from a paycheck

  • Social Security (FICA)

  • Unemployment insurance

  • Workers’ Compensation

  • Federal income tax

  • State and city income tax


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Objective 15List items deducted by request from a paycheck

  • Labor union dues

  • Group insurance plans

  • Savings account

  • Flexible spending account

  • Investments

  • Retirement plans


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Objective 16List benefits often reflected in a paycheck.

  • Health insurance

  • Life insurance

  • Tax sheltered investments

  • Sick leave

  • Annual leave, vacation time, or personal time

  • Holiday leave or holiday pay

  • Workers’ compensation and unemployment compensation

  • Retirement (group pension plans)

  • Profit-sharing and stock purchase programs


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Objective 17Explain how games of chance work.

  • Outcome depends on a random event.

  • Unlike games of skill, you cannot increase your odds of winning.

  • Many are used in gambling, including slot machines and lottery tickets.

  • In a truly random game of chance, the player has a fairly consistent chance of winning.

  • Games of chance used in gambling are not always truly random.

  • In the long run, the casino or lottery always wins.


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Objective 18Compare the costs and benefits of gambling.

Benefits

Costs

Gambling can be an addiction.

Gamblers can easily spend more than they can afford to lose.

Gambling can increase crime.

  • Gambling creates jobs for people who work in the gambling industry.

  • Income from gambling may be used to benefit society.

  • Gambling provides entertainment for many people.


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Objective 19Identify types of charitable giving.

  • Monetary donations

  • Volunteer service

  • Gifts-in-kind


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Objective 20Discuss the impact of charitable giving.

  • Tax benefits

  • Personal satisfaction

  • Creation of jobs

  • Reducing waste

  • Benefit to the community


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Objective 21Research a charitable organization.


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End of Unit 1


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