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Personal Finance Basics

Help! I’m out of money!. Personal Finance Basics. Created by Camille Krum. Activity: How Much Do They Make?. Earning. Spending. Credit. Income. Credit Cards. Careers. Expenses. Variable. Fixed. Differential. Earning. Careers. Learn and Earn. How much is your time worth?.

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Personal Finance Basics

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  1. Help! I’m out of money! Personal Finance Basics Created by Camille Krum

  2. Activity: How Much Do They Make?

  3. Earning Spending Credit Income Credit Cards Careers Expenses Variable Fixed Differential

  4. Earning Careers

  5. Learn and Earn

  6. How much is your time worth?

  7. Activity How Much is Class Attendance Worth? Do you get tired of going to class every day? Complete the assignment and see what the value of a day’s education is over a 40-year work life. How much is attending each class really worth?

  8. Spending Income Expenses Variable Fixed Differential

  9. Lifestyle costs • Where you live • Clothes • Food • Transportation • Entertainment • Vacations • Other costs-car repairs insurance

  10. Reality Check Take the reality check quiz online to see what your life style choice requires you to earn per hour. URL: http://www.jumpstart.org/madmoney/pgv_money_rc_main.html

  11. Activity: Cookie Monster • Select student to be employee • Select student to be State Tax collector • Select student to be Social Security Tax collector • Select student to be Federal Tax collector • Select student to be Health Insurance collector • Select student to be Life Insurance collector • Select student to be Donation collector

  12. REALITY BITES Do you know where your money goes? Identify your spending traps— For the next two days keep a spending log. Record everything you spend.

  13. Financial Goals Short term goal—pay for immediate needs such as school, entertainment, clothes, etc. Medium term goal—college education, cars, vacation. Long term goal—retirement plans, change in career, travel

  14. Activity: Road Map to Spending • Divide into groups of three. In two minutes list as many items as they can in the following categories: • Fixed Expenses • Variable Expenses • Differential Expenses • Each student completes A Road Map For Spending

  15. Budget Go to computers in groups of three—if not enough computers for all students. Go to web site and select career and salary from list. Go to “Where does your salary go” and complete the activity.

  16. Credit Credit Cards

  17. Three C’s of Credit • Character—borrower’s willingness to pay you based on past history paying back loans • Capability—ability to pay back money borrowed • Collateral—property used to cover amount owed if fail to pay back money • Group students to do scenarios

  18. A Credit Check Perhaps you have not developed a personal credit history, but you do have a personal education performance history that reflects similar behavior patterns. On a piece of paper, answer the following questions: • Number of times you have missed class this semester. • Number of times you have been tardy this semester. • How many times have you turned in late assignments this semester.

  19. How many times have you turned in incomplete assignments this semester? • How many times have you not turned in an assignment at all this semester? • How many times have you been asked by the teacher to change or improve your behavior in class this semester? • How many times have you forgotten to bring the required materials (pencil, disk, notebook, etc.) to class this semester?

  20. TOTAL (Add the numbers listed for 1-7 above) How did you do? 4 or less…………… Credit Granted!! 5o-7 ……………… You are going to need a cosigner 8 or more………… CREDIT DENIED!

  21. FALSE

  22. TRUE

  23. FALSE

  24. TRUE

  25. FALSE

  26. TRUE

  27. FALSE

  28. TRUE

  29. FALSE

  30. TRUE

  31. Credits and Referencs www.themint.org www.jumpstartcoalition.org

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