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Financial Literacy for Middle School. University School at University of Tulsa Presenters: Katie Abercrombie, Kelly O’Neil-Brown, Marilyn Howard, and Cyndie Yocham. Income. Jobs and Careers. History Lessons. FDIC & Banks. Savings. Charity. Taxes. Credit. Investments. Living Expenses.

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financial literacy for middle school

Financial Literacyfor Middle School

University School at University of Tulsa

Presenters: Katie Abercrombie, Kelly O’Neil-Brown, Marilyn Howard, and CyndieYocham

slide2

Income

Jobs and Careers

History

Lessons

FDIC & Banks

Savings

Charity

Taxes

Credit

Investments

Living Expenses

Checking Accounts

slide3

The Big Picture

Spring Semester

Fall Semester

slide4

Jobs and Careers

Investments

Credit

Charity

Savings

Living Expenses

Interest Calculations

BUDGET

BUDGET

Taxes

FDIC & Banks

Income

Checking Accounts

History

Lessons

slide6

What Is The Source of My Family’s Income

  • Income
  • Jobs
  • Interest and dividends
  • Asset appreciation
  • Gifts
  • Benefit payments
  • Retirement payments
slide7

Jobs and Careers

  • Income
  • The best way to start….Self-Inventory
  • Middle School Self-Assessment
  • Learning Styles, Study Tips, and Career Key Assessment

Who Am I?

slide8

Jobs and Careers

  • Income
  • What is a job versus a career?
  • Does education really pay?
  • Family Career Tree
  • Career Clusters Interest Survey
  • Job Application
  • Resume using templates from Microsoft Word or Publisher
slide11

How Does My Family

Spend Money

  • Spending Needs
  • Fixed Expenses
  • Housing
  • Cars
  • Taxes
  • Insurance
  • Emergency Fund
  • Variable Expenses
  • Utilities / Fuel
  • Food / Clothing
  • Household items
  • Entertainment
  • Charity

My child said to me , “Thank you, I had no idea….”.

slide12

Spending Needs

Checking Accounts

  • Terminology
  • Write a Check
  • Void a Check
  • Endorse a Check
  • Deposit a Check
  • Keeping a Ledger
  • Excel Project: Create a Ledger
slide13

Mortgages and Loans

  • Spending Needs

Mortgage Amount = $150,000 with a 5% rate of interest

slide14

Cost of Credit Cards

  • Spending Needs

Example: If you had a credit card balance of $2,000, an 18% APR, stopped using your card and made only the minimum monthly payment, which was based on 2% of the outstanding balance or $20, whichever was greater, how long would it take to pay off your debt and how much was the total payout?

19.3 Years for $5,862

Lesson learned: Always pay more than the minimum monthly payment!!!

slide15

Taxes

  • Spending Needs
  • What are taxes and how are they used?
      • Federal
      • State
      • Local (City/Country)
slide16

Government Budgets

  • Spending Needs
  • Revenues
  • Income Tax
  • Property Tax
  • Sales Tax
  • Fees / Licenses
  • FICA
  • Expenditures
  • Differences between private and public services
slide19

Loan and Own

  • Savings and Investing

Capital Gains/Loss

Dividends

InterestIncome

Stocks

Property

Collectibles

Interest Bearing Accounts

& Bonds

slide20

What Are Savings?

  • Savings and Investing
  • Criteria:
  • Lower risk for loss
  • Principal more stable
  • Lower return
  • Types:
  • Bank accounts
  • Certificates of deposits
  • U.S. government bonds
slide21

The Magic of Compounding

  • Savings and Investing
  • When you save, you earn interest.
  • When you take the interest out and spend it, it stops growing.
  • But if you leave the interest in your account so it can grow, you start to earn interest on the interest you earned previously. This is called compounding.
  • Interest on interest is money you didn’t work for. It is money your money makes for you!
slide22

The Magic of Compounding

  • Savings and Investing
  • Molly starts saving at age 25 and adds $2080 annually to her account and draws interest at a rate of 4.25% per year.
  • After 20 years, she has accumulated $104,900.72 with the compounding interest. She then leaves the money in the account for 20 years without adding any more money to the accumulated amount.
  • She lets the compounding work for her and after 20 more years she has accumulated $241, 156.93!
  • Marcus decides to wait for 20 years to start his savings and begins with the same amounts and rate-of-growth as Molly did 20 years earlier.
  • Only he is 45 years old when he begins his savings. At age 65, he has only $104,900.72.

Lesson: Start Early and Give Your Money Time To Grow

slide23

What Are Investments?

  • Savings and Investing
  • Criteria:
  • Higher risk for loss = can lose principal
  • Higher potential return = can gain principal
  • Types:
  • Private business
  • Stocks
  • Corporate/municipal bonds
  • Mutual funds
  • Real estate
  • Collectibles
slide24

FDIC and Banks

  • Savings and Investing
  • What is the FDIC?
  • When and why?
  • What are the current levels of protections?
slide25

Bonds

  • Savings and Investing
  • Government Bonds
  • Federal
  • Municipal (Muni’s)
  • Corporate Bonds
slide26

Interest Calculations

  • Savings and Investing

Rule of 72

Years to double investment = 72 / Rate of Return

Rate of ReturnAmount of Time to Double

3% 24 Years

9% 8 Years

12% 6 Years

6% 12 Years

8% 9 Years

slide27

Stocks

  • Savings and Investing
  • What are stocks?
  • Brokers / exchanges/ indexes
  • Macro-economic concepts: inflation / recession
  • Portfolio diversification
  • How to research a stock
slide28

Mutual Funds

  • Savings and Investing
  • What are mutual funds?
  • Advantages and disadvantages
  • Types of mutual funds
  • How to research mutual funds
slide29

OCEE Stock Market Game

  • Savings and Investing
  • Online student team competition
  • Teacher training seminars available
  • Fall and Spring games
  • 10 weeks
slide30

J.A. Investor Challenge

  • Savings and Investing
  • Simulated stock market trading floor
  • Team competition
slide31

History Lessons

  • How Money Is Made videos series from Modern Marvels on History.com
  • The Great Depression
  • The Oregon Trail Simulation
  • Current News Events
slide32

Links

General:

http://www.moneyinstructor.com/ Lesson plans, templates

http://finance.yahoo.com/

http://money.cnn.com/magazines/moneymag/money101/ 23 Financial Life Lessons

http://www.econisok.org/

http://www.councilforeconed.org/ Online teacher training, lesson plans, Gen-I game

http://tulsa.ja.org/ Junior Achievement programs, interactives

Budget:

http://www.jumpstart.org/reality-check.htmlInteractive budget/life game

http://www.personalbudgeting.com/

slide33

Links (cont.)

Jobs and Careers:

http://www.educationplanner.org/education_planner/discovering_article.asp?sponsor=2859&articleName=Self-Assessment_Quiz

http://www.educationplanner.org/education_planner/discovering_article.asp?sponsor=2859&articleName=Middle_School_Checklist

http://www.breitlinks.com/careers/career_pdfs/familytreews.pdf

http://www.careerclusters.org/ccinterestsurvey.php

http://education.yahoo.com/

http://www.bls.gov/emp/ep_chart_001.htm

Credit Card:

http://www.studentpirgs.org/truth-about-credit/

http://www.controlyourcredit.gov/#frontdesk/00 The Bad Credit Hotel Game

slide34

Links (cont.)

Savings and Investment:

http://ocee-ok.net/ OCEE Stock Market Game

http://www.fdic.gov/about/learn/learning/index.html FDIC Learning Bank for students

http://www.sec.gov/investor.shtml SEC Education

Taxes:

http://www.irs.gov/individuals/students/index.html Tax information for students

History Lessons:

How Money Is Made (5 part series) by WealthyAmbitionsCom: http://www.youtube.com/watch?v=_ICXBNynyTU

slide35

PASS Objectives

http://www.moneyisok.org/index.html

  • This site is designed for classroom teachers implementing HB 1476: Oklahoma’s Passport to Financial Literacy. Included on this site is a listing of teacher resources for the 14 areas of instruction required for high school graduation.
  • The web site is provided by the Oklahoma Council on Economic Education (OCEE).
  • OCEE is designated by the State of Oklahoma to provide training, materials and support for teaching personal financial literacy in our state. We work closely with the State Department of Education and other organizations to ensure teachers are prepared to help students learn how to make good choices that impact their financial success, today and tomorrow.
slide36

Contact Us

For additional information, please email

kelly-oneil-brown@utulsa.edu