Financial literacy

Chapter Objectives

Chapter 1

Introduction to personal finance. This chapter introduces the topic of personal finance, explores the evolution of the American credit industry, and highlights the importance of both knowledge and behavior when it comes to managing money.

Chapter 2

Saving. This chapter emphasizes the importance of saving and explains the three reasons to save: emergencies, large purchases and wealth building.

Chapter 3

Budgeting. This chapter explores the purpose and process of writing a budget and the basics of banking, including balancing and reconciling a checking account.

Chapter 4

Debt. This chapter identifies the devastating costs of using debt as a financial tool, debunks credit myths, explains the elements of a credit score, identifies organizations that maintain consumer credit records, and summarizes major consumer credit laws.

Chapter 5

Life after high school. This chapter explores 21st-century post-secondary education and career options, highlights the importance of avoiding debt as a young adult, and explains how to cash-flow a college education.

Chapter 6

Consumer Awareness. This chapter identifies common marketing tactics and other factors that influence consumer behavior, steps to manage spending behavior, and the role opportunity cost plays in purchasing decisions. Students will also explore the effect of inflation on buying power.

Chapter 7

Bargain shopping. This chapter highlights the importance of bargain shopping as part of a healthy financial plan and identifies important negotiation strategies.

Chapter 8

Investing and retirement. This chapter establishes basic investing guidelines, describes and compares various types of investments, and identifies elements of employer benefits and retirement plans.

Chapter 9

Insurance. This chapter identifies the purpose of financial risk management as well as the appropriate and most cost-effective risk management strategies.

Chapter 10

Money and relationships. This chapter identifies the differences among people’s values and attitudes as they relate to money and highlights communication strategies for discussing financial issues.

Chapter 11

Careers and taxes. This chapter examines the importance of pursuing a career in line with your strengths, the elements of effective goal setting, the best practices of successful people, and types of income and taxes.

Chapter 12

Giving. This chapter highlights the importance of identifying your values and giving of your time, talents and money in order to serve others and leave a lasting legacy.

Chapter 13

Global economics. This chapter examines the importance of pursuing a career in line with your strengths, the elements of effective goal setting, the best practices of successful people, and types of income and taxes.

 

Power Standards

5.15.1.10 - Describe and demonstrate the steps involved in the banking reconciliation process.

5.17.1.15 - Identify the type of insurance associated with different types of risk (e.g., automobile, personal and professional liability, home and apartment, health, life, long-term care, disability).

5.6.6.4 - Compare and contrast the various aspects of credit (e.g., APR, grace period, incentive buying, methods of calculating interest, and fees).

5.16.1.25 - Identify specific steps that consumers can take to minimize their exposure to identify theft.

5.11.1.18 - Calculate personal tax liabilities for various types of taxes (e.g., property, income, sales, FICA, and Medicare).

5.12.1.9 - Illustrate how income and spending patterns change throughout the life cycle for the typical person and family.

5.13.1.8 - Analyze the power of compounding and the importance of starting early in implementing a plan of saving and investing.

Chapters 1-13 Journal Entries
Chapter 1 - Introduction
to Personal Finance

Day 1:

Course Pre-Test

Before You Begin Activities

Pre-Test for Introduction to Personal Finance

Activity: Clay's Candy Bar Madness

Day 2:

Section 1: What is Personal Finance?

Activity: Game of Chance

Activity: Parent Interview

Day 3:

Section 2: Money the American Way

Activity: The History of Credit in America

Day 4:

Section 3: You and Money

Activity - What is Personal Finance?

Day 5:

Review 

Chapter Summary, Money in Review

Activity: Chapter 1 Case Studies

Student Financial Assessment

Day 6:

Test 

Pre-Test for Saving Chapter

Chapter 2 - Saving

Day 1:

Before You Begin activities

Section 1: Saving: An Exercise in Character

Day 2:

Section 2.1: Three Basic Reasons to Save Money

Activity: Savings by Nation

Day 3:

Section 2.2: Three Basic Reasons to Save Money

Activity: Sinking Fund Savings

Day 4:

Section 2.3: Three Basic Reasons to Save Money

Activity: Saving: A Way to Build Wealth

Day 5:

Section 3: The Power of Compound Interest

Day 6:

Chapter Summary, Money in Review

Additional Activities: Life from Financial Peace Place, Rate of Return, The Five Foundations

Day 7:

Test

Activity: Budget Builder-foundationsU.com

Pre-Test for Budgeting Chapter

Chapter 3 - Budgeting

Day 1:

Before You Begin Activities

Section 1.1: Budgeting 101

Day 2:

Section 1.2: Budgeting 101

Activity: Balancing Your Checking Account

Day 3:

Section 2.1: The Basics of Banking

Activity: How to Manage Your Checking Account

Day 4:

Checking Account Simulation

Day 5:

Section 3.1: The Importance of Having a Zero-Based Budget

Activity: The Student Budget

Day 6:

Section 3.2: The Importance of Having a Zero-Based Budget

Activity: Family Reality Check

Review

Day 7:

Test

Debt Pre-Test

Chapter 4 - Debt

Day 1:

Before You Begin Activities

Section 1.1: Debt: Product, Not Privilege

Day 2:

Section 1.2: Debt: Product, Not Privilege

Section 2.1: Debunking the Credit Myth

Activity: The Hidden Cost of Credit

Activity: Realities of Cash Advances

Day 3:

Section 2.2: Debunking the Credit Myth

Section 2.3: Debunking the Credit Myth

Activity: Drive Free

Activity: The True Cost of Ownership

Day 4:

Section 2.4: Debunking the Credit Myth

Section 2.5: Debunking the Credit Myth

Section 2.6: Debunking the Credit Myth

Activity: Rent to Own

Day 5:

Section 3.1: The Credit Score

Section 4.1: Credit Bureaus and Identity Theft

Activity: Debunking the Credit Myth

Day 6:

Review

Activity: Making the Minimum

Day 7:

Test

Pre-test for Life After High School

Chapter 5 - Life After High School

Day 1:

Before You Begin Activities

Section 1.1: Beware and Be Wise

Section 1.2: Beware and Be Wise

Activity: The Student Loan Myth

Activity: Beware and Be Wise

Day 2:

Section 2.1: Start College with the End in Mind

Section 3.1: Cash-Flow Your College Education

Day 3:

Activity: Cost of Living Calculator

Activity: Budgeting for Life After High School

Activity: Case Study: Ethan and College Expenses

Day 4:

Activity: College Cost Comparison

Review

Day 5:

Test

Pre-Test for Consumer Awareness

Chapter 6 - Consumer Awareness

Day 1:

Before You Begin Activities

Section 1.1: Buyer Beware

Activity: Commercial Viewer

Day 2:

Section 1.2: Buyer Beware

Section 1.3: Buyer Beware

Activity: Marketing Madness

Activity: 0% for 24 Months, Nothing Down

Day 3:

Section 1.4: Buyer Beware

Section 2.1: Buyer's Remorse

Activity: The Cost of Cool

Activity: The Impact of Daily Decisions

Day 4:

Section 3.1: Opportunity Cost

Activity: Opportunity Cost

Day 5: 

Review

Day 6:

Test

Pre-Test for Bargain Shopping

Chapter 7 - Bargain Shopping

Day 1:

Before You Begin Activities

Section 1.1: Bargain Shopping: Part of  Healthy Financial Plan

Section 2.1: The 7 Basic Rules of Negotiating

Day 2:

Section 2.2: The 7 Basic Rules of Negotiating

Section 2.3: The 7 Basic Rules of Negotiating

Activity: Food for Thought

Day 3:

Section 2.4: The 7 Basic Rules of Negotiating

Section 3.1: Places to Find Great Deals

Day 4:

Activity: Double Discounts

Review

Day 5:

Test

Pre-Test for Investing and Retirement

Chapter 8 - Investing and Retirement

Day 1:

Before You Begin Activities

Section 1.1: Investing 101

Activity: Individual Fund Tracker

Day 2:

Section 1.2: Investing 101

Section 2.1: Types of Investments

Day 3:

Section 2.2: Types of Investments

Section 2.3: Types of Investments

Activity: My Roth IRA

Day 4:

Section 3.1: Employer Benefits and Retirement

Activity: Investments Compared, Rule of 72

Day 5:

Review

Activity: Funding 401(k)s and Roth IRAs

Activity: Monthly Retirement Planning

Activity: Wealth Buuilding is NOT a Game of Chance

Day 6:

Test

Pre-Test for Insurance

Chapter 9 - Insurance

Day 1:

Before You Begin Activities

Section 1.1: Protecting Your Wealth

Section 2.1: Basic Types of Coverage

Activity: Auto Liability Limits

Day 2:

Section 2.2: Basic Types of Coverage

Section 2.3: Basic Types of Coverage

Activity: Health Plan Overview

Day 3:

Section 2.4: Basic Types of Coverage

Activity: Which Insurance Policies Are Needed?

Day 4:

Section 3.1: The Importance of Life Insurance

Section 4.1: Insurance to Avoid

Day 5:

Activity: Identifying Financial Risk

Activity: Understanding Renter's Insurance

Review

Day 6:

Test

Pre-Test for Money and Relationships

Chapter 10 - Money and Relationships

Day 1:

Before You Begin Activities

Section 1.1: Understanding Your Money Personality

Activity: Back Then

Day 2:

Section 2.1: Marriage and Money

Section 3.1: Communication is Key

Day 3:

Activity: Creative Debating

Activity: Roommates and Money

Activity: Time Budget

Review

Day 4: 

Test

Pre-Test for Careers and Taxes

Chapter 11 - Careers and Taxes

Day 1:

Before You Begin Activities

Section 1.1: Self-Assessment

Section 1.2: Self-Assessment

Day 2:

Section 1.3: Self-Assessment

Activity: DISC and Career Math

Activity: Researching Careers

Day 3:

Section 2.1: Goal Setting

Section 3.1: you won't Love the Entry Level

Activity: Employee Onboarding

Day 4:

Section 4.1: Best Practices of Successful People

Section 4.2: Best Practices of Successful People 

Day 5:

Section 4.3: Best Practices of Successful People

Section 4.4: Best Practices of Successful People

Note: Interviews and resumes are covered in great detail in Business Communications next semester.

Day 6:

Section 5.1: Income and Taxes

Activity: Filing Your Taxes

Activity: Reading a Pay Stub

Day 7:

Review

Activity: Simple Tax Form

Day 8:

Test

Pre-Test for Giving

Chapter 12 - Giving

Day 1: 

Before You Begin Activities

Section 1.1: False Perceptions

Sections 2.1: Make an Impact

Day 2:

Section 3.1: Give Your Time and Talents

Activity: Research Charitable Organizations

Day 3:

Section 4.1: Define Your Legacy

Activity: The Generosity of Future Me

Day 4:

Review

Activity: Exploring Areas of Need in Your Community

Activity: The Benefits of Charitable Giving

Day 5:

Test

Pre-Test for Global Economics

Chapter 13 - Global Economics

Day 1:

Section 1: Global Economics

Day 2:

Section 2: Economic Systems

Activity: Chain of Production

Day 3:

Section 3: Gross Domestic Product

Section 4: Economic Impact

Day 4:

Activity: GDP Around the World 

Activity: The Impact of Poverty

Activity: The Impact of Inflation

Review

Day 5:

Test

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