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?
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
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
