Panorama Community Schools

Chris Webner » Financial Planning - NEFE student guidebook sections

Financial Planning - NEFE student guidebook sections

ADVISER Week 15 December 2 
6th Grade - Financial Literacy Workbook (follow up from Pennies to Paychecks comedy play sketches)
7 & 8th Grades - Guidance lessons (Mrs. Smith)
  • A) Gr 9-12 Brainstorm questions to ask community panel guests, share with Adviser, for use on December 16. Guests will visit with students to share what led them to choose to live &/or work in Panorama area, and their chosen careers. See list guests and their professions under Week 17.
  • B) Gr 9-12 Please use the (link) Financial Planning: NEFE Student guidebook webpage activities described by HS Grade...
HS Financial Planning Activities:
What is Financial Planning?
Answer "Process of deciding how you will handle your money including spending, credit, saving, & investing.  
Some people plan well & have the rewards that go with it - nicer cars, comfortable homes, savings, fun vacation trips. Other people never learn to plan & never learn to plan, and never seem to have enough money, instead living paycheck to paycheck all their lives.
 
Grade 9 -  Pg. 3 - 11/ending with 3 R's of Money (Planned for December 2 & January 13, but wasn't covered)
  • Assignment 1.1 Needs Versus Wants  & 1.2 My Values
    • Once students have completed charts for 1.1/page 4 & 1.2/page 5, Adviser asks students to literally draw lines to show connections they see between their Needs or Wants and their Values & walks around to ask for clarifications as needed (copy 2 pages to one side of paper).
  • With reading on p.6, ask if students think greater life accomplishments are connected to a person's ability to practice delayed gratification or not?  What examples can they provide to support their thinking.
  • Complete Assignment 1.3/ My SMART Goals/p7 using 3 or 4 personal wants/needs & Assignment 1.4/Spending Record of (Student's Name)
    • Encourage students to use their best memory of the most recent week
    • Are students' differences larger for income or spending?
  • With freshmen reading p.9-11, check their understanding of terms, Opportunity Cost/p9 & The 3 R's of Money/p11.
 
Grade 10 - Pg.19 - 24, After High School: Then What?  (Planned for December 2 & January 13 but wasn't covered)
Update to Figure 2.2 Average College Costs; linked college webpages will be most current -
Update to Figure 2.3 Education and Earnings using Bureau of Labor & Statistics webpage links- 
      • No HS Diploma, $20,724 / 50 work weeks at $414.50 per week
      • HS Diploma, $34,373 / 50 work weeks at $687.46 per week
      • Some College, $41,658 / 50 work weeks at $833.16 per week
      • Bachelor's Degree, $62,188 / 50 work weeks at $1,243.76 per week
      • Professional Degree (training beyond BA), $95,309 / 50 work weeks at $1,906.18 per week
Complete pg. 22, Assignment 2.2, Each Student connects 4 Personal Talents or Activities to Potential Type of Business, an exercise to try thinking like an Entrepreneur.
 
Adviser can point to these graphics (Table 4 & Table 2 pasted below from Iowa policy project webpage) to provide visual context for pg. 24 concept, "Cost of Living". Each gives estimate of monthly expenses, yearly (annual) estimates of costs and hourly salaries needed to cover the costs - while Table 2 assumes both parents earn money (American has become a Nation of Dual-Income Working Couples), Table 4 describes typical costs of single adult without kids.
 
Table 2--Two-parent families 
Table 2--Two-parent familiesGr. 11 - Budgeting, pp. 28 - 40, Overview: What is a Budget? (Planned Dec.2 & Jan. 13 but wasn't covered)
Read over pages & complete as a group - 
  • Assignment 3.1 Analyzing a Pay Stub, pp. 32,33
  • Assignment 3.2 Create Your Own Budget, p.35
    • Student choice to complete using current situation or estimate a budget for self in future 
      • Can use Table 4 & 2 for computation; divide that given month amount by 4 for weekly amount.
  • Use Google Spreadsheet to complete Pie Chart for Assignment 3.3 How Do You Spend Your Money?
  • "Other Tools to Help You Handle Your Cash", pp.38-40.
    • 1st have students browse over the pages looking for bold heading they have had experience with & could explain what that is to group. 
    • 2nd, students each take a section & read it carefully before verbally sharing with group about the money tool, Adviser assists & facilitates.
  • Complete self "Quick Check" on p.42 (be honest, simply consider your "No" answers as future strategies help yourself.
 
Gr. 12 - Good Credit versus Bad Credit, pp.59 - 70 (December 2 & January 13)
  • Advisers, when students complete Assignment 5.1 Shopping for the Best Credit Card, may want to share the slightly dated graph comparing credit cards recommended in this 2012 Consumer Reports article
  • Advisers, when students complete Assignment 5.2 The Impact of Different Loan Factors, may want to project this webpage loan calculator tool, www.calculator.net/loan-calculator, and complete the seven chart items as a group.
    • Most credit cards compound interest daily or monthly.
    • Most credit card users make payment of balance monthly.
    • Example for (a) - 
    • Use this calculator for calculating mortgages, auto loans, and student loans, etc.

      Loan Amount $
      Loan Term    years
           months
      Interest Rate    %
      Compound  
      Pay Back  

      Results:

      Payment Every Month   $126.81
      Total of 48 Payments   $6,087.02
      Total Interest   $1,087.02

         
         
         
 
 
 
 
 
 
 
  • Advisers, for Assignment 5.3 A Plan to Get Out of Debt, a recommended prioritized order will be emailed you.
  • Please, when considering the p.72 Action Steps, use a form to save your credit card data, talk about why taking a picture of your credit card and saving that picture, or relying on phone to save credit card information is not as safe as the #2 suggestion of determining a safe place with parents.
 
January 20 & 27 (wasn't covered)
All HS Grades complete Savings & Investments: Your $ at Work, NEFE wrkbk. pp. 45-58