2.5 credits of personal finance & financial literacy of this final project is to plan, budget,...

2.5 credits

of

Personal Finance & Financial Literacy

Fall 2014

The following are the assignments required for this independent-study course & their SUGGESTED due dates.

* All assignments are due by January 22, 2015 .

**ALL ACTIVITIES AND CHALLENGES MUST BE COMPLETED USING THE WORKSHEETS PROVIDED ON THE BCIT WEBSITE ** .

TO DOWNLOAD/PRINT WORKSHEETS: goto http://www.bcit.cc - Medford Campus - Student Life tab - Financial Literacy Course Information - Financial Literacy – Modules & Worksheets

Module 1 Read: Money Management: Control Your Cash Flow Complete: Activity 1.4, Challenge 1-A, Challenge 1-B, Challenge 1-C, Challenge 1-D

DUE: October 9, 2014

Module 2 Read: Borrowing: Use – Don’t Abuse Complete: Activity 2.7, Activity 2.9, Challenge 2-A, Challenge 2-B, Challenge 2-C

DUE: October 23, 2014

Financial Literacy Project #1 – Senior Expenses

DUE: November 5, 2014

Module 3 Read: Earning Power: More Than a Paycheck Complete: Activity 3.5, Challenge 3-A, Challenge 3-B, Challenge 3-C, Challenge 3-D

DUE: November 20, 2014

Module 4 Read: Investing: Money Working for You Complete: Activity 4.3, Activity 4.6, Challenge 4-A, Challenge 4-B, Challenge 4-C

DUE: December 4, 2014

Financial Literacy Project #2 – Vacation Madness DUE: December 18, 2014

Module 5 Read: Financial Services: Care for Your Cash Complete: Activity 5.8, Challenge 5-A, Challenge 5-B, Challenge 5-C, Challenge 5-D

DUE: January 8, 2015

Financial Literacy Project #3 – The Next Step DUE: January 22, 2015

http://www.bcit.cc/

Grading Rubric:

Module 1 40 points (8 points for each of the five assignments) Module 2 40 points (8 points for each of the five assignments) Project 1 50 points Module 3 40 points (8 points for each of the five assignments) Module 4 40 points (8 points for each of the five assignments) Project 2 55 points Module 5 40 points (8 points for each of the five assignments) Project 3 75 points Total 380 points

Completed Worksheets and Projects:

A drop-box is located in the Guidance Office. Please log in all completed Financial Literacy work and deposit your work into the drop box. Be sure your worksheets are securely attached (stapled) and have your name on them.

Financial Literacy assistance:

Financial Literacy assistance will be available after-school on Thursday afternoons. Students must sign up one day in advance. (sign up by Wednesday afternoon at the latest) The sign-up sheet is located in Mr. Parker’s office.

To successfully complete the Financial Literacy course, you must complete and pass the following:

- ALL Module Activities (using the provided worksheets)

- ALL Module Challenges (using the provided worksheets)

- ALL 3 FINANCIAL LITERACY PROJECTS

Financial Literacy Project #1: Senior Expenses Welcome to your reality check of the expenses of being a high school senior. You are taking the personal responsibility to pay for your senior expenses. In this activity, you DO NOT have assistance from any family members or friends. Your assignment is to create a financial plan to save for the expenses incurred during senior year of high school. You will create a goal and then plan the steps required to achieve that goal. Requirements: 1. Choose a minimum of FIVE items from the Seniors Expenses list. 2. Total up the amount of money you need to save, and a final deadline that you must have all that money saved. Also pick five mini-goal dates to keep you on task. (Example: You determine you must ultimately save $1000 by May. You make sure you have $200 by September, $400 by November, $600 by January, $800 by March and $900 by April.) 3. Complete a two-page summary that describes: A. Why you chose these senior expenses

B. How you will implement your financial plan (be specific in determining how you will earn and save money to accomplish your goal) C. How you will deal with any unexpected adversity (cost goes up for an expense, you earn less than you think, you have to spend money for an emergency, etc.)

Senior Expenses Approximate Cost Approximate Deadline Yearbook $85 Before they are sold out Senior portrait package $175 (average) March Senior shirt/hoodie/jacket $35 February Pride Week shirt $10 March Senior Trip $1100 $350 by October $350 by November $400 by December Prom ticket $80 May Prom expenses $100-$200+ May (clothing, transportation, etc.) Senior picnic to Great Adventure $30 May

Financial Literacy Project #1: Senior Expenses - Grading and Rubric

5 3 1 0

Expense choices (10 points)

Five expenses chosen; excellent description of why these items were chosen

Five expenses chosen; good description of why these items were chosen

Fewer than five expenses chosen, or no description of why events were chosen

Not completed

Goals and mini-goals (5 points)

Clear and accurate final goal total and date; five mini-goal amounts and dates selected

Minor problem with final goal total and date or five mini-goal amounts and dates

Final goal total present, but mini-goal totals absent (or vice versa)

Not completed

Implementation of financial plan (10 points)

Excellent description of how finances will be accrued and saved to achieve goal

Good description of how finances will be accrued and saved to achieve goal

Poor description of how finances will be accrued and saved to achieve goal

Not completed

Dealing with adversity (5 points)

Excellent description of how adversity will be dealt with

Good description of how adversity will be dealt with

Poor description of how adversity will be dealt with

Not completed

Length (5 points)

2 pages More than 1 but less than 2 pages

1 or fewer pages Not completed

Spelling and grammar (5 points)

Two or fewer spelling or grammatical errors

Three to five spelling or grammatical errors

More than 5 spelling or grammatical errors

Not completed

Overall (10 points)

Excellent overall plan to save for senior expenses

Good overall plan to save for senior expenses

Poor overall plan to save for senior expenses

Not completed

Financial Literacy Project #2: Vacation madness Your assignment is to create the perfect vacation to one of the 50 states in the United States AND maintain your budget. The purpose of this exercise is to give you real world experience in planning, organizing, researching, budgeting and using time-management skills. You will be unable to stay with relatives. Requirements: 1. You may choose any of the 50 U.S. states to visit. 2. Your budget is $2,000. 3. You must be away for a minimum of 5 days during your vacation. 4. You may choose your method of travel, but you cannot miss any school. So make sure you pick travel dates that fall during Spring Break, Winter Break, or Summer Break. 5. You must make travel arrangements for two people (you and a friend or family member). 6. You must show PROOF of dates and cost (print out flight plans, hotel rates, etc.) 7. You must travel to a minimum of three different towns in the state. 8. You must complete an itinerary and explain what activities you did each day on your vacation. 9. Within the travel days, you must find three FREE events (places) that you can attend/go in your state. 10. Make sure you budget for ALL expenses (plane tickets, fuel costs when driving, hotel room rates, food, etc.) What do you have to turn in? 1. A presentation of your trip (Power Point or poster) that includes pictures of your destinations and activities, itinerary, expenses, and your budget. 2. A one-page summary explaining your method of research, planning and budgeting. Tell all about HOW you did this project. 3. A one-page final analysis. In this, you should write about any issues/difficulties completing the assignment, explain what you might do differently when you plan a vacation for real in the future, and identify three specific things you learned from this project. 4. All documentation and proof of your expenses. How do you start? Begin by researching your state, using the Internet to find interesting places to visit. You can always find a town’s Chamber of Commerce, or Google the city and entertainment. Once you have decided where you are going, get into the nitty-gritty of the research for prices.

Financial Literacy Project #2: Vacation Madness - Grading and Rubric

5 3 1 0

Presentation (30 points)

Complete with destination, pictures, budget, expenses and activities. Presentation is excellent: neat, organized and visually appealing.

Complete with destination, some pictures, most of the budget, expenses and some activities. Presentation is good: mostly neat, organized and visually appealing.

Complete with destination, minimal pictures, budget and activities. Presentation is not neat, organized or visually pleasing.

Not completed

Summary (10 points)

Gives a clear, excellent description of method/philosophy of research, planning and budgeting.

Gives a good description of method/philosophy of research, planning and budgeting.

Gives an incomplete description of method/philosophy of research, planning and budgeting.

Not completed

Analysis (10 points)

An excellent description of problems addressed during research, suggestions to improve, and three specific items learned from assignment

A good description of problems addressed during research, minimal suggestions to improve, and items learned from assignment

An incomplete description of problems addressed during research, minimal or no suggestions to improve, and items learned from assignment

Not completed

Proof/verification (5 points)

Complete verification of expenses

Some verification of expenses

Little verification of expenses

No verification of expenses

Financial Literacy Project #3: The Next Step After you graduate from BCIT and turn 18, it will be YOUR responsibility to take care of your lifetime of purchases, salary, living expenses, saving, health coverage, investments, banking, insurance and retirement. The goal of this final project is to plan, budget, protect and prepare yourself for your future. Requirements 1. Create a 10-part presentation (using a tool such as Power Point) that encompasses a variety of areas of your future financial life. For each part, you need to compare two similar companies/stores/options: A. Occupation B. Housing C. Transportation D. Credit Cards E. Banking – Saving and Checking F. Life Insurance G. Retirement H. Phone, internet and TV service I. Clothing J. Food 2. Each part/slide should compare the two options, listing benefits and drawbacks of each. Make sure it is factual and visually appealing. 3. You must also analyze your research in a two-page summary that describes the method you used in your research, the value of this research to you, and three specific things you learned from this assignment.

Financial Literacy Project #3: The Next Step - Grading and Rubric

5 3 1 0

Presentation Part A (5 points)

Shows an excellent comparison between the two options; details of package/items; no spelling or grammatical errors; excellent visual

Shows a good comparison between the two options; details of package/items; some spelling or grammatical errors; good visual

Shows an incomplete comparison between the two options; details of package/items; many spelling or grammatical errors; average visual

Not completed

Presentation Part B (5 points)

Presentation Part C (5 points)

Presentation Part D (5 points)

Presentation Part E (5 points)

Presentation Part F (5 points)

Presentation Part G (5 points)

Presentation Part H (5 points)

Presentation Part I (5 points)

Presentation Part J (5 points)

Written assessment (25 points)

Excellent description of how you chose your two companies, completed your comparison, analysis includes three specific things learned; zero to two grammatical or spelling errors

Good description of how you chose your two companies, completed your comparison, analysis includes at least one specific thing learned; three to five grammatical or spelling errors

Incomplete or confusing description of how you chose your two companies and completed your comparison, does not include lessons learned, more than five grammatical or spelling errors

Not completed

Module 1

Money Management

Complete: Activity 1.4 Challenge 1-A Challenge 1-B Challenge 1-C Challenge 1-D

Activity 1.4: My Needs and Wants: Can I Tell the Difference?

©2012 National Endowment for Financial Education www.hsfpp.org Activity 1.4: My Needs and Wants High School Financial Planning Program December 2012

NAME: DATE:

How much money did you spend in the past week? What did you buy?

Directions:

List what you spent money on in the past week (or month) and use the information to gather evidence in the case of Your Disappearing Dollars.

A. Look at your spending log in Activity 1.2

B. Write down five things you spent money on.

C. Then decide if each is a need or a want. A practice sample is provided for you.

D. Review your list.

Are you sure your needs are real needs?

Do you think your friends or family would agree with your decisions?

Are there times when your wants may become a need?

Item Need? Want?

Jacket to replace one that is outgrown

Second jacket that is still in good shape

Challenge 1-A: My SMART Goals

©2012 National Endowment for Financial Education Module 1: Money Management High School Financial Planning Program www.hsfpp.org Challenge 1-A: My SMART Goals

NAME: DATE:

Directions:

Apply what you have learned about goal setting as you complete this challenge activity. Write at least one short-term goal, one intermediate goal, and one long-term personal finance goal using the SMART model. Be sure to create goals that have meaning to you.

Start by brainstorming a list of personal financial goals that can be classified as short-term, intermediate, and long-term.

Next, examine the SMART Goals chart to establish details for each of your goals.

Finally, adjust your goals taking into consideration how you will prioritize your actions as you work to achieve all of the goals at the same time.

1

2

3

Challenge 1-A: My SMART Goals

©2012 National Endowment for Financial Education Module 1: Money Management High School Financial Planning Program www.hsfpp.org Challenge 1-A: My SMART Goals

SMART Goal Guide

Specific

What exactly needs to be accomplished? Who else will be involved? Where will this take place? Why do I want to accomplish the goal?

Measurable How will I know I’ve succeeded? How much change needs to occur? How many accomplishments or actions will it take?

Attainable Do I have, or can I get, the resources needed to achieve the goal? Is the goal a reasonable stretch for me? (neither out of reach nor too easy) Are the actions I plan to take likely to bring success?

Relevant

Is this a worthwhile goal for me right now? Is it meaningful to me—or just something others think I should do? Would it delay or prevent me from achieving a more important goal? Am I willing to commit to achieving this goal?

Time-bound What is the deadline for reaching the goal? When do I need to take action? What can I do today?

Challenge 1-B: My Decision

©2012 National Endowment for Financial Education Module 1: Money Management High School Financial Planning Program www.hsfpp.org Challenge 1-B: My Decision

NAME: DATE:

Directions:

Follow the DECIDE steps for a decision you’re facing. You may want to ask your friends and family for their input—to make sure you consider everything!

DECIDE Steps My Situation

1 Define your goal.

2

Establish your criteria. What are the features you absolutely must have? And which ones would you like to have?

3

Choose two to three good options. Eliminate any options without your must-haves and choose a couple of the remaining options.

4

Identify the pros and cons. If you have a lot of criteria and options, you may want to make a chart to quickly compare the features of each option.

5 Decide what’s best. Which option best matches your criteria?

6

Evaluate the results. Afterward, note what you do and don’t like about your choice so you can add that to your criteria for next time.

Challenge 1-C: My Spending Plan

©2012 National Endowment for Financial Education Module 1: Money Management High School Financial Planning Program www.hsfpp.org Challenge 1-C: My Spending Plan

NAME: DATE:

Directions:

Do you have to pay for regular expenses every month, a big purchase, or an upcoming event such as a class trip?

A. Review your goals and spending log.

B. Write up a spending plan so you can pay for the things you need and want. Use the form below or create your own spreadsheet.

My Income: Amounts

My Total Income: $

My Expenses: Amounts

My Total Expenses: $

Challenge 1-D: My Action Plan

©2012 National Endowment for Financial Education Module 1: Money Management High School Financial Planning Program www.hsfpp.org Challenge 1-D: My Action Plan

NAME: DATE:

Directions:

Think about how well you manage your money now. What can you do to make improvements?

I think I do a job of managing my money.

What I do well:

What I will do to improve:

I will share money management tips with the following people:

The habits you have now will continue as you get older. The sooner you replace poor money management habits with sensible habits,

the better off you will be when you become financially independent.

Module 2

Borrowing

Complete: Activity 2.7 Activity 2.9 Challenge 2-A Challenge 2-B Challenge 2-C

Activity 2.7: Know the Limit

©2012 National Endowment for Financial Education www.hsfpp.org Activity 2.7: Know the Limit High School Financial Planning Program October 2012

NAME: DATE:

The 20–10 Rule for Borrowing Limit

$ Total of Should Be LESS Than of Your

Amount Borrowed* 20% Annual Net Income

Monthly Payments 10% Monthly Net Income

*Includes credit cards but not mortgages

Directions:

A. Use the 20-10 Rule to calculate the debt limits for Mariah’s and Jesse’s older siblings.

B. If you earn any income now, also compute your debt limits.

Borrower Annual Net

Income

Maximum Total Debt

(20% Annual Net Income)

Maximum Monthly Payments

(10% Monthly Net Income)

Mariah’s sister $6,500 $ $

Jesse’s brother $24,750 $ $

Jesse’s sister $35,800 $ $

Me $ $ $

Activity 2.9: Rights and Responsibilities of Borrowing

©2012 National Endowment for Financial Education www.hsfpp.org Activity 2.9: Rights and Responsibilities of Borrowing High School financial Planning Program October 2012

NAME: DATE:

Directions:

Look at a credit card agreement, loan contract, or service agreement to find at least two rights and two responsibilities of the borrower and the same for the lender. Summarize your findings below.

Type of Agreement or Contract

Rights Responsibilities

Borrower

Lender

NAME: _______________________________________ DATE: ________________

©2012 National Endowment for Financial Education Module 2: Borrowing High School Financial Planning Program www.hsfpp.org Challenge 2-A: Decide the Best Deal

Challenge 2-A: DECIDE the Best Deal for You Directions:

A. Pick a situation where you or your family currently use or expect to use credit in the near future.

For example, this might be a phone plan, car loan, school loan, or apartment rental.

B. Gather information from two to three different businesses that provide credit for the situation.

C. Use the DECIDE process to select the best option for your (or your family’s) criteria.

Action Steps My Situation

1 Define your goal. What do you want to achieve?

2

Establish your criteria. What are the features you absolutely must have? Which ones would you like to have?

3 Choose two to three good options. Remove any options that don’t meet your must-have criteria.

4

Identify the pros and cons. Calculate what the total costs are for each option. If you have a lot of criteria and options, you may want to make a chart to quickly compare the features of each option.


6 Evaluate the results. Afterward, note what you do and don’t like about your choice.

Challenge 2-B: Building Creditworthiness

©2012 National Endowment for Financial Education Lesson 2-3: Credit Rating High School financial Planning Program www.hsfpp.org Challenge 2-B: Building Creditworthiness

NAME: DATE: What actions can you take now to practice sensible borrowing habits and build a good reputation as a borrower? Use what you have learned about credit reporting and scoring to determine what you can do now as a teenager to prepare to make a good impression on a lender. To build a good reputation as a borrower, I will …

NAME: _______________________________________ DATE: ________________

©2012 National Endowment for Financial Education Module 2: Borrowing High School Financial Planning Program www.hsfpp.org Challenge 2-C: Credit Code of Behavior

Challenge 2-C: Credit Code of Behavior Although you might not need or even be able to use credit now, you are on your way to developing

the knowledge and positive habits that will help you avoid the pitfalls of debt problems. Consider how

you will use what you learned about credit when you borrow, now and after you turn 18.

Directions:

Write out a personal Credit Code of Behavior.

Include guidelines you will follow before considering whether or not to use credit.

Include self-imposed rules and habits you will apply as you take on the responsibilities of using

credit.

Module 3

Earning Power


Activity 3.5: What is the Cost?

©2012 National Endowment for Financial Education www.hsfpp.org Activity 3.5: What is the Cost? High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Compare the most current annual costs to live on campus at each college. You can find the anticipated annual college costs on college websites. Choose three colleges:

private nonprofit college

in-state public college

out-of-state public college

College Type Private In-State Out-of-State

College Name

Annual Costs $ $ $

Challenge 3-A: My Education Options

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 3-A: My Education Options High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Follow the DECIDE steps to select the best type of education or training program for you as you prepare for

a career that interests you now.



2

Establish your criteria. What are the features and options you absolutely must have? Which ones would you like to have?

3

Choose two to three good options. Remove any options that don’t meet your must-have criteria.

4

Identify the pros and cons. Identify the total monetary costs and opportunity costs for each option. If you have a lot of criteria and options, you may want to make a chart to quickly compare the features of each option.


6 Evaluate the results. Explain how you intend to monitor and evaluate your decision.

Challenge 3-B: Thumbs Up or Thumbs Down

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 3-B: Thumbs Up or Thumbs Down High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Follow the DECIDE steps to identify potential job or career options that match your criteria for financial

goals and desired lifestyle.



2

Establish your criteria. What are the conditions and options you absolutely must have? Which ones would you like to have?

3

Choose two to three good options. Remove any options that don’t meet your must-have criteria.

4

Identify the pros and cons. Identify the total monetary benefits and opportunity costs for each option. If you have a lot of criteria and options, you may want to make a chart to quickly compare the features of each option.



Challenge 3-C: My Accomplishments

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 3-C: My Accomplishments High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Create or update a list of your accomplishments, skills, training, and certification. Be sure to include any details such as dates, places, and title. If you have a resume, add any updates to your resume.

My Accomplishments

Accomplishments

Skills

Training

Certification

Challenge 3-D: Planning for My Career

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 3-D: Planning for My Career High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Now that you have explored how earning power impacts your lifestyle and ability to meet your financial goals, use what you have learned to start preparing for life on your own after high school

Use the SMART guidelines to write goals that will lead you on the path to achieving the career and lifestyle you want. Your goals should specify what you need to do, starting now, to proactively boost your earning power.

SMART Goal Guide Details to Add

Specific

What exactly needs to be accomplished? Who else will be involved? Where will this take place? Why do I want to accomplish the goal?


Attainable

Do I have, or can I get, the resources needed to achieve the goal? Is the goal a reasonable stretch for me? Are the actions I plan to take likely to bring success?

Relevant

Is this a worthwhile goal for me right now? Is it meaningful to me—or just something others think I should do? Would it delay or prevent me from achieving a more important goal? Am I willing to commit to achieving this goal?


My Career Goals

1

2

Module 4

Investing

Complete: Activity 4.3 Activity 4.6 Challenge 4-A Challenge 4-B Challenge 4-C

Activity 4.3: More Money

©2012 National Endowment for Financial Education www.hsfpp.org Activity 4.3: More Money High School Financial Planning Program April 2013

NAME: DATE:

Scenario:

Justin’s dad suggests putting the $500 into a CD that earns more interest, more often. Their credit union currently offers 2.5 percent APY on a 12-month CD, and interest is compounded daily.

Justin uses the compound interest formula to see the difference it makes to have his money earn interest at a higher rate every day rather than just once a year. He discovers that he will have almost $513 after one year if he goes with the CD option.

Directions:

Justin can increase his savings by compounding interest more often. What are at least two other ways he can grow his savings?

Activity 4.6: Watch the Price

©2012 National Endowment for Financial Education www.hsfpp.org Activity 4.6: Watch the Price High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Select two or three companies that are interesting to you because you use the companies’ products. Look online or in a newspaper to study data and news about the companies you chose.

Research Company A

Company B

Company C

Highest Price over the past 52 weeks.

Lowest Price over the past 52 weeks.

What is the current “state of affairs” for the company? Are there any issues that raise concern?

Is there a record of consistent growth in revenue or sales? (Past two years? Past five years?)

Is there a record of consistent growth in earnings per share (EPS)? (Past two years? Past five years?) EPS = Net profits for past 12 months/total shares outstanding

Is there a record of consistent growth in dividends paid each quarter? (Past two years? Past five years?)

Is the company consistently earning a profit?

Can the company cover its debt? (Are there more assets than current liabilities?)

How does the company compare with competitors?

How does the company compare with industry trends?

Would you say the current price is in the high range or low range compared to recent trends?

In your opinion, is this company worthy of further study to consider buying as an investment?

Disclaimer: The basic guidelines offered here are presented to help get you started on your own stock study and do not guarantee positive results. You are encouraged to continually learn more about investing and seek professional guidance as you engage in investing decisions.

Challenge 4-A: It Pays to Shop Around

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 4-A: It Pays to Shop Around High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Go online to compare options for saving your money. Find out the following about savings accounts, money market accounts, and CDs at one or two banks or credit unions:

any minimum balance requirements

current APY

compounding

interest frequency

Use the DECIDE steps to assess the saving option(s) that might be best for your current situation.


1 Define your goal.

2


3

Choose two to three good options. Eliminate any options that don’t meet your “must-haves.” Choose a couple of the remaining options.

4 Identify the pros and cons. Make a chart to quickly compare the features of each option.

5 Decide what’s best. Which option or combination of options best matches your criteria?


Challenge 4-B: Set My SMART Investing Goals

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 4-B: Investing Goals High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Use the SMART Goals guidelines to set your own saving and investing goals. If you completed Challenge 1-B in Module 1: Money Management, review your SMART financial goals for this challenge. If you have more than one goal, rank them from most important to least important so you know where to focus if you can’t tackle them all right now.

Write at least one short-term goal, one medium-term goal, and one long-term goal for savings and/or investing using the SMART model. Be sure to create goals that have meaning to you.

Rank Goal

SMART Goal Guide

Specific What exactly needs to be accomplished? Who else will be involved? Why do I want to accomplish the goal?


Attainable Do I have, or can I get, the information needed to achieve the goal? Is the goal a reasonable stretch for me? (neither out of reach nor too easy) Are the actions I plan to take likely to bring success?

Relevant Is this a worthwhile goal for me right now? Is it meaningful to me—or just something others think I should do? Am I willing to commit to achieving this goal?


Challenge 4-C: DECIDE My Investment Plan of Action

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 4-C: DECIDE My Investment Plan High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Now, use the DECIDE steps to choose the right investment route for you.


1 Define your goal.

2


3


4 Identify the pros and cons. Make a chart to quickly compare the features of each option.

5 Decide what’s best. Which option or combination of options best matches your criteria?


Module 5

Financial Services


Activity 5.8: Deal With Deception

©2012 National Endowment for Financial Education www.hsfpp.org Activity 5.8: Deal With Deception High School Financial Planning Program April 2013

NAME: DATE:

Directions:

What action would you take if you suspected that someone might be trying to deceive you? Explain how to handle each situation below to avoid having your personal information or financial information getting into the wrong hands.

1. You walk up to an ATM and a guy walks up behind you who appears to be waiting his turn. But he’s uncomfortably close—right over your shoulder—as you get ready to enter your PIN.

2. You (or a parent) are at a cash register in a store and have given the clerk your credit card. She holds on to it, probably to verify your signature. But then she says she needs to grab something from the back and starts to walk away with your card in hand.

3. You’ve found a pair of shoes at a great price on a Web site you discovered on Facebook. You start the check-out process and notice that the padlock at the bottom of your computer screen is open and that the Web page address starts with “http” instead of “https.”

4. You get a text message that says your bank debit card has been deactivated. The message tells you to reply to resolve the problem.

5. You’re bummed out about losing in an online auction. But then you get an E-mail stating the winner backed out and that you can have the item if you still want it. You just need to send your credit card information via E-mail.

These resources are good places to find tips to prevent and deal with deception:

Federal Trade Commission, www.ftc.gov/idtheft

Your state’s Attorney General website. Search: consumer resources, identity fraud, scams

HSFPP Student Guide, Module 2: Borrowing, pages 33-38

HSFPP Student Guide, Module 5: Financial Services, pages 35-39

Challenge 5-A: Use a Checking Account

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 5-A: Use a Checking Account

High School Financial Planning Program April 2013

NAME: DATE:

Directions:

A checking account is a useful way for you to track expenses. Use a checking account register or create a

spreadsheet to record transactions for two months. Check your accuracy by reconciling the account each

month.

Scenario: Ron Ziesmer is a single 24-year-old who lives in Rochester, Minnesota. He recently opened a

new checking account at the Rochester Credit Union.

Use the data provided in the following two calendars to track two months of Ron’s transactions. Go

through the steps to write the first two deposit slips and first four checks. The first few transactions have

already been recorded for you. Monthly statements are provided so you can reconcile Ron’s account

each month.

Note the following routine

transactions:

When the account was

opened, Ron arranged for

the following bills to be paid

automatically on the 10th of

each month:

Rent to LK’s Rental

Properties, $550

Phone, Internet, and cable

TV service provided by

eConnect, Inc., $108.75

On the 15th and 30th of

every month, Ron’s

paycheck is automatically

deposited to his account,

$1,256.67.

On the 15th of every

month, Ron has arranged to

have $200 transferred from

his checking account into a

savings account.




Reconcile Worksheet - November

Credit Union Statement Ending Balance

+ Outstanding Deposits

= Subtotal

- Outstanding Payment




= Adjusted Credit Union Balance

Does the adjusted number match Ron’s ending balance?




Reconcile Worksheet - December

Credit Union Statement Ending Balance

+ Outstanding Deposits

= Subtotal




= Adjusted Credit Union Balance

Does the adjusted number match Ron’s ending balance?

Challenge 5-B: Which is Best for Me?

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 5-B: Which is Best for Me? High School Financial Planning Program April 2013

NAME: DATE:

Directions:

To make sure a credit union is the best fit for her, Brianna should use the DECIDE model to evaluate her needs, assess the financial services, and compare them to those of other financial institutions.

Use the DECIDE model to select a financial institution with services that are right for you. Make sure to review the required criteria as you are comparing options.


1 Define your goal(s).

2

Establish your criteria. What are the services you absolutely must have? And which ones would you like to have?

3


4


5 Decide what’s best. Which option(s) best matches your criteria? Give rationale for your final decision.

6 Evaluate the results. How will you assess whether or not your decision(s) works for you?

Challenge 5-C: Selecting My Services

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 5-C: Selecting My Services High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Of the financial services discussed in Module 5, which services would be most useful to you? Use the DECIDE Steps to guide your decision making.


1 Define your goal(s).

2

Establish your criteria. What are the services and features that you absolutely must have? And which ones would you like to have?

3


4


5

Decide what’s best. Which options best match your criteria? (In this situation, you will most likely use more than one type of financial service.)

6

Evaluate the results. What skills and behaviors would help you be more successful when using these financial services?

Challenge 5-D: Scam Action Plan

©2012 National Endowment for Financial Education www.hsfpp.org Challenge 5-D: Scam Action Plan High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Create a “Scam Action Plan’ for your family that outlines preventive measures you and your family can take to avoid scams, fraud, and identity theft. Your plan should include actions to protect personal and financial information when banking in person as well as when using the Internet and phones.

Strategies to protect my family’s personal and financial information when banking in person:

Strategies to protect my family’s personal and financial information when banking online or by phone:

These resources offer tips to protect consumers from scams:

Federal Trade Commission, www.ftc.gov/idtheft

Your state’s Attorney General website. Search: consumer resources, identity fraud, scams

HSFPP Student Guide, Module 2: Borrowing, pages 33-38

HSFPP Student Guide, Module 5: Financial Services, pages 35-39

2.5 credits of personal finance & financial literacy of this final project is to plan, budget,...

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