4-h financial champions september 2011 1. marsha a. goetting ph.d., cfp ®, cfcs professor &...

4-H Financial Champions

September 20111

Marsha A. Goetting Marsha A. Goetting Ph.D., CFPPh.D., CFP®®, CFCS, CFCS

Professor & Extension Family Economics SpecialistDepartment of Agricultural Economics & Economics

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Why a 4-H Project in financial management is needed!!!!!

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12% of population--MT12% of population--MT

(ages 10 - 19) Census 2010(ages 10 - 19) Census 2010

127,848127,848

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Teens Have Resources-2011

•Spend $18.50/weekSpend $18.50/week

•$962 per year$962 per year

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Charles Schwab: 2011 Teens & Money Survey

• 86% of teens say 86% of teens say they would rather they would rather learn about money learn about money management in classmanagement in class

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Test Scores-2008

YearsYears ScoreScore

2008 2008 48.3%48.3%

2006 2006 52.4%52.4%

1997 1997 57.3%57.3%7

Topics Teens would like their Parents to talk about

• 44%: How to invest 44%: How to invest money money

• 42%: How to establish good 42%: How to establish good creditcredit

• 34%: Their career aspirations34%: Their career aspirations• 33% How to budget money33% How to budget money

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4-H Financial Champions• CurriculumCurriculum

•12 - 15 year olds12 - 15 year olds9

2 Youth Booklets•Money Fun-Money Fun-damentalsdamentals

• Book 1Book 1•Money MovesMoney Moves

• Book 2Book 2

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Helper’s Guide•Personal Finance Helper’s Personal Finance Helper’s GuideGuide• 44 pages44 pages

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Ordering Information

• 4-H Mall4-H Mall•www.4-hmall.orgwww.4-hmall.org

• 3 Booklets3 Booklets• Cost $12.00 plus Cost $12.00 plus shippingshipping

• Shipping =$3.95 one setShipping =$3.95 one set12

Experiential Learning Model

• Try activity Try activity before being before being told or told or shown howshown how

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Money Fun-damentals

• Book 1Book 1• 28 pages28 pages• 6 Activities6 Activities

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Money Fun-damentals• Book 1: Book 1: A Youth A Youth

Guide for Learning about Guide for Learning about MoneyMoney• Name______________Name______________

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Money Fun-damentals• Life SkillsLife Skills

•Decision MakingDecision Making•Managing Yourself Managing Yourself

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Activity #1: p. 2

•YourYour

Money Money PersonalityPersonality

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The Bottom Line:

• Book 1: p. 2Book 1: p. 2•You’ll better You’ll better understand what understand what motivates your money motivates your money decisionsdecisions

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Money Personality Profile: p. 3

• GeneralGeneral• ShoppingShopping• Eating OutEating Out• LifestyleLifestyle• SavingSaving• GiftsGifts

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Financial Families p. 4

• Frank & Frances FrugalFrank & Frances Frugal• Patricia & Paul PleasurePatricia & Paul Pleasure• Sergio & Sasha SuccessSergio & Sasha Success• Nicole & Ned Not ImportantNicole & Ned Not Important• Pedro & Pamela PowerfulPedro & Pamela Powerful• Sharise & Steven Self-WorthSharise & Steven Self-Worth

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Abe Lincoln: Talk it over p. 5 •Helper, parent Helper, parent or friendor friend

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Share Questions: p. 5

• Talking Talking Money with Money with the the ChampionsChampions

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Process Questions:

p. 5• Champions Champions Maneuvering Maneuvering MoneyMoney

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Generalize Questions: p. 5

• Making Making Cents with Cents with the the ChampionsChampions

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Apply Questions: p. 5

• Financial Financial Champions: Champions: Heroes for Heroes for LifeLife

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Champions’ Challenge p. 5

Provides youth more Provides youth more ways to deepen their ways to deepen their understanding understanding of the activityof the activity

Gray box

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Champions’ Challenge p. 5•Have family Have family member & best member & best friend take the friend take the quizquiz

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Pocket Change• Phrases & Phrases & quotes about quotes about personal finance personal finance p. 5 p. 5 Pocket

Change28

Book 1: p. 5Pocket Change•““The highest use The highest use of of

capital is not to make capital is not to make more money, but to more money, but to make money do more for make money do more for the betterment of life.”the betterment of life.”

•Henry FordHenry Ford29

Activity #2: p. 6• I Need It, Want ItI Need It, Want It

•Learn howLearn how needs & wants needs & wants affect financial affect financial decisionsdecisions

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Activity #3: p. 10

•Money Money MotivatorsMotivators• Learn why you make Learn why you make financial decisions & financial decisions & how to deal with how to deal with themthem

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Activity #4: p. 15

• Money TalksMoney Talks• Learn more Learn more about money about money & communication& communication

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Activity #5: p. 19

• Get SmartGet Smart• Learn how to plan Learn how to plan for financial success for financial success by setting goalsby setting goals

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Activity #6: p. 22

• Show Me the MoneyShow Me the Money• Learn how a money Learn how a money plan affects your plan affects your financial successfinancial success

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Achievement Program: p. 26• Complete all 6 Complete all 6

activitiesactivities• 2 Champions’ Challenge2 Champions’ Challenge• 2 Leadership 2 Leadership

ExperiencesExperiences• Helper’s InitialsHelper’s Initials

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Leadership Experiences p.27• Presentations/DemoPresentations/Demo• ExhibitsExhibits• SpeechSpeech• Community ServiceCommunity Service• Field TripField Trip• Invite SpeakerInvite Speaker

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Achievement Program Guidelines• When filled out, When filled out, Copy p. 26 & Copy p. 26 &

2727• Place in 4-H Record BookPlace in 4-H Record Book

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Money Fun-damentals Achievement Program Certificate

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Glossary Definitions• Book 1Book 1

• p. 28p. 28• 23 Definitions23 Definitions

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Glossary Activity

• Word--write a definition

• Definition--write the word

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Money Fun-damentals

• Book 1Book 1• QuestionsQuestions

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Money Moves

• Book 2Book 2• 40 pages40 pages• 8 Activities 8 Activities

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Money Moves

• Book 2Book 2• A Youth Guide for Saving, A Youth Guide for Saving, Spending & Other Money SkillsSpending & Other Money Skills

•Name______________Name______________

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Money Moves• SkillsSkills

•How to How to acquire & evaluate acquire & evaluate informationinformation

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Activity #1: p. 2

•Taking Care of Taking Care of Your MoneyYour Money•Learn ways of Learn ways of handling moneyhandling money

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Activity #2: p. 6•Turning Cents Turning Cents into Dollarsinto Dollars•Learn how Learn how interest is calculated interest is calculated on saving & savings on saving & savings optionsoptions

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Credit CardsCredit Cards

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Credit Card • Average balanceAverage balance•$1,825$1,825 bank bank credit cardcredit card

• 18%18% APR APR

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Credit Card • Pay $28Pay $28minimum paymentminimum payment

• How long to How long to pay off??????pay off??????

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$28 monthly payment $28 monthly payment • 21 years21 years• 16 years16 years• 11 years11 years• 5 years5 years

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Interest PaidInterest Paid• $5,325$5,325• $3,460$3,460• $2,377$2,377• $956$956

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Interest Charges Interest Charges

• $28 $28 = $5,325 = $5,325 21 21 • $29 $29 = $3,460 = $3,460 16 16• $32 $32 = $2,377 = $2,377 11 11• $46 $46 = $ 956 5= $ 956 5

yrsyrsinterestinterestpaymentpayment

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Activity #4: p. 15 • Check it OutCheck it Out

• Learn how to manage Learn how to manage a checking accounta checking account

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MSU Check Register Tracking SystemMontGuide 198703

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Activity #5: p. 22

•Selecting Financial Selecting Financial ServicesServices• Learn the basics of Learn the basics of how to select financial how to select financial services services

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Activity #6: p. 25• It All Ads UpIt All Ads Up

•Learn to evaluate Learn to evaluate advertising & how advertising & how to use it to make to use it to make better purchasesbetter purchases

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Activity #7:p. 28

• You Be the JudgeYou Be the Judge• Learn how to make Learn how to make decisions & evaluate decisions & evaluate information in the information in the marketplacemarketplace 57

Activity #8: p. 31

• Shop ‘Til You Shop ‘Til You DropDrop•Learn how to make Learn how to make good decisions when good decisions when shopping shopping

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Achievement Program: p. 34

• Complete 5 of 8 activitiesComplete 5 of 8 activities• 2 Champions’ Challenge2 Champions’ Challenge• 2 Leadership Experiences2 Leadership Experiences• Helper’s InitialsHelper’s Initials

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Leadership Experiences: p. 35

• Presentations/DemoPresentations/Demo• ExhibitsExhibits• SpeechSpeech• Community ServiceCommunity Service• Field TripField Trip• Invite SpeakerInvite Speaker

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Glossary Words

• Book 2Book 2

•Pages 36-37Pages 36-37•45 definitions45 definitions

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Money Moves• Book 2Book 2

• Questions Questions

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Helper’s Guide

• Personal Personal Finance Finance Helper’s GuideHelper’s Guide• 44 pages44 pages

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Table of Contents: p. 1

• 8 Activities to 8 Activities to enhance or expand enhance or expand concepts learned in concepts learned in youth guidesyouth guides

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Brief Overview p. 2•Money Fun-Money Fun-damentalsdamentals• Book 1Book 1

•Money MovesMoney Moves• Book 2Book 2

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Experiential Learning Model• P. 3 P. 3 •Learn by Learn by doingdoing

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Ages & Stages of Youth: p. 4

• Grades 7 - 9Grades 7 - 9•Ages 12 - 15Ages 12 - 15

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Young Teens: p. 4• 12 - 13 year olds12 - 13 year olds

•Rapid changes in Rapid changes in growthgrowth

•Small groupsSmall groups•Self definitionSelf definition

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Mid-Teens: p. 5• 14 - 15 year olds14 - 15 year olds

•Absorbed in themselves & Absorbed in themselves & peer groupspeer groups

•Thoughts about futureThoughts about future•Set goals based on personal Set goals based on personal needs & prioritiesneeds & priorities

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Objectives p. 6

• Youth will learnYouth will learn• Personal Finance Personal Finance Skill to Practice Skill to Practice

• Success IndicatorSuccess Indicator

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What You Need: p. 8

• Time involvedTime involved• Suggested Group Suggested Group Size Size

• Materials NeededMaterials Needed

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Background Information for Each Activity •p. 8—Advertisement p. 8—Advertisement ActionAction

•p. 14—Before and afterp. 14—Before and after•p. 19—Shopping Cents p. 19—Shopping Cents Field TripField Trip

Green Box

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Activity #1: p. 6•At Your ServiceAt Your Service

•Identify services in Identify services in communities & learn communities & learn how to evaluate how to evaluate them as consumersthem as consumers

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Activity #2: p. 8

• Advertising Advertising ActionAction

• Create Create Advertisement Advertisement

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Activity #3: p. 12

•Take a StandTake a Stand•Form opinions Form opinions about debt, about debt, credit & loanscredit & loans

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Activity #3: p. 13

•Line Line ContinuumContinuum

Strongly Agree

Strongly Disagree

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Activity #4: p. 14

• Before & AfterBefore & After• Identify money Identify money mgt mgt experiences & experiences & sharing themsharing them

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Activity #5: p. 16

• Conducting Conducting a Quiz Bowla Quiz Bowl

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Activity #6: p. 19

• Shopping Shopping Cents Cents Field TripField Trip

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Activity #7: p. 24

• Go for the Go for the Goal Goal•Identifying Identifying goals & sharing goals & sharing opinionsopinions

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Activity #8: p. 26•Money In,Money In, Money OutMoney Out•Recognizing income Recognizing income sources & expensessources & expenses

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Make it Fun: p. 29

• More Group More Group ActivitiesActivities

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Ice Breakers: p. 29 • Money Puzzle Money Puzzle PartnersPartners

• Price is RightPrice is Right• Financial PoppingFinancial Popping

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More Group Activities: p. 29

• Freeze FrameFreeze Frame• Clip it, Glue itClip it, Glue it• Ad ThoughtsAd Thoughts

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More: p. 30 • Role Play/ Role Play/ CharadesCharades

• TV or Movie DiaryTV or Movie Diary• Glossary Glossary Games Games

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More: p. 30

• Career ShadowsCareer Shadows• Banker, auditor, Banker, auditor, credit counselor, credit counselor, financial plannerfinancial planner

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More: p. 31 • Can of Can of Squirms Squirms• Financial Financial Squirms Squirms

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$$$ Squirms•Discuss your Discuss your squirm with squirm with person sitting person sitting next to younext to you

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ActivityActivity•Write a short Write a short financial squirm for financial squirm for ages 12 - 15.ages 12 - 15.

•Be sure to put your Be sure to put your name on back.name on back.

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Winner?????•

Financial Financial SquirmsSquirms

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More: p. 31 •Crazy MatchesCrazy Matches•Make Mine a Make Mine a PuzzlePuzzle

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Financial Drama VolunteersFinancial Drama Volunteers

• You’re You’re on!!!on!!!

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Financial Planning Drama p. 33 - 36

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Financial

Planning Drama

•JudgeJudge•ChorusChorus

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Activity Ideas: p 37 • Presentations/DemoPresentations/Demo

•CareersCareers•Write a Write a CheckCheck

•Use a financial Use a financial calculatorcalculator

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Field Trip: p. 37

• BankBank• InsuranceInsurance• InvestmentInvestment

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Community Service Ideas p. 37

• Read Money Read Money Related Stories Related Stories at Libraryat Library•Money on BookshelfMoney on Bookshelf

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Exhibit Ideas p. 37

• Comparison Comparison Shopping Shopping

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Leadership Opportunities • Organize local Organize local America Saves America Saves programprogram

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Answers p. 38 - 39

• Money MovesMoney Moves• Book 2Book 2

•Turning Cents into DollarsTurning Cents into Dollars•State Capitol, Here I ComeState Capitol, Here I Come•Charging upCharging up

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Additional Resources: p. 41• Print Resources for Print Resources for EducatorsEducators

•Sites for educatorsSites for educators•Sites for StudentsSites for Students

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Academic Standards: p. 43• Family & Consumer Family & Consumer SciencesSciences

• EconomicsEconomics• Personal FinancePersonal Finance

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Financial Champions Web Game

http://downloads.cas.psu.http://downloads.cas.psu.edu/4H/FinancialChampioedu/4H/FinancialChampions/default.htmns/default.htm

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Financial Champions Academy

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Financial Champions

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Financial Champions

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Montana Financial Champions Web Site

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www.montana.edu/extensionecon/financialchampions/index.html

4-H Financial Champions

September 2011108