Personal Finance

Essential Questions:
How do I budget my money effectively?
Is a college education worth it?
What process should I use to purchase a large investment?
How do I determine whether a credit card is worth while?
STOCK MARKET GAME
Play Ms. Eckert's stock market game.
  1. Go to www.marketwatch.com
  2. Click on "Login" and then choose "Register"
  3. Enter your information, then go to your email address to verify your account.
  4. Login, then go to http://www.marketwatch.com/game/eckert-economics14
What you earn in the stock market game over the course of the term will be added to your total Eckert Dollars.

Budget

Essential Questions:
How do I budget my money effectively?
LESSON: Personal Finance
Entry ticket: Share the financial advice you gained from an adult role model with a peer (after completing the Family Interview).  What did you learn?  What were the most meaningful suggestions?

Take notes on Ms. Eckert's presentation, then watch the video below.
LESSON: Budget
Take notes on Ms. Eckert's presentation.  Then, over the course of the week, complete the Budget Activity.  

Now that you know the realities of cost and finances.  Think about your values.  What factors do you consider in your financial decisions?  Take the Life Values quiz.

Read Financial Advice By Women.
LESSON: Saving
Saving money is essential to sustaining an effective budget.  There are two main reasons you should begin saving young: to get in the habit of saving and to to be able to accrue interest.  Consider, should you begin saving in your twenties?  Take notes on Ms. Eckert's presentation, then watch the video below.  After class, read the article, Planning for Retirement in Your Twenties.

College

Essential Questions:
Is a college education worth it?
LESSON: Value of College
With tuition costs being as high as they are, many people are wondering if college is even worth it.  Take notes on Ms. Eckert's presentation, read the College and Personal Finance handouts then watch the videos below.

INVESTMENTS

Essential Questions:
What process should I use to purchase a large investment?
LESSON: Investing
Once you've identified your financial goals and established a spending plan, you know what you're saving for and how much you'll need to get there. For longer-term objectives, one of the best ways to watch your money grow is to invest.

Take notes on Ms. Eckert's presentation.  Then watch the videos below.
LESSON: Trading Stock
The stock market is complex, with lots of buying and selling of stock.  It's one of those things you learn through experience.  So, take notes on Ms. Eckert's presentation, then watch the video below.  After class, read the article, Stock Market or Savings Account?
LESSON: STOCK MARKET GAME
Read the article, Stock Trader Types.  Then begin to play Ms. Eckert's stock market game.
  1. Go to www.marketwatch.com
  2. Click on "Login" and then choose "Register"
  3. Enter your information, then go to your email address to verify your account.
  4. Login, then go to http://www.marketwatch.com/game/eckert-economics14
What you earn in the stock market game over the course of the term will be added to your total Eckert Dollars.
LESSON: Psychology of Investing
In class we will watch this video from a financial advisor and life coach, Tony Robbins.  Anytime you see the green screen with notes on it, take notes.  At the end we will discuss his points on the psychology of investing.  After class, read the article, Green Economics.

Credit

Essential Questions:
How can I budget my money effectively?
How do I determine whether a credit card is worth while?
LESSON: Credit Cards and Credit
Ever received a credit card offer in the mail? You will soon. Credit companies make a lot of money off of card holders... they want you to use their cards. They will find you. Credit offers typically come with a lot of papers written in very small print. Often, people don’t bother reading the “fine print.” That often means that they end up getting stuck with fees and charges that will surprise them. So how do you find a good plan? 

Evaluate three credit card plans and decide which plan is best in the Shopping for a Credit Card Activity.
LESSON: History of Credit
In class, brainstorm the pros and cons of having a credit card.  Here's a few:
PROS
  • Credit cards offer protection against theft of your cash.
  • You can buy items and services you need when you need them, even if you don’t have enough cash for them.
  • Credit cards can be lifesavers, and your parents may want you to carry a credit card to pay for gas, repairs, emergency phone calls, etc.
  • Managing your credit cards well can build up a solid credit history for the future.
  • If you can use credit responsibly, you’ll end up a smarter money manager.
CONS
  • Credit cards make it very easy to buy things that are out of your league, to the point where you can’t pay the bill when it comes due.
  • When you carry a credit card, it’s tempting to buy on impulse and forget you’re actually spending money, or that you’re spending future income that you don’t have (and may never have!).
  • If you only pay the minimum balance each month, it will take years to pay off the balance, and accumulating interest on that balance can make what you bought cost much, much more in the long run.
  • If you fall behind on paying your credit card bills, it can damage your credit rating and make it harder for you to get loans in the future.

Watch the film "The Secret History of Credit Cards" from PBS.org and respond to questions related to the film in the History of Credit Cards Activity.  After class, read the article, Credit or Debit?

Competency

There will be a unit test on key terms and concepts from this unit.  Study your notes from class to prepare or go to the Test Preparation page.