Introduction to Earning Money

An introduction to earning money.

Teaching Objectives:

  • Students will learn why they should earn money.
  • Students will learn how to earn money.
  • Students will understand what they can do with the money they earn.

 

Suggested Grade Level

4th – 6th Grade.

Fourth Grade.  Fifth Grade.  Sixth Grade. Special education. Teens Teenagers Kids.

 

Earning Money Lesson Plan

Teaching Materials:

  • Earning Money Lesson – (see below for printable lesson)

 

Procedure:

Teachers may either print out the lesson activity and have students read it themselves, or use it for your own lesson.

Students should complete the exercise at the end of the lesson.

Additional classroom ideas:

  • Have the students create brochures, business cards, and business plans for their business.  Have a job fair and invite parents, teachers and community members to come and see what your students have to offer.
  • Talk about competition and what they need to do to set themselves above the others that offer the same service – customer service, promptness, politeness, etc.
  • Follow up this lesson with lessons on budgeting and saving.

 

Lesson Excerpt:

Why Should I Earn Money?

As you get older, you’ll have more freedom to spend more money on your own.  The problem is you might not have that money to spend.  Your parents might give you an allowance, but you might want to have more spending money.  You might also want to save to buy a more expensive item, so earning some extra money can help jump start your savings.

How Can I Earn Money?

There are many things you can do to earn money.  The key, however, is finding the things that appeal to your likes and interests.  If you don’t really like dogs, you probably should not start a dog walking business even if your best friend makes a lot of money doing it in her neighborhood.

Continued…
 

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Word Problems with Down Payments

Students will begin to understand the topic of down payments.

Teaching Objectives:

  • Students will learn to define a down payment.
  • Students will learn to calculate new price following a down payment.
  • Students will learn to calculate payment plans based on new prices and down payments.

Suggested Grade Level

6th – 8th Grade

Lesson Excerpt:

Many times, we will see word problems that use terms that we see in real life problems.  These are terms related to money or to business and they are terms that we should know or will need to know to be able to figure out purchases.

One of these terms is the term down payment.

What is a down payment?

A down payment is an amount of money that is paid towards a total purchase.

This happens whenever people want to purchase something and they can’t afford the whole price at once. Often we see this with large items like appliances, houses or cars.  We aren’t going to get into buying a car or a house in this lesson, but we will work with the idea of a down payment.

When someone makes a down payment, they pay a partial amount of the whole. Then that amount is subtracted from the total and what is left is the new amount that they need to pay.

 

 

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Calculating Down Payments as a Percentage

Students will learn to calculate down payments using a percentage.

Teaching Objectives:

  • Students will define down payment.
  • Students will review percentages.
  • Students will review convert percentages to decimals.
  • Students will review calculating percentages.
  • Students will use these skills to figure out down payments.

Suggested Grade Level

6th – 8th Grade

Lesson Excerpt:

Sometimes, a down payment is simply a dollar amount of money, but sometimes it is a percentage.

Before we begin calculating down payments as a percentage, let’s review what a percent is.

What is a percent?

A percent is a part of a whole out of 100. If we say that we have 10% of a something, we have 10 out of 100.  When we calculate a percent, we figure out what part of the whole that we have.

Calculating percents can help us figure out down payments.

If we calculate the percent of a down payment, then we know how much the person needs to pay for the down payment.

 

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To Rent-to-Own or Not to Rent-to-Own?

Students review the elements of a contract. They discuss the characteristics of rent-to-own contracts and compare the cost of those contracts with the outright purchase of goods.

Objectives

Students will

  • define contract and annual percentage rate (APR),
  • explain the elements of a contract,
  • evaluate the terms and costs of a rent-to-own contract, and
  • compare rent-to-own costs with outright purchases.

Time Required

60 minutes

Concepts

  • Annual percentage rate (APR)
  • Contract
  • Elements of a contract
  • Rent-to-own contract

Whiteboard (ActivInspire/flipchart)
PowerPoint (pptx)

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So How Much Are You Really Paying for that Loan?

Students learn what a payday loan is and the high cost involved in using such a loan. They work in groups to calculate the cost of loans at given annual percentage rates (APRs). As an assessment, students select four scenarios involving payday lending, offer reasons why payday loans might not be the best alternative, and suggest other options for financing what the individuals the want.

Objectives

Students will
  • define loan, payday loan, interest, interest rate, and annual percentage rate;
  • calculate annual percentage rates; and
  • explain key facts regarding payday loans.

Time Required

60 minutes

Concepts

  • Annual percentage rate (APR)
  • Interest
  • Interest rate
  • Loan
  • Payday loan

Whiteboard (ActivInspire/flipchart)
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Creditors’ Criteria and Borrowers’ Rights and Responsibilities

Students discuss key terms related to credit and learn how creditors use capacity, character, and collateral as criteria for making loans. Students learn about credit rights and responsibilities. Groups use role-play scenarios to identify and discuss the rights and responsibilities of using credit.

 

Objectives

Students will
  • define credit and creditor,
  • define interest,
  • identify and describe criteria lenders use to make loans, and
  • explain the rights and responsibilities related to using credit.

 

Time Required

45-60 minutes

Concepts

  • Capacity
  • Character
  • Collateral
  • Credit
  • Creditor
  • Credit responsibilities
  • Credit rights
  • Interest

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Credit Reports – You Thought Your Report Card Was Important

Students read informational text and discuss the advantages and disadvantages of using credit and the importance of maintaining a good credit history. Students read a scenario about a young person’s use of a credit card and answer questions regarding repayment. Students learn about credit history, credit reports, and the three credit bureaus. Students read a scenario and write an essay addressing the key points of the lesson.

Objectives

Students will

  • define credit and creditor,
  • define interest and interest rate,
  • compare the advantages and disadvantages of using credit,
  • identify the three credit bureaus,
  • explain the importance of maintaining a good credit history, and
  • identify features on a credit report.

 

Time Required

60-75 minutes

 

Concepts

  • Credit
  • Creditor
  • Credit cards
  • Credit history
  • Credit report
  • Interest Interest rate

 
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Savvy Savers – Benefits of Interest-Bearing Accounts

Students calculate compound interest to identify benefits of saving in interest-bearing accounts. They learn the “rule of 72” and that it applies to both investments and debt. They apply the rule of 72 to several savings scenarios. They learn that there is a relationship between the level of risk for an investment and the potential reward or return on that investment.

Objectives

Students will

  • explain the difference between a non-interest-bearing account and an interest bearing account,
  • calculate interest compounded semiannually,
  • explain and demonstrate the rule of 72, and describe the risk-reward relationship.

Grade Level

Middle School – High School

Concepts

  • Compound interest
  • Interest
  • Non-interest-bearing account
  • Principal
  • Risk-reward relationship
  • Rule of 72
  • Saving

Time Required

45 minutes

 
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Your Budget Plan – Spending Behaviors

Students work in pairs to participate in a “Track Star” game that illustrates positive and negative spending behaviors. Each pair analyzes the game results, identifies effective and ineffective budgeting behaviors, and generates a list of budgeting principles.

Objectives

Students will

  • define budget, income, expenses, variable expenses, periodic expenses, and
    fixed expenses;
  • give examples of effective and ineffective budgeting behavior;
  • give examples of variable, fixed, and periodic expenses; and
  • explain why some emergency savings is important when implementing good
    budgeting

Concepts

  • Budget
  • Expenses
  • Fixed expenses
  • Income
  • Periodic expenses
  • Variable expenses

Grade Level

Middle School – High School

Time Required

45 minutes

 
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Cash the Check and Track the Dough

Students will learn about checking accounts, savings accounts, and check-cashing services. They learn the components of a check and how to organize and enter information into a bank account register, balance a monthly account statement, and write a check. They also learn why maintaining account records is important.

Concepts

  • Bank account register
  • Check Checking account
  • Check-cashing services
  • Direct deposit
  • Overdraft
  • Savings account

Objectives

Students will

  • compare checking accounts, savings accounts, and check-cashing services;
  • explain what checks, debit cards, automatic deposits, and electronic payments are and how they are used;
  • explain the importance of maintaining records of deposits to, withdrawals from, and payments from a bank account;
  • explain the importance of balancing a bank account; and
  • demonstrate filling out and balancing a bank account register.

Grade Level

Middle School – High School

Time Required

60-75 minutes

 
Whiteboard (SMART/notebook)
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