How to Balance Short-Term vs. Long-Term Financial Goals Lesson

A lesson for students on how to balance and prioritize between short-term and long-term financial goals, laying a foundation for a stable and independent financial future.

Students learn about setting and prioritizing financial goals through a video lesson. In this video, viewers will delve into the significance of balancing short-term and long-term financial goals to establish a solid foundation for financial stability and independence. Topics discussed include defining short-term and long-term goals, along with providing real-world examples of each. Students are guided through a step-by-step process of assessing their financial situations, listing, categorizing, and prioritizing goals, as well as developing actionable plans to achieve them. Strategies such as creating budgets, allocating income, and utilizing appropriate financial tools like high-yield savings accounts or tax-advantaged accounts like IRAs or 401(k)s are covered to facilitate understanding of the pathway to financial freedom.

CONCEPTS

Use this video lesson on the topic of financial goal setting basics. Learn related concepts of:

  • Short-term Goals
  • Long-term Goals
  • Financial Prioritization
  • Budgeting
  • Financial Assessment
  • Goal Categorization
  • Financial Planning
  • Savings
  • Using Credit
  • Financial Responsibility
  • Income and Careers
  • Planning and Money Management
  • Credit and Debt Management
  • Risk Management and Insurance
  • Savings and Investing

GRADE LEVEL

9-12th grades. High School. College. Adult Education.

TIME REQUIRED

45-60 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet.  Review the questions on the worksheet.  A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.

How to Balance Short-Term vs. Long-Term Financial Goals

After watching the video, have students tell what the most important things they learned from the video.

 

Lesson Plan: Setting and Prioritizing Financial Goals

Grade Level: High School / Adult Learning

Duration: 90 minutes

Objective:

  • Students will be able to define short-term and long-term financial goals, and understand the importance of setting and prioritizing these goals.
  • Students will apply strategies for budgeting, goal-setting, and financial planning.
  • Students will use an AI chatbot to reinforce their understanding and to answer related questions on financial planning.

Materials:

  • Video: “How to Set Financial Goals”
  • Computers or tablets with internet access
  • MI Chat chatbot (for the AI activity)
  • Paper, pens

Introduction (15 minutes):

  • Begin by discussing the importance of financial planning and setting goals. Ask students why they think it’s important to set financial goals.
  • Introduce the video “How to Set Financial Goals,” explaining that it will provide a step-by-step guide to setting and prioritizing short-term and long-term financial goals.
  • Play the video for the class.

Discussion (15 minutes):

  • After watching the video, initiate a discussion among the students about what they learned. Some discussion questions might include:
    • What is the difference between short-term and long-term financial goals? Can you give examples of each?
    • Why is it important to prioritize between these types of goals?
    • How can assessing your current financial situation help in setting realistic goals?
    • What are some strategies to balance immediate needs with future aspirations?

Activity 1: Financial Goals (20 minutes):

  • Have students work individually to list their short-term and long-term financial goals, categorize them into needs, wants, and wishes, and prioritize them.
  • Encourage students to be as specific as possible about what they want to achieve and by when.

Activity 2: AI Chatbot Exercise (20 minutes):

  • Introduce the MI Chat chatbot to the class, explaining that it’s programmed to ask questions and provide information on setting and prioritizing financial goals.
  • Have students interact with the MI Chat chatbot individually on their devices to answer questions and reinforce the concepts covered in the video.
  • Encourage students to take note of any new insights or strategies they learn from interacting with the chatbot.

Quiz (10 minutes):

  • Administer a quiz based on the video to evaluate the students’ understanding of the concepts discussed. The quiz could include multiple choice, true/false, and short answer questions about defining, setting, and prioritizing financial goals.

Wrap-up (10 minutes):

  • Collect the quizzes and the Financial Goals activity.
  • Summarize the main points covered in the lesson and in the video.
  • Encourage students to continue exploring and applying what they have learned to their own financial planning efforts.

Homework/Extension Activity:

  • Assign students to write a one-page reflection on what they learned from the video, the discussion, and the AI chatbot activity, and how they plan to apply these concepts to their own financial planning.

Evaluation:

  • Students will be assessed based on their participation in the discussion, their completion of the Financial Goals activity, their interaction with the MI Chat chatbot, and their performance on the quiz.

Lesson Resources

MI Chat Chatbot Tool

  • How to balance short-term vs. long-term financial goals questions with MI Chat chatbot – Use the MI Chat chatbot to test your students’ understanding of the lesson. The MI Chat chatbot is an interactive platform designed to deepen understanding, aligning with specific queries and thoughts. Offering personalized insights, it directs users toward a clearer grasp of topics, ensuring they match their learning pace, knowledge level, and cognitive goals.

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Budgeting – an introduction

Title: Budgeting

Grade Level: 9th Grade

Lesson Objective:
Students will be able to understand the concept of budgeting and basic budgeting skills.

Teaching Strategies and Materials:
– PowerPoint presentation
– Whiteboard and markers
– Handouts
– Computer or laptop
– Online budgeting tools

Assessment Strategies:
– Quizzes
– Classroom participation
– Reflection writing

Accommodations for Diverse Learners:
– Lecture will be accompanied by visual aids
– Reading materials will be available in multiple formats
– Students will work in groups to allow for peer support

Lesson Content:
I. Introduction
– Discuss the importance of budgeting
– Share real-life examples of budgeting
– Explain key terms related to budgeting

II. Types of Budget
– Define different types of budget (e.g. personal, family, business)
– Explain how they differ in their purpose and application

III. Creating a Budget
– Walk through the steps of creating a budget plan
– Identify common expenses (e.g. rent, food, transportation) and their respective contributions to the budget
– Discuss techniques to save money without sacrificing quality of life

IV. Budgeting Tools
– Introduce various online budgeting tools available to assist in budgeting
– Showcase their features and benefits

V. Assessment
– Conduct a short quiz to assess understanding of budgeting concepts
– Allow time for reflection and questions

Expected Outcomes:
– Students should be able to define budgeting and types of budgets
– Students should be able to create a simple budget plan
– Students should be familiar with online budgeting tools




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Saving for your future – types of savings accounts and the interest rates

Title: Saving for your future

Grade Level: 11

Duration: 1 hour

Learning Objectives:
– Students will be able to identify different types of savings accounts
– Students will understand the concept of interest rates and the impact on savings
– Students will be able to evaluate different options for saving money

Teaching Strategies and Materials:
– Lecture – PowerPoint presentation
– Group Discussion
– Real-life examples
– Worksheet handout
– Computer/Smartboard with internet access

Assessment Strategies:
– In-class participation
– Completion of worksheet
– Evaluation of group discussion

Accommodations for Diverse Learners:
– Providing extra time or breaking down the lesson into smaller parts
– Offering visual aids such as charts and diagrams
– Encouraging peer-to-peer collaboration for students to work together in pairs or small groups
– Providing written instructions for assignments and activities

Outline:

I. Introduction (5 minutes)
– Engage students’ interest in saving money
– Describe the importance of saving for the future

II. Different Types of Savings Accounts (20 minutes)
– Discuss the differences between different types of savings account such as checking, savings, and money market accounts.
– Evaluate the pros and cons of each type of savings account
– Provide real-life examples of savings accounts

III. Interest Rates (20 minutes)
– Define interest and how it works
– Discuss how interest rates vary for different types of savings accounts
– Explain how interest rates impact savings over time

IV. Evaluation of Options (10 minutes)
– Discuss various options and strategies for saving money
– Evaluate the advantages and disadvantages of each option

V. Conclusion (5 minutes)
– Recap the key takeaways from the lesson
– Encourage students to think about practical steps they can take to start saving

Materials:
– PowerPoint Presentation
– Handout Worksheet
– Whiteboard and markers
– Computer/Smartboard with Internet access

Expected Outcomes:
Students will become more informed about the different types of savings accounts available to them. They will have a better understanding of how interest rates work and their impact on savings. Students will be able to critically evaluate different options for saving and will feel empowered to start saving for their future.




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How to Use the ATM Machine

Hello kids! Today we are going to learn about using an ATM machine. Do you know what an ATM machine is? It is a machine that allows us to withdraw money and make deposits without having to go inside the bank.

Before we begin, let’s learn some vocabulary words related to ATM machines:

– ATM: Automated Teller Machine
– PIN: Personal Identification Number
– Withdraw: To take money out of your account
– Deposit: To put money into your account

Now, let’s learn how to use an ATM machine step by step:

1. Insert your ATM card into the machine with the magnetic strip facing down.

2. The screen will ask you to enter your PIN number. This is a secret code that only you should know. So, make sure nobody else can see it.

3. Now that you have entered your PIN number, you can select what you want to do. For example, if you want to withdraw money, select “Withdrawal” option.

4. Then, enter the amount of money you want to withdraw. The ATM machine will dispense the exact amount of your request.

5. After you have taken your money, don’t forget to take your card back.

6. You can also make deposits at an ATM machine. Select “Deposit” option and follow the instructions on the screen. Remember to put your money and checks in the correct slot!

7. And that’s it! Using an ATM machine is simple, isn’t it?

Before we finish, let’s review some important things to remember when using an ATM machine:

– Always keep your PIN number secret.
– Make sure to take your card back after you have finished.
– Never share your personal information with strangers.

I hope you have learned something new today. Now you can go and teach your parents how to use an ATM machine too!




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Budgeting Your Money

Title: Budgeting Your Money

Grade Level: 3rd Grade

Objective:
Students will learn to budget their money by identifying their wants and needs, setting goals, and creating a budget plan.

Teaching Strategies and Materials:
1. Use videos and interactive activities to introduce the concept of budgeting.
2. Demonstrate how to create a budget plan in a step-by-step manner.
3. Provide students with worksheets and templates to help them create their own budget plan.
4. Encourage group work and discussions to share ideas and thoughts.

Materials:
1. Videos on budgeting
2. Interactive budgeting activities
3. Worksheets and templates
4. Whiteboard and markers
5. Pencils and paper
6. Chart paper
7. Tape and scissors

Assessment Strategies:
1. Observe students’ participation in class activities and discussions.
2. Review their worksheets and budget plans to check for understanding.
3. Assess their ability to distinguish between wants and needs.

Accommodations for Diverse Learners:
1. Provide extra support for students who struggle with math skills.
2. Offer alternative methods of assessment such as verbal or visual explanations.
3. Allow for extra time to complete worksheets and activities.

Lesson Outline:

Introduction (10 minutes):
1. Show a video on budgeting and explain why it is important.
2. Ask students what they know about budgeting and write their answers on the whiteboard.
3. Define key terms such as income, expenses, wants, and needs.

Body (50 minutes):
1. Explain the difference between wants and needs and provide examples.
2. Have students brainstorm their own wants and needs and make a list.
3. Demonstrate how to set financial goals and write them on chart paper.
4. Use an interactive activity to show how to create a budget plan.
5. Provide students with templates and allow them to create their own budget plan.
6. Discuss the importance of sticking to a budget and review tips to help them stay on track.

Conclusion (10 minutes):
1. Review key concepts such as wants, needs, income, expenses, and budgeting.
2. Ask students to share their budget plans with the class.
3. Provide feedback and suggestions on their plans.
4. Encourage them to continue practicing budgeting skills at home.

Expected Outcomes:
1. Students will differentiate between wants and needs.
2. Students will set financial goals and create a budget plan.
3. Students will understand the importance of sticking to a budget.
4. Students will demonstrate the ability to apply budgeting skills in real-life situations.




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Stocks – What is a Stock?

Title: Stocks

Grade Level: 7th Grade

Learning Objectives:
1. Understand what is a stock
2. Learn how stocks work
3. Know the importance of investing, buying and selling stocks

Teaching Strategies and Materials:
– PowerPoint presentation on stocks
– Stock market game
– Handouts and worksheets
– Discussion
– Charts and graphs showing stock prices
– Interactive activities

Assessment Strategies:
– Participation in discussion and activities
– Completion of handouts and worksheets
– Successful completion of stock market game

Accommodations for Diverse Learners:
– All instructions will be written clearly and provided in both written and verbal form
– Visual aids will supplement all lessons
– The teacher will provide additional explanations for any student who needs it

Lesson Content:

Introduction (5 minutes)
The teacher will introduce the lesson by asking students if they have heard of the stock market or if they are familiar with stocks.

Presentation (15 minutes)
The teacher will explain what is a stock and how stocks work. Students will see examples of companies and their stocks. Charts and graphs will show how stock prices can change during the day. The teacher will also explain the importance of investing and buying and selling stocks.

Discussion (10 minutes)
The students will have the opportunity to ask questions and share their thoughts on the material presented.

Activity (20 minutes)
The class will participate in a stock market game. Each student will be given a certain amount of virtual money to invest in stocks. They will see how their stocks perform during the “trading day.” Afterward, they will reflect on their experience and share what they learned.

Conclusion (5 minutes)
The teacher will summarize the lesson and emphasize the importance of investing and learning about stocks.

Expected Outcomes:
By the end of the lesson, the students will be able to define what is a stock, comprehend how stocks work, understand the importance of investing, buying, and selling stocks. The students will also partake in a stock market game and they will have hands-on knowledge of the stock market exchange.

Explanation:
Hi class,

Today, we’re going to talk about stocks! So, what is a stock exactly?

Well, a stock is a small piece of ownership in a company. When you buy a stock, you’re essentially buying a small part of that company. This means that you become a shareholder and have a say in how the company operates.

Now, why do people buy stocks? People buy stocks because they believe that the value of the company will increase over time. If the company does well, then the value of your stock will go up, and you can sell it for a profit. Additionally, some companies pay out dividends to their shareholders, which is an extra incentive for people to own stocks.

It’s important to note that investing in stocks comes with risks. The value of a stock can go down just as easily as it can go up, so it’s important to be knowledgeable and make informed decisions when investing in stocks.

So there you have it, a simple explanation of what a stock is. If you have any questions, feel free to ask!




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Paying Taxes

Title: Paying Taxes

Grade Level: 5th grade

Learning Objectives:

1. Students will be able to understand the concept of taxes and their importance in a society.

2. Students will be able to identify different types of taxes such as income tax, sales tax, and property tax.

3. Students will be able to explain how taxes are used by the government to provide services and maintain public infrastructure.

Teaching Strategies and Materials:

Introduction:
– Begin by asking students what they know about taxes.
– Create a KWL chart on the board to assess prior knowledge and encourage active learning.
– Introduce the concept of taxes and explain why they are important.

Instruction:
– Use a PowerPoint presentation to explain different types of taxes (income tax, sales tax, and property tax) and how they are collected.
– Use examples to help students understand the amount of tax paid based on income or purchases.
– Introduce the concept of government services and public infrastructure that are funded by taxes.
– Use videos, diagrams, and animations to make the content more engaging.

Group Activity:
– Divide the class into small groups and give them a scenario where they have to pay taxes.
– Each group will discuss the scenario and decide on the correct type and amount of tax to be paid.
– Afterward, they will present their findings to the class.

Assessment Strategies:

– Formative assessment: Monitor students’ understanding through questioning and give feedback to clear any confusion.
– Summative assessment: At the end of the lesson, students can complete a worksheet or take a quiz to show what they have learned.

Accommodations for Diverse Learners:

For students with visual impairments, use tactile and auditory materials such as braille, audio recordings, and verbal descriptions. For students with hearing impairments, provide transcripts of videos and allow for lip-reading. For students with learning disabilities, provide additional support in the form of guided notes or one-on-one instruction.

Materials Needed:

– PowerPoint presentation
– Videos, diagrams, and animations
– Worksheets or quizzes for summative assessment
– KWL chart

Lesson Outline:

Introduction:
– Ask students what they know about taxes.
– Create a KWL chart on the board.
– Introduce the concept of taxes and why they are important.

Instruction:
– Use a PowerPoint presentation to explain different types of taxes and how they are collected.
– Use examples to help students understand the amount of tax paid based on income or purchases.
– Introduce the concept of government services and public infrastructure funded by taxes.
– Use videos, diagrams, and animations to make the content more engaging.

Group Activity:
– Divide the class into small groups.
– Give them a scenario where they have to pay taxes.
– Each group will discuss the scenario and decide on the correct type and amount of tax to be paid.
– They will present their findings to the class.

Conclusion:
– Revisit the KWL chart to see what students have learned.
– Summarize the main points of the lesson.
– Distribute the worksheet or quiz for summative assessment.




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Money – Different Forms, Value, and How Used

Title of the Lesson: Money

Grade Level: 8th Grade

Objective: Students will be able to understand and identify the different forms of money, their value, and how they are used in transactions.

Teaching Strategies and Materials:
– Lecture and discussion
– Use of multimedia (videos and images)
– Group work/activities
– Worksheets and handouts

Resources and Materials:
– Whiteboard and markers
– Multimedia projector and screen
– Examples of real money (coins and bills)
– Worksheets and handouts

Accommodations for Diverse Learners:
– For students with visual impairments, provide tactile examples of money.
– For students with hearing impairments, provide closed captions or transcripts of videos.
– Provide extra time and support for students who require it.

Assessment Strategies:
– Class participation and engagement
– Completion of worksheets and handouts
– Quizzes and tests

Lesson Plan:

I. Introduction (10 minutes)
– Introduce the topic of money and its importance in daily life.
– Define money and discuss its uses.

II. Types of Money (20 minutes)
– Discuss the different types of money (coins, bills, credit cards, checks) and their values.
– Show real examples of each type of money.
– Have students identify the type and value of the money shown.

III. Transactions (20 minutes)
– Discuss how money is used in transactions.
– Show examples of common transactions (buying groceries, paying bills).
– Have students identify how much money would be required for each transaction.

IV. Group Activity (20 minutes)
– Divide students into groups.
– Provide each group with a list of items and prices.
– Instruct them to create a budget and determine how much money they have left over.

V. Conclusion (10 minutes)
– Review the different forms of money and their values.
– Discuss the importance of responsible spending and saving.

Expected Outcomes:
– Students will be able to identify the different types of money and their values.
– Students will understand how to use money in transactions.
– Students will be able to create a basic budget.




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All About Taxes

Title: All About Taxes

Learning Objectives:
1. Students will be able to define what taxes are and their purpose
2. Students will understand the different types of taxes such as income tax, sales tax, property tax, etc.
3. Students will examine how taxes are collected and distributed by the government
4. Students will evaluate the impact of taxes on individuals and the economy

Teaching Strategies and Materials:
1. Lecture with visuals such as PowerPoint slides
2. Group discussion and debate
3. Case studies and problem-solving activities
4. Handouts and worksheets
5. Videos and news articles

Assessment Strategies:
1. Written assignments such as essays and research papers
2. Oral presentations
3. Class participation and group work
4. Quizzes and exams

Accommodations for Diverse Learners:
1. Providing extra time and resources for students with learning differences
2. Using multiple teaching strategies to ensure all students can participate and learn
3. Offering flexible seating arrangements and visual aids for students with physical disabilities
4. Providing one-on-one support for English language learners

Lesson Content:

Introduction (10 minutes)
1. Warm-up activity: Students will brainstorm what they know about taxes and discuss in small groups
2. Lecture: Introduction to taxes and their purpose

Types of Taxes (30 minutes)
1. Lecture: Different types of taxes including income tax, sales tax, property tax, etc.
2. Handouts and worksheets for students to complete in pairs to identify the differences between each type of tax
3. Group discussion and debate on which tax is the most fair and why

Collecting and Distributing Taxes (30 minutes)
1. Lecture: How taxes are collected and where the money goes
2. Case study activity: Students will work in groups to analyze a scenario where a city must decide how to distribute its tax revenue
3. Students will present their findings to the class and debate their ideas

Impact of Taxes (30 minutes)
1. Lecture: The impact of taxes on individuals and the economy
2. Video and news article analysis on how taxes have impacted different communities and businesses
3. Class discussion and debate on whether taxes are necessary and if they should be increased or decreased

Conclusion (10 minutes)
1. Recap of main points covered
2. Students will write a reflection on what they learned about taxes

Expected Outcomes:
1. Students will have a clear understanding of what taxes are and their purpose
2. Students will be able to identify and compare different types of taxes
3. Students will understand how taxes are collected and distributed
4. Students will be able to analyze the impact of taxes on individuals and the economy.




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Ten Percent Lesson Plan

Title: Ten Percent Lesson Plan

Grade Level: 3rd Grade

Learning Objectives:
– Students will be able to understand the concept of ten percent.
– Students will be able to find ten percent of a given price.
– Students will be able to apply their understanding of ten percent in real-life scenarios.

Teaching Strategies and Materials:
– Introduce the topic by asking students if they have ever heard of the phrase “ten percent.”
– Use visual aids such as pictures, posters, or charts to help them understand the concept of ten percent.
– Use real-life examples such as discounts on products, taxes, or tips to make the concept more relatable.
– Provide hands-on activities such as worksheets or games to reinforce learning.
– Encourage class discussion and participation to enhance learning.

Materials:
– Whiteboard/Chalkboard
– Markers/Chalk
– Pictures/Posters/Charts
– Worksheets/Games
– Example scenarios with prices

Assessment Strategies:
– Formative assessment: Using worksheets or games to assess student comprehension during the lesson.
– Summative assessment: Having students apply their knowledge of ten percent in a real-life scenario, such as calculating sales tax or tip at a restaurant.

Accommodations for Diverse Learners:
– Visual and auditory learners can benefit from using visual aids and class discussion.
– Hands-on learners can benefit from using worksheets or playing interactive games.
– Students with disabilities may require additional accommodations such as extra time, preferential seating, or having a teacher or aide work with them individually.

Lesson Outline:
I. Introduction (5-10 minutes)
– Introduce the topic of ten percent by asking students if they have heard of it before.
– Use pictures, posters, or charts to help explain the concept.

II. Understanding Ten Percent (10-15 minutes)
– Use real-life examples (such as discounts, taxes, or tips) to help students understand the concept.
– Use a whiteboard/chalkboard to write out examples and calculations.
– Encourage class discussion for student participation.

III. Finding Ten Percent (15-20 minutes)
– Use example scenarios and prices to demonstrate how to calculate ten percent of a price.
– Provide students with worksheets or games to practice finding ten percent.
– Offer guidance and assistance as needed.

IV. Applying Ten Percent (10-15 minutes)
– Have students apply their knowledge of ten percent in a real-life scenario such as calculating sales tax or tip at a restaurant.
– Provide feedback and additional assistance as needed.

V. Conclusion (5-10 minutes)
– Review the key concepts learned during the lesson.
– Encourage students to use their understanding of ten percent in everyday life.

Expected Outcomes:
– Students will be able to identify what ten percent means.
– Students will be able to find ten percent of a given price.
– Students will be able to apply their knowledge of ten percent in real-life scenarios.




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