Budget to Save—The Balance Sheet

This lesson begins with dispelling common myths about millionaires through the interactive “Millionaire Quiz.” Students then have an opportunity to give their opinions of wealth in a brainstorming activity that culminates in a formalizing of the definition of wealth through the equation of “assets – liabilities = net worth.” Using a variety of interactives, students will further distinguish between wealth-building and depreciating assets and finalize the discussion by using an interactive balance sheet to calculate and visualize how wealth is created.


  • Define wealth using the concept of net worth.
  • Measure wealth using a balance sheet.
  • Distinguish between wealth-creating assets and other types of assets.

Grade Level

High School – College

Time Required

One 50-minute class period


  • SmartBoard (optional). If using a computer and projector, please click when procedure says touch.
  • Interactive PDF file
  • Copies of Handout 1: Real Life Balance Sheets, cut apart
  • Copies of Handout 2: What Does It Mean to Be Wealthy? (optional)

National Standards in K–12 Personal Finance Education

  • Planning and Money Management
  • Standard 1: Develop a plan for spending and saving.
  • Standard 2: Develop a system for keeping and using financial records.
  • Standard 6: Develop a personal financial plan.


Procedure Document

Procedure Document

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