The Rule of 72 – Simple and Compounded Interest

Students will learn about simple and compounded interest and the rule of 72.

Teaching Objectives:

  • Compare simple and compounded interest.
  • Calculate simple and compounded interest.
  • Apply the Rule of 72 to determine how much time is needed for savings/investments to double.

Standard 5: The student will analyze the costs and benefits of saving and investing.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

The sooner people start saving, the faster their money will grow. Saving for long-term goals is easier when money grows through interest payments. Interest allows savings and investments to grow, even after one stops putting money into the accounts. But, interest rates and types of interest vary greatly from one account to another. Making good choices about saving and investing relies on understanding the differences.

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Saving and Investing: Getting Started

Students will learn the reasons for saving money.

Teaching Objectives:

  •  Identify the reasons people save and invest.
  •  Weigh the costs and benefits of saving and investing.
  •  Explain the difference between saving and investing.

Standard 5: The student will analyze the costs and benefits of saving and investing.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Saving money sounds like a great idea, but sometimes it can be challenging to do. Saving is more than just spending less; it also involves deciding what to do with the extra money. While putting change in a jar is a good start, it is only the first step. Finding ways for money to earn additional money allows your savings to grow, and that helps people meet their personal and financial goals.

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Tracking Your Money

The student will learn about checking,  the ability to balance a checkbook and reconcile financial accounts.

Teaching Objectives:

  • Explain the importance of reconciling a bank statement.
  •  Distinguish between using a check, ATM machine, and a debit card.
  •  Demonstrate the ability to balance a checkbook and reconcile a statement.

Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Even though many people use debit cards and credit cards to make purchases, there are over 70 million checks written in the United States each year. That is almost 20,000 checks every day! Checks, debit cards, and credit cards are substitutes for cash. Credit cards are more like loans, but checks and debit card transactions come directly out of your bank account. Knowing how to maintain a bank account can help prevent embarrassing and costly mistakes.

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Finding Financial Services

The student will learn about financial service providers.

Teaching Objectives:

  •  Identify the most common types of financial service providers.
  •  Explain the services offered by different financial institutions.
  •  Determine which kinds of financial services providers and services are appropriate for different situations.
  •  Weigh the costs and benefits of using financial services.

Standard 3: The student will describe the functions and uses of banks and other
financial service providers.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

“Financial service providers” is a term used to describe all of the different types of businesses similar to a bank. The world of money and banking has become extremely complex, primarily due to hi-tech opportunities. Using just one word “bank” or just “bank account” targets a specific kind of financial service provider and a specific kind of financial service. While banks are the most common type of financial service provider, they are only one part of the entire financial industry in the United States today.

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Taxes: Voluntary Compliance

The student will learn about the reasons for paying taxes.

Teaching Objectives:

  •  Recognize the moral and ethical reasons for paying taxes.
  •  Explain the legal and financial consequences of failing to pay taxes.

Standard 2: The student will identify and describe the impact of local, state, and
federal taxes upon income and standard of living.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

While people in the United States are required to pay taxes, our
system operates on a principle called “voluntary compliance.” In
other words, our system is based on the honor system—especially
when it comes to filing our personal income taxes. Employers are
required to withhold certain taxes and then report those
withholdings to the state and federal government.

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Taxes: Somebody Has To Pay

The student will learn about paying taxes.

Teaching Objectives:

  •  Differentiate between “ability to pay” and “benefits
    received” tax theories.
  • Explain the differences between progressive and
    regressive taxes.
  • Identify the role of public goods and services.
  • Evaluate the costs and benefits of public goods and
    services.

Standard 2: The student will identify and describe the impact of local, state, and
federal taxes upon income and standard of living.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

People have been paying taxes to the government almost
since the beginning of time. The money collected supported
the empires of kings and provided revenue for military
efforts. While most people complain about paying taxes, they
still enjoy the goods and services paid for by the government.

Today, we pay several different kinds of taxes to local, state, and federal
governments and receive many goods and services in return. The tax structure of the
United States is based on two basic theories, and we have two basic forms of taxation
policy. Even so, it does not make paying taxes any less controversial.

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Managing Your Income

The student will learn about managing their income.

Teaching Objectives

  • Identify the components of a budget.
  • Evaluate the relationship between budgets and goals.

Standard 1.1  The student will describe the importance of earning an income and
explain how to manage personal income using a budget.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Most of us work hard for our money. However, few of us
can really explain what happens to it each month. When
the paycheck arrives, it seems like a lot of money — but
by the end of the month, we are digging in our closet to
find an old coat to see if there is extra change in the
pocket! What happens?

The reality is this: it is not how much money we make; it is how much money we
spend. If we do not learn how to control our spending, we will never have enough
money to be happy or to pay our bills. Wealthy people who are careless with their
spending will quickly become poor. On the other hand, moderate to low income
people will become wealthy if they practice good money management skills.

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Goal-Setting

The student will learn about setting goals.

Teaching Objectives

  •  Explain the reasons for setting goals.
  •  Differentiate between short-term, medium-term, and long-term goals.

Standard 1.  The student will describe the importance of earning an income and
explain how to manage personal income using a budget.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Everyone has personal dreams.

One person may want to be a doctor or a lawyer, while
another may want to play in the NFL. Another person may
want to be a teacher, while yet another may want to be a
stay-at-home Mom.

Some may want to own a home on the beach, and some may want to take annual trips
to the mountains to snowboard. Our personal dreams give us hope and may provide
the incentive to stay in school or work harder to improve our grades.

Whatever our dreams, we can only accomplish them if we have a plan to do it.

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Income and Taxes

The student will learn about income and taxes.

Teaching Objectives

  •  Identify the different kinds of payroll deductions, including taxes and benefits.
  •  Explain the difference between gross and net income.
  •  Compute net income.

Standard 1.1  The student will describe the importance of earning an income and
explain how to manage personal income using a budget.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Just because the employer says you will earn $10 an hour or $20,000
a year does not mean that you have all of that money in your
weekly or monthly paycheck. Part of your earnings will go to pay
state and federal taxes, and those taxes are deducted from the
amount you receive. Other payroll deductions—such as insurance,
retirement or other employee benefits—are also deducted from your
check.

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Jobs vs. Careers

The student will describe the importance of earning an income and explain how to manage personal income using a budget.

Teaching Objectives:

  • Differentiate between jobs and careers.
  • Explain the impact of education on income.
  • Explain human capital.

Suggested Grade Level

6th – 12th Grade

Lesson Excerpt:

Different individuals have different skills and abilities, but everyone
can improve the quality of those skills and abilities through
education. For some, that educational experience may be formal
(e.g., college or vocational training) or more informal (e.g., on the job
experiences). In either case, the primary purpose is to earn an
income to meet one’s basic needs and pursue their financial goals.

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