Students learn about saving for retirement.
Teaching Objectives:
- Identify and evaluate different retirement options.
- Explain the different types of risk associated with long-term planning.
- Apply the different types of risk to the various investment products, such as stocks, bonds, mutual funds, etc.
Standard 6: The student will explain and evaluate the importance of planning for retirement.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Many people spend much of their career looking forward to retirement. Even though the idea of retirement means many different things, most people would agree that financial security is an important part of their future goals. People save for retirement in many different ways. Some of the most common include Social Security, company retirement plans such as 401(k) plans, and annuities. Like anything else, each retirement savings plan has both benefits and risks. The biggest risk, however, is failing to plan.
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Categories Saving & Investing, Tags Retirement
Students will learn about how different investment strategies varies by individual needs.
Teaching Objectives:
- Determine how various saving and investment strategies vary with individual needs and circumstances.
- Evaluate the impact of inflation on future earnings,saving, and investments.
- Identify the different types of saving and investment products required to meet their financial goals.
Standard 5: The student will analyze the costs and benefits of saving and investing.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Even though most people have a savings and investment strategy, those strategies vary from situation to situation, and from person to person. An individual’s circumstances, goals, risk tolerance, income, and other factors play a big role in establishing a personal investment strategy. Understanding the reasons why people save and invest in different ways can help you make your own personal decisions.
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Students will learn about different ways to save and invest.
Teaching Objectives:
- Examine different savings and investment products available.
- Compare the costs (risk) and benefits (rate of return) of different savings and investment products and strategies.
Standard 5: The student will analyze the costs and benefits of saving and investing.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Congratulations! You have decided to start saving money for future needs. Now, you have more choices to make about the different financial products available. Your goals will determine the choices you want to make when planning your savings and investing strategies. Savings is generally used to meet short-term and medium-term goals of seven years or less, while investing is generally used to meet long-term goals.
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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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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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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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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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Categories Banking,
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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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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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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Categories Earning Money,
