Students learn about online shopping with credit cards.
Teaching Objectives:
- Describe the costs and benefits of online shopping.
- Compare shopping online to shopping in person.
- Evaluate payment options for online purchases.
Standard 8: The student will describe and explain interest, credit cards, and online
commerce.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Online shopping has costs and benefits, like any other choice people make. It can be fun, convenient, and economical, but also expensive and addictive. Consumers use the Internet to find information on specific products and compare prices with local merchants before buying. They also enjoy the opportunity to shop 24 hours a day, seven days a week because Internet merchants never close. While convenient and fun, online shopping provides opportunities for dishonest sellers to steal a person’s identity or defraud potential buyers.
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Categories Credit, Credit Cards,
Students learn about credit cards.
Teaching Objectives:
- Describe how credit cards are used to purchase today’s wants with tomorrow’s money.
- Compute the total cost of purchasing goods using credit cards at different interest rates when making minimum payments.
Standard 8: The student will describe and explain interest, credit cards, and online
commerce.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Credit cards are more than plastic used to make purchases. They are a specific form of consumer credit originating in the United States during the 1920s when individual companies, such as hotel chains and oil companies, issued them to customers to make purchases at their businesses. The use of credit cards has grown tremendously since then and is now one of the primary sources of purchases for most consumers in the country.
Credit card accounts are an example of open-end consumer credit, often called revolving credit. While credit cards are a convenient way to make purchases, they also tend to promote “impulse spending” and overspending. Spending money is fun and easy; paying off credit card bills is not!
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Categories Credit, Credit Cards,
Students learn about consumer credit legislation.
Teaching Objectives:
- Explain key legislation related to consumer credit.
- Apply consumer credit legislation to specific credit problems.
Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Several state and federal laws have been enacted to protect the rights of consumers. Some of these include the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, and many others.
The commitment to consumer legislation began when Congress passed the Consumer Credit Protection Act of 1968. As the economy became more complex and more people relied on credit, additional laws were passed to reduce the problems and the confusion for consumers.
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Categories Borrowing Money, Credit,
Students learn about credit scores.
Teaching Objectives:
- Describe the purpose of a credit report.
- Define the role of credit scores.
- Explain the importance of a good credit score.
Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
When people apply for loans, lenders want to be sure they will repay the money. Most lenders rely on a person’s credit score to make this decision. Lenders use credit scores to determine the level of risk associated with loaning money to that person. Credit scores are based on information gathered by credit bureaus and placed in a credit file.
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Categories Borrowing Money, Credit, Tags 10th Grade, 11th Grade, 12th Grade, 6th Grade, 8th Grade, 9th Grade
Students learn about sources of credit and calculating interest rates.
Teaching Objectives:
- Identify potential sources of credit.
- Compare credit sources.
- Evaluate credit practices.
- Calculate credit costs.
- Demonstrate the ability to make good credit choices.
Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
If you can think of something to buy, you can find a lender to provide the money! But, not all lenders are the same. With so many different types of lenders, borrowers have a lot of options. Finding the best lender can be challenging, and it can make a big difference in the total amount you pay for your purchase. Poor credit choices are very costly and can continue causing problems for many years.
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Categories Borrowing Money, Credit, Tags 11th Grade, 12th Grade, 6th Grade, 7th Grade, 8th Grade, 9th Grade, Credit Cards
Students learn about the reasons and responsibilities of borrowing money.
Teaching Objectives:
- Explain why people borrow money.
- Identify the rights and responsibilities of borrowing money.
- Demonstrate appropriate situations to borrow money.
- Evaluate the impact of borrowing money.
Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
People borrow money for many reasons: to buy a car or a house; to remodel their home; to pay for college expenses; to open a business; and, in some cases, to pay their bills. Borrowing money allows us to get what we want today or to pay for things when we do not have enough cash. While that sounds great, we must remember that borrowed money must be paid back. Making poor decisions about loans can affect our finances for a long time.
Borrowing money does not mean that we have more money. In fact, it is the opposite. Borrowing money means we are using tomorrow’s income to buy things today. If we are not careful, we will borrow too much — leaving us with a big stack of bills and no money to pay them!
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Categories Borrowing Money, Credit, Tags Borrowing Money
Students learn about the different needs of individuals as it relates to saving for retirement.
Teaching Objectives:
- Examine the investment needs of different individuals and make recommendations for their retirement strategies.
- Evaluate longevity and life-span statistics to predict the numbers of years they will live in retirement and expected income needs.
Standard 6: The student will explain and evaluate the importance of planning for retirement.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
The idea of planning for retirement is a fairly recent phenomenon. Due to advancements in medicine and other factors, people now live much longer; and, therefore, need financial resources to pay for those years. About 100 years ago, few people lived past age 65. Today, the life expectancy in the United States is 78 years, with many people living into their 90s.
The amount of money needed for retirement is directly related to the number of years a person lives. With the life expectancy continuing to climb, so does our need to plan for financial independence in those years.
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Categories Saving & Investing, Tags Retirement
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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