TEACHER OUTLINE | UNIT 7 | FIND YOUR FINANCIAL PROTECTION
DRIVING QUESTION: How do I position myself financially for an unknown future?
Financial Literacy is the first step towards having financial freedom. This unit is a comprehensive introduction to earning, saving, and spending your very first wages. Students will cover fundamentals such as taxes, banking, budgeting, investing, and more.
Through real-life examples, students will explore the value of money, understand the different factors of what it means to get paid, and be informed about the expectations and obligations that go along with a paycheck.
Students will be asked to identify the costs and benefits of saving, interest, and borrowing to achieve life and career goals, estimate income for lifestyle, then assess the incentives for investing in self. Students will also explore entrepreneurship/freelance experiences, skills, assessments, and feedback from others.
It is important to understand the difference in spending money when you HAVE to versus when you WANT to. Striking a balance of buying things, creating experiences, paying bills, and having money for the future can be hard to manage if you are not prepared or equipped to do so. It comes down to daily financial decisions that have way more to do with determining future wealth than spending the money you make.
Students will discover where to store and grow their money, the basics of investing, and the importance of planning for retirement.
To avoid incurring large amounts of debt, students must understand the benefits and risks of using credit. By evaluating their own spending habits, student will have an opportunity to reflect on how much money they have spent wisely and how much they have wasted while considering the decisions that led to each type of spending.
Students will evaluate their own spending, explain why a person may need or want credit, identify the major types of credit and their characteristics, and understand the three basic components of lines of credit: principal, interest rate, and term.
How will students fund the lifestyle they identified in Unit 1? Buying a home or car, planning a vacation, and protecting their finances are all decisions students will have to make in the future.
In this lesson, students will research homes for sale that meet their specifications, find their dream car, and determine how they will include risk management and insurance in their chosen lifestyle.
Now that students have identified their lifestyle goals, they need to determine how they will leverage their finances to reach them. Learning to budget and plan for the future are critical skills all students will need in order to achieve the lifestyles they desire.
Through a series of activities, students will experience budgeting and organizing a financial portfolio then they will take the Lifestyle Assessment again to discover how their thinking may have changed.
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