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In the project, students look forward 10-15 years and create a financial portfolio to help them achieve their future lifestyle and monetary goals while also learning about the importance of planning for unexpected adversities. They will create a variety of artifacts—physical and digital—and deliver presentations as they explore the steps required for a secure financial future.
The project is divided into four discrete steps, each of which has an essential question that students will answer.
My Savings Plan
My Savings Plan
Throughout Theme 1, students learn how a good savings plan starts with identifying a savings goal. They understand one of the most effective ways to save is to consistently put money aside and watch it grow. They do so by applying the Rule of 72, which determines how long an investment will take to double given a fixed annual rate of interest. This culminating project will allow them to synthesize their learning from Theme 1.
STUDENTS WILL:
Examine anticipated income and costs for each SMART financial goal.
Develop a savings plan for each of their SMART financial goals.
Content Statement
Content Statement
Through Project 1, the following Ohio Financial Literacy Content Statements are addressed:
Through Project 1, the following Ohio Financial Literacy Content Statements are addressed:
Statement 1: Financial responsibility entails being accountable for managing money to satisfy one’s current and future economic choices.
a. Identify responsible ways for managing money for short- and long-term goals.
Statement 2: Financial responsibility involves lifelong decision-making strategies which include consideration of alternatives and consequences.
a. List financial decisions made at different stages of life and factors that will affect those decisions.
c. Understand there are positive and negative consequences for all financial decisions.
Statement 6: Financial responsibility includes the development of a spending and savings plan (personal budget).
S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, Time-bound) goals help individuals determine and remember what their financial goals should reflect.
Statement 7: Financial institutions offer a variety of products and services to address financial responsibility. Analyze the costs and benefits of various types of credit.
a. Evaluate products and services from financial institutions that a student might use, such as a checking and savings account, and discuss advantages and disadvantages of different products.
Statement 16: Using key investing principles, one can achieve the goal of increasing net worth.
a. Investing strategies may include planning, saving and investing for the long term, investigating before you invest, because individuals who start saving at an early age have more time for compound interest to increase their wealth.
b. Devise plan to increase net worth [given a predetermined amount of money.]
Statement 17: Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the investor’s risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money.
a. The [time value of money] is the idea that a dollar today is worth more than a dollar in the future.
Statement 18: Justify reasons to use health, disability, long-term care and life insurance.
a. Explain the specific roles of agencies and the services they can offer to consumers.
Statement 27: A comprehensive insurance plan (health, life, disability, auto, homeowners, renters, liability, etc.) serves as a safeguard against potential loss.
a. Explore the coverage and cost for various insurance products such as health, life, disability, auto, homeowners, renters and liability.
b. Research the likelihood that disability and life insurance is needed to replace an income stream
In the project, students look forward 10-15 years and create a financial portfolio to help them achieve their future lifestyle and monetary goals while also learning about the importance of planning for unexpected adversities. They will create a variety of artifacts—physical and digital—and deliver presentations as they explore the steps required for a secure financial future.
The project is divided into four discrete steps, each of which has an essential question that students will answer.
My Budgeting Habit
My Budgeting Habit
Students review the critical concepts and vocabulary related to budgeting, examine the importance of SMART goals, and then create their own SMART financial goals for the future. They design a visual aid to depict their SMART financial goals. This culminating project will allow them to synthesize their learning from Theme 2.
STUDENTS WILL:
Describe a budget and explain the purpose of budgeting.
Explain SMART (specific, measurable, achievable, realistic, and time-bound) goals and how the practice can be used for budgeting.
Create personal SMART financial goals for the future: short term (1 year), medium term (5 years), and long term (10 years or beyond).
Use graphics and multimedia—charts, videos, graphs, and so on to represent each SMART goal and the method by which it will be achieved.
Content Statement
Content Statement
Through Project 2, the following Ohio Financial Literacy Content Statements are addressed:
Through Project 2, the following Ohio Financial Literacy Content Statements are addressed:
Statement 1: Financial responsibility entails being accountable for managing money to satisfy one’s current and future economic choices.
a. Identify responsible ways for managing money for short- and long-term goals.
Statement 2: Financial responsibility involves lifelong decision-making strategies which include consideration of alternatives and consequences.
a. List financial decisions made at different stages of life and factors that will affect those decisions.
c. Understand there are positive and negative consequences for all financial decisions.
Statement 4: Financial responsibility includes the development of a spending and savings plan (personal budget).
b. Identify individual and larger economic changes that may cause monthly income to fluctuate.
c. Research the average costs of all expenses associated with a four-year college education, a wedding and a new versus used car.
Statement 6: Financial responsibility includes the development of a spending and savings plan (personal budget).
S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, Time-bound) goals help individuals determine and remember what their financial goals should reflect.
a. Devise a budget for current short- and long-term goals, income and expenses.
Statement 7: Financial institutions offer a variety of products and services to address financial responsibility. Analyze the costs and benefits of various types of credit.
a. Evaluate products and services from financial institutions that a student might use, such as a checking and savings account, and discuss advantages and disadvantages of different products.
Statement 15: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).
a. Identify the difference between [direct and indirect costs.]
b. Compare and contrast the overall costs of goods and services from various distributors (wholesale, retail, online)
Statement 21: Effectively balancing credit and debt helps one achieve some short and long-term goals.
a. Credit scores are based on factors such as length of time the person has had financial accounts, types of credit used, payment history, amounts owed and new credit.
b. Attaining a high credit score is one of the goals consumers should set
c. Discuss steps a consumer can take to get and keep a high credit score. .
d. Discuss factors that will reduce credit scores
Statement 22: Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.
a. Summarize the terms of a credit card or other loan agreement.
In the project, students look forward 10-15 years and create a financial portfolio to help them achieve their future lifestyle and monetary goals while also learning about the importance of planning for unexpected adversities. They will create a variety of artifacts—physical and digital—and deliver presentations as they explore the steps required for a secure financial future.
The project is divided into four discrete steps, each of which has an essential question that students will answer.
My Credit Score
My Credit Score
Students learn about the importance of a credit score and how to maintain a healthy one that will allow them access to the credit they will need to make major purchases. This culminating project will allow them to synthesize their learning from Theme 3.
STUDENTS WILL:
Learn how credit scores and credit reports are generated.
Identify the reasons to work toward having a high credit score.
Develop a strategy to build and maintain a high credit score in the short, medium, and long term.
Create an original reality show concept that demonstrates awareness of concepts related to improving credit scores.
Content Statement
Content Statement
Through Project 3, the following Ohio Financial Literacy Content Statements are addressed:
Through Project 3, the following Ohio Financial Literacy Content Statements are addressed:
Statement 2: Financial responsibility involves lifelong decision-making strategies which include consideration of alternatives and consequences.
a. List financial decisions made at different stages of life and factors that will affect those decisions.
c. Understand there are positive and negative consequences for all financial decisions.
Statement 16: Using key investing principles, one can achieve the goal of increasing net worth.
a. Investing strategies may include planning, saving and investing for the long term, investigating before you invest, because individuals who start saving at an early age have more time for compound interest to increase their wealth.
b. Devise plan to increase net worth [given a predetermined amount of money.]
Statement 17: Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the investor’s risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money.
b. Identify and compare the administrative costs (fees) and taxes of various investment products.
Statement 19: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.
a. Borrowers must repay loans according to the contractual terms.
Statement 21: Effectively balancing credit and debt helps one achieve some short and long-term goals.
Statement 26: Diversification of assets is one way to manage risk.
a. Cite examples of high-, medium- and low-risk investments.
b. Explain why it is important to diversify and how the composition of a portfolio changes over time.
In the project, students look forward 10-15 years and create a financial portfolio to help them achieve their future lifestyle and monetary goals while also learning about the importance of planning for unexpected adversities. They will create a variety of artifacts—physical and digital—and deliver presentations as they explore the steps required for a secure financial future.
The project is divided into four discrete steps, each of which has an essential question that students will answer.
My Investment Plan
My Investment Plan
Students review basic information about stocks and the stock market and then conduct research to select at least ten stocks in which to invest for a financial portfolio. This culminating project will allow them to synthesize their learning from Theme 4.
STUDENTS WILL:
Explain stock and the stock market.
Describe low-risk, medium-risk, and high-risk investments.
Develop a diversified stock portfolio.
Predict factors that would positively or negatively affect the stock prices within the next 10 years.
Content Statement
Content Statement
Through Project 4, the following Ohio Financial Literacy Content Statements are addressed:
Through Project 4, the following Ohio Financial Literacy Content Statements are addressed:
Statement 2: Financial responsibility involves lifelong decision-making strategies which include consideration of alternatives and consequences.
a. List financial decisions made at different stages of life and factors that will affect those decisions.
c. Understand there are positive and negative consequences for all financial decisions.
Statement 20: Debt is an obligation owed by one party to a second party.
a. Develop a repayment plan to satisfy debt obligations in a given scenario
Statement 24: A risk management plan can protect consumers from the potential loss of personal and/or business assets or income.
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