First steps Money Course

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3 First steps Money Course Financial Capability Curriculum Series Student Guide

4 Copyright 2016 by the National Financial Educators Council. All Rights reserved. No part of this book may be reproduced. Library of Congress Cataloging-in-Publication Data ISBN: Printed in the United States of America Requests for permission to make copies of any part of this book can be made to the National Financial Educators Council at Read full terms and conditions of the usage of the instructor s guides and PowerPoint presentations at No Earnings Projections, Promises, or Representations. You recognize and agree that we have made no implications, warranties, promises, suggestions, projections, representations or guarantees whatsoever to you about future prospects or earnings, or that you will earn any money, with respect to your purchase of this financial education curriculum, and that we have not authorized any such projection, promise, or representation by others. Any earnings or income statements, or any earnings or income examples, are only examples for educational purposes. There is no assurance you will do as well as stated in any examples. If you rely upon any figures provided, you must accept the entire risk of not doing as well as the information provided. This applies whether the earnings or income examples are monetary in nature or pertain to advertising credits that may be earned (whether such credits are convertible to cash or not). Due Diligence. You are advised to do your own due diligence when it comes to making business decisions and should use caution and seek the advice of qualified professionals. You should check with your accountant, lawyer, investment advisor, or other appropriate professional before acting on any investment information. You may not consider any examples, documents, or other content on the course or otherwise provided by us to be the equivalent of legal, accounting, or investment advice. Nothing contained in the course or in materials available for sale or download on the website provides legal, investment, or accounting advice in any way. You should consult with your own attorney, financial investment advisor, and accountant with any questions you may have. We assume no responsibility for any losses or damages resulting from your use of any information or opportunity contained within the course, on the related website, or within any information disclosed by the owner of the course and the website in any form whatsoever. Visit to review the complete earnings disclaimer and terms & conditions.

5 Financial Psychology Setting Financial Goals Warm-Up Activity Write down what you think the word goal means. Defining Goals In small groups, you will share your thoughts about the word goal. Each group will pick one person to share their ideas with the rest of the class. Simple Definition: A goal is something you want to achieve. A goal statement says what you want to achieve, and how much the goal will cost. BF-11

6 Setting Financial Goals SAMPLE GOAL STATEMENT Goal Statement and Cost I want to have a pizza party. Picture of the Goal It will cost $9.00. I want to buy a new book. It will cost $5.00. I want to go to the movies. It will cost $7.00. BF-11

7 Financial Psychology Lesson Activity: My Own Financial Goals There are different kinds of goals. This activity is pretend and might work for some of you at home, but families have different rules and resources for chores and earning money. The CHORE CHART shows What chores could be done, How much the chore will earn, and t The total amount you will earn for a week of doing chores. Chore and Day Picture of the Chore MONDAY I will help with cleaning the house. I will earn $1.00. BF-11

8 Setting Financial Goals Chore and Day TUESDAY Picture of the Chore I will help with washing clothes I will earn $1.00. WEDNESDAY I will help with vacuuming. I will earn $1.00. THURSDAY I will help with cleaning the house. I will earn $1.00. BF-11

9 Financial Psychology Chore and Day FRIDAY Picture of the Chore I will help with washing the dishes. I will earn $1.00. SATURDAY I will help with cleaning the house. I will earn $1.00. SUNDAY I will help with cleaning the windows. I will earn $1.00. BF-11

10 Setting Financial Goals TODAY IS PAYDAY I earned a total of $7.00. Create your own goal statement. Use the spaces on the next page to write down and draw your goal. BF-11

11 Financial Psychology Goal Statement and Cost I want to It will cost Picture of the Goal Do not forget to write down the cost of your goal. Follow the examples given at the beginning of the lesson. BF-11

12 Setting Financial Goals Lesson Questions 1. A goal is a. Something you want to achieve. b. Something you forgot to do. c. Something to eat after school. 2. A goal statement a. Says what you want to achieve and how much the goal will cost. b. Is a list of new toys you want for the holidays. c. Is a sentence about your wishes for your family. 3. Setting a goal can help us to a. Make our future dreams happen. a. Skip having to do any hard work. b. Get everything we want. c. Make more mistakes BF-11

13 Risk Management & Insurance Risk n Roll Game Warm-Up Activity The class will make a word web about the word risk. Preparing for the Game The teacher will direct students into small groups and will also hand out paper money for this game. One student should play banker and have at least 20 $1 bills in the bank. Students will take turns moving their tokens to the next space on the board. Each student will move his/her token one square forward on each turn. They should read aloud the words on the square. If it is a purchase, you may choose yes or no to making that purchase. If you say yes, you must give that amount of money to the banker. If it is a job, you may choose yes or no to doing the job. If you say yes, you must receive that amount of money from the banker. Some squares say $0. Those squares have items that we are just expected to do we neither get paid for doing them nor pay others for doing them. If a student lands on a $0 square, he/she doesn t receive money from the bank or pay money to the bank. After making a decision for each square, the student must roll a die and follow the directions for the number rolled. Lesson Activity: Risk n Roll Game The game will continue until all students have progressed from start to finish. The chart on the next page illustrates the scenario and consequence for each possible dice combination. The student will count the money they have left at the end of the game. BR-13

14 Risk n Roll Game # Scenario Consequence 1 Hooray! You won a prize! You get $ Uh-oh! You got sick and need medicine. Hooray! You found money in your pants pocket. Uh-oh! Your bicycle broke and you need to fix it. Pay $3 to the banker. You get $1. Pay $2 to the banker. 5 Hooray! It s your birthday! You get $3. 6 Uh-oh! You lost your backpack and need to buy a new one. Pay $1 to the banker BR-13

15 Risk Management & Insurance BR-13

16 Risk n Roll Game THIS PAGE INTENTIONALLY LEFT BLANK BR-13

17 Risk Management & Insurance Lesson Questions 1. How can a positive risk have a negative outcome? a. Even though it was a good risk, it is still a risk and not a guarantee of a positive outcome. b. Even though it wasn t a good risk, you might get away with it and not have a negative outcome. c. It can t: positive risks always have positive outcomes. BR-13

18 Risk n Roll Game 2. How can a negative risk have a positive outcome? a. Even though it was a negative risk, it is still a risk and not a guarantee of a positive outcome. b. Even though it wasn t a good risk, you might get away with it and not have a negative outcome. c. It can t: negative risks always have negative outcomes. 3. What does being cautious mean? a. Never taking risks, even positive risks b. Never taking a negative risk c. Never taking a positive risk d. Deciding if you can afford to lose what you are risking BR-13