NTC Financial Literacy K-12 Curriculum m o c . e t a r o p MONEY SMART 2.0 r TEACHER o c Presentation C Slides T N for Grades 9-12
DREAM JOB m o 1. What are your interests? What excites you? c . 2. What are you good at? What skills do you have? e t a 3. What do you want to do after high school or college? r o 4. What is your dream job, and why? p 5. What skills do you think are required for your dream job? r o 6. How do you think you could get the skills needed for c your dream job? C T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 1 Working Hard for the Money
POSSIBLE EMPLOYER BENEFITS m o Health Insurance: helps cover employee medical costs related to illness c or injury . e Flexible Spending Accounts: tax-free money set aside by an employee often t to be used for out-of-pocket medical expenses a Retirement Accounts: r o • 401(k): an employer-sponsored plan to accumulate retirement savings that p gives employees a choice of investment options, typically mutual funds. Employees who participate in a traditional 401(k) plan have a portion of their r o pre-tax salary invested directly in the option or options they choose. c • 403(b): exclusively for employees of public schools and certain tax-exempt C organizations to accumulate retirement savings T Life Insurance: provides money to a benefjciary after the death of the insured N Extras: child care, relocation expenses, tuition reimbursement, transportation, wellness programs, discounts on products/services Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 1 Working Hard for the Money
PAYCHECK m o Bank Main Street Check No. 2756 Electric Electronics Inc. c 855 Electronic Avenue Midveill, MA 02546 . Date 9/15/19 PAYROLL CHECK e 466.34 Pay... Four Hundred Sixty Six Dollars 34 Cents $ t a To The r Order Jill VanHeel Jerome Roberts o Of 1 876543210 456789123456 2756 Aut hor i z e d Si gna t ur e p r Electric Electronics Inc. Earnings Statement 855 Electronic Avenue o Midveill, MA 02546 c Employee No. Employee Name Period Beg. Period End Check Date 543210 Jerome Roberts 09/01/2019 09/15/2019 09/15/2019 C Year to Date Earnings Hours Rate Current Amount Witholdings/Deductions Current Amount T Regular Pay 40.00 15.00 600.00 FICA MED TAX 8.70 191.40 FICA SS TAX 37.20 818.40 N FED TAX 59.57 1310.54 MA ST TAX 28.19 620.15 Check No. Gross Pay Current Deductions Net Pay YTD Earnings YTD Deductions YTD Net Pay 600.00 133.56 466.34 13,200.00 2940.43 10,259.57 2756 Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 1 Working Hard for the Money
CHOICES m o Two-Year Four-Year c College College Apprenticeship . e t a Associate’s Bachelor’s On-the-Job r o Degree Degree Training p r o c Direct to C Military Workforce Entrepreneur T $ N Armed Forces Job Owning Your Career Own Business Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 1 Working Hard for the Money
SETTING & REACHING GOALS m o Aisha’s Goals c . e Short-term goal: t a work part-time in high school to save up money for college r o Intermediate goal: p r go to college for nursing and balance working part-time o c Long-term goal: C obtain a job as a registered nurse T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 2 Designing Dreams
WHAT’S IN A PLAN? m o A fjnancial plan is a series of steps to take in order to reach a goal. c . e Managing t Creating a budget a peer pressure r o p r o Limiting expenses Weighing needs c when necessary and wants C T N Making a spending, Analyzing saving and investing plan opportunity costs Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 2 Designing Dreams
POOR PLANNING m o “By the time they have been retired for two years, c 78% of former NFL players have gone bankrupt or . e are under fjnancial stress; within fjve years after t retirement, an estimated 60% of former NBA a r players are broke.” o p —Sports Illustrated r o “How and Why Athletes Go Broke” c by Pablo S. Torre, March 23, 2009 C T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 2 Designing Dreams
SINKING SHIP m o c Beware of little . e expenses. A small t leak will sink a a great ship. r o p r o c C T N Benjamin Franklin Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 3 Can You Pay Your Bills?
1-2-3 BUDGET m o Three steps to building a budget c . e 1. Keep track of your spending t a r 2. Identify your income and expenses o p 3. Analyze cash fmow and look for r ways to increase your income o and decrease expenses c C T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 3 Can You Pay Your Bills?
BUDGET BREAKDOWN m o Income: c • Various jobs or work, like cutting grass or babysitting wages • Full- or part-time employment . e • Allowances • Odd jobs t a • Interest and dividends • Other sources, including tips r o Expenses: p • Bills (cellphone or cable bill, rent) • Transportation expenses (car payment, gas, insurance, bus or transit fares) r o • Movies, music purchases, game downloads or other entertainment • Clothes or accessories c • Eating out C • Personal items (makeup, cologne and so on) T • Saving for college or other future purchases Cash fmow is the relationship between income and expenses N Fixed expenses do not change from month to month (rent and auto loan payments) Flexible expenses might change from month to month (food and gas) Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 3 Can You Pay Your Bills?
PAY YOURSELF FIRST m o c . e t a r o p r o c C T N Spend it or bank it? Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 4 Boost Your Savings
HOW MONEY GROWS m o Interest: The amount of money banks or other fjnancial c institutions pay you for keeping your money on deposit . e with them. t a Interest is expressed as a percentage and is calculated r based on time and the amount of money in your account. o p Compounding: This is how your money can grow when r you keep it in a fjnancial institution that pays interest. o c APY: Annual Percentage Yield refmects the interest you earn C on a yearly basis. T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 4 Boost Your Savings
COMPOUNDING INTEREST m OVER TIME o c . Compounding means calculating interest on both principal e and previously earned interest. t a r 5 YEARS 10 YEARS o p Mattress compounding – $1,000.00 $1,000.00 NO interest! r (unless stolen or lost) (unless stolen or lost) o c Annual compounding at 1% $1,051.01 $1,104.62 C T Monthly compounding at 1% $1,051.25 $1,105.62 N Daily compounding at 1% $1,051.27 $1,105.17 Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 4 Boost Your Savings
SAVINGS OPTIONS m o Certifjcate of Deposit (CD): typically offers a higher rate of interest than c a regular savings account in exchange for keeping the money on deposit . e for a set term (for example, 6 months or more) t a Money Market Account: higher rate of interest; usually requires a r higher minimum balance (for example, $1,000); can make deposits o and withdrawals p r Statement Savings Account: an account that typically allows unlimited o deposits, but limits the number of fee-free withdrawals during a month. c Interest is earned on the money on deposit and a statement is issued at C least quarterly listing all transactions in the account. T Protection: the Federal Deposit Insurance Corporation and National N Credit Union Administration (NCUA) protect money saved in member fjnancial institutions Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 4 Boost Your Savings
BANKING INSTITUTIONS m o Banks and Thrifts c . • Financial institutions that operate under federal and state laws e and regulations t a • They make loans, pay checks, accept deposits and provide other r fjnancial services o Credit Unions p r • Not-for-profjt fjnancial institutions owned by people who have o something in common c • Credit unions offer many of the same services as banks and thrifts, C and operate under state and federal laws and regulations T • You have to become a member of the credit union to keep your N money there Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 5 Bank Your Bucks
CHECKING AND m SAVINGS ACCOUNTS o c . e Checking Accounts allow you to pay t bills and buy goods and services with the a r money you have deposited. o p r o A Savings Account is a safe place for you c to save money and earn interest over time. C T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 5 Bank Your Bucks
DEDUCTION INTRODUCTION m o c . e Medicare Income Tax Social Security t a r o p r o c C T N Money Smart 2.0: Grades 9-12 Teacher Presentation Slides LESSON 6 Bread and Butter
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