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Financial Literacy

Financial Literacy. I. Financial Decision-Making. Working and earning A. Getting that first job – Making a good impression. Appearance, hygiene, emotions (smile). Self-awareness – confidence, eye contact, self-image, self-esteem.

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Financial Literacy

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  1. Financial Literacy

  2. I. Financial Decision-Making Working and earning A. Getting that first job – Making a good impression. Appearance, hygiene, emotions (smile). Self-awareness – confidence, eye contact, self-image, self-esteem. Are you teachable? Can you be trained? Can you focus at the job at hand?
  3. B. Skills vs. Interests Skills – What am I good at? Interests – What do I like to do?
  4. C. Goals 1. Long-term goals 2. Short-term goals 3. SMART goals a. Specific b. Measureable c. Achievable d. Realistic e. Time-based
  5. D. Work ethic How good is your work ethic? 1. On time 2. Stay until the task is completed. 3. Willing to put more effort in to complete the task.
  6. II. Wages vs. Salary A. Salary – a certain amount of money no matter how long it will take you to do it. B. Hourly Wage – Paid based on the amount of time you work. 1. Most of you will start at an hourly wage.
  7. III. Income vs. Expense A. Income – The money you bring in from your job. B. Expense – The money you pay out due to your life choices. 1. Relationships can be like this as well.
  8. http://www.themint.org/kids/determining-your-budget.html
  9. C. Cash vs. Credit 1. Cash – Money on hand. 2. Credit – Borrowing money and paying interest on it.
  10. D. Interest for Credit 1. The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal. a. The rate is dependent upon the time value of money. b. The credit risk of the borrower, and the inflation rate. c. Interest per year divided by principal amount, expressed as a percentage. also calledinterest rate.Read more: http://www.investorwords.com/2531/interest.html#ixzz1PpKHRnPk
  11. E. Credit 1. A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date. 2. When a consumer purchases something using a credit card, they are buying on credit (receiving the item at that time, and paying back the credit card company month by month). 3. Any time when an individual finances something with a loan (such as an automobile or a house), they are using credit in that situation as well.Read more: http://www.investorwords.com/1193/credit.html#ixzz1PpMUL0CE
  12. IV. Goods vs. Services Goods A. Good – Something that is created . 1. What are some goods?
  13. B. Services – Someone that provides for other people. What are some services?
  14. V. Banking Basics A. Spending – What do you spend your money on? B. What might parents spend their money on? 1. Mortgage/rent 8. Credit cards 2. Car 9. Bills 3. Groceries 4. Gas 5. Electric 6. Phone 7. Cable/internet
  15. C. Savings http://www.bankrate.com/calculators/savings/saving-goals-calculator.aspx
  16. VI. Budget When thinking what you want compared to what you need. For example you may want a Play station 3, but you need a place to live. http://www.bankrate.com/calculators/smart-spending/home-budget-plan-calculator.aspx
  17. VII. TAXES A. Sale tax - tax levied by a state or city on the retail price of an item, collected by the retailer. Read more: http://www.investorwords.com/4370/sales_tax.html#ixzz1PpX7Z6ZM
  18. B. Income tax – Annual tax levied by the Federal government, most states, and some local governments, on an individual's or corporation’s net profit.Read more: http://www.investorwords.com/2411/income_tax.html#ixzz1PpXeh1WX
  19. C. Property tax Local tax assessed on property owned, such as real estate or automobiles. Read more: http://www.investorwords.com/3903/property_tax.html#ixzz1PpYFCppw
  20. D. Luxury/Entertainment tax A tax on products not considered essential, such as expensive cars. Read more: http://www.investorwords.com/2907/luxury_tax.html#ixzz1PpYeSaFt
  21. E. Excise tax A Federal or state tax imposed on the manufacture and distribution of certain non-essential consumer goods. 1. Examples of excise taxes include environmental taxes, communications taxes, and fuel taxes. Read more: http://www.investorwords.com/1813/excise_tax.html#ixzz1PpZ240ON
  22. http://www.clevelandfed.org/learning_center/online_activities/barter_island/index.cfm?DCS.nav=Local http://www.clevelandfed.org/learning_center/online_activities/barter_island/index.cfm?DCS.nav=Local
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