Welcome to the Financial Education Academy: Empowering Teachers in Personal Finance

1. Welcome! Financial Education Teachers Academy June 24-25

2. Partners • Key Foundation • State Treasurer Kevin Boyce • Ohio Department of Education

3. Beginnings • Sign in Sheet • Rest Rooms / Snack Machines • Welcome - Introductions of all • Discuss Expectations • Course • Materials • Students

4. Graduate Credit Option • 15 Econ 539 Section 101 • (1) Credit available for attendance and evaluations, more with assignment • > 50% reduced rate for teachers ($199/hr) • Grades posted in Summer • See me for forms

5. Introductory Video • State Farm Insurance • Johnny Gullible • Common Sense Curriculum • FLIC Committee Report • Sample course outlines • Advance Standing Credit • Certificate Program

6. Your one stop resource • www.whymoneymatters.org • Innovative lesson Contest

7. Why Personal Finance • NY Times Article • Knowledge Works Statistics • Facts on Savings (NEFE/Jump Start) • SB 311 • Intent and goals Students in a “global environment”

8. Outline of 2 days • Unit 1 – Decision Making and Money • Unit 2 – Career Working and Earning • Unit 3 – Getting your money’s worth • Unit 4 – Credit • Unit 5 – Wealth Creation • Unit 6 – Protecting yourself

9. Unit 1 • Unit 1 outline (provided) • Look at the terms, Let’s review • What are the differences between “needs and wants”, Is this important to teach?

10. Maslow’s Hierarchy of Needs Self- Actualization Esteem Needs Social Needs Safety Needs Satisfied Physiological Needs

11. CHOICES! • Choices are important, Understanding Choices is the key! • Choices revolve around Wants. • Morris’ Funnel of Wants • Financing your Future Video 2

12. Scarcity • Gasoline is expensive! • Who would rather have a car than ran on bottled water? • 9oz. Evian $1.49 = $21.19 gallon • 20oz. Generic $.79 = $10 gallon • Even tap water is not free! Does the world have excess drinking water?

13. Activities • Planning the prom • Find two partners and decide what choices you will make for prom given our budget • Introduce your group • Tell us your prom plans

14. Individual Activity • Activity 2 – Prepare a budget for Corny • Choices, Choices, Choices

15. Activity Reviews • First two activities introduced: • - Scarcity • - Choices • - Trade offs (cost/benefit) • - Opportunity Costs

16. Introduction to Resources • Open laptops • Go to www.economicscenter.org • Introduce and Explore links • go to www.econedlink.org • search for choice • find “car loan project”

17. Unit 1 • Return to terms • - Any questions? • Money • - What are functions? • - What are characteristics?

18. Money • - What are functions? • - Store of Value, Medium of Exchange, Standard of Value • - What are characteristics? • - Familiar • - Divisible • - Acceptable

19. Do we need a break?

20. Comparative Economic Systems • Why should we even introduce? • - Poverty is relative • - You don’t know what you’ve got until its gone • - We must teach appreciation for opportunities in this country

21. Unit 2 • Show Risky Business Video 1 • - Complete assignment 1.1 while watching / discuss • Do activities 1.2 and 1.3 • Discuss

22. Unit 2 continued • Go to www.nefe.org • great ppt and other stuff, register • Look in NEFE book • student page 100 • teacher page 206

23. Career Development Resources • Ohio Career Information System • http://ocis.ode.state.oh.us • each district should have log in • log in – user name – reading • password – ohiocis03 • Kudor

24. Other resources • www.thinkfinity.com • formerly Marco Polo • www.maping-your-future.org • www.fefe.arizona.edu/curriculum.php • Family Economics Financial Ed

25. Taxes • www.irs.gov • www.irs.gov/app/understandingTaxes/teacher • lesson 1 (with answers) • Go through IRS ppt • Free forms, tax lessons • Fairness is a key issue to discuss • Tax refunds are not lottery wins

26. Unit 3 • Budgets • Spending • Saving • Banking • Philanthropy

27. Budget Bead Game • Find it in your box • Read the instructions on the back • Use your skittles

28. Visa Practical Money Skills for Life • Find PMSFL, open it and insert disk now, • Browse Unit 3, Budgets • Student Activities (missing?) • Budgets are not a one time activity • www.mint.comhttp://www.budgetsketch.com/product_tour

29. Saving • Find presentation slide 12A in PMSFL • Savings/CD/Money Market Accts • Ask students • $82,000 or $.01 doubled everyday for 30 days • After 15 days = about $10k • After 34, over 1 billion

30. Banking • Find Virtual Economics CD Rom • Visit www.councilforeconed.org • (scavenger hunt activity) • On VE 3, find Financial Fitness for Life • Student Version • theme 5, exercise 21.1 • Introduces Banks, Checks, reading a statement, etc.

31. Financing Your Future DVD • Unit 3 – Get banked! • Find Teacher Resources for Unit 3 on DVD-Rom and review. • Get a partner, find a speaker at • www.whymoneymatters.org

32. Philanthropy • www.learningtogive.org • Visit site, view lessons, report out on something you find • SAGE • Students for the Advancement of • Global Entrepreneurship

33. More Philanthropy • NEFE activity, teacher manual page 51

34. DAY 2 • Reminder on available graduate credit • Questions from Day 1?

35. Credit • PFMSFL Lesson 7 • NEFE Unit 4 • Activity 4G (pg 56 / 110) • Debt “snowball” vs. “avalanche” • Review and Discuss ABCs brochure and “Dude”

36. ARE YOU READY? • I said, ARE YOU READY? • READY for some FOOTBALL? • Play Financial Football

37. More Credit activities • www.econedlink.org • Search Credit activities • Find • “My credit rating – why should I care?” • Scan lesson and do the • “Drag and Drop activity”

38. PFMSFL Unit 8 ppt and activities • Virtual Econ FFL lesson 15 • Financing your Future Video 4 • review Activities for lesson 4

39. Break? • It’s time for Unit 5

40. Wealth Creation • Goal Setting / Budgets • These units are not stand alone • Go to NEFE page 7 / 15 • Take out a piece of paper and write down 3 SMART goals for yourself

41. Saving vs. Investing • What is the difference? • Time Horizons / Risk vs. Reward • Compare NEFE pg 29 / 67 to other charts available (pick what works 4U) • WOW what a difference 5% makes • - Credit rating / mortgage

42. Stock Market Game / Investing basics • Must Introduce your students to terms and options, products like SMG • Investment speedometer • Investment terms ppt

43. Does a product like SMG fit in your class? • Perhaps it should • Why?

44. Creating an Investment portfolio • As a class, econedlink market guru activity, “here’s your chance to make millions in the stock market”

45. Other good investment points • Rule of 72 • NEFE page 32 / 70 • Great speaker opportunity • Mutual funds • NEFE page 33 / 71

46. Unit 6 – Protecting yourself • Nothing in life is a sure thing • Insurance • Risk Responsibility Reality DVD • The truth bell

47. Insurance Resources • www.theiei.org • Contest / folder • www.ohioinsurance.org • Strive to Drive game

48. Identity Theft • www.ftc.gov • Short video • http://www.ftc.gov/bcp/edu/microsites/idtheft/video/avoid-identity-theft-video_higher-res.html

49. Laptop search • Explore www.idtheftcenter.org • Kids give away information all day long • Myspace • Blogs , Twitter • Facebook

50. Unit 6 Key Terms • Handout