Never Too Young: Personal Finance for Young Learners

1. Never Too Young: Personal Finance for Young Learners Presented for United Way After School Programs by: Laura Ewing, President Texas Council on Economic Education Houston, Texas Jean Walker, Director West Texas Center for Economic Education College of Business, WTAMU After School Program for Elementary School Students in Personal Finance and Economics

2. Questions and Answers • As you complete the registration form, please consider the following: • Place Never Too Young for the Materials Rec’d • If you are one of the 60 receiving a stipend, please also place Pin Drive and circle on Materials line. • If receiving a stipend, put stipend to the right of your name and circle. • Trainers: Laura Ewing and Jean Walker • If you are a center director or board member, you will provide how many students are in your center for the bottom section. • Please write in lower right corner: 1. Can you complete these six lessons by December 15? If not, when is your date of completion? 2. Will you be able to attend the second half of the training in January? If so, when is a good date?

3. Thanks to the following sponsors: The after school program is made possible by funding from the Council for Economic Education, United Way and TCEE.

4. Overview of the Lessons • Lesson 1 We Have Wants ................................................................. 9 • Lesson 2 Scarcity ........................................................................... 23 • Lesson 3 Choices, Costs and Benefits ............................................. 30 • Lesson 4 Consumers, Producers and Resources ............................. 36 • Lesson 5 Entrepreneurs in the Community and Advertising .............. 47 • Lesson 6 Entrepreneurship and Problem‐Solving .............................. 63 • Lesson 7 Entrepreneurship and Market Day ...................................... 77 • Lesson 8 Budgeting ....................................................................... 87 • Lesson 9 Saving Your Money ......................................................... 97 • Lesson 10 Government‐Provided Goods and Services .................... 105 • Lesson 11 Market Day—Implementation ........................................ 113 • Lesson 12Market Day—Wrap‐up ..................................................... 118

5. Parameters of the CEE Grant • Complete all lessons • Make modifications for K to 2 in that they draw or have a teacher led discussion in cases where they may need more prompting • Include pedagogy and classroom management in the training The goal is to teach in a hands-on manner appropriate for an after school program

6. Tricks of the Teaching Trade • Have all supplies and materials ready before moving students into the room. • Try to hold lessons in classroom separate from the after school program • Quieter • Change in venue changes behavior • Teaching position, interactive position, discipline position matter • Quiet teacher voices reduces noise level • Make clear the classroom expectations • Have a signal so that students will end talking-use a different symbol from that of the after school program. • Clap and students respond • Raise your hand • Snap • Play the drums: stomp, clap, snap and then finger to mouth

7. Strategies for Lesson Success • Opening question centered around student’s world is important • Interactive lessons to acquire and grow the knowledge helps shape behavior • Practice, practice, practice—even at the snack table • Closure in which they review important • Keep lessons to 45 minutes and include all of the steps • Wait time in calling on students • Say the question and wait 10 seconds then call on someone • Call on a variety of students • Use the tongue depressor method: put each student’s name on one and then choose one out as you ask the question. Leave the “called on person’s” stick on the desk. Replace all to the holder when the session ends. • Yes No and Maybe

8. Strategies for Lesson Success 2 • Elbow partners • Think Pair Share: 1, 2, 3 • Avoid “wrong answers” by saying, “You are on the right track, that is close, you are getting warm” • Rules for brainstorming: • Throw out answers—no comments allowed • Allow quiet for more answers • Discuss • Make choices with positive reasons for selections • Air of mystery: what is in the box, what do you think happens next? • Make stories interactive • Symbols for characters • Inflection of voice • Word Wall-post for lesson and point to it as talk about it (may need portable science board)

9. Lesson 1-We Have Wants • Concepts for Word Wall Wants Choices Economics • Objectives Identify what a want is Explain why they have to make choices Explain why it is necessary to prioritize their wants.

10. Think • Materials: paper and pencil for each student • Students: • Make a hotdog and then hamburger fold so that you have four sections on your paper • Write or draw a want you have right now—one want in each section • Put your name on the back of the paper

11. Pair and Then Share • With an elbow partner, discuss: • Can you have all of your wants? • Why or why not? • What does the word choice have to do with your wants? • Summarize your answer in case you are called on to share with everyone. • Share three answers with the whole class

12. WANTS and CHOICE • We are going to start a word wall. We will begin with the word wants. What do we mean by wants? • WANTS • What do we mean by the word choice? • CHOICE

13. Rank or Prioritize Your 4 Wants • 1. Place a 1 by the drawing that represents your first choice. • 2. By your second choice • 3. By your third choice • 4. By your fourth choice

14. Questions for Nicholas Story As you listen to the story, think about these questions: • What are some of Nicholas’s wants in the story? • Why was Nicholas sorry he had bought the candy bar? • Why did Dad say Nicholas had to make a decision? • What spending choice must Nicholas make? • Have any of you had to make a decision like Nicholas? • What could Nicholas do to save money to achieve his goal of buying his big item?

15. Nicholas Has Many Wants • Every time you hear the word __ hold up __ • Want • Choices • Money, buy • Hamster • Fish

16. Think,Pair, Share About Nicholas’ Story As I read each question, think about the answer. • What are some of Nicholas’s wants in the story? • Why was Nicholas sorry he had bought the candy bar? • Why did Dad say Nicholas had to make a decision? • What spending choice must Nicholas make? • Have any of you had to make a decision like Nicholas? • What could Nicholas do to save money to achieve his goal of buying a pet?

17. ECONOMICS • Look back at your four choices and how you rank ordered them. • What do you think the word economics means? • We will study the term economics over the next few weeks.

18. Economics is... • The study of how people satisfy their wants through choices they make. What About YOU??

19. I’ve Got Money LyricsTune: Are you Sleeping, Brother John • I’ve got Money, • I’ve got Money, • What should I do? • What should I do? • I must make a choice, • I must make a choice, • Spend or save, • Spend or save.

20. I’ve Got Money 2 • I’ve got Money, • I’ve got Money, • I could spend, • I could spend, • Getting something now, • Getting something now, • Something small, • Something small

21. I’ve Got Money 3 • I’ve got Money, • I’ve got Money, • I could save, • I could save, • Getting something later, • Getting something later, • Something big, • Something big.

22. I’ve Got Money 4 • I’ve got Money, • I’ve got Money, • What should I do? • What should I do? • Spend a little now, • Spend a little now, • Save some, too! • Save some, too!

23. Think Pair Share About the Song • 1. What were the wants in the song? • 2. Why was it necessary to make a choice on what to do with the money? • Would you spend, save or do some of both?

24. Closure and Assessment • What Words Did We Learn Today? • What do they mean?

25. wants Lesson 1 – We Have Wants

26. choice Lesson 1 – We Have Wants

27. economics Lesson 1 – We Have Wants

28. Why Do We Have to Make Choices? Lesson 1 – We Have Wants

29. Questions to Answer • Nicholas’s sister Anna has one dollar - $1.00. She goes to the toy store and sees two things she wants to buy. Both cost one dollar each - $1.00. • Can Anna have both items? • Why or why not? • What does Anna have to do? • How can Anna make a good choice?

30. What is scarcity? Lesson 2 – Scarcity

31. goods Lesson 2 – Scarcity

32. services Lesson 2 – Scarcity

33. Think, Pair, Share Two Questions: 1. What is a good, • What is a service? Think by yourself. Share with an elbow partner Share answers while I write on the board:

34. What Are Goods and Services? • Good • Service

35. Two Questions: • Think: • 1. If you had all the money in the world, what is one thing you would buy? • 2. If you have $10, what would you buy? • Pair: Discuss your answers with elbow partner • Share: What was the difference between your answers and why? • Which question is reality? Why can’t you buy everything you want?

36. What Does Scarcity Mean? • We lack the resources to buy everything we want. • We lack the time to do everything we want. • So, because of scarcity, people have to make choices. • What does “choice” mean?

37. Candy • Are there lots of candy bars in the world? Are there many of them available at the store? • I have one candy bar. • How many would like this? • Is there a problem? • What is the problem called? • How do we distribute the candy bar? In other words, who gets it? • What are your suggestions? • Let’s vote on the best way to decide.

38. Not EnoughWheels! • You will receive a- • Glue • Handout with different vehicles needing wheels • 4 wheels • How many wheels do you need? • How many wheels do you have? • What is scarce?

39. Scarcity • Because of ______ of wheels, you will have to make ______. • Make your choice. Glue your wheels on the vehicles or transportation you would like to choose. You may choose more than one but you only have ____ wheels. • Who chose roller skate? Why or why not? • Think, pair, share who you used your wheels and why.

40. ECONObucks • Getting started: • Duplicate multiple sheets of ECONObucks on green paper and cut the bills apart. • Provide each student an envelope to keep their ECONObucks in. • Put each student’s name on envelope. • Hand out envelopes each time and take up at end of lesson.

41. ECONObucks • Use as INCENTIVES: • to increase motivation • for participation • to reward good citizenship • for completing work • Use for BUYING and SELLING in multiple lessons. • Use for DEPOSITS and WITHDRAWALS in lessons that teach banking skills.

42. ECONObucks • Other ideas for ECONObucks: • Each afterschool program will have a small amount of money to purchase items on which students can spend ECONObucks. Each program should develop its own rules for this. • In the second semester, students will produce goods for a “market day” and will need to have ECONObucks to purchase resources as producers and to purchase each other’s goods as consumers. • For older students, ECONObucks can be created that have other values -- $5, $10, $20. • Remember—we are modeling saving for the future, budgeting, and spending. • At the end, you need an activity such as a sale that gets all of the ECONObucks out of the hands of the students because they lose value once the lessons are over.

43. ECONObuck Register • Name________ Grade_____ School _______

44. Musical Chairs • Let’s play musical chairs. • Think, pair, share: What happened? • How does this activity represent scarcity? • What choices did you have to make?

45. Closure Work with a partner on the actions below • Draw or write two examples of goods. • Write a definition of goods. • Draw or write two examples of services. • Write a definition of services. • What is scarcity? • Name three things that are scarce.

46. Assess What You Know • What is Scarcity???? Draw and define your answer.

47. What Do You Know? • A 2nd grade class has three field trips planned. They are planning to go to a theme park, a science museum, and the zoo. One day the principal announces there are only enough buses for one trip. The students must now choose what trip they want to go on. • 1. What is scarce? • 2. How do you think the class might choose?

48. How do I make the best choice? Lesson 3 – Choices, Costs, and Benefits

49. benefits Lesson 3 – Choices, Costs, and Benefits

50. costs Lesson 3 – Choices, Costs, and Benefits