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Personal Management Merit Badge

Objective of this presentation: To help you pass of as many requirements as you can during the next 2 weeks!. Personal Management Merit Badge. BSA Advancement ID#: 11 Source: Boy Scout Requirements, #33215 Revised Oct. 25, 2007 Instructor(s):. Your timeline to success.

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Personal Management Merit Badge

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  1. Objective of this presentation: To help you pass of as many requirementsas you can during the next 2 weeks! Personal ManagementMerit Badge BSA Advancement ID#: 11Source: Boy Scout Requirements, #33215 Revised Oct. 25, 2007 Instructor(s):

  2. Your timeline to success When will you work on each requirement? Day 1 (begin & do homework for each): • Req. 1: Shopping Strategy – Begin today, pass off day 2 • Req. 2: Budget – Begin, pass off in 13 weeks • Req. 5: 5 Stocks – Begin today, pass off day 2 • Req. 8: To Do List & Schedule – Begin today, pass off day 2 • Req. 9: Written Project – Begin today, pass off day 2 • Req. 10: Career Research – Begin today, pass off day 2 Day 2 (pass off everything but Req. 2): • Req. 3: Discuss “Feelings on $$” – Begin day 2, pass off day 2 • Req. 4: Discuss “Investing” – Begin day 2, pass off day 2 • Req. 6: Discuss “$1,000” – Begin day 2, pass off day 2 • Req. 7: Discuss “Debt” – Begin day 2, pass off day 2

  3. Requirement #1 – beginShopping Strategy 1. Do the following: A. Choose an item that your family might want to purchase that is considered a major expense. B. Write a plan that tells how your family would save money for the purchase identified in requirement 1a. 1. Discuss the plan with your merit badge counselor 2. Discuss the plan with your family 3. Discuss how other family needs must be considered in this plan. Bring Day 2!

  4. Requirement #1 – begin Shopping Strategy continued… Bring Day 2! C. Develop a written shopping strategy for the purchase identified in requirement 1a. 1. Determine the quality of the item or service (using consumer publications or rating systems). 2. Comparison shop for the item. Find out where you can buy the item for the best price. (Provide prices from at least two different price sources.) Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Can you buy the item used? Should you wait for a sale?

  5. Requirement #213 Week Budget – Start today! 2. Do the following: A. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track your actual income, expenses, and savings for 13 consecutive weeks. Start this budget today! B. Compare expected income with expected expenses. 1. If expenses exceed income, determine steps to balance your budget. 2. If income exceeds expenses, state how you would use the excess money (new goal, savings). Bring Day 2!

  6. Requirement #213 Week Budget – cont’d What is a budget? A budget is probably the single most important process for achieving your personal goals. While it is easy to understand, it takes discipline to follow. What is in a budget? All cash inflows (income) and outflows (expenses). Income: money coming in from work, savings, gifts, parents. Expenses: money going out for things that do not change from month to month (fixed expenses), as well as money going out for things that can change (variable expenses).

  7. Requirement #2Budgeting: The OLD Way Income Expenses Available for Savings Personal Goals

  8. Elder L. Tom Perry affirmed this when he said: “After paying your tithing of 10 percent to the Lord, you pay yourself a predetermined amount directly into savings. That leaves you a balance of your income to budget for taxes, food, clothing, shelter, transportation, etc. It is amazing to me that so many people work all of their lives for the grocer, the landlord, the power company, the automobile salesman, and the bank, and yet think so little of their own efforts that they pay themselves nothing.” L. Tom Perry, “Becoming Self-Reliant,” Ensign, Nov. 1991, 64

  9. Requirement #2Budgeting: The RIGHT Way Income Pay the Lord Pay Yourself Expenses Other Savings Personal Goals

  10. Requirement #5 – begin 5 Stock Prices 5. Select FIVE publicly traded stocks from the business section of the newspaper. Explain to your merit badge counselor the importance of the following information for each stock: A. Current price B. How much the price changed from the previous day C. The 52-week high and the 52-week low prices HINT: Go to either… Wall Street Journal finance.google.com or finance.yahoo.com Bring Day 2!

  11. Requirement #8 – begin To Do Lists & Schedule 8. Demonstrate to your merit badge counselor your understanding of time management. Do the following: A1. Write a list of "to do" tasks or activities that must be done in the coming week. Prioritize this list in order of importance to you. Examples of “to do” activities: Homework time, chore time, and personal projects A2. Write a list of “set activities” that are scheduled to happen in the week. Prioritize this list in order of importance to you. Examples of “set activities”: School classes, sports practices or games, jobs or chores, Scouts, and church or club meetings

  12. Requirement #8 – begin Schedule continued… Bring Day 2! B. Make a seven-day calendar or schedule. Put in your “set activities”, then plan when you will do all the tasks from your "to do" list between your set activities. C. Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of this week's activities, writing down when you completed each of the tasks on your "to do" list compared to when you scheduled them. D. Review your "to do" list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time.

  13. Requirement #9 - begin Bring Day 2! 9. Prepare a written project plan demon-strating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples : Planning a camping trip Developing a community service project or a school or religious event Creating an annual patrol plan with additional activities not already included in the troop annual plan Other ideas that may be interesting to you

  14. Requirement #9 - begin Discuss your completed project plan with your merit badge counselor. A. Define the project. What is your goal? B. Develop a timeline for your project that shows the steps you must take from beginning to completion. C. Describe your project. D. Develop a list of resources. Identify how these resources will help you achieve your goal. E. If necessary, develop a budget for your project.

  15. Requirement #10 - begin 10. Do the following: A. Choose a career you might want to enter after high school or college graduation. B. Research the limitations of your anticipated career and discuss with your merit badge counselor what you have learned about qualifications such as education, skills, and experience.

  16. Preparation for Day 2 • Your homework for two weeks from now is to complete the following requirements: • Req. 1: Write a Shopping Strategy • Req. 2: Prepare a 13-Week Personal Budget • Req. 5: Collect Info for 5 Stocks • Req. 8: Prepare and Follow a 7-day Schedule • Req. 9: Write a Project Plan • Req. 10: Research Career Qualifications

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