Key to the Future Chapter 1, Lesson 1 Warm-Up Questions CPS Questions 1 – 2 Note for teacher: Use...
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Transcript of Key to the Future Chapter 1, Lesson 1 Warm-Up Questions CPS Questions 1 – 2 Note for teacher: Use...
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
Warm-Up QuestionsWarm-Up Questions
CPS Questions 1 – 2CPS Questions 1 – 2
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Key to the Future
Lesson 1: Creating a BudgetLesson 1: Creating a Budget
Lesson 2: Savings and Bank AccountsLesson 2: Savings and Bank Accounts
Lesson 3: Real-Life Issues in Buying and SellingLesson 3: Real-Life Issues in Buying and Selling
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
$ The Components of a Personal Financial The Components of a Personal Financial PlanPlan
$ The Steps to Creating and Developing a The Steps to Creating and Developing a Personal Financial PlanPersonal Financial Plan
$ The Elements of a BudgetThe Elements of a Budget
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
Why do you think it is important for Why do you think it is important for you to have a financial plan? Do you you to have a financial plan? Do you think a plan is just as important for think a plan is just as important for someone who is wealthy as it is for someone who is wealthy as it is for someone who’s just getting by? Why someone who’s just getting by? Why or why not? or why not?
Chapter 1, Lesson 1Chapter 1, Lesson 1
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Photo courtesy of Shutterstock
Key to the Future
$ FinanceFinance - the management of money - the management of money$ Personal Finance Personal Finance - how you manage your - how you manage your
moneymoney
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
Key to the Future
$ Make good financial Make good financial decisionsdecisions
$ Evaluate the opinions Evaluate the opinions of financial advisersof financial advisers
Photo courtesy of ShutterstockChapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
1.1. Managing your budgetManaging your budget2.2. Managing your liquidityManaging your liquidity3.3. Financing Large Financing Large
PurchasesPurchases4.4. Protecting Your AssetsProtecting Your Assets5.5. Investing for the FutureInvesting for the Future6.6. Investing in Your Investing in Your
RetirementRetirement
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
$ BudgetBudget$ Detailed summary of expected expenses and incomeDetailed summary of expected expenses and income
$ IncomeIncome$ Money coming in on a regular basisMoney coming in on a regular basis
$ ExpensesExpenses$ Money going out for needs and wantsMoney going out for needs and wants
GOAL: Income > ExpensesGOAL: Income > Expenses
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
$ LiquidityLiquidity$ Access to funds to cover a short-term cash Access to funds to cover a short-term cash
needneed$ Money needed to cover unexpected Money needed to cover unexpected
expensesexpenses
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
$ FinancingFinancing$ Obtaining or providing money for a specific Obtaining or providing money for a specific
purposepurpose$ Generally comes in the form of loansGenerally comes in the form of loans
$ InterestInterest$ Charge on borrowed moneyCharge on borrowed money
$ Compound InterestCompound Interest$ Interest on accumulated unpaid interestInterest on accumulated unpaid interest
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
$ AssetAsset$ Something of value that you ownSomething of value that you own$ Tangible assets are physical itemsTangible assets are physical items$ Assets may be protected with insuranceAssets may be protected with insurance
$ InsuranceInsurance$ An agreement between two partiesAn agreement between two parties$ Premium or monthly feePremium or monthly fee
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
$ InvestmentInvestment$ Something you own that you expect to Something you own that you expect to
increase in value over timeincrease in value over time$ Examples of investments: Examples of investments:
$ StocksStocks$ BondsBonds$ Mutual FundsMutual Funds
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
$ RetirementRetirement$ Period of life during which you no Period of life during which you no
longer work full timelonger work full time$ People typically retire once they People typically retire once they
qualify for Social Securityqualify for Social Security$ Military members may retire after Military members may retire after
20 years of service20 years of service$ Start planning for retirement nowStart planning for retirement now
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
Learning Check QuestionsLearning Check Questions
CPS Questions 3 – 4CPS Questions 3 – 4
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Key to the Future
$ On the worksheet provided, list the six On the worksheet provided, list the six steps in the financial planning process.steps in the financial planning process.
$ For each step, list an activity/task that you For each step, list an activity/task that you should accomplish.should accomplish.
$ Be prepared to share your answers with the Be prepared to share your answers with the class.class.
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
$ Establish your financial goals: Establish your financial goals: $ How important is money to How important is money to
you?you?$ What do you need money for?What do you need money for?$ Be realisticBe realistic$ Timing is important:Timing is important:
$ Short-termShort-term$ Intermediate-term Intermediate-term $ Long-term Long-term
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
Key to the Future
Learning Check QuestionsLearning Check Questions
CPS Questions 5 – 6CPS Questions 5 – 6
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
$ On the worksheet provided, identify 3-5 On the worksheet provided, identify 3-5 financial goals for each timeframe:financial goals for each timeframe:
$ Short-term goalsShort-term goals$ Intermediate goalsIntermediate goals$ Long-term goalsLong-term goals
$ Be prepared to share your answers with the Be prepared to share your answers with the class.class.
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
$ Your Current Financial PositionYour Current Financial Position$ Present financial position impacts future Present financial position impacts future
decisionsdecisions$ Identify and Evaluate Alternative ways to Identify and Evaluate Alternative ways to
Achieve GoalsAchieve Goals$ Savings AccountSavings Account$ Investments/StocksInvestments/Stocks
Chapter 1, Lesson 1Chapter 1, Lesson 1 Photo courtesy of Shutterstock
Key to the Future
$ Select the best plan Select the best plan $ Should be a plan you can stick Should be a plan you can stick
withwith$ Evaluate your planEvaluate your plan
$ Review it regularly to see how Review it regularly to see how you’re doingyou’re doing
$ Revise your planRevise your plan$ Note where it’s worked and not Note where it’s worked and not
workedworkedPhoto courtesy of ShutterstockChapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
Learning Check QuestionsLearning Check Questions
CPS Questions 7 – 8CPS Questions 7 – 8
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Key to the Future
$ Use the internet to research smart Use the internet to research smart money management techniques.money management techniques.
$ Focus on tips that help meet your Focus on tips that help meet your financial goals.financial goals.
$ Identify your top 5 tips for smart Identify your top 5 tips for smart money management.money management.
$ Be prepared to share your tips with Be prepared to share your tips with the class.the class.
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
$ IncomeIncome – money you receive regularly – money you receive regularly$ Salary / WagesSalary / Wages$ SavingsSavings$ InvestmentsInvestments
$ ExpenseExpense – money you spend – money you spend$ ClothingClothing$ EntertainmentEntertainment$ FoodFood$ CarCar
Chapter 1, Lesson 1Chapter 1, Lesson 1Graphic courtesy of Shutterstock
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
Learning Check QuestionsLearning Check Questions
CPS Questions 9 – 10CPS Questions 9 – 10
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Key to the Future
$ Using the worksheet provided, Using the worksheet provided, create a three-month budget listing create a three-month budget listing your expenses and income.your expenses and income.
$ Is your budget balanced? Is your Is your budget balanced? Is your budget realistic? If not, revise it.budget realistic? If not, revise it.
$ Be prepared to share your tips with Be prepared to share your tips with the class.the class.
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
$ The Components of a Personal Financial The Components of a Personal Financial PlanPlan
$ The Steps to Creating and Developing a The Steps to Creating and Developing a Personal Financial PlanPersonal Financial Plan
$ The Elements of a BudgetThe Elements of a Budget
Chapter 1, Lesson 1Chapter 1, Lesson 1
Key to the Future
Chapter 1, Lesson 1Chapter 1, Lesson 1
Review QuestionsReview Questions
CPS Questions 11 – 12CPS Questions 11 – 12
Note for teacher: Use “Pick a Student” button in CPSNote for teacher: Use “Pick a Student” button in CPS
Key to the Future
$ Savings and banking accountsSavings and banking accounts
Graphic courtesy of Shutterstock
Chapter 1, Lesson 1Chapter 1, Lesson 1
