TEACH MONEY WORKBOOK - InCharge Debt Solutions

TEACH MONEY WORKBOOK

Financial Literacy for Tomorrow's Teachers and their Students

TEACH MONEY

Published by:

InCharge Debt Solutions

5750 Major Blvd., Suite 300

Orlando, FL 32819

Copyright ? 2013 InCharge Debt Solutions

This workbook is for use by teachers and students as an aid in teaching basic financial literacy to students in grades K through 12 toward a goal of helping students learn skills that will help them manage their finances from an early age. All rights reserved. No portion of this book may be reproduced ? mechanically, electronically, or by any other means, including photocopying ? without written permission of the publisher or the author of the article.

Requests to the publisher for approval should be addressed to:

Administrative Department, InCharge Debt Solutions, 5750 Major Blvd., Suite 300, Orlando, FL 32819.

Disclaimer: This workbook and the content herein are intended as a teacher/student education aid for instruction

in basic financial literacy; it covers a variety of basic financial literacy topics and reflects only the opinion of the

author(s). It is presented with the understanding that the author, publisher, and publisher's agents are not engaged

in rendering legal, investment, accounting, or other professional services; and this book is not a substitute for such

services. If legal advice or other expert assistance is required, the services of a competent professional should

be sought. The information, methods and techniques described in this book may not work for you. If you need

advice tailored to your particular financial or legal situation, please contact a licensed attorney, accountant, or

financial advisor. Please note that federal, state and local laws change often and the current state of the law may

not be reflected in this book. The author, publisher, and publisher's agents make no warranties with respect to the

information contained herein and assume no liability or responsibility to any person or entity in connection with

any loss or damage whatsoever caused or alleged to be caused, directly or indirectly, by such information. There

are no warranties as to the results that may be obtained from using this guidebook or the information contained

therein. While every effort has been made to verify the accuracy of all content contained herein, there may be

errors (typographical, mathematical, or in content).

Managing Editor: Karen Carlson

Cover design and book layout by: Devin Joy

All logos, trademarks, services marks, images and copyrighted words and/or titles used in this workbook remain

the intellectual property of their owners and are used with permission.

Printed in the United States of America by

Progressive Communications, Lake Mary, Florida

PRESIDENT'S ADDRESS

Dear Teachers,

We respect the awesome responsibility you carry, nurturing the minds and inspiring the spirits of thousands of young people over the course of your career. We thank you for championing the cause of financial literacy in your classroom as we know firsthand that financial problems harm individuals, burden families and sap communities of their true potential.

Our mission is simply stated on the cover of this guide: Teach Money. As we recover from a national financial crisis, it is clear now more than ever that financial literacy is a valuable life skill that has the potential to pay lifelong dividends. In the following pages, we aim to provide you with resources you can use in your classroom, tools and guidance you can use for your own finances, and a directory of free resources you can access online.

Thank you for your participation in Teach Money. Keep in touch and let us know how we can best support your efforts to grow a new generation of financially empowered Americans.

With Gratitude,

Etta Money

TABLE OF

CONTENTS

WHY TEACH MONEY.........................................................................................................................................................1

I. FINANCIAL LITERACY STANDARDS

Sunshine State Standards: Financial Literacy.............................................................................................................3

II. FINANCIAL LITERACY FOR TEACHERS

Budget Worksheet ...................................................................................................................................................... 13

Budget Guidelines....................................................................................................................................................... 14

Attitudes About Money ............................................................................................................................................... 18

Welcome to Financial Literacy ................................................................................................................................... 28

Designing your Spending Plan ................................................................................................................................... 34

Developing a Savings Strategy .................................................................................................................................. 46

Understanding Credit & Debt: Introducing the Credit Score ................................................................................... 60

Understanding Insurance........................................................................................................................................... 64

III. FINANCIAL LITERACY FOR STUDENTS

K-6

Story Hour: Books for Financial Literacy................................................................................................................... 83

US Mint Coin Worksheet: Pennies and Nickels and Dimes, Oh My ........................................................................ 84

Penny Pinchers Budget Game ................................................................................................................................... 90

7-12

Student Budget Exercise............................................................................................................................................ 93

My Education ROI........................................................................................................................................................ 96

Great Depression vs. Great Recession ...................................................................................................................100

Cell Phone Economics .............................................................................................................................................. 104

IV. RESOURCES

Professional Development Opportunities in Financial Literacy for Teachers....................................................... 109

Resource Directory ................................................................................................................................................... 110

WHY TEACH MONEY?

WHY TEACH MONEY?

FINANCIAL LITERACY IS A VALUABLE LIFE SKILL

Between the ages of 15-19, students make major financial decisions, with little formal education, including: ? Buying a car ? Choosing where to go to college and how much to borrow ? Choosing a career ? Opening a credit card and accumulating personal debt ? Establishing banking relationships and habits

A large percent of parents admit that they have poor financial literacy, and that they do not feel qualified to teach

their children how to manage money.

Money Problems are cited as the number one reason why students drop out of college.

Establishing good budgeting and saving skills early will help more students stay in school, graduate, accumulate

assets and achieve social mobility.

Students are interested in money and want to learn more about it.

The best time to teach someone about personal finance is before they've made major mistakes.

Students need to learn the relationship between higher education and income, and higher education and

sustained employment:

Unemployment rate in 2011 (in %)

Education Pays

Median weekly earnings in 2011 (in $)

2.5

Doctoral degree

1,551

2.4

Professional degree

1,665

3.6

Master's degree

1,263

4.9

Bachelor's degree

1,053

6.8

Associate degree

768

8.7

Some college, no degree

719

9.4

High school diploma

638

14.1

Less than High school diploma

451

Average: 7.6%

Average: $797

Source: Bureau of Labor Statistics Current Population Survey

FINANCIAL LITERACY EDUCATION IS FUN.

WHY TEACH MONEY | | 1

SUNSHINE STATE

FINANCIAL LITERACY STANDARDS

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