Transcript Karen - Towson University

Financial Literacy Institute
January 2015: Day 1
Presenters:
Melissa Groves, Ph.D.
[email protected]
Karen Kokernak, M.B.A.
[email protected]
The Maryland Council on Economic Education
Our mission is to assure that Maryland's
school children leave high school equipped
with the economic, financial literacy and
decision-making content and skills they
need to make informed, rational decisions
as consumers, workers, citizens, savers,
investors and participants in the global
economy.
How Does MCEE
Accomplish Its Mission?
• Maintaining the MCEE website at www.econed.org
• Sponsoring signature programs
• Stock Market Game™
• The Poster Contest
• Assisting with curriculum writing
• Providing Professional Development
for educators
Grades
1 MSDE CPD
( plus 1 AU for Baltimore City Teachers)
Active participation
20%
In-Class Quizzes (2)
20%
Online Reading/Assessments
25%
Post-Test
20%
Technology activities
10%
Behavioral Survey
5%
Grades
2 MSDE CPD
( plus 1 AU for Baltimore City Teachers)
Active participation
15%
In-Class Quizzes (2)
20%
Online Readings/Assessments
10%
Post-Test
15%
Technology Activities
10%
Behavioral Survey
5%
Additional Online Work/Quizzes(4);
(1-2) page Book Suggestion
25%
Grading Notes
Step 1: Complete 4 Additional Online Modules plus quizzes.
(Due on/before 5:00 p.m. March 2nd, 2015)
• Investing Basics
• Investment Strategies
• Investment Risks
• Saving for College
Grading Notes
Step 2: Write a 1-2 page Book Recommendation.
(Due on/before 5:00 p.m. March 9th, 2015)
•
Submit a written book recommendation that
includes:
•
Book Title, Author, Publisher, and ISBN#
•
Identify whether informational or fictional text
•
List Financial Literacy & Economics
Standards correlation
•
State suggested grade level(s) use
•
Identify Economics and Personal Finance
concepts
•
Explain how you would use the book to teach
economic and or personal finance concepts.
•
Contains appropriate format
Grading Notes (Continued)
Behavioral Survey
• Pre-Survey: Completed on Day 1 of the course
• Post-Survey: Completed in early May
• Post Survey Assessment will be electronically forwarded
• No credits issued until the Behavioral Survey
is completed and returned
• Results will remain anonymous
Objectives
During this presentation, we will…
• explore the Maryland State Curriculum
for Personal Financial Literacy
Education
• review key financial literacy concepts for
Grades K-5
• link lessons to concepts and
standards; including the Common Core
How the Institute Works:
Ying and Yang
Melissa
Karen
Content
Pedagogy
Financial Literacy
A variety of materials to help you
Why Financial Literacy?
• Develops financial literacy skills that will enable
students to make sound choices as consumers
• Helps to establish good habits and
responsible attitudes from an early age
What Personal Finance is About
A reference guide for Financial Literacy
The Maryland State Curriculum for Personal
Financial Literacy Education
1.
Defines what students should know
and be able to do at various points in
time
2.
Specific grade-level curriculum to be
developed by the individual LEAs
3. Implemented: September 2011
The Standards
1.
Making informed responsible decisions
2.
Relate careers, education, and income
3.
Plan and Manage Money
4.
Managing credit and debt
5.
Creating and building wealth
6.
Managing risks and preserving wealth
Standard 1
Make Informed, Financially Responsible Decisions
•
Making financial choices (includes resources,
decision-making process, opportunity cost)
•
Explaining philanthropy
•
Identifying goals
•
Markets
Productive Resources
NATURAL
HUMAN
CAPITAL
(Think “Product”)
Human Resources
Workers; The health, strength,
talents, education and skills that
humans can use to produce goods
and services.
Natural Resources
Gifts of nature that can be used to
produce goods and services
Capital Resources
Tools; the goods that are
manufactured or constructed by
people and used to produce other
goods and services.
Decision-Making Process
"It's awfully awfully, awful when you can't make up your mind!"
Hunches in Bunches by Dr. Seuss
PROBLEM:
CHOICE #1:
Pros(+)
SOLUTION:
CHOICE #2:
Cons (-)
Pros (+)
Cons (-)
Another Option
And Yet Another
PROBLEM
CRITERIA
TOTALS
Where do I want
to go for dinner
tonight?
CHOICES/OPTIONS/
ALTERNATIVES
Put a plus (+) or minus (-) in each box to indicate whether the choice meets
(+) or does not meet (-) the criteria.
Opportunity Cost
The next best choice!
For Decision-Making & Opportunity Cost
Check Out…
Lesson 4
Lesson 5
Philanthropy
A personal interest in
helping others,
especially through gifts
to charity
Lesson 15
Goods
Things that people make or
grow that satisfy economic
wants; things desired by
consumers and supplied by
producers.
Services
Community jobs; Actions(jobs)
that people do for each other
Goods & Services
Lesson #2
Lesson #1
Market
Where buyers and sellers exchange
resources, goods, and services.
Mama Panya’s Pancakes:
A Village Tale from Kenya
• Market
• Goods
• Services
Standard 2 Highlights
Relate Careers, Education, and Income
•
Impact of education, interest & skills on
income (What Personal Finance is
About pgs.6-8)
•
Potential sources of income
•
How income affects spending
Lesson #1
Isabel’s Car Wash
• Relationships between education,
skills, economic conditions, and
income
• Sources of income
• Goods
• Investing
Standard 3 Highlights
Plan and Manage Money
•
Spending Plans
•
Financial Services
•
Develop Age-Appropriate Financial Goals
•
Taxation
•
Contracts
Contracts
Agreement between two or more people
to do or not do something
(Add “legally binding” when age-appropriate)
Behavior Contract
Student Name: Vinny Barbarino
Room: 222
Vinnie Barbarino will demonstrate good behaviors each day at
school.
Vinnie is expected to follow the teacher's directions the first
time she asks him to do something. He is expected to do so
promptly and with a good attitude. Each time that Vinnie does
not meet these expectations, he will receive a tally mark for the
day on the tracking sheet. These tally marks will determine the
rewards and consequences that Vinny receives, as shown below.
Zero = A chance to roll the die after school for one of the
rewards listed below
One = Does not get a chance to roll the die that day
Two or more = Loss of recess the next day and/or other
consequences as determined by Mr. Kotter
Die Rolls:
1 = One table point for his table
2 = One raffle ticket for monthly class drawing
3 = One piece of candy
4 = Gets to be first in line for the next school day
5 = Gets to help teacher after school that afternoon
6 = Five marbles for the class marble jar
We agree to the terms of this behavior contract as set forth
above.
Gabe Kotter
Maria Babarino
Vinnie Barbarino
Drew Plans a Budget
• Decision-Making
• Spending Plan
• Goods/Services
Drew Plans a Budget
Allowance Day
Coins in my pocket dance around
As I walk about the mall.
Today was payday for my chores
And I am walking tall.
It seems the coins are pleading
In their jingly, jangly voice:
“Let’s buy a toy!”
“Let’s buy some food!”
How will I make a choice?
“A Plea for a Raise” by John Fitzgerald Francis Kennedy
Source: http://usscouts.org/history/jfkletter.asp
“A Plea for a Raise” by John Fitzgerald Francis Kennedy
My recent allowance is 40 cents. This I
used for aeroplanes and other playthings of
childhood, but now I am a Scout and I put
away my childish things. Before I would
spend 20 cents of my 40 cents allowance,
and in five minutes I wave empty pockets
and nothing to gain and 20 cents to lose.
When I am a Scout I have to buy canteens,
haversacks, blankets, searchlights, a
poncho — things that will last for years
and I can always use while I can’t use
chocolate marshmallow sundae ice cream,
and so I put in my plea for a raise of 30
cents for me to buy Scout things and pay
my own way around … (1929)
Source: http://blog.scoutingmagazine.org/2013/11/22/rememberingjohn-f-kennedy-the-first-president-to-have-been-a-boy-scout/
Financial Products
Services offered at financial
institutions such as:
• CDs
• Money Market Accounts
Savings Accounts
• Loans
• Mortgages
• Credit Cards
• Insurance
Be a Wise Consumer
Financial Services
CD? Piggy Bank? Savings Account?
Rachel receives $100 for her
high school graduation. She
plans to buy a television, but
it will cost $200.
Rachel figures that, with the
money she earns at the her
summer job, it will take her 4
months to save enough
money for the TV.
CD? Piggy Bank? Savings Account?
Ari adds up all of the money
that he receives for his
birthday. Happily he finds
that he has a total of $100,
which is enough money for
the bike that he plans to buy
next weekend.
CD? Piggy Bank? Savings Account?
Every year for her birthday,
Lakesha’s grandparents give
her $100 to save for her
future education. She wants
to earn as much interest as
she can on her money.
What Are Taxes?
• History of taxes
• Meaning and purpose of
taxes
• How taxes affect individuals
• Reasons for taxes
A Make-n-Take Moment
1
2
4
3
5
Melissa’s Website
Information from today’s session is available on Melissa’s
website at:
http://pages.towson.edu/mgroves/FinLitInstitute.html
Info for Online Session
Go to: https://university.educatedinvestor.com/university/login.xml?for=MDFLI
(We will email you the link to cut/paste onto your browser.)
Username: Your email address
Password: finlit
Online Session continued…
Must complete the following
modules and assessments:
• Getting Started with
Saving and Investing
• Basics of Personal
Finance
Due: January 30th, 2015 by
5:00 p.m.
Next Face-to-Face Session
Next Saturday;
January 31st, 2015
8:00 a.m. – 4:30 p.m.
Room 310
SNOW POLICY
• If Towson University is closed, the class is
rescheduled for Saturday, February 7th or 21st,
2015
• If Towson University has a late opening, the class
has a late opening.
• You will receive an email from me or a phone call
from Melissa or myself verifying the status by 6:45
a.m.
• Still not sure, call my cell 804-513-7387
(Call AFTER 6:45 a.m.)
And now…
Please complete …
• Today’s Evaluation Sheet
• Quiz #1