Transcript Here - Santa Ana Unified School District

Incorporating
Personal Finance
into your virtual firm
Alan Gersten
National Teachers Conference
2016
Teens as Consumers
Teen Purchasing Power Fast Facts:
• 25.6 million: Number of teens in the U.S. (13-18 years old.)
• $208.7 billion: Total U.S. teen spending. (Products bought by and for teens.)
• 18%: Amount of their income teens spend on food.
• 14x: The amount of more money spent by adults, as a proportion of
their income.
• $91.1 billion: Total annual teen income in the U.S.
• $117.6 billion: Annual amount of money families spend on teens for
food, apparel, personal care and entertainment.
Bottom Line…
Teens do not know the value of money
They are “want” based consumers
Why put another thing on your plate?
Why add Personal Finance?
Why put another thing on your plate?
Why add Personal Finance?
• It important for your students to know
• It is essential to support the virtual economy
• Simulates the real life
• Consistent grading opportunity (each month)
• Students can actually find it fun and exciting
• Creates opportunities for life lessons
• Teaches the value of money
What
PersonalPersonal
Finance Finance
WhatI consider
is considered
Personal Finance is Personal
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Personal Budgeting
Establishing Your Living Situation
Personal Living Expenses
Transportation
Liability Insurance
Personal Property Insurance
Medical, Dental, Vision Insurance
Banking and Bill Pay
State and Federal Income tax
Retirement Options
When
Personal
Finance
Whatto
isImplement
considered
Personal
Finance
Pre-Lesson
Portal-Personal Finance
Task 1: Set Personal Finance Goals
Recommendations
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Begin the process mid fall October - November
Salary needs to be established.
Students need bank accounts set up
Need to have some balance in their accounts
Need to be trained how to use the bank
Basics
Finance
What of
isPersonal
considered
Personal Finance
Found Under the Personal Finance in the Portal
Task 3.0 – Create a Personal Budget
Ref File: Personal Finance Budget Workbook
Series of five tasks over est. nine days
3.1- Determining take home pay
If the pay has been established this will
be quick if not this will require ½ day
Using the net pay determine what you
can afford
It
all starts
with the salary
you establish
What
is considered
Personal
Finance
Start with www.salary.com
I have my students find the low end salaries for all entry
level positions and average them so that so all associates
are paid the same
It
all starts
with the salary
you establish
What
is considered
Personal
Finance
Vice President of Human Resources
The Vice President of Human Resources would be paid the
an amount between 50% - 5%
Basics
Finance
What of
isPersonal
considered
Personal Finance
Task 3.2 - Determining Living Arrangements
Finding a palace to live
Here the students will need to decide if they want
to live alone or have roommates, each roommate
needs to have their own bedroom
They will need to shop for places to live close to
where they work
*Kids and marriage can be an option
(will be discussed later in the presentation)
Basics
Finance
What of
isPersonal
considered
Personal Finance
Task 3.3 – Purchasing Renters Insurance
Search the internet for a free online quote for insurance
Task 3.4 – Determining Utility Expenses
Calculate using the excel sheet your electric, gas, water and
additional utilities
Basics
Finance
What of
isPersonal
considered
Personal Finance
Task 3.5 – Purchasing Transportation
Students will purchasing a
vehicle to use for
transportation to and from
work.
This a particular area
where students can easily
go over budget as they go
after their dream car and
most of the time do not
have the earnings to afford
the car of their dreams
But
Personal
Finance is Personal
What
is considered
Personal Finance
My Personal Personal Finance Sheet
• Determine what you can afford based on salary
• http://www.sausd.us/Domain/494
• VEI Task Matrix- Personal (far right)
• Personal Finance 6.0 (click to download)
• Students can play with numbers
• Can simulate having children and pets
• Requires them to have $50 reserve each month
• Submit completed budget for grade
Virtual
& Weddings
What Marriages
is considered
Personal Finance
Virtual
& Weddings
What Marriages
is considered
Personal Finance
Purchasing
from other firms
What is considered
Personal Finance
Required and Graded
• Once per week or 4 times a month
• Trade show purchases count
• Credit is awarded only after payment
Want
news or the
bad news?
Whatthe
is good
considered
Personal
Finance
• Random Occurrences
• Real World Raffle
• Students draw a random occurrence
• Record the effect on the personal finance
sheet
Want
news or the
bad news?
Whatthe
is good
considered
Personal
Finance
Roll of is
Bank
Manager Personal Finance
What
considered
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Cashes Endorsed Company Checks
Pays employees out of the company account
Maintains check filing system
Verifies that all employees pay their bills
Assess Finance charges on late payments
Verification
and GradingPersonal Finance
What
is considered
Verification of each employee is the responsibility of the bank manager. They
will check each account and verify that payments have been made. These
score go directly into my grade book
Questions,
Comments and
Suggestions
What is considered
Personal
Finance
Alan Gersten
Century High School
Santa Ana, California
[email protected]
714-796-7433
website
http://www.sausd.us/Page/2146