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Mr. Kirsch Financial LiteracyRoom ?227 ????????EMAIL ADDRESS: mkirsch@Lunch Period BConference Period 2Class supplies Student Agenda: You must have an agenda to be excused from classCourse SyllabusPaperPencil or Pen: Blue or Black Ink?????2. ?Grading scale in student handbook.Course Grade Each grading period 40%Semester Exam 20%?????3. ?Absences must be excused in order to receive full credit for assignments. ?????4. ?All assignments are due on the assigned date; no exceptions. Late work will be accepted for ? credit.?????5. ?Classroom behavior/expectations posted on classroom bulletin boardExamsFinal ExamWeek of June 5TestsTests will be administered at the conclusion of each unit of study, ?approximately every 3 weeksUNIT; WORKING & EARNING M 1/23 - F 2/10FocusWhy do some workers earn $20,000 a year while others earn $200,000?What factors influence how much money you have and your ability to earn money????????3. ????Videos???????4. ?VOCABULARYIncomeSalaryWageCareerJobGross PayNet PayDeductionEmployee benefitsPayroll taxesFederal income taxState income taxCity/Local income taxDue Friday 2/ 310 Points; Career chart; oco/Research three professions and create a table DOCTORLAWYERACCOUNTANTrequired training and educationPotential earningsjob prospectswork expectations working conditions ???????Due Monday 2/ 610 Points; Submit via Google DocsResumeCover LetterReference Sheet??Friday 2/10Working & Earning TESTUNIT: FINANCIAL PLANNING & MONEY MANAGEMENT ?Monday 2/13 - Monday 3/20Monday 2/1320 Point Assignment Due on Friday 3/16Track personal expenses from now until Thursday 3/15 PREDICT HOW MUCH MONEY YOU WILL SPEND FROM NOW UNTIL 3/15 _________________DATEITEM(S) PURCHASEDSTORECOSTTOTAL TO DATE3/73 pairs of dress socksTarget$5.99$5.993/10Candy bar, can of soda, chipsMarathon$2.60$8.593/14Gallons of gasolineMarathon$16.90$25. 49*****At the conclusion of the activity, write the following reflective paragraphsWhich of the above purchases was an “impulse buy”? Meaning, you had no intention of purchasing the items, had no real need for them, and regret purchasing now to use the money for better purposes. Which ?of these items did you buy without thinking about their cost and why?If you spent money that was not yours, (credit card purchases, borrow money from another individual), how much of “other people’s money” did you use and why? ?If you have a surplus of money and budgeted wisely, what did you do with the extra money?How much more/less did you spend than you predicted? ?Explain the reasons for the difference between prediction and reality.What lessons did you learn from this activity?FocusHow much money does a person need??What do the following events have in common?Wedding / Funeral / Vacation / EducationWhat is a budget? Purpose & contentVOCABULARYbudget savings Investments Insurance Expensesvariable expensesfixed expensesincomeCash flowphilanthropyretirement/estate planning. Monday 2/20No SchoolFriday 2/24No SchoolFriday 3/17Expense Tracking Assignment DueMonday 3/20Financial Planning TestTuesday 3/21No Classes; ACT TestingCHECKING ACCOUNTFIVE PARTS OF A CHECKPerson’s name and addressCheck number in upper right cornerAccount number in lower left cornerDate the account was openedName and address of the bankSIX PARTS OF WRITING A CHECK ?(Page 104)DateName or organization you are payingAmount in numeralsAmount in words*****WRITTEN WORDS TRUMP THE NUMERICAL VALUE OF A CHECK??5. ?Signature line??6. ?Purpose of the transaction KEY TERMSVoid; Means to cancel. Done if you write a check incorrectlyEndorse; Signature on a check. A check is NOT VALID without endorsement. Develop a consistent signature Debit; Is a negative against your account. Also, the amount written on a check. *****WRITTEN WORDS TRUMP THE NUMERICAL VALUE OF A CHECKBalance Forward; Amount you currently have in your checking account. This will fluctuate based on deposits and debits from your account.Credit; Is on the plus side in your checking account. May occur if your bank makes an error and/or you deposit to your account.HOW TO MAKE A DEPOSITPARTS OF A DEPOSIT SLIPDateCurrency being depositedCoins being depositedChecks being deposited (listed separately)Total from other side if run out of room on front with a large number of depositsTotal from everything listed aboveLess cash receivedNet depositSignature line if receiving cash backPARTS OF A CHECK REGISTER ?(Page 108)BalanceCheck NumberDateDescription or payeeAmount subtracted/debitAmount deposit/creditNew balance; found by adding or subtracting based on transactionsBALANCING A CHECKBOOKFind out your current balance by logging to your account onlineReconcile your checkbook. When your bank statement arrives, OR CHECK ONLINE. Compare your check register to your statement and check off which transactions have cleared.Add any interest that the bank has paid you.Subtract any fees that the bank has charged you.If your account balance shows $568.00, but you see that check #101 written for $153 has not yet cleared, that means you have $415.00 in your account. Correct any mistakes in your checkbook. If you find any discrepancies between your numbers and your bank's numbers, figure out where they came from and correct them.Notify your bank if you think there are fraudulent charges on your account. ?????????????????SAVING/INVESTING UNIT ??Wednesday 3/22 - Thursday 4/13Wednesday 3/22 & Thursday 3/23Learning Target: Saving and investing strategies help individuals achieve personal financial goals.FocusHow many students have some type of saving/investments??If so, what do you have? ?How long? ???SAMPLE SAVING/INVESTINGA 25 year old who saves $10,000 @ 5% interest a year for 10 consecutive years, then never saves another penny for the rest of their life, will have approximately $570,000 @ age 65???????????????A 40 year old who starts saving $10,000 @ 5% interest a year for 25 consecutive years until age 65, will have approximately $500,000.Average return on the stock market since 1926 is 10%. However, in 2009 stocks overall lost 37% of their valueVOCABULARY SavingsInvestingPortfolioDiversificationSavings AccountCertificate of DepositStocksUS Savings BondsCorporate BondMunicipal BondMutual FundReal EstateSecurities & Exchange CommissionPay Yourself FirstEmergency FundRiskReturnLiquidityTuesday 3/28AIR Testing ScheduleELA I & IIMonday 4/ 3 & Tuesday 4/ 4DUE @ END OF CLASS PERIOD Tuesday 4/ 410 point TWO PAGE PAPER, DOUBLE SPACE, TIMES NEW ROMAN 12 FONT; ?WITH SOURCESCompare/contrast the top performing stocks on the US Stock Exchange with the top performing stocks FROM ANY OTHER COUNTRYCompare/contrast interest rates from the US with interest rates FROM ANY OTHER COUNTRYSavings accountsBondsTuesday 4/11Unit Test on Saving/InvestingCREDIT & DEBT UNIT ?Monday 4/ 24 - ?Tuesday 5/ 9**Focus: Consider a couple who is looking to buy their first house. 30 year mortgage ??FICO credit scores are 720. They could qualify for a mortgage with a low 3.5 percent interest rate*. But if their scores are 580, would pay 6.5 percent*On a $100,000 mortgage loan, that 3 point difference will cost them $2,400 dollars a year, adding up to $72,000 dollars more over the loan's 30-year lifetime. Your credit scores do matter.2. VOCABULARYCredit Cards ?????????????Mortgage ?????Auto Loan ????Student LoanCapacity ??????Collateral ?????????????????Character ?????BankruptcyCredit ReportCredit Score ?Repossession ?ForeclosureInterest rate ??A.P.R. ?????????Minimum monthly paymentPrincipal ?????? ???????LeaseLECTURE NOTES OUTLINEWhat Your Credit Score MeansFICO agency assigns people a CREDIT SCORELenders use the credit score to help determine who should receive loans, and/or better interest ratesFICO scores range from 300 - 850. ?760 and above earn the best/LOWEST interest rates. SUBPRIME loans are given to 620 scores or below, “below prime”. ?Borrowers get highest interest rates & helped lead to housing market crash of the late 2000s?????4. ?Errors on a credit reportReport to that particular credit bureauFactors Affecting Your Credit ScorePayment History 35%PAY ON TIMEOutstanding Debts30%Debt to Credit Limit Ratio. The lower the better. Credit Limit of $5,000. ?Keep your balance at or below $1,000Home or auto loan; total principal & time remaining on loanLength of Credit History 15%Long credit history with good behavior earns LOWEST INTEREST RATESNew Credit ?????????10%DO NOT open multiple lines of credit in short time periodTypes of credit used10%Lenders like to see various types of credit handled responsibly. (Credit card, mortgage, auto, etc..)DUE FRIDAY 4/28 ????10 Points; TWO PAGE DOUBLE SPACED PAPER, TIMES NEW ROMAN 12 FONT; CITE SOURCESTopics: chapter 7 & Chapter 13 BankruptcySummarize how EACH plan works; including repayment planDoes it completely remove the debt?Long-term effects on the individual’s credit ratingTuesday 5/9 Credit/Debt TESTUNIT; Risk Management/InsuranceHOW INSURANCE WORKSPolicy is written specifically to cover certain types of losses along with limits on the amounts coveredExclusions are certain conditions won’t coverExample; Medical plan may not cover acupuncture or superficial cosmetic surgeryDeductiblesAmount of money the policyholder must pay before insurance will bear the costsExample; $500 deductible on a plan means you pay the first $500, then the insurance covers the restHigher deductibles have lower premiums, and vice versa???4. Declarations PageYour nameName of the insurance companyDate policy begins and expiresDescription of what’s being insuredPremium, could be monthly, semi-annually, or annuallyExplanation of coverage, including limitsHOW INSURERS MAKE MONEYPremiums paid by insured individualsBased on the amount of risk you representClaims filedRequests for reimbursement from all insured individuals in that companyPolicyContract for insuranceIf chances are high insurance company will have to pay out claims, then premiums will be higherUnderwriteInsurance companies agree to assume the risk as their own.Spread the risk out among many clients, and still profit by paying out fewer claimsTuesday 5/ 2 - Thursday 5/ 4AIR Exam ScheduleMonday 5/29Memorial DayMonday 6/5 & Tuesday 6/6Final Exams ................
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