Foundations in Personal Finance | Student eText
RAMSEY EDUCATION SOLUTIONSTM
SPONSORED BY:
SPONSORED BY
DAVE RAMSEY
LICENSED FOR 2014 ?2015 SCHOOL YEAR ONLY
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first edition
Printed and bound in the United States of America
ISBN 978-1-936948-1222--32
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Acknowledgements
The Ramsey Education Solutions team would like to give special thanks to the following people for their contributions to this product. Their input was essential for creating a financial literacy curriculum that empowers high school students
to make sound financial decisions for life.
Educators
Len McKnatt
ACCOUNTING/ECONOMICS TEACHER Battle Ground Academy Franklin, Tennessee
Leah Zimmer
FINANCIAL LITERACY TEACHER Bremerton High School Bremerton, Washington
Brittany Sampson
TEACHER Lakeland High School Lakeland, Florida
Ramona Harper
BUSINESS TEACHER Lake Highlands High School Richardson, Texas
Kathy Jarman
TEACHER Helias Catholic High School Jefferson City, Missouri
LeAnn Dinsdale
CTE TEACHER/ACTE V P Brackenridge High School San Antonio, Texas
Lynn Isaacks
SOCIAL STUDIES TEACHER Academy of Creative Education San Antonio, Texas
Eric Lambert
TEACHER North Bullitt High School Shepherdsville, Kentucky
Linda Brown
CTE TEACHER Sanderson High School Raleigh, North Carolina
Terri Winkle
TEACHER Western Heights High School Oklahoma City, Oklahoma
Credits
Executive Vice President Jack Galloway
Chief Marketing Officer Jennifer Sievertsen
Vice President of Education Solutions Jim King
Curriculum Design Michelle Scott
Product Management Brett Kozimor
Sales/Marketing/PR Herb Jenkins Beth Tallent Jacqueline Garneau Jamie Moorer Christy Richardson Christy Wright
Project Management Josh Campbell Kassidy Slamer Lisa Mays
Content Editing/Proofing Allen Harris Darcie Clemen Stephanie Thomas Brandon Brison Jennifer Gingerich Danielle Britt Jennifer Norton Molly Pinkley
Creative Design Brian Williams Marcus Meazzo Jason Miller Steve Rupp
Video/Audio Production Jon Melton Diana Key Megan Hill Josh Fulton Dave Oglesby Dave DiCicco Megan Ledford Sara Zellner Chris Wright Ian Collins Colin Fatke Bobby Robertson David Wilkinson Josh Hancock Chris Blaylock
Interactive/Web Development/UI Ash Harris Jon Wolski Andrew Kallemeyn
SPONSORED BY:
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LICENSED FOR 2014 ?2015 SCHOOL YEAR ONLY
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SPONSORED BY:
Foundations in Personal Finance High School Edition LICENSED FOR 2014 ?2015 SCHOOL YEAR ONLY
Meet the Experts
Dave Ramsey
Dave Ramsey is America's trusted voice on money and business. He's authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. By age twenty-six he had established a four-million-dollar real estate portfolio, only to lose it by age thirty. Using the wisdom he gained, Ramsey rebuilt his financial life and now teaches others how to be responsible with their money, so they can acquire enough wealth to take care of loved ones, retire with dignity, and give generously to others.
Rachel Cruze
Rachel Cruze is a seasoned communicator and presenter, who has been speaking to groups as large as 10,000 for more than a decade. The daughter of Dave Ramsey, today she uses the knowledge and experiences from growing up in the Ramsey household to educate America's students and young adults on the proper ways to handle money and stay out of debt.
Chris Hogan
A popular and dynamic speaker on the topics of financial education and leadership, Chris Hogan also works with businesses and highprofile clients across the country, helping them develop strategies to increase revenues, protect wealth and secure their financial futures. Chris is also the host of the popular EntreLeadership podcast, one of the leading podcasts on business and leadership.
Introduction SPONSORED BY:
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LICENSED FOR 2014 ?2015 SCHOOL YEAR ONLY
A Letter from Dave
Dear Student,
Welcome to Foundations in Personal Finance! The information you are about to learn will change your financial future--if you apply what we teach.
I talk to people every day who tell me, "I wish I had learned this stuff in high school! I could have avoided so many problems!" I know how they feel. I built a multi-million-dollar business in my twenties, only to have it wiped out because I didn't know how to manage my money--and I even had a college finance degree!
You don't want to learn about money the hard way like I did. Thanks in part to our friends at Fifth Third Bank you will not have to. If you take what you learn from this class and apply it to your life, you'll never have to experience the pain and stress money problems can bring.
Enjoy the class! Use what you learn! Change your life!
Sincerely,
A Letter from Our Sponsor
Dear Student,
It is a privilege for Fifth Third Bank to sponsor Foundations in Personal Finance in your school. We are big fans of Dave Ramsey and what he teaches young people about money. We made this investment in you so that you'd gain the knowledge that will pay you healthy dividends in the future.
We care about your financial literacy--how much you know about how money works and how to use it properly--because, as a bank, we have a front-row seat to what can happen when you don't understand it. We want to be your partner on your journey to financial independence.
All of us at Fifth Third Bank wish you the very best as you move ahead toward graduation and into your adult life. Thanks for the opportunity to be a part of your education.
Good luck!
Kevin Kabat
VICE CHAIRMAN & CHIEF EXECUTIVE OFFICER FIFTH THIRD BANCORP
6
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Foundations in Personal Finance High School Edition LICENSED FOR 2014 ?2015 SCHOOL YEAR ONLY
Contents
UNIT 1: SAVING AND BUDGETING
Chapter 1: Introduction to Personal Finance
8
Chapter 2: Saving
28
Chapter 3: Budgeting
48
UNIT 2: CREDIT AND DEBT
Chapter 4: Debt
72
Chapter 5: Life After High School
100
Chapter 6: Consumer Awareness
126
UNIT 3: FINANCIAL PLANNING AND INSURANCE
Chapter 7: Bargain Shopping
142
Chapter 8: Investing and Retirement
160
Chapter 9: Insurance
184
UNIT 4: INCOME, TA XES AND GIVING
Chapter 10: Money and Relationships
208
Chapter 11: Careers and Taxes
222
Chapter 12: Giving
250
G L O S S A R Y 2 7 0
Introduction SPONSORED BY:
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CHAPTER
1What do other high school students know about spending? We asked other high school students if they or someone they know has ever bought something they could not afford.
"I haven't, but my younger sister always seems to need the latest and greatest technology, and she spends her college money on it!" Sophomore, Louisiana
"No. But I have a family member who once bought a house that they ended up not being able to afford." Junior, New Jersey
"My dad bought a car that he could not afford, and he ended up getting it repossessed." Junior, Wyoming
"Yes. My parents buy things they can't afford all the time. That's why we're in debt. That's why I need this course." Senior, Utah
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