THE COMPLETE MONEY WORKBOOK - NYSSCPA
THE COMPLETE
MONEY
WORKBOOK
CREATED BY THE
FINANCIAL LITERACY COMMITTEE
NEW YORK STATE SOCIETY OF CPAs
NASSAU CHAPTER
? Jarred R. Berman January 2015
THE COMPLETE MONEY
WORKBOOK
THANK YOU TO OUR
SPONSORS:
Tenenbaum Law, P.C. has focused its practice on the resolution of tax controversies for
over nineteen years. We offer comprehensive services to businesses and individuals
with respect to their Federal and New York State tax matters.
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success. As a full service accounting firm, we take pride in giving you the assurance
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If your company is interested in sponsorship opportunities with the Financial Literacy
Committee, please contact the author.
? Jarred R. Berman January 2015
i
THE COMPLETE MONEY
WORKBOOK
1
INTRODUCTION .................................................................................. 1
2
GRADES 1-4 ........................................................................................ 2
2.1
W HY TO HAVE THE CONVERSATION................................................................................................ 2
2.2
W HAT IS MONEY ............................................................................................................................ 4
2.2.1
What Money Is Not .................................................................................................................. 4
2.2.2
How To Make Money .............................................................................................................. 5
2.3
CAREERS VS. JOBS ........................................................................................................................ 6
2.4
W ANTS VS. NEEDS ......................................................................................................................... 6
2.4.1
Questions to Think About ........................................................................................................ 7
2.4.2
Game ....................................................................................................................................... 8
2.5
2.5.1
2.6
ALLOWANCE .................................................................................................................................. 9
Allowance Guidelines .............................................................................................................. 9
SPENDING PLANS........................................................................................................................... 9
2.6.1
Examples of Spending Money............................................................................................... 10
2.6.2
Examples of Spending Time ................................................................................................. 10
2.7
OPPORTUNITY COSTS .................................................................................................................. 10
2.8
SAVING AND HOW IT IS DONE ....................................................................................................... 11
2.8.1
What It Is and Why It¡¯s Important .......................................................................................... 11
2.8.2
How Much Money Should Be Saved? ................................................................................... 12
2.8.3
Where Can Money Be Saved? .............................................................................................. 12
2.8.4
How To Begin ........................................................................................................................ 13
3. GRADES 5-7 ...................................................................................... 14
3.1 DECISION MAKING ............................................................................................................................... 14
3.1.1
3.2
3.2.1
Coach .................................................................................................................................... 14
GET A JOB! ................................................................................................................................. 14
Passive Income ..................................................................................................................... 15
3.3
THE ART AND SCIENCE OF BUDGETING ......................................................................................... 15
3.4
TYPES OF BANKING SERVICES OFFERED ........................................................................... 15
3.4.1
FDIC Insurance ..................................................................................................................... 15
3.4.2
Bank Services........................................................................................................................ 16
3.5
GOOD LOANS VS. BAD LOANS ................................................................................................ 16
3.5.1
Good loans ............................................................................................................................ 16
3.5.2
Bad loans ............................................................................................................................... 17
? Jarred R. Berman January 2015
ii
THE COMPLETE MONEY
WORKBOOK
4
GRADES 8-12 .................................................................................... 18
4.1
WORD FIND .............................................................................................................................. 18
4.2
BUDGETING.............................................................................................................................. 18
4.2.1
First Rule of Budgeting .......................................................................................................... 19
4.2.2
Structure ................................................................................................................................ 19
4.2.3
Sample Monthly Budget ........................................................................................................ 19
4.3
PAYCHECKS ............................................................................................................................. 20
4.3.1
Introduction ............................................................................................................................ 20
4.3.2
Example ................................................................................................................................. 20
4.4
YOUR INCOME AND HOW IT¡¯S AFFECTED ............................................................................ 21
4.4.1
Introduction ............................................................................................................................ 21
4.4.2
Factors ................................................................................................................................... 21
4.4.3
Ensure your success ............................................................................................................. 21
4.5
SIMPLE INTEREST VS. COMPOUND INTEREST .................................................................... 22
4.5.1
Simple Interest Definition ...................................................................................................... 22
4.5.2
Compound Interest Definition ................................................................................................ 22
4.5.3
Simple Interest Examples ...................................................................................................... 23
4.5.4
Compound Interest Example ................................................................................................. 23
4.6
WEALTH ACCUMULATION ...................................................................................................... 23
4.6.1
Time ....................................................................................................................................... 23
4.6.2
Fees ....................................................................................................................................... 24
4.6.3
Consistency ........................................................................................................................... 24
4.7
WHAT IS CREDIT AND USING IT WISELY............................................................................... 25
4.7.1
Definition ................................................................................................................................ 25
4.7.2
Credit Card Terms ................................................................................................................. 25
4.7.3
Types of Credit ...................................................................................................................... 26
4.7.4
Sources of Credit ................................................................................................................... 26
4.7.5
The DOs and DON¡¯Ts of Using Credit Cards ........................................................................ 26
4.8
BASICS OF INVESTING............................................................................................................ 27
4.8.1
The Difference Between Saving and Investing ..................................................................... 27
4.8.2
The Rule of 72 ....................................................................................................................... 27
4.8.3
Investment Options ............................................................................................................... 28
4.8.4
The Stock Market .................................................................................................................. 28
4.8.5
Asset Allocation and Diversification ...................................................................................... 28
4.8.5.1 Asset Allocation ..................................................................................................................... 29
? Jarred R. Berman January 2015
iii
THE COMPLETE MONEY
WORKBOOK
4.8.5.2 Diversification ........................................................................................................................ 29
4.8.6
4.9
5
YOUR FUTURE, YOUR CAREER ............................................................................................. 30
COLLEGE PLUS ................................................................................ 32
5.1
LOVING YOUR JOB AND CAREER ................................................................................................... 32
5.2
LIVING ON YOUR OWN ................................................................................................................. 33
5.2.1
Due-Diligence ........................................................................................................................ 33
5.2.2
Your First Apartment ............................................................................................................. 33
5.2.3
Your First House.................................................................................................................... 35
5.2.4
Plan for the unexpected: A Healthy Reserve ........................................................................ 38
5.3
CARS (LEASING VS. PURCHASING) ................................................................................................ 38
5.4
RENT AN APARTMENT VS. BUY A HOME ......................................................................................... 40
5.5
YOUR FUTURE¡.......................................................................................................................... 41
5.5.1
6
Stock Market Resources ....................................................................................................... 30
Family Fun Finances ............................................................................................................. 41
CLOSING REMARKS ......................................................................... 42
6.1
TAKE AWAYS ............................................................................................................................... 42
6.1.1
Take Aways For Kids ............................................................................................................ 42
6.1.2
Take Aways For Adults ......................................................................................................... 42
7
AUTHORS .......................................................................................... 44
8
APPENDIX ......................................................................................... 45
9
OTHER RESOURCES........................................................................ 53
9.1
ALL AGES .................................................................................................................................... 53
9.2
PRE-TEEN THROUGH TEEN ........................................................................................................... 54
9.3
YOUNG CHILDREN ........................................................................................................................ 54
? Jarred R. Berman January 2015
iv
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