Financial Freedom - Mrs. Nelson Economics

Financial Freedom

A Workbook For Understanding

Personal Finance

The Florida Council on Economic Education would like to

thank those whose support made this project possible.

THANK YOU!

813.289.8489

?

2011 Florida Council on Economic Education



Dear Floridians,

As your state Chief Financial Officer, my primary goal is to help you

keep and protect your hard-earned dollars. One of the keystones in

protecting your financial health and promoting economic prosperity is

having a solid foundation in financial literacy.

Many of us realize the importance of practicing sound financial

principles like basic money management and budgeting. However,

one in four Floridians do not adequately set money aside, plan for

retirement or manage their debt. At the collegiate level, university

administrators state that they lose more students to credit card debt

than to academic failure.

Financial literacy is one of the most powerful tools that we can give

to the young people of Florida, equipping them to achieve financial

stability and steer clear of debt and financial fraud.

Along with preparing young people to go out and earn a living, it is equally critical to prepare them to

manage what they earn. Those who know how to manage their money have money to start businesses,

provide jobs and invest in their communities, including supporting educational opportunities for others.

I commend the commitment and progress that the Florida Council on Economic Education has made

in improving the lives of Floridians through financial literacy with the help of dedicated parents and

educators.

Together, we can pass on valuable lessons to the next generation, and help foster long-term economic

prosperity and freedom.

Sincerely,

Jeff Atwater

The Florida Council on Economic Education gratefully acknowledges and thanks the

following individuals for their contributions, time, expertise and advocacy. These

educators are the ¡°Best of the Best¡± and the FCEE is proud of the work they have

done to bring Financial Freedom to the next level.

Project Manager

Brett Burkey - 2009 Economic Educator of the Year

Spanish River High School, Boca Raton

Contributors

Andrea Caceres-Santamaria - Seminole Ridge Community High School, Loxahatchee

Mary Chowenhill - 2011 Economic Educator of the Year, Robert E. Lee High School, Jacksonville

Denny Dawson - Marine and Oceanographic Academy, Fort Pierce

Tom Glaser - 1996 Economic Educator of the Year, Mater Academy Charter, Hialeah Gardens

Deborah Kozdras - Gus A. Stavros Center for Free Enterprise and Economic Education, USF

Beverly Ledbetter - 2003 Economic Educator of the Year, Pasco High School, Dade City

Virginia Meachum - 2010 Broward County Social Studies Teacher of the Year, Coral Springs High

School, Coral Springs

Patricia Sibson - 2008 Economic Educator of the Year, Florida Virtual, Jacksonville

Steven Tommeraas - Glades Central High School, Belle Glade

813.289.8489

?

2011 Florida Council on Economic Education



FOREWORD

In your hands or on your screen is a road map of the perilous highways and bi-ways of the personal finance

world. Though the landscape has changed, success in navigating still remains an achievable goal. A person who

attains financial freedom scales that summit by making sound choices, staying true to themselves, living within

or even below their means, paying themselves first, and remaining devoted to a solid set of priorities. These

principles have always been true; it¡¯s just the world we apply them to has changed. The recent housing bubble,

the mountains of consumer debt, the rising cost and uncertainty around healthcare, the number of graduates

returning to the nest with a suitcase full of college loans, and the ever increasing threat that even the best laid

plans can be dashed from one cyber attack are enough to frighten anyone. The American Dream used to mean

a house surrounded by a white picket fence, kids, dog, a car in the driveway and a chicken in every pot. Now the

American Dream for many is to simply get out of debt. To make matters more complicated, the recent recession

and the fundamental causes have resulted in a wave of new rules and regulations surrounding the institutions

that manage our financial systems and markets. It seems the challenges may be too daunting to overcome. But

the difference between benefiting or becoming a victim of your finances will always boil down to the choices

you make. Recently, too many people were dazzled by rapidly rising housing prices, easy credit, and unrealistic

expectations. Our society celebrated consumption while disregarding thrift. Apparently, no one thought that a

¡°Home-saving¡± channel on television would be profitable. Once the momentum was established, it was too great

a force for many to ignore. Today, the ashes of that flame-out are everywhere. Though many people are suffering,

the aftermath can serve as a great compass for the choices you make forward. It is quite possible that people who

paid themselves first, saved instead of recklessly spending, kept their debt load manageable, looked to the future

instead of living for the moment, had a true understanding of all opportunity costs and didn¡¯t get caught up in the

wave of unrealistic expectations are not among the wounded today. The clear point to make here is that those

have always been the answers to the mysteries of achieving ¡°Financial Freedom¡±.

813.289.8489

?

2011 Florida Council on Economic Education



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