BEFORE YOU BEGIN

[Pages:123]MILLIONAIRE'S CLUB

BEFORE YOU BEGIN

1. Register at - Once registered, visit the "Clubhouse," too, for useful peer advice

2. Order ample student/instructor materials from NEFE All materials are provided at no cost, shipping included a) Go to b) Register and record your username and password:

Username:

Password: c) Click on "Get Materials" and order ample supplies d) Order at least one Instructor Pack for yourself and when received,

place it in the back of this binder. (you can order more than one) e) Get enough Student Materials for each member of your Club, a few extras, too

Competitions add spice to the Millionaire's Club and turn a "course" into a "Club." The most successful Clubs participate in one or more of these competitions, some of which award cash and scholarships to finalists.

You'll find detailed information under the "COMPETITIONS" tab at once you register on the site.

3. Prepare for participation in the Stock Market Game1 (SMG) a) Register at b) Register yourself for the adult competition c) Become familiar with the SMG site d) Prepare to register your Club teams (i) The Fall & Spring 10-week SMGs are $15 per team (ii) The year-long competition is $30 per team (iii) Budget & pay for team registrations from Club funds (iv) Once your teams are established and pre-registered you will receive an email bill

NOTE: Planning to participate in the fall Stock Market Game?

Teams must be registered no later than

October 1.

4. Register for the Personal Finance Challenge a) Research the Challenge at: b) Register your Club by emailing the Maryland Council on Economic Education - DBaker@towson.edu

5. Invite Club Members to participate in Budget ChallengeTM, a personal finance simulation that teaches Club Members money management skills. a) Watch the short, "What is Budget ChallengeTM?" b) Discover more at

1 If your Club is participating in the fall Stock Market Game cover Lesson 4-1 after Meeting 2 so Members will grasp the fundamentals of investing

MILLIONAIRE'S CLUB

6. Register a team for the Economics Challenge a) Visit b) Email the Maryland Council on Economic Education with questions - DBaker@towson.edu

7. Evaluate the Club's impact by measuring your Club Members' baseline knowledge score a) Pre-test your Club Members and test again at the end of the year to gauge progress b) Use the Practice Questions in the appendix, or go to testing c) Instructions on registering and using the assessment are included in the appendix

MILLIONAIRE'S CLUB FACULTY ADVISOR GUIDE

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MILLIONAIRE'S CLUB FACULTY ADVISOR GUIDE

FACULTY ADVISOR GUIDE & LESSON PLAN

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MILLIONAIRE'S CLUB FACULTY ADVISOR GUIDE

Club Overview ............................................................................................1

Lesson 1-0 Leadership ....................................................................................................4

Lesson 1-1 Money Habits ..............................................................................................9

Lesson 1-2 Goals ...........................................................................................................11

Lesson 1-3 Decisions ....................................................................................................13

Lesson 1-4 Spending Plan.............................................................................................15

Lesson 1-5 Cash Flow...................................................................................................17

Lesson 2-0 The Entrepreneurial Project ..................................................................19

Lesson 2-0 (continued) The Entrepreneurial Project ..................................................................22

Lesson 2-1 Using Credit...............................................................................................33

Lesson 2-2 Credit Costs ..............................................................................................35

Lesson 2-3 Credit Rating .............................................................................................37

Lesson 2-4 Rights & Responsibilities .........................................................................39

Lesson 2-5 Identity Theft..............................................................................................41

Lesson 3-1 Invest In Yourself .......................................................................................43

Lesson 3-2 Job Benefits & Costs ................................................................................45

Lesson 3-3 Pay & Taxes .................................................................................................47

Lesson 3-4 Lifestyle .......................................................................................................49

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MILLIONAIRE'S CLUB FACULTY ADVISOR GUIDE

Lesson 3-5 Plan for Change.........................................................................................51

Lesson 4-1 Put Savings To Work .................................................................................53

Lesson 4-2 How Investing Works...............................................................................55

Lesson 4-3 Choosing Investments .............................................................................57

Lesson 4-4 Investment Strategy..................................................................................59

Lesson 5-1 Checking Accounts ...................................................................................61

Lesson 5-2 Financial Tools & Technology ..................................................................63

Lesson 5-3 Financial Fraud...........................................................................................65

Lesson 5-4 Financial Service Providers.....................................................................67

Lesson 6-1 Manage Risk ...............................................................................................69

Lesson 6-2 How Insurance Works.............................................................................71

Lesson 6-3 Selecting Insurance ...................................................................................73

Appendix Vocabulary..................................................................................................75 Personal Finance Practice Questions ...................................................82 Personal Finance Practice - Answer Key .............................................95 Suggested Resources for the Personal Finance Challenge....................................................108 Navigating the Stock Market Game Teacher Support Center.......................................................................112 Stock Market Game "To Do" List.......................................................113 Pre- and Post-Club Assessment Tool .................................................114

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MILLIONAIRE'S CLUB

A Note About Guest Speakers:

? The Millionaire's Club is fertile ground for guest speakers. Guests lend real-life context to Club materials and serve as experts and role models for Club Members.

? Your Credit Union Club Sponsor is an ideal source for speakers to address personal financial and general business topics.

? Arrange for guest speakers in advance to complement Club lessons. ? To help your speakers prepare, send them copies of the corresponding Student Booklet

for the lesson(s) you want them to address. Send the booklet well in advance. Lessons Ideal For Guest Speakers:1

? Lesson 2-0 - A local entrepreneur ? Lessons 2-1 through 2-5 - A professional from your sponsoring credit union ? Lessons 3-1 through 3-5 - A human resources professional ? Lessons 4-1 through 4-4 - An investment professional ? Lessons 5-1 through 5-4 - A professional from your sponsoring credit union ? Lessons 6-1 through 6-4 - An insurance professional

Family Emails

? Pre-drafted emails are available to help bring Club discussions into Members' homes. You will find them on your Advisor Thumb Drive as well as the iPad version of the Faculty Advisor Guide. Send these emails regularly to your Club Members' parents to keep them informed and to generate out-of-Club discussions.

? Your Advisor's Guide includes notes as to when and which emails to send. ? These family emails extend the benefit of your Club activities into your community and

generate productive family discussions.

1 Your credit union sponsor can provide and help you find qualified speakers

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CLUB OVERVIEW

"Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like."

Will Smith

Club Overview

Overview:

Organizing the Club, introduction to Club resources, leadership

A Club; Not A Class

1. Introduce the concept of approaching the Club like a corporation a) Faculty Advisor (you) serves as "President" b) Club Members are the Board and will elect a Chair(man), Vice-Chair(man), Treasurer, & Secretary

2. Club is self-directed and managed 3. Goals for the Club

a) To prepare for financial security

Review Resources

1. NEFE Student Module Booklets (There are six module booklets) 2. brass Magazine - a youth-oriented finance periodical 3. Club banner 4. QuickenTM personal finance software 5. Funding to establish the Club and seed the entrepreneurial project that will produce

income and sustain the Club into the future 6. Opportunities to earn scholarships and national travel via the Personal finance challenge 7. Your credit union sponsors may also provide refreshments, Club tee-shirts, mouse pads,

etc.

Ground Rules

1. Respect each other, that means a) Everyone can participate though they don't always need to agree

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