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NGPF Podcast: Tim Talks To Co-Creator of “Spent” Game, Jenny Nicholson

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I first heard about the game Spent from podcast guest, Helaine Olen. She described it as one of the best simulations in how it immersed the player into what it feels like to live “paycheck to paycheck.” After playing the game in our offices, we agreed with her, wrapped an activity around it with discussion questions and added it to our Interactive Library. Teachers are glad we did since we are constantly getting feedback like this about the impact of the game on students:

Activity Idea: Personal Finance In My Life

My travels took me to Chicago and New York recently and here are some images related to personal finance that I captured:

  • Thanks to the Federal Reserve Bank of Chicago for recently co-hosting the Financial Literacy Summit with VISA. I enjoyed moderating the panel on Expanding Access to Financial Education Programs (video for Session 6  here):

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  • Would you take tax advice from a “tax truck?” Seen on the streets of New York the weekend before Tax Day:

Question: What Is the Largest Company Headquartered in Each State?

I thought that business teachers would get enjoy getting students to guess the answer for their specific state. Also will teach an important lesson about the various ways to measure the size of corporations. Here is the infographic with the largest company in each state based on number of employees (with hat tip to Visual Capitalist): 

Interactive: What Do Consumers Spend Their Money On?

If you are a data geek, you will love this interactive tool/data visualization from Flowing Data (be sure to click on the link to take advantage of the interactive nature of the tool):

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Let me provide some context for what you are looking at. Here are the data sources:

What does that cute, cuddly, adorable pet actually cost you?

Today, we’ve got a special treat — a guest blog post AND a teacher-generated resource — straight from NGPF Fellow Sue Suttich of Tigard High School (OR). Read on for a great activity on calculating the true cost of pet ownership!

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Each year in my Wealth Management class I have the students make a vision board. We talk about goals and what they want in life. Then they each write some short, medium and long-term goals and turn those goals into a vision board with pictures and prices that match these goals. We share them out in class and discuss how similar and different each person is in class with their “vision” of their life. One thing I noticed is a lot of students want to have a pet some day. But, the price they put down for pet ownership is really unrealistic! So I decided that it was time to make up a lesson where they could do some research on what a pet might really cost them! I shared my lesson with Jessica and she gave some advice and ideas on what else might be added or changed. The result is what looks like a fun, yet

By |April 4th, 2017|Activity, Budgeting, Featured Teachers, Lesson Idea, NGPF Fellows|

You Know That Annual Fee On Your Credit Card…Well, It’s Negotiable!

From WSJ (subscription):

More than 80% of people who ask their card company for relief from their annual fees receive it, according to a new survey. Most get the fee waived entirely, while a smaller portion receive a fee reduction, according to a CreditCards.com report released Monday that surveyed around 950 card users.

Why are card companies so flexible? Well, it’s a competitive marketplace out there:

By |March 29th, 2017|Activity, Audio Resource, Credit Cards, Current Events, Research|

Spreadsheet Math: Two Investments Walk Into A Classroom…

Ok, not the best title but let’s run with it. Let’s start with a question:

You have a choice between two investments of $100,000:

  • Investment #1: Earns a consistent 8% return every year (put aside the fact that an investment like this doesn’t exist at the current time; it’s been a while since you could buy a 30 year Treasury Bond with that kind of return).
  • Investment #2: Has an average return of 8% per year but has “lumpier returns” aka it has more volatile returns but the returns each year are in the top 10% of fund returns. Some years it is up, some years it is down, but overall it averages the same 8% return as Investment #1.

Which investment has a higher balance at the end of the 20 year period?

Web Quest: How Do I Buy A Stock (Or Better Yet, An Index Fund)?

A teacher at our recent FinCamp reminded me that we should not forget about the importance of the mechanics of personal finance transactions. What good is teaching students about the importance of investing if they don’t know how to go about setting up an account to buy/sell investments. While we have a activities on how to select a credit card and a bank account, we don’t answer the basic question that many young investors have which is “How do I buy a stock?”

Rather than answer this question for them, have students do their own online research to discover: