Personal Finance

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NGPF Podcast: Tim Talks to Author, Columnist and Personal Finance Advocate Beth Kobliner

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I had a great conversation with Beth Kobliner recently. Beth has an incredible personal finance focused CV. She’s been a columnist at Money Magazine, authored one (and soon to be two) New York Times Bestsellers (Get a Financial Life: Personal Finance in Your Twenties and Thirties), served on the President’s Advisory Council on Financial Capability, and gave financial advice to Elmo on Sesame Street (and a whole lot more too)! In this NGPF podcast, Beth shares the money lessons she learned growing up in Queens, New York as well as the motivation for her latest book, Make Your Kid a Money Genius, to be released in February. You will benefit from Beth’s insights on how to invest, use credit cards wisely and a simple test to control those impulsive purchases. Parents will find Beth’s new book a godsend in describing developmentally appropriate actions to build that financial decision-making muscle that your children need to thrive in this financially complex world. Enjoy!

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Let Them Tell Stories Too…

download (3)As educators, we know the power of storytelling in the personal finance classroom. What better way to bring an abstract or dry topic like compound interest to life than to explain how $10,000 you invested in your IRA in your 20s was now worth $30,000 today due to gains in the stock market compounded over many years. There is even research that shows that student recall concepts better when told as a story as compared to a lecture (from Bryant and Harris):

The use of storytelling allows lecturers to engage students in a dynamic and enthusiastic way while encouraging students to develop a higher order of thinking and recollection. Storytelling allows the lecturer to show their interest in the material and in the students. Lectures can utilize the art of storytelling to communicate expertise and transfer information. This paper empirically examines the effectiveness of storytelling as a means of increasing student intrigue and recollection. We find that students recall a statistically significant 6.5% more of the storytelling lecture than those students who were exposed to the text book lecture.

Yet the focus when we talk about stories is usually on the teacher and yet…students have their stories and advice to share also. I was reminded of that today at Eastside College Prep., where we are beginning our 6-week course with the senior class. The discussion was about savings and why it can be so difficult to save. A student shared how she had a weak spot for her “hobbies” which she described in further detail with one word: shoes. I dug a bit deeper to understand more about her habits and she proceeded to say something along the lines of this:

NGPF Podcast: Tim Talks To HS Educator Jonathan Joseph About Weaving Sports into His Economics Course

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Happy New Year! I am excited for another year of podcasts (and hope that you are too). This week’s guest, Jonathan Joseph, is an award-winning Economics and personal finance teacher at his alma mater, White Plains High School in White Plains, New York (proving that you CAN go home again!). He shares his secrets to engaging ALL students through an innovative curriculum he built which uses examples from sports to demonstrate economic principles. Who knew the NFL salary cap would find its way into a high school classroom? You will also learn how he develops empathy for his students starting on day one and how he uses this to create a class that addresses their economic anxieties.

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Do your students know more about money than a 29-year-old?

I meant to strike while the iron was hot, while this NY Times article, I’m 29 and I never learned how money works. It’s time to fix that., was all over my social media feed in mid-October. Whelp — It’s 7 weeks later, and here I am. Better late than never I suppose (that’s why Tim is the master blogger around NGPF, not me).

I like that the article exists, but I don’t like the idea of just giving it to my (hypothetical) students to read. It covers FAR too many topics in too much detail to be a concentrated “intro to personal finance,” and it seems silly to have your students read and take notes on it if they’ve never learned any of this stuff before (how will they even know what is “important?) or if they’ve learned it all before (why are they taking notes if they already know all this?). So, what would picky Jessica do with this awesome article? Here are a few of my ideas:

  1. Pull out the questions (sometimes they have follow-up questions embedded), and use it as a pre-test at the beginning of the term and a post-test at the end. Of

NGPF Podcast: Tim Talks to Jonathan Clements About His Latest Book “How To Think About Money”

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I enjoyed catching up with Jonathan Clements recently on the NGPF podcast. Since our conversation a year ago, Jonathan has been busy on a number of projects including teaching a college course in personal finance and writing a book “How To Think About Money” (good choice for a stocking stuffer this holiday season:). His goal with the book is to provide “a coherent way to think about their finances, so they worry less about money, make smarter financial choices and squeeze more happiness out of the dollars that they have.” I always come away from a conversation with Jonathan thinking more deeply about my relationship with money along with some ideas that I can implement in my life. I hope that you will too! Enjoy!

Question: How Much Did High School Teens Spend on Apparel In The Last Year?

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Answer (from NPD Group reported in Wall Street Journal): $18.8 Billion

See how your students answers to these questions compare to these quotes from the Wall Street Journal article:

  • Are teens more price sensitive than years past?

Analysts say teenagers are more price sensitive than in past years. “They grew up very cognizant of the Great Recession and their parents not being able to affordable everything they might have wanted,” said Melanie Shreffler, senior director at Cassandra, a youth-focused research firm. “For this reason, they are actually very pragmatic about purchases.”

  • Do they like traditional retailers (like A&F/Gap) or lesser known brands?

A Weekly Round Up: Schools In The News

 

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GARY, IN.  The bleating of a pair of goats has been added to the clucking of hens at Thea Bowman Leadership Academy’s urban farm. Nearly two dozen students at the high school are taking the Entrepreneurship and Personal Finance class, which oversees the farm.

  • Improving Financial Literacy for Ontario Students (Ontario)

November is Financial Literacy Month and Ontario is highlighting the various resources and supports provided to students across the province to improve their financial literacy.

A Florida-based teen financial literacy program led to a set of free suits for one of the state’s famed high school football programs as part of a partnership that aims to improve the lives of talented young athletes off the field, no matter how successful they may become on it

  • Affinity Plus Foundation and Cookie Cart join forces to provide teens personal finance, life skills (CU Insight)

ST. PAUL, MN — Teens will participate in financial literacy workshops as a part

Next Gen Personal Finance Recognized As Key Program For Youth Financial Literacy

logoWe are honored to be listed as one of the top 4 providers of financial education curricula in this influential NEFE research report.  We love being able to serve the educator community with curated, comprehensive, current and customizable resources (and don’t forget about our extensive professional development offerings also).

From NEFE Report on Perspectives on Evaluation in Financial Education: Landscape, Issues, and Studies (page 12):

“A variety of non-profit organizations offer financial education curricula. First, the National Endowment for Financial Education (NEFE) offers the High School Financial Planning Program (HSFPP). Second, the Council for Economic Education (CEE) provides a flagship personal finance high school curriculum entitled Financial Fitness for Life (FFFL). The curriculum also includes a nationally normed test instrument that can be used to assess student knowledge. Third, the Jump$tart Coalition for Personal Financial Literacy 12 (Jump$tart) offers a variety of high school financial education resources via its online clearinghouse. Fourth, Next Generation Personal Finance (NGPF) is a relatively new online site that supplies a curriculum and extensive lesson materials for teachers on major topics in personal finance.”

By |November 10th, 2016|Current Events, Financial Literacy, Personal Finance|