Savings - Retired

/Savings - Retired
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Savings - Retired

This is the original savings unit, which was replaced by an awesome, updated version on 1/19/17.

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In this lesson, students will be able to:

  • Explain why saving is important,
  • Explain why saving can be hard, and
  • Use vocabulary related to saving.
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In this lesson, students will be able to:

  • Name short-, medium-, and long-term goals and prioritize them based on whether they are wants or needs
  • Explain what an emergency fund is and the value of having one
  • Estimate the cost of medium- and long-term goals and devise smaller, periodic savings goals to reach them
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In this lesson, students will be able to:

  • Explain savings strategies, such as pay yourself first and payroll deductions
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In this lesson, students will be able to:

  • Explain the benefits of managing savings in a bank
  • Explain savings options — e.g. savings account, CDs, and money market funds — and determine which is most appropriate for a given context
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In this lesson, students will be able to:

  • Explain the difference between simple and compound interest
  • Calculate simple interest earnings
  • Solve problems related to compound interest earnings using a compound interest calculator
  • Explain how inflation can affect savings growth and be able to calculate the impact of inflation
  • Use the Rule of 72 to estimate the time or interest rate needed to double money.
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In this lesson, students will be able to:

  • Identify important criteria to consider when selecting a savings account
  • Make a systematic and informed decision by gathering, evaluating, and comparing information
  • Open a savings account
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