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Personal Money Management

Personal Money Management. SS6E4 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing. It’s Your Money, Honey! (pg. 56). Money = medium of exchange used to buy goods and services

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Personal Money Management

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  1. Personal Money Management SS6E4 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing.

  2. It’s Your Money, Honey! (pg. 56) • Money = medium of exchange used to buy goods and services • Income provides a person with money to spend on whatever he/she chooses. • Credit is used to buy something now and pay for it later…example = $25,000 car (most people do not have $25,000 in cash to pay for a car, so most go to a bank and obtain a loan – you can go ahead and buy the car and make payments (with interest) to the bank for ~ 5 yrs.). • When something is bought on credit, you usually have to pay the amount you borrowed, plus an additional amount in interest. • Interest = fee paid for the use of someone else’s money

  3. Now complete the following in the GPS book: Pg. 56 – “Think About It” and “Special Economics Info” Pg. 57 – “Essential Skills”

  4. Make Your Money Grow (pg. 57) • invest – to commit money or capital to gain a financial return • Saving money can give you extra cash when you need it, but it also can increase your holdings by INVESTING!

  5. Make Your Money Grow (pg. 57) • Ways to invest money include: stocks & bonds,collectibles, real estate (examples: land/houses),natural resources, businesses (your own or someone else’s). • Remember…some investments are more risky than others!!

  6. Now complete the following in the GPS book: • pg. 58 – “Special Economics Info” • pg. 58 – “Quick Quiz” • pg. 58 – “Think About It” • pg. 59 – “Math Experience”

  7. Enrichment (pg. 59) • During the Great Depression of the late 1920s and early 1930s, many people who had money in banks lost some or all of their money when the banks failed!!! • President Franklin D. Roosevelt & Congress made several changes.

  8. They created the Federal Deposit Insurance Corporation (FDIC) in 1933 – it provides insurance protection to customers (depositors) if the bank goes out of business. • FDIC guarantees that up to $100,000 of a person’s money is insured & safe. • Since the FDIC began, no one has lost a penny of insured money because of a bank failure!!!

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