Financial Decision-Making Simulation for Classrooms

3. A hands-on experiential simulation • Practice future financial decision-making • Designed for classrooms • Includes three one-hour sessions • Introduction • Simulation • Follow-up

4. Personal finance knowledge • Skills in check writing, debit card use, online banking, balancing a transaction register • Budget management • Understanding of • gross and net income • Impact of education on career options • Impact of occupation and family matters on lifestyle

5. Sole or primary source of household income • 18 to 25 years old • Occupation, monthly salary and deductions • Managing a checking account • Making purchases and paying bills Intro-1

6. Basic Nutrients Child Care Guidance and Development Comfortable Living Entertainment Extravaganza Has It All Mall It Could Happen Mirror Mirror Money Counts Moving On Up Protecting Your Assets Transportation Utility Connection Intro-2

7. Single or Married? Number of children? Family Situation influences spending on: Medical insurance Food Clothing Entertainment Housing Transportation Child care Intro-3

8. Federal Income Tax • State Income Tax • Social Security Tax • Medicare Tax • Basic Insurance GP-1

9. Gross Pay – Amount of monthly income before taxes • Deductions – Taxes and insurance costs subtracted from gross pay • Net Pay – Amount after deductions are subtracted GP-2

10. GP-3

11. Salary: $ 4,314 monthly $51,780 annually Withholdings(including Income, Social Security and Medicare taxes) GP-4

12. Worksheet for Calculating Net Income GP-5

13. Money Counts Banking

14. C&B-1

15. C&B-1

16. C&B-1

17. C&B-1

18. C&B-2

19. C&B-3

20. C&B-4

21. Use ink • Write neatly • Sign your name in cursive • Never sign a blank check • Initial changes • Never leave the amount empty on a signed check • Write VOID across a check to cancel it C&B-5

22. Is there anything wrong with the way this check is written?? Member FDIC C&B-6

24. Credit and Consequences

25. CC&C-1

26. CC&C-1

27. CC&C-1

28. CC&C-1

29. CC&C-1

30. CC&C-1

31. Mighty Money – credit card statement 5000 0101 0002 1111 Credit Card Statement At Your Service – If you have questions about your statement, or if your card is lost or stolen, contact the credit manager at Big Money Bank & Credit. Make all payments to Big Money Bank & Credit. CC&C-2

32. Mighty Money Account Last billing cycle changes Mighty Money – credit card statement Page 1 of 1 5000 0101 0002 1111 CC&C-3

33. Mighty Money – credit card statement 5000 0101 0002 1111 Total Paid $ CC&C-4

34. By the way, this assumes that the cardholdernever puts another charge on the card! CC&C-5

35. SIMULATION

37. D&F-1

38. True or False False • How much income a person receives is mostly based on luck. • Once a person has completed college or a job training program, there is little need for continuing education. • For most people, the greatest asset that they have is their ability to earn money. • If you have a job that pays $10 per hour and you work 2 hours, your net pay will be $20. False True False D&F-5

39. True or False True • Every financial decision has consequences. • Bad financial decisions only affect the person who made the decision. • It is important to track how you spend your money. • Using a checking account to pay for expenses can make record keeping easier. • The only cost of owning a car is having a monthly loan payment. False True True False D&F-5

40. True or False False • It is just as easy to get out of debt as it is to get into debt. • When credit card debt is repaid over time, the finance charges are usually less. • Wise use of credit can help build wealth. • Lifestyle choices made today will have very little impact on financial situations in the future. • The only way to build wealth over the long run is by spending less than you earn. False True False True D&F-5

41. True or False True • Saving is necessary to achieve most financial goals. • The length of time money is left to grow is an important factor in determining how much the money will be worth in the future. • Financial success is achieved through choices made. • Good financial management is a skill that can be learned and made into a habit. True True True D&F-5

42. How did having a family make a difference in your finances? • Describe some decisions you would have made differently if your family scenario were changed. D&F-5

43. D&F-2

44. D&F-3

45. D&F-4

46. Selecting a Career

47. Registered Nurses Medical Technicians and Assistants School Teachers Veterinarians Veterinary technologists and technicians Counselors Computer software engineers Pharmacy technicians Dental hygienists Tractor-trailer and Heavy Truck Drivers Forensic Science Technicians Physical therapists Physical therapist assistants Security Guards Sales Representatives Home Health Aides Personal and Home Care Aides Personal Finance Advisors WDID-3

48. Thank You!