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Financing Your Future
This conference is made possible by:
Council for Economic Education
University of Illinois Extension
COUNTRY® Financial
U.S. Department of Education Office of Innovation and Improvement
InstructorsDr. Angela Lyons
Associate Professor, University of Illinois (217) 244-2612; [email protected]
Debra Bartman Extension Educator, Quad Cities Center (815) 875-3183; [email protected]
Patricia Hildebrand Extension Educator, Effingham Extension Center (217) 347-5126; [email protected]
Financing Your Future 5 videos15 lesson plans – 3 for each videoGlossary of termsTest bank (pre- and post-test questions)Table of correlations to learning standards for
economics, mathematics, and personal finance
Financing Your Future Websitehttp://financingyourfuture.councilforeconed.org/
Table of Contents
Sample Videos & Lessons
Workshop Leader’s Guide
Glossary
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Video Summaries1. Get a Financial Life
(setting financial goals and building wealth)
2. Get Smart (decisions have consequences)
3. Get Banked (developing banking relationships)
4. Get the Credit You Deserve (understanding credit and debt)
5. Get a Financial Plan (financial planning and saving early and often)
April 21, 2023FINANCING YOUR FUTURE © NATIONAL COUNCIL ON ECONOMIC EDUCATION, NEW YORK, N.Y.
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National Standards - Economics
April 21, 2023FINANCING YOUR FUTURE © NATIONAL COUNCIL ON ECONOMIC EDUCATION, NEW YORK, N.Y.
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National Standards - Mathematics
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National Standards – Personal Finance
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Video 1: Get a Financial Life
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Video 1 – Get a Financial Life
3 Lesson Plans
Lesson 1.1: What is a Financial Life?Lesson 1.2: Setting Financial GoalsLesson 1.3: Spending Less Than You Earn
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Video 1 - Key Concepts
Building wealthNet worth and savingsSetting financial goalsShort, medium, and long-
term goalsOpportunity costsSpending less than you earnIncome and expenditures
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Video 1 – Visuals and Activities
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Video 1Activity 1.1.2 - Financial Scenarios
Divide students/clients into groups.
Assign a financial scenario to each.
Discuss whether saving and investment habits will lead to wealth accumulation, and why or why not.
List factors that add to wealth.
List factors that detract from wealth.
Consider factors not spelled out in the scenario that might change the groups opinion.
Assign someone in each group to report back.
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Video 2: Get Smart
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Video 2 – Get Smart
3 Lesson Plans
Lesson 2.1: Why Can’t I Have Everything I Want?
Lesson 2.2: Decisions About My Human Capital – What Is It, and How Do I Get Some?
Lesson 2.3: Learning is a Lifetime Investment – Constructing a Career Roadmap
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Video 2 - Key Concepts
Decision-making and problem solvingDecisions have consequencesTrade-offsOpportunity costsAlternativesCriteriaCost/benefit analysisHuman capital
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Video 2 – Visuals and Activities
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National Center for Education Statisticswww.nces.ed.gov
Bureau of Labor Statistics (BLS)Occupational Outlook Handbook (OOH)
2008-2009 Editionwww.bls.gov/oco/
BLS Employment Projections Program (EPP)www.bls.gov/emp/#tables
Tables, Tables, and More Tables!!!
BLS State Sourceswww.bls.gov/oco/oco20024.htm
Illinois Department of Employment Securitylmi.ides.state.il.us/
Teacher’s Guide to OOHwww.bls.gov/oco/teachers_guide.htm
Exploring Career Information from the BLS (2008-2009 Edition)
www.bls.gov/k12/index.htm
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Video 2 – Activity 2.3.1 Career Decision Process
Step 1: Define the Problem.
Step 2: List your Alternatives.
Step 3: Identify your Criteria.
Step 4: Evaluate your alternatives based upon the criteria.
Step 5: Make a Decision.
What Do You Want to Be When You “Grow Up?”
Criteria
Alternatives
Criterion 1
Criterion 2
Criterion 3
Criterion
4TOTAL
Career Option
1
Career Option
2
Career Option
3
Directions
Divide students into groups. Distribute 3 different career alternatives to each group.
Use the first column on the decision grid to identify the 3 “career options.”
Have the students brainstorm a list of criteria that are important to them in making a career choice (e.g., hours, salary, benefits, personal interests, educational requirements, vacation benefits, adventure, helping others, working conditions, safety, promotion and advancement, stress).
Have the students write the most important “criteria” in the appropriate columns of the decision grid.
For each career option, the students should then rate each criterion with a number from “1” to “5.”
“5” indicates the career option rates most favorably according to that criterion. “1” indicates the option rates least favorably.
When students have finished, they should add up the total for each career and enter it into the last column.
Students should place a “star” next to the career best suited to them.
Have students discuss in their groups why they chose a particular career.
Does that career require post-high school training?
How much additional education is needed to attain their chosen career?
What types of training and education will they need?
Discussion Questions
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Additional Activities
2.3.2 Assessing My Skills2.3.3 My Career Roadmap
Session 1 Finding Your Calling – Career Planning
and Life Skills Simulation
Brittney RichardsPrairieview-Ogden Jr. High School
Session 2 The Changing Employment Scene – Gearing Up for New Opportunities
PanelistsJennifer Goveia, State Farm®Mark Guzzardo, Caterpillar®Sue Herriott, OSF HealthCare
1. Current Economy and Jobs
How has the economy affected current employment opportunities within your company, your industry, and the local community in general?
2. Future Employment Opportunities
What is your outlook for future employment opportunities?
What employment challenges do you see in the next few years?
What can individuals do to prepare themselves?
3. Job Skills and Training
In the future, what will employers be looking for?
What types of hiring needs will they have?
What types of job skills and training will future employees need to have?
4. Workplace Financial Issues
What types of financial issues are on employees minds right now?
How can financial educators potentially help employees to be less stressed and in more control of their finances?
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Video 5: Get A Financial Plan
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Video 5 – Get A Financial Plan
3 Lesson Plans
Lesson 5.1: Why Should I Pay Myself First?Lesson 5.2: How to Create a Financial PlanLesson 5.3: Risks and Rewards?
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Video 5 - Key Concepts
Saving early and oftenCompound interestRule of 72Income, expenses, and budgetingFixed vs. variable expensesAssets, liabilities, and net worthTypes of investment instrumentsRisk vs. returnDiversification
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Video 5 – Visuals and Activities
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Time Value of Money
The earlier you save, the more $
$’s you will have.
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Savings accounts: provide a small but steady return.
Certificates of deposit: very safe, but instant access carries a penalty.
Bonds: lending money to a corporation or government, with a promise of higher returns than those offered by bank savings accounts and CDs.
Stocks:part ownership in a company, offering higher risks and, potentially, higher returns than some other investments.
Real estate: the risks and benefits of being a landlord.
Forms of Saving and Investing: Benefits and Costs
Very High RiskJunk bonds,
options
High RiskGrowth stocks, growth funds,
aggressive-growth mutual funds
Moderate RiskIncome funds, balanced mutual funds,
bond funds, municipal bonds, corporate bonds, blue-chip stocks
Very Low RiskTreasury bills, CDs,
money markets funds, savings accounts
Risk Pyramid
Video 5 (Lesson 5.3)Activity – Trade-Off Between Risk and Return(Learning, Earning, and Investing)
Floor Markers:
MattressSavings AccountsCDsBondsStocksMutual FundsReal Estate
Investment Situations: Which Form Will You Choose?
You have $5,000 to invest. No other information is available.
You have $4,000 that you’ll need six months from now.
You inherited $10,000 from your great-aunt; she has suggested that you save it for use in your old age.
You are just starting a career and can save $50 per month for retirement.
A new baby arrives, and Mom and Dad plan to save $100 a month for the child’s college education.
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Activity 5.2.1 Building A Budget
to Build WealthPart 1
Is there anything you think Anya left out of her budget?
Do any of Anya’s expenses seem too high or too low to you?
5.2.1 Discussion Questions
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Activity 5.2.2 Building A Budget
to Build WealthPart 2
What reductions did Anya make in her spending?
What categories did she add to her budget?
How is she handling the periodic expense – car insurance?
What is still missing from her budget?
What is the major problem with Anya’s budget now?
What recommendations would you make to help correct the problems with her budget?
5.2.2 Discussion Questions
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Activity 5.2.3 Building A Budget
to Build WealthPart 3
What changes did Anya make?
Why are these good changes for Anya?
What type of expense is car maintenance?
5.2.3 Discussion Questions
Session 3 A Financial Check-Up – Preparing for
Job and Employment Transitions
Brad Wurth and Rick KlineCOUNTRY® Financial
Session 4 Landing Your Dream Job – Smart Strategies
for Competing in the Job Market
Pat HildebrandUniversity of Illinois Extension
Session 5 Building Your Future – The Ultimate
in Career Roadmapping
Pamela DanielIllinois workNet™
U of I Center for Economic and Financial Educationhttp://www.cefe.illinois.edu/
FINANCING YOUR FUTUREhttp://www.cefe.illinois.edu/tools/fyf.html
LINKShttp://www.cefe.illinois.edu/links/
Other Resources
Council for Economic Education
http://www.councilforeconed.org/
Econ Illinois
http://www.econed-il.org/icee/
University of Illinois Extension
Consumer and Family Economics
www.ace.uiuc.edu/cfe
NCEEwww.ncee.net
Council for Economic Educationhttp://www.councilforeconed.org/
Questions
