financial planning
GRAD TRANSITION ASSIGNMENT 1:
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GRAD TRANSITION ASSIGNMENT 2:
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FINANCIAL PORTFOLIO
Each of the assignments we work on in this unit will be part of your financial portfolio that you will hand it at the end of the term. It is YOUR JOB to keep up with the assignments and store them appropriately.
LESSON 1: Financial literacy pre-test and lifestyle calculator
- go to this link and complete the two tests at the bottom of the page (Lifestyle Reality Check Calculator and Pretest Questionnaire)
- Print your results
- Written response:
1. Write one or two sentences to complete the following statements
"My career goal is...."
"The education or preparation needed to meet my career goal is..."
2. Define "lifestyle" and give two examples of modern lifestyles in Canada
3. Will your career or income provide enough income for the lifestyle you want?
4. Is it easier to change your expense choices or the income you need?
5. How could good financial skills help you achieve your lifestyle goals?
6. Describe the future lifestyle you would like to have. (Where would you like to live? What kind of work would you like to do? What kind of recreation and entertainment would you choose?
7. Identify two career choices that would appeal to you and will meet your lifestyle goals. (Will the work be enjoyable and interesting? Will you earn enough? Can you live where you like?
8. What if anything will you have to change in your thinking about your future lifestyle to make it more realistic?
9. Go home and discuss the lifestyle reality check results with a family member. Discuss your goals and how you family can potentially help you financially or otherwise to help you achieve your goals. Provide a 2-3 sentence synopsis of your conversation with them.
- go to this link and complete the two tests at the bottom of the page (Lifestyle Reality Check Calculator and Pretest Questionnaire)
- Print your results
- Written response:
1. Write one or two sentences to complete the following statements
"My career goal is...."
"The education or preparation needed to meet my career goal is..."
2. Define "lifestyle" and give two examples of modern lifestyles in Canada
3. Will your career or income provide enough income for the lifestyle you want?
4. Is it easier to change your expense choices or the income you need?
5. How could good financial skills help you achieve your lifestyle goals?
6. Describe the future lifestyle you would like to have. (Where would you like to live? What kind of work would you like to do? What kind of recreation and entertainment would you choose?
7. Identify two career choices that would appeal to you and will meet your lifestyle goals. (Will the work be enjoyable and interesting? Will you earn enough? Can you live where you like?
8. What if anything will you have to change in your thinking about your future lifestyle to make it more realistic?
9. Go home and discuss the lifestyle reality check results with a family member. Discuss your goals and how you family can potentially help you financially or otherwise to help you achieve your goals. Provide a 2-3 sentence synopsis of your conversation with them.
LESSON 2: Meeting the Lifestyle Characters
You will work in a group of 3 and you will be assigned a Lifestyle Character. You will produce one assignment per group (each of you need a copy for your final portfolio). Read "Introducing the Lifestage Characters" and answer the following questions: 1. What is the time period and location of The City? 2. How would you describe the setting of The City? 3. What is similar to present-day BC in The City? What is different? Read the character profile. You will be creating a VISUAL digital presentation introducing the Lifestage Character. You will be presenting it next class with your group (power point is fine). - Your digital presentation should include visuals that will represent different parts of the character's life. ie. Loves pizza = should have a picture of pizza. Think about their personality, their likes and dislikes, what you think they look like, clothes they wear, hobbies they may have, education level, etc. There should be LIMITED words on your presentation. You should be able to describe what we see. At the end of your presentation you should have the answers to the following question about your character: ***If things continue as they are, what do you think the financial future holds for your character 5 years down the road? 10 years? 20? How will their future finances be affected by the choices they made in the past or the present? Reminder: Your presentation needs to be part of your portfolio. |
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LESSON 3: Presentations/Needs Wants & Priorities
First we will see the presentations (20min) Read the story "Needs Wants and Priorities" Answer the following questions: 1. Why was it important for Luna to separate her needs from her wants? 2. How were Luna's choices influenced by factors like excitement, short-term thinking, style, etc. 3. What is an example of a need and a want in your life? 4. Complete the "Needs Wants Priorities Handout" 5. Were the things Luna bought in the store needs or wants? 6. Why is it important to identify your needs and wants? 7. How can knowing your spending priorities help you meet your goals? 8. What are some ways that personal behaviours, habits or emotions could lead to poor financial choices? 9. Ask a parent or an adult to describe an item that they initially thought of as a "need" or a "must-have" but that later turned out to be non-essential, and what lessons they drew from that experience. Write a summary of this discussion. **Note by focusing on what leads to your most important goals, (top priorities), and being aware of how other factors could divert you from your goals, you can make better decisions and achieve the things you want in life. ** What you define as a need or a want influences the lifestyle you may have, and that influences how much money you'll need (as the Lifestyle Reality Check module illustrates) |
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LESSON 4: Income (2 classes)
- the end of next class will be a check in to make sure you are caught up on assignments (10 marks) Review the "Income story" and answer the following questions: 1. What sources of income was Rio planning to have as a professional athlete? What are some other sources of income that a professional athlete or celebrity could have? 2. Rio talked about making $2million/year. How much money do you think sports figures and celebrities make? Does that sound like enough money to meet Rio's or another celebrity's needs and wants? 3. How does Rio's dream income compare with that of a business owner, professional, a trade worker or a student? 4. Name 5 sources of income a student (like yourself) might have. Managing personal finances starts with a calculation of total income. Look at the "Pay Stub" handout and review. 1. Look up and explain income tax using the pay stub as an example. You will Receive the envelope of financial records for your Lifestage Character. 1. Find the pay stub, bank deposits and any other record of income (marked module 5 income) 2. Identify and explain the various deductions shown on your character's pay stub 3. Fill in the "Lifestage Character's Monthly Income" sheet 4. To estimate amounts that don't occur regularly (income from tips and odd jobs), you estimate how frequently they occur and calculate an approximate total for the month or record income over a period of time and average it to get a more accurate figure. **Remember you have to CONVERT your character's wages (monthly, bi-weekly, etc.) to fit in the worksheet: - semi-monthly income x 2 = monthly income - bi-weekly income x 2.17 (or 26/12) = monthly income - quarterly income/ 3 = monthly income - yearly income/ 12 = monthly income Look at "My monthly Income" Worksheet 1. Estimate your income using the information in the worksheet. 2. List your own income from various sources (gifts, part-time job, allowance, etc) 3. Total your income 4. Calculate estimated income after deductions for the year 5. Summarize at least 3 key points about income. |
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LESSON 5: Income continued
1. Read and complete Handout "Sources of Funding" 2. Complete handout "Quick Quiz: Income" 3. Summarize and explain at least 3 key points about income in paragraph form (5-6 sentences). |
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LESSON 6 (plus assignment at the top)
Banking Services: Open the included pdf and go through the worksheets - "Your Guide to Banking Services" Work in pairs to identify the banking services you would need for your own use and answer the first two questions on the handout. - "Banking Checklist for Youth" Work in a pair to complete the assignment to research the services and the costs of a bank, credit union or trust company in your community. You will be reporting your findings to the class (next day) in an informal presentation. - "Identity Theft" Read the news report and write a brief answer to the following questions: 1. What mistakes did the victims of identity theft make? 2. What could they have done to prevent the theft? 3. How could the theft affect the victim's use of banking services? - "Incident Report" Complete the form to describe the problems in the news report and identify ways to avoid them. Home Connections: - discuss with your parents or another adult the types of banking services the family uses and why they chose those ones - Write the 3 most important things you learned about banking services |
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CREDIT AND DEBT
Arguably one of the most important sections for Financial Planning.
Read through the documents and complete the assignments. 1. Presentation - Comparing cards (you will be presenting next class (11th) - Second page in the package to the right --> 2. "Borrowing Money and Your Future Goals" sheet (written in paragraph form) - Last page in the package to the right --> |
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