Coming to Personal Finance Lab Spring 2021
There are a lot of new enhancements that will be coming this January and will improve how both teachers and students use the platform.
Quick Overview
Stock Game
Weekly Deposits
$1 Starting Cash
Budget Game
Starting Positions
Graphics Update
System Updates
New Badges
New Widgets
New Certifications
New “Combo” Dashboard
New Onboarding for Teachers and Students
Stock Game Updates
Focusing on bringing more emphasis on Personal Investing, which mimics how people invest their money in the real world. Starting out with a small amount of cash, (like $1) and then adding weekly deposits every week for the rest of the semester.
Students need to continually reinvest these new funds, ranging from $100 to $50,000 that is automatically added to their accounts each week. This rebalancing is replicating how investors save for their retirement, buying a car or house or any other goals they may have.
To encourage students to complete their lessons, teachers can set rewards that add a lump sum into their account only when they finish their assignments. This integrates the lessons into the game so everything is interconnected. Students would only be able to make trades after they’ve watched the tutorial videos since their accounts will be empty when they first start. What stocks should students buy? Read this Motley Fool Review for the best performing stocks.
Budget Game Updates
Students will now start the game and immediately set their budget for the upcoming month. Including their expected income and expenses, as well as their savings goals BEFORE choosing their apartment, meal plan, internet and cell phone plans.
We’re also upgrading all the graphics in the game to add more illustrations and images to every event card to bring the game to life. Also, we’re rearranged the Budget Game to be the first step when creating your class.
New badges
New Mastery badges have been added! These are earned by students who complete full units of lessons and activities in the Stock Game and Budget Game.
For example, become a “Credit Master” by completing all the lessons related to Credit, plus building a credit score in the Budget Game and collecting badges for trading specific combinations of stocks from different sectors in the Stock Game. This encourages students to go above and beyond the bare class minimums
Widget Update
Customize and broadcast news to your classroom much more easily than ever before! You will now be able to change the parameters yourself from the administration tab. Options include; watchlists for top traded stocks, (e.g. the Dow Jones) portfolio rankings, word of the day for investing and more.
Each widget can be set per class and for specified periods of time. A unique URL will be generated that automatically runs a rotation of your selection on any screen with internet connection.
You can create as many screens as you want and host them on monitors in your personal finance lab or classroom. There are a lot more options than ever before, so you can broadcast your own google slides, your school website or even weekly or monthly rankings.
If you’ve purchased the Data Widget bundle, a member of our team will be in touch with you in the coming weeks to explain how you can set this up yourself. Contact us at sales@stocktrak.com if you would like to add this to your classroom.
Certifications
New Investing and Financial Literacy certificates of completion are now in beta testing. If you want early access you can test it out now, and it will be fully functional by mid-January 2021.
Students who complete all 10 chapters of our Investing101 course and complete 25 trades can earn this certificate. Students who complete all 50 Personal Finance lessons, as well as the 12 months of the Budget Game and place 25 trades in the Stock Game can earn the Financial Literacy Certificate.
In both cases, all the badges the students earned is printed on the back of the certificate. Even if they weren’t part of the curriculum.
The certification will be available from the main menu and will include 30-50 activities to complete. Once students are done, they can download their certificate as a PDF along with all their competencies on the date they finished.
Combo Dashboard
The new dashboard will be available before the holidays, and we expect further updates to continue into next semester as we get more feedback from teachers and students. Once implemented, anyone who logs into their account will have an overview of everything included in their class right from the dashboard.
This includes portfolio rankings, open positions, budget game status and a summary of assignment progress with their due dates. Class announcements will also be available as well as market news, word of the day and top traded securities. Teachers will have a slightly different view with more information on how students are progressing overall.
Onboarding
Starting this January, new “product tours” will launch when students and teachers login to Pfinlab for the first time. It will continue to be available as a “help button” from the top menu if you ever need assistance later on.
For Teachers
When you login in for the first time, the tour will help you set-up your first class. Showing you the default settings and providing recommendations to help you customize everything for your class.
For Students
Students will be taken on an interactive tour highlighting how to access the Budget and Stock Game and what everything means. They will continue to have access to more in-depth tutorial videos demonstrating how to use the investment tools.
Recommended Course Outline
When you set-up your class for the first time, adding the name and description of the class etc. you may want to start using the private option to limit access from outside students. We’ve received many complaints about this from teachers, so if you haven’t used the password protection in the past, it’s a good feature to start using.
If you choose to turn off “Show Certificates,” the system will still record all the assignments and tasks your students complete. So if you choose to turn it on later, they will still get credit.
Moving forward, the Budget Game settings will be moved to the beginning of the class set-up process to reflect how most students use the platform in their class. Here is a proposal of how you could set-up your class to take advantage of some of our new features.
1. Students get access to the Budget Game and learn about budgeting and saving goals.
2. They have $1.00 in their portfolios so they can’t invest yet, so they can use this time to watch the trading tutorials.
3. When they complete their first assignments, they get a reward of a lump sum (e.g. $100) that allows them to start investing.
4. Every subsequent week, students will get a weekly deposit into their account to invest in stocks, mutual funds and bonds (or whatever else is available).
5. This integrates the Budget Game, Stock Game and assignments together so that students learn how related their personal budgets are to their investing activities.
Coming Spring 2021
Curriculum Update – a huge overhaul to our assignment engine will enable faster updates and will improve the teacher reports. Later in the spring, we’ll have another update that provides more in-depth information to teachers on topics students are having the most trouble with. Allowing you to pinpoint what to focus on in lectures and provide more support for.
Budget Game Speed Limits – a method to prevent students from racing ahead and finishing the entire game ahead of schedule. This will allow you to set assignments and tasks to complete in the game, (for example more insurance cards) to reinforce core concepts as they progress through the curriculum.
What is a Student Loan?
A student loan is exactly what it sounds like – a loan given to students to finance their studies. This is most common for college or university students, but also works for trade schools and other vocational studies.
Most of the time when a person takes out a loan, they are using it to invest in an asset that they will use later – like a mortgage for a house or a car loan for a car. With a Student Loan, you are investing in yourself. The gamble you make is that the cost of the loan (plus interest) will be less than the extra income you’ll earn with the new education.
Before You Start – The FASFA
The FAFSA is the Free Application for Federal Student Aid. If you want to pursue higher education, this is the first place to start, even before you look at student loans. If you qualify for federal financial aid, it is basically free money you can put towards education (and reduce the total amount you need to borrow).
The FAFSA form can be a bit long and may require you or your parents’ tax information to see what aid you can qualify for. But when you are looking to go to school, this is the first step in the process. Many universities insist every student complete the FASFA before taking out any student loans to lower the total debt burden students will have when they graduate.
Types of Student Loans
There are a few types of student loans available for students in the United States, depending on their needs.
Federal Loans
The cheapest loans are provided by the US Department of Education. These loans are only available for students at federally approved colleges, universities, or trade schools. These have a low interest rate, but also allow very little to be borrowed – potentially not even enough to cover tuition and school fees (let alone housing costs). Federal loans have two types – “Subsidized” and “Unsubsidized”.
- With a subsidized loan, the Department of Education pays off all interest while you are in school, and for up to 6 months after you graduate while you try to find a job. This makes subsidized loans very cheap, but these loans are the hardest to get (with the lowest amount you can borrow). You need to show that you have “Financial Need” to qualify for a subsidized loan.
- Unsubsidized loans accumulate interest as soon as you take out the loan, so you’ll be building up interest the whole time you’re in school. But Federal Loans typically have a low interest rate, so this can still be an attractive option for many students (compared to private loans).
A single borrower can have both types of loans at the same time, so you might have some of your borrowed amount accumulating interest while the other is not.
How Much You Can Borrow
The amount you can borrow with a federal loan is determined by your school – schools work with the Department of Education to ensure students do not over-borrow on federal loans (meaning borrow more than the minimum it should cost to attend school).
| Year In School | Borrowing Limit |
| 1st Year Undergraduate | $3,500 subsidized, $6,000 un-subsidized ($9,500 total) |
| 2nd Year Undergraduate | $4,500 subsidized, $6,000 un-subsidized ($10500 total) |
| 3rd Year + Undergraduate | $5,500 subsidized, $7,000 un-subsidized ($12,500 total) |
| Graduate Studies | No subsidized, $20,500 unsubsidized |
| Total Cap (Across all years) | $65,500 subsidized, $73,000 unsubsidized ($138,500 total) |
Source: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
You can borrow the less in your first and second years because of the risk of dropping out – the program is designed to prevent students who drop out of college from being saddled with massive debt that they are unable to repay.
If You Are A Dependent – PLUS Loans
If you are still a “dependent” of your parents for tax reasons, you can borrow even less, as it is assumed your parents should be helping you out with some of your school costs if they can claim you on their taxes.
But if your family already has financial need, your parents can obtain what are called “PLUS” loans. With a PLUS loan, your parents would take out a student loan on your behalf to help pay for your school. The difference is that your PARENTS are the ones responsible for paying back the loan, not you.
PLUS loans are not very popular – their interest rate is much higher than direct student loans, and parents in families with financial need are not usually able to take on the additional debt burden.
Private Student Loans
Private student loans are issued by other private banks and lenders. The interest rate is determined by the general market interest rate. Sallie Mae is the largest provider of private student loans – if you need student loans to finance your education, you will probably work with them at some point or another.
Private Loan Advantages
While federal loans are usually cheaper than private loans, private loans have some distinct advantages:
- Much simpler application process – usually just one or two forms with a credit check. This means the time to apply and start school is shorter and easier.
- Flexible Terms – with different payment plans, when you start paying, and ways to defer interest until you graduate depending on your needs.
- Bigger Amounts – you can usually borrow a lot more with private loans than federal loans.
- Easier to Manage – By having all of your loans in one place (skipping the federal loans entirely), you have one application process to go through each year, one payment to make after you graduate, and an easier time managing your budget.
Private Loan Risks
Student loan debt in the United States has skyrocketed, which makes some parts of private student loans controversial. The biggest drawbacks of student loans include:
- Too easy to borrow too much – college students are not celebrated for their skill in personal budgeting. Private student loans let students borrow more money – and money in the bank is money that can be spent. It can be hard to remember when you’re taking out a loan that you will eventually need to pay it back, and over-borrowing as a student (and accumulating interest the whole time you’re in school) is a good way to start your career saddled with a huge amount of debt.
- Discourages a mix – Private student loan providers usually encourage students to get all of their student loans in one place to simplify the process every school year, but this means you might miss out on better interest rates for part of your debt that you might have gotten with a federal loan. Mixing federal and private loans is a lot more work, but it can save a lot of money in the long-run.
- Flexible terms can be confusing – all of the flexible repayment options makes it sound easier to manage, but it can be challenging to know when you first sign up for a loan which path makes the most financial sense for you. This can be an extra risk.
At the end of the day, taking private loans is still a great way to finance your education, but it takes good financial discipline on your part to avoid graduation day saddled with debit.
Risks of All Student Loans
Whether you have a Federal loan or a Private loan, there are some unique risks associated with student loans.
The Risk Is On YOU
With a student loan, you are investing in yourself – the education you receive with the loan money should increase your future income. Unlike a house or car (which you can sell if you get behind on payments), if you do not complete your education, you get no benefit and all of the debt.
This means that before you take out any student debt, you should be sure that you can commit to finishing school and obtaining your degree. Ideally, you should also do some career research to see what kind of starting salary you will earn after you graduate when you plan how much you can borrow. Most undergraduate students wildly over-estimate how much they will earn after graduation – you can find estimates per major through surveys conducted by the National Association of Colleges and Employers (https://www.naceweb.org/).
Bankruptcy Does Not Work
If you rack up credit card debt or other types of loans, you always have the option of bankruptcy relief. But bankruptcy works by selling off your assets, negotiating with lenders, and coming out with a payment plan.
Because student loans are based only on the skills and credentials you should have earned while in school, student loan debt does not qualify from bankruptcy protection – there is no escape, and you are stuck with it until you can pay it off.
Budgeting Is Essential
Knowing how to build an effective budget, and stick with it, while in school is the best thing you can possibly do to manage your student loans. Ideally, at the end of each year, you should have a sizable amount of the loan amount that you did not use (and kept as an Emergency Fund), and can repay immediately when you graduate to lower the interest you need to pay going forward.
This means you need strong long-term planning, good impulse control, and the ability to see yourself after graduation – and understand how much your loan payments are going to cut out of every paycheck.
Student Loan Best Practices
If you are considering higher education and might need student loans, follow these steps:
- Complete The FAFSA. This is free money that you do not need to pay back, and so will reduce the amount of loans you need to take. You will need to complete this first before most student loan programs will even take your application.
- Look For Scholarships. Sallie Mae has a scholarship search tool, and others exist as well. Scholarships are another source of free money, and most scholarships receive very few applications because students never bother to apply. Spending a few hours searching and applying for scholarships can save off thousands of dollars from your final loan amount.
- Start With Federal Loans. Apply for federal loans first, especially subsidized federal loans. It takes a bit more work every year to get funded, but the lower interest rate will save big money when it comes to repay. You cannot apply for federal student loans directly – after you complete your FAFSA, your college or university should present you with your federal loan options.
- Minimize Private Loans. Most students end up needing some private loans to finance their education (particularly living expenses), but this should be the last piece you apply for once you’ve already shaved off as much as you can with the other options.
After Graduation – Refinance
After you graduate from school, investigate options to refinance your student loans. By the time you finish school, you will probably have several different student loans (mixes between Federal and Private, different periods and interest rates, ect), which can be tricky to manage.
However, there are many companies set up specifically to refinance your student loans after graduation, usually paying you a loan transfer bonus, and potentially a lower interest rate. Refinancing companies want to see that you’ve started work (and how much you’re earning) before they give you options, but this is an often over-looked way to save thousands more dollars on your total debt burden right out of school.
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
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You may or may not have used PersonalFinanceLab in your classes before. Many teachers know how to take advantage of all its resources, but there are always new schools registered that need a basic tutorial on how to use the platform.
With that in mind, we created this post to highlight the main points you should know about the Budget Game. If you have any further questions, check out our tutorial video below.
About the Budget Game
- Your students take on the role of a college student with a part-time job – in most scenarios, students have roommates, so they need to manage shared household expenses for the first part of the game.
- They graduate from school and become a full-time worker part-way through the game – they become a full-time worker (40-hour work per week), with more consistent income, but also with bigger expenses, since they no longer have roommates.
- Emphasis is on managing CASH FLOW and reinforcing PAY YOURSELF FIRST saving strategy – the goal is not necessarily to make students break their expenses down on a spreadsheet. The idea is to make students control and manage their expenses and income to build healthy finance habits.
Students Objectives
- Emergency Fund – Students’ first major goal is to save an Emergency Fund of $1000 – doing so earns a huge point bonus
- Credit Score – Students have a credit card they can use for purchases. Using it responsibly builds up their Credit Score and increases their Credit Limit.
- Savings Goals – We ask students to set a “Savings Goal” every month. Students get bonus points if they save at least 10% of their income every month.
- Quality of Life – Avoiding every expense is not a winning strategy. Students earn “Quality of Life” points by buying nice things, having a better apartment, and spending time with friends
- “Life” Balance – Students also need to take care to spend time on chores or studying – their landlords give inspections and fines, and failing an exam can have big penalties.
Launching the Game
To kick off the game for your class, give them a prompt describing their scenario:
You are taking on the role of a college student in their last semester. You have a part-time job and are sharing an apartment with roommates. You will earn a paycheck each week, have bills to pay, and a credit card you can use – your goal is to build up your Emergency Fund and Credit Score while maintaining a high Quality Life.
After you graduate from school, you will move to a new apartment on your own and start your full-time job. You will have more (and bigger) bills, but also a bigger, steady paycheck. Keep hitting your Savings Goals and keep a high Credit Score and Quality of Life to max out your financial future!
– This is important because it helps students understand what they’re doing in the game as they’re moving through time. They need to understand that this transition from a student to a worker is very different –
First Learning Points – Unplanned Expenses
When students start the game, one of their first goals is to balance their expected income and expenses so they can set their first Savings Goal.
We give students most information, but they need to take a guess at how much they will spend on “Unplanned” expenses each month.
This is a key learning point – the first month will be a complete guess, but after a couple of months, students will see that small “impulse” and “last-minute” purchases add up quickly to be a major part of their spending!
First Learning Points – Pay Yourself First
Every month students also need to set their Monthly Savings Goal.
The secret is that we don’t care what their expected expenses are – to get the most points, students need to save at least 10% of their expected income.
This is a key tenant of the “Pay Yourself First” savings strategy, a foundation of the budget game.
First Learning Points – Quality of Life
When students start the game, they are also asked to make several lifestyle choices:
- Where will they live? Crammed in with 5 roommates, or a nicer place with just 1 friend?
- What kind of TV/Internet package do they want? Just the basics, or a full-service package?
- How about their Cell Phone and data plan?
- And how will they be feeding themselves? Lots of cheap ramen and pasta, or lots of eating out?
These choices have a big impact on their Quality of Life – more expensive options give students a better Quality of Life and bonus points, but make it harder to hit their savings goals.
Discussion Point
Every student will have different events through the game – try launching a class discussion on what were the biggest expenses students faced each month. How frequently would students expect each expense to happen in the real world?
First Month
As students progress through the first few months, the game will pause and prompt students to complete short lessons.
We cover Credit and Debit, Savings Goals, Emergency Funds, and other essentials students need to succeed in the game in the first month, and more general finance concepts as the game goes on.
Life Events
At the end of each term, they get a life event. There’s two major types of led events: Fixed Expenses and Choices.
Fixed Expenses
Students don’t get any choice in it.
Either they need to choose to pay for something on their debit or credit card, either they need to choose to pay for it or skip it.
Choices
The choice cards have a big impact on their quality of life. Taking the more expensive option usually gives students a lot more points on the Quality of Life throughout the game.
Example: Students need to choose either they want or not to pay for house insurance. If they choose to don’t pay for it, there is a chance to have a break in every month, costing them several hundred dollars.
Discussion Point
Every choice in the budget game matters. The “Life Events” that pop up through the game are somewhat determined by the choices students make as they play.
What happened to you this month? What did you do before that had an impact on this? What would you have changed to make this outcome better? You can discuss this with students since they can give a recap of what worked well and what they would have changed in the past.
Ending the First Month
At the end of the first month, students get a summary of their savings and expenses, along with their progress to their savings goal.
Hitting a savings goal of 10% or more of their income earns big bonus points.
Teacher Tips
Make sure to play at least the first month of the game together as a class
End the first month of a recap – what were unexpected expenses? How did students cope? What will they do differently next month?
Assessments
Building assessments around the budget game is a matter of art. You will get the most out of your students if you ask them to provide “Monthly Summaries” as written document – specify what went right, wrong, and what they plan to do to fix it.
Be sure to also use the Assignments built into PFinLab — these have quizzes with automatically-graded quizzes you can use for more objective grading!
The Next Months…
Students will build up their Credit Score and Emergency Fund for the first part of the game, with lessons along the way.
Keep students “paced” by completing assignments and quizzes, rather than hour-long blocks of just the game itself.
Students will build up their Credit Score and Emergency Fund for the first part of the game, with lessons along the way.
Keep students “paced” by completing assignments and quizzes, rather than hour-long blocks of just the game itself.
The Rankings
The Budget Game also has a ranking page, showing student rankings by Overall Score, Net Worth, Credit Score, and Quality of Life.
Pay attention and give students shout-outs – even students at the bottom of the list!
Graduation
After playing as a part-time student for a semester, students “Graduate” from school and start their first full-time job.
They will need to pick a new place to live and other settings (as they no longer have roommates), and now get a consistent 40-hours per week salary at a higher pay grade.
Key Learning Point
The starting salary students get when starting their full-time job depends on how much they “studied” when a student. Students who “studied” often get a bigger paycheck with their full-time job!
Full-Time Mode Differences
- Bigger Bills – Students no longer have roommates, their bills all go up significantly
- Bigger Paychecks – Students have a pay raise and work a steady 40-hours a week
- Professional Development – Instead of studying, students can undertake “Professional Development” on the weekend (and raise their salary with enough of it)
- New Bills – New “Student Loan” and “Health Insurance” bills to pay every month
Key Learning Point
On the weekend, “Study” becomes “Professional Development” – as every student in the modern economy should understand the importance of lifetime learning. Conducting “Professional Development” frequently leads to a raise at their job!
Other Full-Time Mode Differences
Once students start their full-time job, they will be faced with even more choices and long-term impacts than before.
- Getting a pet? Expect to spend more at the grocery shop, and new vet bills pop up as Life Events… But also expect to boost your Quality of Life.
- More emphasis on household expenses, insurance, and general “Adulting”
Key Learning Point
As students complete 6, 12, 18+ months of the game, most of the healthy financial habits should become second nature.
After 12 months, how many students have a full 840 credit score? Launch a class discussion with both the students at the top and bottom of the class rankings to identify what went right and wrong, and discuss the importance of establishing healthy habits early!
If you have used a stock game in your class before, you know the drill – you choose your class’s custom rules and starting cash (usually around $100,000), your students sign in, and they use that cash to build their portfolio that they manage over the course of a semester.
This might make sense to a professional fund manager who has a certain amount of assets, but is a far cry from how personal investors build their wealth over time. PersonalFinanceLab’s newest enhancement turns this system on its head with our new Weekly Deposits – the biggest thing to happen to stock games since stocks!
How It Works
With Weekly Deposits, you would start off your class with a relatively small amount of starting cash – say $100, $1000, or even $10,000.
Then every Sunday evening, your students get extra cash deposited into their account – as the teacher, you choose exactly how much.
This completely transforms a passive “Fund Manager” stock game into a true Personal Finance exercise. Just like the real world, students regularly add money into their portfolio, which they need to continually re-invest and re-balance, rather than passively holding a few stocks they purchased on the first day of your class game.
This matches how a small investor really builds their portfolio – one transfer at a time!
Using Weekly Deposits In Class
Weekly Deposits opens up a whole new world for ways to use the PersonalFinanceLab stock game in classes. Here’s a few scenarios to consider for your next semester:
The Junior Investor
When we ask for student feedback, one of the biggest downsides of a “$100k stock game” is that it is more money than the average student can really conceptualize. For Weekly Deposits, you can create a “Micro-Investor, Regular Saver” game!
- Start students out with just $100 starting cash – putting a true limit on what they can invest
- Set a weekly deposit of $100, to mimic students saving an extra $100 out of every paycheck for the duration of your class.
- As your class stock game goes on, students will be able to afford different stocks, and need to rebalance their portfolio to adjust. Do they keep re-balancing to maintain diversification, or do they cash out all their Ford stock (around $8/share) to buy one share of Apple (around $120/share) after the first week?
The Career Saver
This scenario gives a bit more flexibility for students to build a diversified portfolio right off the bat.
- Start students with $10,000 in starting cash, with our normal 25% position limit rules (students need at least 4 different stocks to use all their starting cash)
- Deposit an additional $1000 cash each week. In the scenario for your students, this will be a “sped-up” monthly savings that they need to re-invest.
- In this scenario, students need to continually re-balance their portfolio to stay diversified as their cash goes up. Do they keep investing in the same stocks they started with, or build up a wide portfolio of many holdings?
Budget Game Combo
The new Weekly Deposits also adds a great dimension for classes also using our Budget Game. By leveraging our Assignments, you can automatically credit students’ Stock Game accounts after they complete specific actions in the Budget Game, like completing a certain number of months or completing specific lessons in the Learning Center.
What This Means For Rankings And Portfolios
In our back-end, we adjust the Weekly Deposits by incrementing up the student’s starting cash balance. For the rankings, it means that the “percentage returns” are not distorted by the weekly deposits. However, classes that might be using more advanced rankings, such as Sharpe Ratio and Alpha/Beta, will see some distortion.
How To Get A Weekly Deposit Stock Game For Your Class
If your school already has a PersonalFinanceLab site license, “Weekly Deposits” are a new rule you’ll see right after choosing your Starting Cash Balance for your next stock game.
If your school does not yet have a PersonalFinanceLab site license, use the form below to get a quote!
[contact-form-7 id=”17909″ title=”Pfinlab Order Form”]
PersonalFinanceLab is a gamified platform that focuses on engaging students through interactive and experiential learning. The program has a Budget and Stock market game that allows students to learn while understanding the fundamentals of managing and investing money.
When focusing on money management, people tend to concentrate on either looking for ways to earn more money or cut costs to have more money. However, we sometimes overlook another essential aspect of money: the quality of life. An important part of money management is finding a healthy balance.
In the Budget Game, students need to make choices. To increase their disposable income, they may choose to work extra hours or choose to purchase cheaper options. Here is where our Quality of Life concept comes in. If students are always working, they may neglect their studies. If they are always socializing, they may not have enough money to pay their bills or keep on top of their school work. The Quality of Life score rewards players for choosing a balanced lifestyle between working, studying, spending time with friends, and looking at ways to cut costs and keep on top of household chores and tasks.
When discussing quality of life, we should not confuse this with standard of living. Standard of living refers to the level of wealth, comfort, material goods, and necessities available to someone. Quality of life, on the other hand, is a subjective term that can measure happiness.
Points to consider
Every $ saved from cutting coupons, looking for items on sale, reducing bills, etc. are fewer dollars that need to be earned.
Socializing does not mean always going to the mall and “hanging out” with friends. It could mean networking and widening your social circle to get an internship or future job.
Studying, learning a new skill or joining a club are always great to add as additional information on a resume.
Working extra hours could mean building reserves of money to cover future expected costs. It also means showing a good work ethic and being given additional responsibility and possible promotions.
Quality of Life Exercises
Sample activities:
- In your own words, explain the difference between quality of life and standard of living.
- When playing the Budget Game, you will be asked whether you want to work extra hours, socialize, complete household chores, or study. For each of these choices, explain the opportunity cost of choosing one over the other.
- Apart from working extra hours, describe some activities that may help you increase your savings.
- Regarding studies, are there any courses or skills you would like to develop or wish to try?
- Regarding household chores, is there anything in your house that you could do to save money? It might be painting some walls, changing the decoration, etc.
- If you had to spend time socializing, who or where should you go to improve your chances of getting an internship, future job, or improving your skills?
Want more examples? Check out our lesson plan library, or book a demo with our team to discuss how PFinLab can be used in your class!
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If you want to learn more about finances, technology and tools to help you where you are in your journey, we have a dedicated student resource page for you. Visit the student resource page by clicking here.
*Our top priority is to ensure the health and safety of our teammates and clients at each location. We have taken proactive steps to enhance cleaning procedures to limit the risk of exposure, based on guidelines from the Centers for Disease Control (CDC), and follow local restrictions on the number of clients that can enter at one time.
Congratulations! You will soon be graduating from college and negotiating your various job offers.
You have worked hard to graduate and you deserve a great paying job.
But as you start to negotiate your offers, keep in mind that you really should be considering the overall compensation package. Salary is important, but so are things like location and commute to work, your health insurance costs, your retirement plan, and many other benefits that are being offered these days.
Click on the image below to review 9 different benefits that you should consider when selecting a job offer.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=229]
Have you ever wondered how the interest that is charged on your credit card is actually calculated?
If you understand a little of the credit card company’s math, you can save yourself lots of money over your lifetime by realizing EVERY DAY counts.
Click on the video image below to see a simple example of how your APR and your payment schedule really impacts the interest you are charged.
A short Pop Quiz follows below the video.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=214]
Whether we like it or not, April 15 comes every year and that means our Federal taxes are due.
The average taxpayer spends over 10 hours preparing their taxes.
To reduce the burden of getting organized and preparing your taxes, it is important to stay organized and know what documents and forms you will need to collect throughout the year.
Click on the image below to review the forms and documentation you will need to make the process go as smoothly as possible.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=230]
A survey of the Class of 2019 showed that 69% had some form of a student loan.
While most student loans require you to start making payments within 6 months of graduation, there are certain instances where you can defer these payments.
Click on the image below to watch a brief video that explains the difference between loan deferment and loan forbearance. Even if you don’t have a student loan, it is important to understand the difference as it applies to most loans in general.
A short Pop Quiz follows below the video.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=228]
Shopping for a new car is always a fun day.
But negotiating the final price and your payment method with the car salesman can be a dreadful and a challenging task.
So, just like going into a final exam, the more prepared you are the easier it is.
Click on the image below to reveal 3 questions that you MUST understand about buying a car.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=226]
It’s a tough trade off that we all consider at some point: To buy a used car and save money, or to splurge and buy a new car.
Buying a used car is obviously cheaper, but generally new cars are more reliable and get better gas mileage.
So what factors should you consider and how to you make that decision?
Click on the image below and watch this short video that answers those questions…
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=224]
Your credit score will affect many segments of your financial life.
It will determine if you get approved for a car loan or a mortgage to buy your house.
If you get approved for either loan, it will also impact the interest rate you get charged.
So get to know your credit score, and click on the image below to learn how it is calculated.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=216]
It seems like a Catch-22. How can you start building your credit if you don’t have any credit to start with?
Well the truth is most banks will give college students and young adults a credit card with a very low credit limit. Then, if payments are made on time for the first few months, the bank will raise your credit limit and then you will be well on your way to building credit.
This helps you build your credit history which then helps to raise your credit score which then helps to lower the interest rate you will be charged on other loans you might get.
Click on the image below of the video to learn how to build your credit from scratch.
A short Pop Quiz follows below the video.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=213]
Most studies show that over 70% of Americans own at least one credit card and carry it with them when they go shopping.
Other studies show that most Americans carry an average balance of $6,200 on their cards and pay interest every month, but they DON’T know what the interest rate is that they are being charged.
Nor do they understand how their payment plan impacts their credit score.
Click on the image below to reveal 7 FACTS that you should know about using credit cards.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=210]
Saving money is a lot easier than you think.
The first question you have to ask yourself when you are thinking of making a purchase is: “Do I NEED this or do I just WANT it?”
Stopping at your local coffee shop every day and spending $2.70 for coffee for 270 days a year adds up to $729 a year. And that’s not counting the gas and the time you take to drive to get that cup of coffee.
Saving money is easier than you think and you will learn from this video how to get started and you will see how quickly it starts to add up.
A short Pop Quiz follows below the video.
CLICK HERE TO WATCH THIS VIDEO.
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=209]
Here is one of the most common questions that people who are trying to get control over their finances ask: If I have a little extra cash, do I pay down debt or do I put the money in my savings account?
On one hand financial advisors tell us to stop paying high interest rates on our credit card balance.
But on the other hand they also tell us to make sure we have at least 3 to 6 months cash in our savings account (Emergency Fund).
So which is it?
The answer is easy, kind of.
Click on the image below to review 5 questions that will help you decided if you should pay down debt or save.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=196]
Creating (and staying on) a budget is easier for some people than others.
Watch this video to get more ideas on how to simplify your budgeting process and make it easier for you to reach your financial goals.
Click on the video image below to get started.
Pay close attention to the video as a short Pop Quiz follows below.
CLICK HERE TO WATCH THE VIDEO.
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=205]
Over time, our society moved away from paying for goods and services with gold and silver to paying for things with cash. In the last two decades, we have been transitioning from paying for things with cash to credit and debit cards.
While these 2 cards may look the same, their features and uses are very different.
Knowing the differences between them and knowing when to use them appropriately is an important part of personal banking.
Did you know using one builds up your credit score and the other doesn’t?
Did you know if someone steals your card you may have liability on one card but not the other?
Click on the image below to learn the differences between credit and debit cards in terms of how they work, how they affect your finances, and the inherent security of each.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=204]
Hopefully by now you have a real checking account that you use to manage your monthly cash inflows and outflows.
But are you really using all the features that your checking account offers?
While there are lots of negatives associated with a checking account, likes ATM fees and overdraft charges, there are lots of really good features that they offer.
Are you using direct deposit for your paychecks?
Are you able to move money easily between your checking and your savings account?
Do you get alerts when your balances are low?
Click on the image below to review these 8 Tips to Get the Most Out of Your Checking Account.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=203]
Now that you are getting used to managing your checking, savings and credit card accounts as part of this virtual platform, it is time you think about opening real banking accounts.
But where do you begin?
What questions do you need to ask a bank to make sure you are getting the right accounts for you?
Click on the image below to learn about the 10 Questions To Ask A Bank When Opening a New Account.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=202]
As you learn to save, become more aware of your personal finances, you will find yourself accessing your checking, savings, and credit card accounts more and more.
While most banks and credit card companies are willing to open up accounts for you for free, keep in mind that every company has to make money some how. So be aware of the various fees that your bank might charge you.
The common fees are usually when you do something wrong, like bounce a check or use the ATM too many times in a month.
But beware of other fees for just using some services that you assumed were free.
Click on the image below to learn about 7 Common Bank Fees.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=201]
As you learn to save and become more aware of your personal finances, you will find yourself accessing your checking, savings, credit cards and other accounts online or via your mobile phone.
This means bookmarking your banks URLs, installing their mobile apps on your phone, and inevitably the hassle of remembering all of your logins and passwords.
While it is extremely important that you monitor your finances online, it is also important that you are careful and that you safeguard your private information and report any suspicious activity.
Click on the image below to learn 10 Important Online and Mobile Security Tips to follow.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=200]
Once you get in the habit of saving money each month, the next question is where exactly to you put the money you are saving?
The obvious choices are to keep it in cash in your piggy bank at home or put it in a bank account.
Well here is a secret… Instead of keeping your cash stashed in your piggy bank, you might as well have the bank PAY YOU INTEREST on your savings balance.
Consider the following quote from Albert Einstein…
The bank will give you several options that pay you interest. Generally the quick options are to open a Savings Account or to put your cash in a Certificate of Deposit (CD).
Click on the image below to learn the pros and cons of each.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=199]
We all know that we should be saving money.
We have all heard the saying from Benjamin Franklin that “a penny saved is a penny earned.”
But it seems that it is just so much easier to SPEND money than it is to SAVE money.
So how do we get started saving money?
Ahh….. That is the hard part…….getting started.
Click on the image below to read a great article that gives you 8 key points to help you start saving money immediately, to help you establish short-term and long-term goals, and to help you pick the right tools to save.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=198]
At some point in your life you might find yourself in a situation where you need some cash quickly.
For example, you might have a doctor bill you need to pay. Or you might need to get your car repaired so you can get to work or you might have a rent bill or a tuition bill coming due.
If you don’t have any savings in an emergency fund, what would you do?
It is a situation that you hope you never find yourself in, but inevitably most of us do.
Click on the image below to read a great article that summarizes your choices, and the risk associated with each of those choices.
Pay attention to the left hand column that shows the progression from the “Lower Risk” to “Higher Risk” choices. A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=197]
Congratulations on playing our financial life simulation and completing all of our lessons. We now invite you to make the transition from the simulation accounts to real world accounts…
Where are you on your financial journey?
We’re ready to give you personalized, face to face guidance in a safe environment* at a time and location that works for you. Our specialists can help you with more education and resources. We’re just a click away…
You can speak to a specialist at a time that works for you…
CLICK HERE NOW to view student resources,
or save this page as a Favorite so you can review it later.
If you want to learn more about finances, technology and tools to help you where you are in your journey, we have a dedicated student resource page for you. Visit the student resource page by clicking here.
*Our top priority is to ensure the health and safety of our teammates and clients at each location. We have taken proactive steps to enhance cleaning procedures to limit the risk of exposure, based on guidelines from the Centers for Disease Control (CDC), and follow local restrictions on the number of clients that can enter at one time.
Whether we like it or not, April 15 comes every year and that means our Federal taxes are due.
The average taxpayer spends over 10 hours preparing their taxes.
To reduce the burden of getting organized and preparing your taxes, it is important to stay organized and know what documents and forms you will need to collect throughout the year.
Click on the image below to review the forms and documentation you will need to make the process go as smoothly as possible.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=230]
Congratulations! You will soon be graduating from college and negotiating your various job offers.
You have worked hard to graduate and you deserve a great paying job.
But as you start to negotiate your offers, keep in mind that you really should be considering the overall compensation package. Salary is important, but so are things like location and commute to work, your health insurance costs, your retirement plan, and many other benefits that are being offered these days.
Click on the image below to review 9 different benefits that you should consider when selecting a job offer.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=229]
A survey of the Class of 2019 showed that 69% had some form of a student loan.
While most student loans require you to start making payments within 6 months of graduation, there are certain instances where you can defer these payments.
Click on the image below to watch a brief video that explains the difference between loan deferment and loan forbearance. Even if you don’t have a student loan, it is important to understand the difference as it applies to most loans in general.
A short Pop Quiz follows below the video.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=228]
Shopping for a new car is always a fun day.
But negotiating the final price and your payment method with the car salesman can be a dreadful and a challenging task.
So, just like going into a final exam, the more prepared you are the easier it is.
Click on the image below to reveal 3 questions that you MUST understand about buying a car.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=226]
It’s a tough trade off that we all consider at some point: To buy a used car and save money, or to splurge and buy a new car.
Buying a used car is obviously cheaper, but generally new cars are more reliable and get better gas mileage.
So what factors should you consider and how to you make that decision?
Click on the image below and watch this short video that answers those questions…
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=224]
Saving money is easier than you think and you will learn from this video how to get started and you will see how quickly it starts to add up.
Click on the image below to reveal 5 money savings tips when you travel.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=223]
We all know how to buy coffee at a coffee shop. You swipe your debit or credit card and the barista hands you your coffee.
Some of us have gone through the process of buying a car. You spend an hour negotiating price and then another 15 minutes signing paperwork.
But what’s involved in buying a house? How do you know if you can even get approved for a mortgage?
Click on the image below to launch a “first-time home buyers guide” to show you the 5 keys steps.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=222]
If you have done your “rent a house” vs. “buy a house” analysis and you have decided to buy a house, your next thought should be “how much can I afford to borrow to buy my house?”
The answer is easy—it depends! 🙂
It depends on a lot of factors, so click on the image below so you can learn what factors impact how much you can borrow and how big of a monthly mortgage payment you could afford.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=221]
Thinking of buying a house?
If you are like most people, then you will need to borrow money to buy that house. So get ready to start negotiating with different mortgage lenders.
Click on the image below to review the 10 questions you should ask your mortgage lender.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=220]
Once you have settled down after college and decided where you plan to live for a few years, you will be faced with the question: Should I continue renting or should I buy a house?
While there can be lots of pride in home ownership, it is not without hits drawbacks.
The following video walks you through the benefits and drawbacks of each option.
Click on the video image below to watch the short video.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=219]
Saving money is easier than you think and you will learn from this video how to get started and you will see how quickly it starts to add up.
Click on the image below to reveal 5 money savings tips when you travel.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=231]
Over 55% of Americans with credit cards have credit card debt.
The younger you are, the more likely you have a credit card balance that you carry every month.
If you carry a credit card balance month after month, paying off that debt is easier than you think if you follow some simple rules and stick to them.
Click the image below to review 4 short strategies to paying off your credit card debt fast!
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
If you are carrying credit card debt month after month you should know the interest rate that you are being charged on your unpaid balance.
If that rate is in the double digits, you can probably save money by transferring that balance to a lower rate card.
This strategy is almost a no-brainer, but you should be aware of the risks of doing so.
Click on the image below to access a great article that well help you answer the questions of is it right for you?
Click on the image below to reveal 5 money savings tips when you travel.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=218]
If you carry a balance on one or more of your credit cards, you will definitely want to review this article.
Click on the image below to reveal 4 ways to pay off your credit card debt fast.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=217]
Your credit score will affect many segments of your financial life.
It will determine if you get approved for a car loan or a mortgage to buy your house.
If you get approved for either loan, it will also impact the interest rate you get charged.
So get to know your credit score, and click on the image below to learn how it is calculated.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=216]
Did you know that with most credit cards, if you pay the minimum required monthly payment you will end up paying more in interest than what you paid for your original purchase?
THAT is exactly how banks make money and that is why the retail industry promotes the use of bank credit cards and company-branded credit cards.
It is the power of compound interest. If you are investing your money, compounding works in your favor, but if you are borrowing money, compounding works against you.
Click on the video image below to learn how paying just a few dollars more a month on your debts makes such a big difference.
A short Pop Quiz follows below the video.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=215]
Have you ever wondered how the interest that is charged on your credit card is actually calculated?
If you understand a little of the credit card company’s math, you can save yourself lots of money over your lifetime by realizing EVERY DAY counts.
Click on the video image below to see a simple example of how your APR and your payment schedule really impacts the interest you are charged.
A short Pop Quiz follows below the video.
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This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=214]
It seems like a Catch-22. How can you start building your credit if you don’t have any credit to start with?
Well the truth is most banks will give college students and young adults a credit card with a very low credit limit. Then, if payments are made on time for the first few months, the bank will raise your credit limit and then you will be well on your way to building credit.
This helps you build your credit history which then helps to raise your credit score which then helps to lower the interest rate you will be charged on other loans you might get.
Click on the image below of the video to learn how to build your credit from scratch.
A short Pop Quiz follows below the video.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=213]
Once you have established credit with a bank or credit card company, it is important that you continue to build your credit history and that you keep it healthy.
Click on the video image below to reveal 5 things you can do to help build a healthy credit score and avoid common mistakes.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=212]
Most studies show that over 70% of Americans own at least one credit card and carry it with them when they go shopping.
Other studies show that most Americans carry an average balance of $6,200 on their cards and pay interest every month, but they DON’T know what the interest rate is that they are being charged.
Nor do they understand how their payment plan impacts their credit score.
Click on the image below to reveal 7 FACTS that you should know about using credit cards.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=210]
OK, so you got your first credit card. Then all of a sudden your mailbox is full of other banks and brands offering you a credit card.
These offers tease you with 10% off discounts when you open a new credit card account. It sounds tempting.
But if you are just starting to build your credit, how many credit cards should a person really have?
Click on the image below and learn the pros and cons of having more than one credit card.
A short Pop Quiz follows below the article.
CLICK HERE TO READ THE REST OF THIS ARTICLE
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=211]
Saving money is a lot easier than you think.
The first question you have to ask yourself when you are thinking of making a purchase is: “Do I NEED this or do I just WANT it?”
Stopping at your local coffee shop every day and spending $2.70 for coffee for 270 days a year adds up to $729 a year. And that’s not counting the gas and the time you take to drive to get that cup of coffee.
Saving money is easier than you think and you will learn from this video how to get started and you will see how quickly it starts to add up.
A short Pop Quiz follows below the video.
CLICK HERE TO WATCH THIS VIDEO.
Get PersonalFinanceLab
This lesson is part of the PersonalFinanceLab curriculum library. Schools with a PersonalFinanceLab.com site license can get this lesson, plus our full library of 300 others, along with our budgeting game, stock game, and automatically-graded assessments for their classroom - complete with LMS integration and rostering support!
Learn More[qsm quiz=209]