| Financial Responsibility and Decision-Making |
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| Financial responsibility entails being accountable for managing money to satisfy one’s current and future economic choices. |
Budget Game – Core Component
Lesson – Pay Yourself First
Lesson – Budgeting
Lesson – Planning Long-Term Purchases |
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| Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences. |
Budget Game – Core Component
Lesson – Pay Yourself First
Lesson – Budgeting
Lesson – Planning Long-Term Purchases
Lesson – Building Wealth
Lesson – Family Planning
Lesson – Preparing for Retirement |
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| Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one’s earning potential and
employability. |
Lesson – Career Development
Lesson – Work VS Study
Lesson – Starting a Business
Lesson – What is Specialization?
Lesson – Labor and Productivity |
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| Income sources include job earnings and benefits, entrepreneurship, saving and investment earnings, government payments, grants, inheritances, etc. Workers can experience dramatic income dips and spikes from month to month. |
Lesson – Income and Compensation
Lesson – Employer and Employee Rights and Responsibilities |
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| Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take home pay. |
Budget Game – Core Component
Lesson – Income and Compensation
Lesson – Taxation Overview
Lesson – Tax Filing and the Form 1040 |
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| Planning and Money Management |
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| Financial responsibility includes the development of a spending and savings plan (personal budget). |
Budget Game – Core Component
Lesson – Budgeting and Spending Strategies
Lesson – Spending and Savings Plans
Lesson – Pay Yourself First |
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| Financial institutions offer a variety of products and services to address financial responsibility. |
Lesson – Banks, Credit Unions, and Savings and Loans |
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| Financial experts provide guidance and advice on a wide variety of financial issues. |
Lesson – When to hire a tax professional
Lesson – Debt Management Services |
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| Planning for and paying local, state and federal taxes is a financial responsibility. |
Lesson – Taxation Overview
Lesson – Tax Filing and the Form 1040
Lesson – Common Tax Deductions
Lesson – Common Tax Additions |
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| Tax payers may save money by understanding and using tax credits and deductions. |
Lesson – Taxation Overview
Lesson – Tax Filing and the Form 1040
Lesson – Common Tax Deductions
Lesson – Common Tax Additions |
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| Informed Consumer | | | | | | |
| An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget. |
Lesson – Pay Yourself First
Lesson – Consumer rights and responsibilities
Lesson – Researching Spending |
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| Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud. |
Lesson – Consumer rights and responsibilities
Lesson – Protecting Against Fraud |
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| Part of being an informed consumer is knowing how to utilize financial services and risk management tools, as well as comparing consumer lending terms and conditions and reading financial statements. |
Lesson – Good Debt, Bad Debt
Lesson – Using Credit
Lesson – Debt Management Services
Lesson – What makes a contract valid?
Lesson – Risk |
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| Consumer protections laws help safeguard individuals from fraud and potential loss. |
Lesson – Credit Cards
Lesson – Consumer rights and responsibilities |
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| Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.). |
Lesson – Opportunity Cost
Lesson – Budgeting and Spending Strategies
Lesson – Spending and Savings Plans |
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| Investing | | | | | | |
| Using key investing principles one can achieve the goal of increasing net worth. |
Stock Game – Core Component
Lesson – Building a diversified portfolio
Lesson – Investing Strategies
Activity – Use the Investment Return Calculator |
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| Investment strategies must take several factors into consideration including the time horizon of the investment, the degree of diversification, the investor’s risk tolerance, how the assets are selected and allocated, product costs, fees, tax implications and the time value of money. |
Lesson – Building a diversified portfolio
Lesson – Investing Strategies
Lesson – Time Value of Money |
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| Government agencies are charged with regulating providers of financial services to help protect investors. |
Lesson – Government impact on the economy
Lesson – Property Rights |
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| Credit and Debt |
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| Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date. |
Lesson – Using Credit
Lesson – Credit Cards |
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| Debt is an obligation owed by one party to a second party. |
Lesson – Using Credit
Lesson – Credit Cards
Lesson – Short-Term Financing |
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| Effectively balancing credit and debt helps one achieve some short and long-term goals. |
Budget Game – Core Component
Lesson – Good Debt, Bad Debt
Lesson – Managing Credit |
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| Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt. |
Lesson – Using Credit
Lesson – Credit Cards
Lesson – What makes a contract valid?
Lesson – What are Financial Records? |
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| Many options exist for paying for post-secondary education opportunities. |
Lesson – Student Loans
Lesson – Work VS Study |
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| Risk Management and Insurance |
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| A risk management plan can protect consumers from the potential loss of personal and/or business assets or income. |
Lesson – Risk
Lesson – Starting a Business |
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| Safeguards exist that help protect one’s identity. |
Lesson – Protecting Against Fraud |
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| Diversification of assets is one way to manage risk. |
Lesson – Risk
Lesson – Building a Diversified Portfolio |
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| A comprehensive insurance plan (health, life, disability, auto, homeowners, renters, liability, etc.) serves as a safeguard against potential loss. |
Lesson – Car Insurance
Lesson – Health Insurance
Lesson – Life Insurance
Lesson – Renter’s Insurance
Lesson – Home Owner’s Insurance |
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