| 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 – Building Wealth
Lesson – Preparing for Retirement |
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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 – Building Wealth
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 DevelopmentLesson – Benefits of Competition | | | | | |
| 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. |
Budget Game – Core ComponentLesson – Income and CompensationLesson – What is Money?Lesson – What is Wealth?
Lesson – Starting a Business | | | | | |
| Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact takehome pay. |
Lesson – Income and CompensationLesson – Payroll Best Practices | | | | | |
| 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 – Spending and Savings Plans | | | | | |
| Financial institutions offer a variety of products and services to address financial responsibility. |
Lesson – Banks, Credit Unions, and Savings and LoansLesson – Good Debt, Bad DebtLesson – Short-Term Financing | | | | | |
| Financial experts provide guidance and advice on a wide variety of financial issues. |
Lesson – When to hire a tax professionalLesson – Debt Management Services | | | | | |
| Planning for and paying local, state and federal taxes is a financial responsibility. |
Lesson – Taxation Overview | | | | | |
| Tax payers may save money by understanding and using tax credits and deductions.
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Lesson – Common Tax DeductionsLesson – Common Tax Additions |
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| Informed Consumer |
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| An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget. |
Budget Game – Core ComponentLesson – Pay Yourself FirstLesson – BudgetingLesson – Spending and Savings Plans | |
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| Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud. |
Lesson – Protecting Against FraudLesson – Consumer rights and responsibilities |
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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 – Researching SpendingLesson – What are financial records?Lesson – Using CreditLesson – 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 – BudgetingLesson – Sales Tax | | |
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| Investing |
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| Using key investing principles one can achieve the goal of increasing net worth. |
Stock Game – Core ComponentInvesting101 CertificationLesson – Building Wealth | | | | | |
| 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. |
Stock Game – Core ComponentLesson – Time Value of MoneyLesson – Building a Diversified PortfolioLesson – Investing StrategiesActivity – Use the Investment Return Calculator | | | | | |
| Government agencies are charged with regulating providers of financial services to help protect investors. |
Investing101 CertificationLesson – What is the Federal Reserve?Lesson – Government impact on the economy | | | |
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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 CreditLesson – Short-Term FinancingLesson – Short Term and Long Term Financing | | | | | |
| Debt is an obligation owed by one party to a second party. |
Lesson – Using CreditLesson – Managing Debt | | | | | |
| Effectively balancing credit and debt helps one achieve some short and long-term goals. |
Budget Game – Core ComponentLesson – Planning for Long-Term PurchasesActivity – Use the Buy vs Lease Calculator | | | | | |
| Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt. |
Lesson – What makes a contract valid?Lesson – What are Financial Records?Lesson – Using CreditLesson – Credit Cards
Lesson – Managing Credit | | | | | |
| Many options exist for paying for post-secondary education opportunities. |
Lesson – Student LoansLesson – Work or 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 – RiskLesson – Protecting Against Fraud | | | | | |
| Safeguards exist that help protect one’s identity. |
Lesson – Protecting Against Fraud | | | | | |
| Diversification of assets is one way to manage 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 – Health InsuranceLesson – Life InsuranceLesson – Car InsuranceLesson – Renter’s InsuranceLesson – Home Owner’s Insurance | | | | | |
