Two American Famlies

May 29th, 2015

Exam Review Warm Up

Define the following:

1. Due Process of Law
2. Libel
3. Hung Jury

Over the past few days we have been watching Two American Families, a news special that followed two families from right here in Milwaukee as they survived together for 20 years.

For extra credit, write a letter to either the Nuemann or the Stanley family about their experiences and turn it in on Monday. If you had chance to speak with them, what would you say?  Can you relate to them?  How or why?  What advice would you ask them for? etc.

Start studying with Zondle this weekend, the exam is only 1 week away!

How to Apply for a Job Pt. 2

May 26th, 2015

Warm Up

What are some "red flags" that companies look for on applications?

Learning Objective: Students will understand pitfalls of applying for work.

Success Criteria: Students can proficiently complete a job application.







On Friday we learned about potential "red flags" companies look for on your applications.  We then filled out sample applications of our own.

In your groups you will be given several applications filled out by your classmates (with private information blanked out).  As a group take a few minutes to study these applications for "red flags" and decide who you'd want to interview.  Be ready to explain to the class why you came to the decision you did.

How to Apply for a Job

May 22nd, 2015

No Warm Up

We will be passing around a "yearbook" for Erin from City Year today.  Please sign it and/or leave her a nice note letting her know how much you liked working with her this year.










Learning Objective: Students will understand pitfalls of applying for work.

Success Criteria: Students can proficiently complete a job application.

Test Day

May 21st, 2015

No Warm Up

Test Day

Reminder you can make purchase that benefit the test today.

10% Test boost = 4,500 Dun-Bucks

3 free multiple choice/1 free short answer = 4,000 Dun-Bucks

Rolling Chair = 1,000 Dun-Bucks

Water Pass = 1,000 Dun-Bucks

Headphones During Test = $1000

New pencil = 300 Dun-Bucks

Eraser cap = 100 Dun-Bucks

Review Day

May 19th, 2015

Warm Up

How do people get into trouble with credit?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain how to effectively manage their finances.





Your test is on Thursday.  Your packets are also due this Thursday.

Use today to catch up on anything you need to in your packets or study for the test with Zondle.

For review you should be using:

1. Personal Finance Vocab 1
2. Personal Finance Vocab 2
3. Personal Finance Review

The test is Thursday, packets are due Thursday.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Personal Finance Booklet

To make it easier, here is the personal finance booklet needed to complete this unit's packet.  Remember it is due this Thursday.  Our test will also be on this Thursday.

Click here for the booklet.

New Review Question Set!

You may now answer a new set of practice questions for the upcoming test on personal finance.  These questions do not focus on vocabulary, but instead focus on applying the concepts and vocabulary you have learned to different personal finance situations.

You can play be either logging on to your Zondle account and choosing "Personal Finance Review" or by playing the spaceship/asteroid game below right from our class site.




Happy Hunting.

Debt

May 18th, 2015

Warm Up

1. What should you look for in a good credit card agreement?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to create a plan to stay out of debt.

One student's story.

YOU MAY TAKE YOUR PACKETS WITH YOU TODAY.  THEY ARE DUE ON TEST DAY.

Complete pages 12 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Credit Part 2

May 15th, 2015

Warm Up

1. What is the amount of credit you can borrow based on?  (the 3 c's)
2. How does not paying your bills affect these 3 c's?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain how to use credit carefully and responsibly.

Today we are going to try to figure out which credit card is the best deal.  Each group will be given a disclosure summary from a real credit card and have to answer several questions about that card.

After each group has had time to read over their disclosure summaries we will compare our options and decide which card is the best deal.

      

Important take-aways.  Pick cards with:

1. low APR
2. no annual fee
3. lower penalty APR (just in case)
4. longer grace periods
5. lower penalty fees

Avoid interest and penalties by:

1. only charging what you can afford to pay back
2. pay off balances in full at the end of a billing cycle
3. avoid impulse buying!!!!!

Credit

May 14th, 2015

Warm Up

What is the difference between a fixed expense and a flexible expense?  Give 2 examples of each.








Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain how to use credit carefully and responsibly.






Credit is money you borrow with a promise to pay it back with interest.

The amount you're allowed to borrow is based on three things:

1. Your capacity - ability to pay the money back
2. Your character - your reputation when it comes to paying things back
3. Your capital - what you can give them if you can't pay it back

People get into trouble when they borrow too much and don't pay it back.  Interest can pile up against you causing you to have to pay back far more than you borrowed in the first place.

However, there are some advantages to credit.

1. Helpful in times of emergency
2. It is more convenient and safer than carrying cash
3. Allows you to make major purchases like a house or car

Complete pages 10 & 11 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Budgets Part 2

May 13th, 2015

Warm Up

Why should your budgets be realistic?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to create a working budget.







Today we're going to be creating a working budget.

For this lesson we will assume the following:

1. You work for minimum wage and can get 40 hours a week (which is not always possible)
• This makes your monthly net income $1,099
• You work at the McDonald's located at 
• Milwaukee, WI 
• 2520 W National Ave 
2. You are living alone and do not have any children.
3. You have no savings.
4. You do not own a car.
5. Utilities would run you about $50 a month if the apartment you find does not include heat
• $30 a month if it does include heat
6. Food will run you about $200 a month

Your assignment will be to fill out the budget sheet that will be passed out to you.

Click here to download the budget template.

You will need to find an apartment that you can afford using this website.

You should complete your budget handout by the end of this class period.

Electronic copies of your packets, the booklet we are using, and this handout can be found on the class blog under the packets section over there.

The Importance of Budgets

May 12th, 2015

Warm Up

Define the following words

1. Fixed Expenses
2. Savings Account
3. Credit

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain the importance of creating a budget.







Today we're going to look at the importance of creating a budget and why it is so useful.

A budget is simply a list of your income and your expenses.  It allows you to track and your spending to make sure you don't overspend.  It also helps you keep track of how much you are saving!

Let's look at this example.

You're budget does not have to be this detailed, but it does help.  A template of a budget I've used can be found here.

No matter what, it should be realistic.

If you have unreasonable goals or expectations of your saving/spending habits you are not going to stick to your budget making it worthless.  Plan realistically, pick reasonable goals, be responsible, but also be honest with yourself!

I find it helpful to add a "unexpected expense" category where I can use it to add to any of my other expenses just in case something comes up.  

Remember some of your expenses will be fixed expenses (meaning they are always the same so you can plan for them) others will vary from month to month.  This will help with your planning.  After you subtract your fixed expenses it is easier to plan the rest of your monthly spending because you know what money is leftover to play with or save.

We'll look more closely at creating a budget tomorrow.  For know complete page 9 of your packet to learn more about budgets.

Complete page 9 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Personal Finance Vocabulary Part 2

May 11th, 2015

Warm Up

1. What is the difference between net income and gross income AND what are some of the things the missing money is used for?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to define new vocabulary to help them understand the concepts of personal finance.










Today we will be using the chromebooks to play Zondle to learn the vocabulary works on page 8 of your packets through trial and error.  As you learn the definitions write them down on page 8 of your packet!

Using the quick quiz option makes this go quicker and is highly recommended.

Use "Personal Finance Vocab 2" for today's lesson.

Complete Page 8 of your packet by the end of class today.

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Test date changed

Your test has been pushed back to May 21st, 2015.  Packets should be completed by then.  They will not be accepted late.

Catch Up Day

May 8th, 2015

Warm Up

1. What is the difference between gross income and net income?
2. Name 3 payroll deductions taken out of your paychecks.

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to define new vocabulary, explain the value of their education, and explain their paychecks.




Today is a catch up day to help you in case you fell a little behind.  By the end of today you have no excuse not to be done with your work through page 7 of your packets.

If you are caught up you should use this time to work ahead or make sure your entire group has ALL the right answers by having your packets checked by Mr. Dunbeck.

Complete through page 7 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Your Paycheck

May 7th, 2015

Warm Up

1. About how much is each class period in high school actually worth for you?
2. How could viewing a job as short-term rather long-term change how you act on the job?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to read and explain their paychecks.







Today we're going to learn how to read and understand our paychecks to make sure that we are getting paid what we're supposed to be getting paid.

We'll also figure out why your gross income and your net income are different.

Let's look at this example from your packet.

You get paid differently depending on if you work overtime (more than 40 hours a week or 8 hours a day) or not.  

You also get money taken out of your check for payroll deductions such as:

1. federal income tax - Money taken from your check and given to the federal government to pay for services it provides like the military, food stamps, Congress & the President’s salary, etc
2. state income tax - Money taken from your check and given to the state government to pay for services they provide such as aid to local schools, police/fire departments, road building, etc.
3. medicare tax - Money taken from your check to pay for basic medical care for the elderly and the disabled
4. social security tax - Money taken from your check to provide some income to people too old to work or people with disabilities

Other payroll deductions could include union dues, insurance costs, retirement plans, etc.

The difference between the amount you earned and the amount you actually get to take home and use to pay your bills and meet your wants and needs creates the difference between gross income (the amount you earned) and net income (the amount you actually get to keep)

Complete pages 6 & 7 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

The Value of Education

May 6th, 2015

Warm Up

Define the following:

1. Asset
2. Gross Income
3. Payroll Deductions

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to identify some of their assets and and explain the financial value of their education.







Why does education matter?

Economically speaking it increases your ability to earn money so you can better meet your wants and needs.

But by how much?

The difference between graduating high school and dropping out is ...

$10,963 A YEAR in earnings

Some college adds an extra $5,983 A YEAR to your income

A 2 year degree adds an extra $4,293 A YEAR to your income

A 4 year degree or higher adds an extra $19,242 A YEAR to your income

The average difference between a high school drop out and a 4 year college graduate...

$40,481 A YEAR in income

So how much does each class add to your lifetime income?  i.e. How much is each class period actually worth in terms of dollars? (Assuming you graduate high school in 4 years)

All data comes from the 2010 US Census.

Complete pages 4 & 5 of your packets using the booklet.

DO NOT WRITE ON THESE BOOKLETS!!!!!

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Electronic copies of both can be found on the class blog under the packets section over there.

Personal Finance Vocabulary Part 1

May 5th, 2015

Warm Up

1. What is poverty?
2. What are some problems living in poverty causes?

Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to define new vocabulary to help them understand the concepts of personal finance.








Due to the Sophmores taking the ACT Aspire we can not use the chromebooks for our vocabulary. Instead we will be playing the Team Play Game Show!

As we reveal the answers in the game, write the definitions down on page 3 of your packets.

Your teams are your groups.  No you may not switch groups.

1st place - 1000 Dun-Bucks

2nd place - 900 Dun-Bucks

3rd place - 800 Dun-Bucks

4th place - 700 Dun-Bucks

5th place - 600 Dun-Bucks

6th place - 500 Dun-Bucks

7th place - 400 Dun-Bucks

8th place - 300 Dun-Bucks

Complete Page 3 of your packet by the end of class today.

DO NOT TAKE THESE BOOKLETS OR PACKETS WITH YOU!!!

Intro to Personal Finance Unit

May the 4th be with you, 2015

Warm Up

What is a budget and why is making one important?










Learning Objective:  Students will understand how to be financially responsible.

Success Criteria: Students will be able to explain how difficult it is to survive on a low income.

Lesson: 3 Income classes

We divide people into 3 income groups based on our income; upper, middle, lower.

Upper class is the wealthiest in our country

Middle class is where you can afford to meet your needs and some of your wants

Lower class is where you struggle to meet your basic needs

What is poverty?

poverty = not having enough money to meet most or all of your needs

government programs such as free school lunch & food stamps are only given to those who qualify as living in poverty

According to the 2010 census, 29% of people living in Milwaukee are considered living in poverty compared to 13% of the State of Wisconsin as a whole. 

35% of Hispanics and 41% of African Americans in Milwaukee are living in poverty. - JSonline

Let's play a game and see if we can make it 1 month living in poverty...

Why is poverty bad?

"Poverty extends into every arena of society and is associated with many social and economic problems. Poverty is intimately related to inadequate nutrition, food insecurity, exposure to environmental toxins, family and street violence, residential instability, mental health issues, decreased educational attainment, and decreased access to employment opportunities among other detrimental issuesviii. The local economy weakens because without a strong employment pool, private sector businesses lack incentive to stay in our community and provide much-needed jobs to all residents." - Social Development Commission

Zondle Updated

May 3rd, 2015

Zondle has been updated with 2 new question sets for you to practice with:

• Personal Finance Vocab 1
• Personal Finance Vocab 2

Both of these will earn you Dun-Bucks for playing.

A third set will added soon.

• Personal Finance Review

Your test for this unit will be on May 19th, 2015.  The packet and the booklet we will be using for this unit can be found on the right-hand side of this page under the "packets" section.

Right over here:

Happy gaming.

In Solidarity,

Mr. Dunbeck