tag:blogger.com,1999:blog-75726910661199987232024-03-14T00:46:44.164-07:00FinEdChatA blog dedicated to sharing K-12 financial education tools and resources.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.comBlogger148125tag:blogger.com,1999:blog-7572691066119998723.post-74954555329988493672014-10-23T16:25:00.000-07:002014-10-23T16:25:27.473-07:00Teaching behavior strategies using Budget Challenge<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: Verdana, sans-serif;">Over the past few months I've dedicated much of my time outside of school to sharing financial literacy instructional strategies on the <a href="http://hrblock.budgetchallenge.com/">H&R Block Budget Challenge</a> and <a href="http://www.budgetchallenge.com/">Budget Challenge</a> websites. </span><div>
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<span style="font-family: Verdana, sans-serif;">If you hadn't heard, H&R Block is giving away <a href="http://hrblockdollarsandsense.com/"><b>$3 million</b></a> in classroom grants and scholarships using H&R Block Budget Challenge.</span><div>
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<span style="font-family: Verdana, sans-serif;">Educators may find <a href="http://hrblock.budgetchallenge.com/TeacherHome/TabId/278/PostId/73/teaching-behavior-strategies-using-budget-challenge.aspx">today's post</a> particularly helpful...</span><br /><span style="font-family: Verdana, sans-serif;"><br /><i>"As shared in an <a href="http://hrblock.budgetchallenge.com/TeacherHome/TabId/278/PostId/44/tip-2-students-how-to-get-organized.aspx">earlier post</a>… “Money management decisions are often simple tasks requiring timely and consistent choices. Students must learn early on the value of establishing a system that works for them to manage day-to-day money management tasks.” Consider using our decision-making matrix as a resource to help your students connect with a strategy that will lead to positive financial behavior throughout our simulation."</i></span><span style="font-family: Times, Times New Roman, serif;"><br /></span><div class="MsoNormal">
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<b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">My
computer</span></b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
</td>
<td style="background: #D9EAD3; border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 24.0pt; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 2.0pt 2.0pt 2.0pt 2.0pt; width: 189.0pt;" valign="bottom" width="189">
<div class="MsoNormal">
<b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">My phone</span></b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
</td>
<td style="background: #D9EAD3; border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 24.0pt; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 2.0pt 2.0pt 2.0pt 2.0pt; width: 178.0pt;" valign="bottom" width="178">
<div class="MsoNormal">
<b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Paper /
pencil</span></b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background: #E6B8AF; border-top: none; border: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 2.0pt 2.0pt 2.0pt 2.0pt; width: 156.0pt;" valign="top" width="156">
<div class="MsoNormal">
<b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Budgeting </span></b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 197.0pt;" valign="top" width="197">
<div class="MsoNormal">
<span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Use the<u>
</u></span><a href="http://www.google.com/url?q=http%3A%2F%2Fhrblock.budgetchallenge.com%2F&sa=D&sntz=1&usg=AFQjCNHCEjQ1ey2CZQsUMenGkHXTsmGfzg"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">H&R Block Budget Challenge</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> interactive Budget and Cash Flow
spreadsheet to establish your budget. Save it in an electronic folder. <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal">
<span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Use the<u>
</u></span><a href="http://www.google.com/url?q=http%3A%2F%2Fhrblock.budgetchallenge.com%2F&sa=D&sntz=1&usg=AFQjCNHCEjQ1ey2CZQsUMenGkHXTsmGfzg"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">H&R Block Budget Challenge</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> interactive Budget and Cash Flow
spreadsheet [Google Spreadsheet version] to establish your budget. You can
access Google sheets on a smart phone. <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 178.0pt;" valign="top" width="178">
<div class="MsoNormal">
<span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Print and
use the<u> </u></span><a href="http://www.google.com/url?q=http%3A%2F%2Fhrblock.budgetchallenge.com%2F&sa=D&sntz=1&usg=AFQjCNHCEjQ1ey2CZQsUMenGkHXTsmGfzg"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">H&R Block Budget Challenge</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> Budget and Cash Flow spreadsheet to
establish your budget. <o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background: #E6B8AF; border-top: none; border: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 2.0pt 2.0pt 2.0pt 2.0pt; width: 156.0pt;" valign="top" width="156">
<div class="MsoNormal">
<b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Saving /
retirement</span></b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 197.0pt;" valign="top" width="197">
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Make it automatic!</span></i><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> Identify a savings / retirement goal and</span><a href="http://www.google.com/url?q=http%3A%2F%2Famericasaves.org%2Fblog%2F525-take-action-for-america-saves-week-utilize-direct-deposits&sa=D&sntz=1&usg=AFQjCNGzNBN7VTKpH1TZ2mQO0btHMckPmA"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></a><a href="http://www.google.com/url?q=http%3A%2F%2Famericasaves.org%2Fblog%2F525-take-action-for-america-saves-week-utilize-direct-deposits&sa=D&sntz=1&usg=AFQjCNGzNBN7VTKpH1TZ2mQO0btHMckPmA"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">direct deposit</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> into your Budget Challenge 401k. Take
full advantage of the employers match. <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Make it automatic!</span></i><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> Identify a savings / retirement goal and</span><a href="http://www.google.com/url?q=http%3A%2F%2Famericasaves.org%2Fblog%2F525-take-action-for-america-saves-week-utilize-direct-deposits&sa=D&sntz=1&usg=AFQjCNGzNBN7VTKpH1TZ2mQO0btHMckPmA"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></a><a href="http://www.google.com/url?q=http%3A%2F%2Famericasaves.org%2Fblog%2F525-take-action-for-america-saves-week-utilize-direct-deposits&sa=D&sntz=1&usg=AFQjCNGzNBN7VTKpH1TZ2mQO0btHMckPmA"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">direct deposit</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> into your Budget Challenge 401k. Take
full advantage of the employers match. <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 178.0pt;" valign="top" width="178">
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Make it automatic!</span></i><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> Identify a savings / retirement goal and</span><a href="http://www.google.com/url?q=http%3A%2F%2Famericasaves.org%2Fblog%2F525-take-action-for-america-saves-week-utilize-direct-deposits&sa=D&sntz=1&usg=AFQjCNGzNBN7VTKpH1TZ2mQO0btHMckPmA"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> </span></a><a href="http://www.google.com/url?q=http%3A%2F%2Famericasaves.org%2Fblog%2F525-take-action-for-america-saves-week-utilize-direct-deposits&sa=D&sntz=1&usg=AFQjCNGzNBN7VTKpH1TZ2mQO0btHMckPmA"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">direct deposit</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> into your Budget Challenge 401k. Take
full advantage of the employers match.<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="background: #E6B8AF; border-top: none; border: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 2.0pt 2.0pt 2.0pt 2.0pt; width: 156.0pt;" valign="top" width="156">
<div class="MsoNormal">
<b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Paying
bills</span></b><span style="font-family: Cambria; font-size: 16.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 197.0pt;" valign="top" width="197">
<div class="MsoNormal">
<a href="http://www.google.com/url?q=http%3A%2F%2Fwww.investopedia.com%2Farticles%2Fpf%2F09%2Fautomating-bill-payments.asp&sa=D&sntz=1&usg=AFQjCNHZ-cm-d20cJEhLXFudN3D7Q98PJg"><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Automate</span></a><span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"> what bills you can for future payments by setting payment
dates on due dates. Make sure you’re not paying unnecessary fees. Set
calendar alerts for uninterrupted time 3-4 times a week to pay bills.<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 189.0pt;" valign="top" width="189">
<div class="MsoNormal">
<span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Use the
Budget Challenge App to automate bills for the due date when they’re
received. Make sure you’re not paying unnecessary fees. Set phone alerts for
uninterrupted time 3-4 times a week to pay bills. <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-left-alt: solid black 1.0pt; mso-border-top-alt: solid black 1.0pt; padding: 5.0pt 5.0pt 5.0pt 5.0pt; width: 178.0pt;" valign="top" width="178">
<div class="MsoNormal">
<span style="font-family: Cambria; font-size: 13.5pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Establish
a regular routine that includes a go-to place for bills and uninterrupted
time; Establish self motivating “If-Then” goals (ie IF I pay my bills THEN I
can watch TV)<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br /></div>
</div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com10tag:blogger.com,1999:blog-7572691066119998723.post-75700785525187723622014-09-10T17:28:00.000-07:002014-09-11T07:08:33.102-07:00Seeking Input: Draft Decision Making Grid <div style="text-align: left;">
I created in this <a href="https://docs.google.com/spreadsheets/d/1HQx63LKO6bEdiugisOdQouWqoJ7QKWJwXY-_WdPraUA/pubhtml"><b>hyperlinked GoogleDoc</b></a> a draft decision making matrix for my high school students. My aim is to provide them with strategies suitable for their own challenges and strengths to make it easier to put to practice the concepts they're learning in class.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
I created three columns:</div>
<div style="text-align: left;">
</div>
<ul>
<li>"I have a tough time with..." This column is full of common challenges teenagers face making everyday financial decisions. </li>
<li>"Im good with / enjoy..." This column is full of three types of comfort points: technology/mobile phones; using paper and pencil to stay organized; encouragement from peers. </li>
<li>"How to manage your money..." This column provides suggested strategies specific to the common challenges and identified comfort points.</li>
</ul>
<div>
Students select the collective trio of columns suitable for their challenges and strengths to put to action what they're learning in class. </div>
<div>
<br /></div>
<div>
I haven't integrated this into a lesson with my students yet -- it's a work in progress. Feedback is welcome!<br />
<br />
Thanks to Bill Dwight [<a href="http://famzoo.com/">FamZoo</a>] for already providing great feedback!</div>
<br />Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com4tag:blogger.com,1999:blog-7572691066119998723.post-85525460449929293142014-07-09T12:48:00.001-07:002014-07-09T15:48:35.216-07:00Digging Deeper: PISA Financial Literacy Results<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/Rc9DyJLlqXE?feature=player_embedded' frameborder='0'></iframe></div>
<br />
"09/07/14 - Around one in seven students in the 13 OECD countries and economies that took part in the first <a href="http://www.oecd.org/pisa/keyfindings/pisa-2012-results-volume-vi.htm">OECD PISA international assessment of financial literacy</a> are unable to make even simple decisions about everyday spending, and only one in ten can solve complex financial tasks.<br />
<br />
Some 29,000 15 year-olds in 18 countries and economies took part in the test, which assessed the knowledge and skills of teenagers in dealing with financial issues, such as understanding a bank statement, the long-term cost of a loan or knowing how insurance works." - OECD<br />
<br />
The United States <a href="http://nces.ed.gov/surveys/pisa/pisa2012/pisa2012highlights_12a.asp">ranked 8th</a> out of 17 countries [9th out of 18 if you include the province of Shanghai], just behind Latvia. So what does that really mean?<br />
<br />
The <a href="http://www.oecd.org/pisa/pisaproducts/46962580.pdf">PISA Financial Literacy Assessment Framework</a> was released some time ago. A matter of fact, we used it as a resource when finalizing the <a href="http://education.ohio.gov/Topics/Ohio-s-New-Learning-Standards/Financial-Literacy">Ohio Department of Education Financial Literacy Standards</a>. Standards in Ohio exist and are required to be implemented, as they are in <a href="http://www.councilforeconed.org/wp/wp-content/uploads/2014/02/2014-Survey-of-the-States.pdf">34 additional states</a>. However, Ohio's financial education policy reflects a complex challenge in the <a href="http://jumpstart.org/state-financial-education-requirements.html">United States</a>... standards may exist and are required to be taught, but per <a href="http://jumpstart.org/">Jump$tart</a>, at least 45 states <i>do not</i> mandate a personal finance class to graduate high school. Further, I have yet to find any states who require and pay for teachers to receive financial education content certification.<br />
<br />
The PISA financial literacy assessment was administered to a nationally representative sample of students in schools across the United States. Financial education efforts mandated in the United States are broad ranging, if they exist at all. Take for example the financial literacy requirements in Connecticut, Massachusetts, and Florida per the <a href="http://www.councilforeconed.org/">Council for Economic Education</a> <a href="http://surveyofthestates.com/">Survey of the States</a>.<br />
<ul>
<li><i>Connecticut</i> - Personal finance standards are not required to be taught; Personal finance is not required to be offered; Personal finance is not required to be taken to graduate; Personal finance testing not required</li>
<li><i>Massachusetts</i> - Personal finance standards are not required to be taught; Personal finance is not required to be offered; Personal finance is not required to be taken to graduate; Personal finance testing not required</li>
<li><i>Florida</i> - Personal finance are standards required to be taught; Personal finance is not required to be offered; Personal finance is not required to be taken to graduate; Personal finance testing not required</li>
</ul>
<div>
The preparation the students received from these three states fell well short of the <a href="http://files.consumerfinance.gov/f/201304_cfpb_OFE-Policy-White-Paper-Final.pdf">CFPB financial education recommendations</a>. </div>
<div>
<br /></div>
<div>
At the time of testing, Florida, like Ohio, required personal finance standards be taught. However, if standards are not taught by a trained teacher, are not taught as a semester course, and are not tested while other subjects are tested... the commitment schools make to teaching the coursework varies and is usually minimal. </div>
<div>
<br /></div>
<div>
Sadly, students who needed a helping hand the most appear to be our most underserved. As with other PISA assessed subjects, <a href="http://nces.ed.gov/surveys/pisa/pisa2012/pisa2012highlights_12d_1.asp">socioeconomics</a> seemed to be one of the key contributing factors. Further, the questions used in the financial literacy assessment are practical and financially consequential. Problems were presented in real life context. PISA assessed students’ ability to apply their knowledge and skills to real-life situations involving financial issues and decisions. For example, students were asked to respond to questions about billing invoices and debt products.<br />
<br />
<a href="http://www.oecd.org/pisa/test/financialliteracytest/">Try sample questions yourself</a>.<br />
<br />
At a time when high stakes standardizing testing is at the forefront of education policymaking, we have to ask ourselves what could be more high stakes for our students than making bad choices that could lead to losing thousands of dollars.<br />
<br />
Much is to be considered... How can we adopt legislation that ensures <i>every</i> student receives sufficient financial education instruction? How do we better train our teachers and provide <a href="http://www.philly.com/philly/opinion/20140709_Training_for_financial_success_has_to_start_early.html">evidence based results</a>? How do we bring parents into the circle? How do we fully utilize synergies between the public and private sectors? How do we look at our standards through the eyes of a behavioral economist and build strong bridges between what students are learning, and how students are behaving? How can we better focus on concepts that yield <a href="http://www.marketwatch.com/story/5-must-know-retirement-savings-lessons-2014-06-21?pagenumber=2">evidence based results</a>? How can we bring to scale <a href="http://cfed.org/blog/inclusiveeconomy/new_research_points_to_promising_hands-on_financial_education_strategy/">successful</a> in-school banking programs?<br />
<br />
One thing is certain, the implementation of financial literacy in our schools is in its infancy stages and there are a lot of passionate educators and leaders who want to do more. </div>
<div>
<br /></div>
<div>
Clearly the expert to follow to learn <i>much</i> more is Annamaria Lusardi (Twitter: @A_Lusardi)<i>. </i></div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com7tag:blogger.com,1999:blog-7572691066119998723.post-58977698298898421342014-06-21T20:48:00.000-07:002014-06-24T05:53:31.719-07:00Personal Finance for Recent H.S. Grads / Current College Students<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ3rguWacbxjpzh_X4DHWGKpQwl7DPE-IRbzrYjk_5nnWXnw3cvzf79sPE9jWyrMxWgXz1O_CF1h2UEd5NYg9LHUVZ3qqAjmx3B7qKEo5YMC79se9oXM7nZ_ylqt80-B39Rkku4Wp86zVP/s1600/top_ten_14_player.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ3rguWacbxjpzh_X4DHWGKpQwl7DPE-IRbzrYjk_5nnWXnw3cvzf79sPE9jWyrMxWgXz1O_CF1h2UEd5NYg9LHUVZ3qqAjmx3B7qKEo5YMC79se9oXM7nZ_ylqt80-B39Rkku4Wp86zVP/s1600/top_ten_14_player.png" /></a></div>
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Earlier this year I created a LiveBinder for recent high school graduates and college students. My goal was to give students a financial resource they could rely on as they transitioned into the adult world. </div>
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I carefully selected resources that students could trust, primarily from government and non-profit organizations. I did not want to overwhelm students with too many resources, while also covering the financial decisions they are making at that stage in their lives. </div>
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I was honored LiveBinders named my resource a 2014 Top10 LiveBinder. Please feel free to share my LiveBinder <b><a href="http://www.livebinders.com/play/play?id=363714"><span style="color: #660000;">Personal Finance for Recent HS Grads / Current College Students</span></a></b> with young adults. </div>
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By the way, if you're an educator, you may find <b><a href="http://www.livebinders.com/play/play?id=384905"><span style="color: #660000;">this LiveBinder</span></a></b> I created specifically for colleagues particularly helpful.</div>
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Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com24tag:blogger.com,1999:blog-7572691066119998723.post-41208195245827092392014-05-22T14:58:00.001-07:002014-05-22T14:58:54.887-07:00Why students should open checking and savings accounts, and how to help<b>Why students should open checking and savings accounts...</b><br />
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According to the <a href="https://www.stlouisfed.org/publications/cb/articles/?id=2039">St. Louis Federal Reserve</a>... "Having a checking and savings account is an important first step in establishing that the consumer has the financial acumen to apply for credit for a car or home. It also permits a consumer’s payroll check to be automatically deposited into a checking account, and lets the consumer arrange to have a specified amount automatically transferred to the savings account each pay period.<br />
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But, the key advantage to consumers having bank accounts is avoiding costly alternative financial services and enabling families to build and protect their wealth. Unbanked consumers spend approximately 2.5 to 3 percent of a government benefits check and between 4 percent and 5 percent of payroll check just to cash them."<br />
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Surprisingly, fringe banking services are <a href="http://scorecard.assetsandopportunity.org/2013/measure/underbanked-households">widely used</a>. Using my home state as an example...<br />
• 19.3% of Ohio households are <a href="http://scorecard.assetsandopportunity.org/2013/measure/underbanked-households">underbanked</a><br />
• 8.8% of Ohio households are <a href="http://scorecard.assetsandopportunity.org/2013/measure/unbanked-households">unbanked</a><br />
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<b>How to help...</b><br />
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In the spring semester of 2013, I established behavioral goals for my students. Throughout the course, I sent 3-5 nudging text messages per week using remind101 to encourage students to:<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Establish a savings goal<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Establish a savings account at a bank or credit union<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Contribute regularly to the savings account to meet that goal, ideally with a direct deposit<br />
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The results were compelling, so I approached <a href="http://americasaves.org/">America Saves</a> and <a href="http://www.budgetchallenge.com/">Budget Challenge</a> with a proposal; broaden the practice and surveys to more students in districts across the country, use the America Saves text-messaging platform and resources to deliver the service, and pinpoint teachers to use for the experiment using Budget Challenge who are already integrating financial education technology in their classrooms.<br />
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America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior.<br />
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Budget Challenge is a simulation seeking to teach the financial behavior, knowledge, and skill needed for young people to be Real-World Ready. They combine a ‘learning by doing’ approach with modern technology to create a positive educational experience that will foster life-long financial habits and relevant skills.<br />
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Students in the control and experimental group all received some form of formal financial education instruction in the classroom, and participated in Budget Challenge. Across the control and experimental groups, teachers represented a range of content knowledge, course delivery, and district mandates.<br />
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Teachers whose students participated in the experimental group either exhibited the grit necessary to work through the administrative obstacles presented for integrating texting into a class, or taught in districts who provided the freedom to do so. For a number of reasons, the effort of control group teachers to participate varied.<br />
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Students in the experimental group received up to 4 text messages per week for 6 weeks, were required to complete the <a href="http://americasaves.org/for-savers/savings-tools-and-resources/pledge">America Saves Pledge</a>, and encouraged in class and through text messages to…<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Establish a savings goal<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Establish a savings account at a bank or credit union<br />
•<span class="Apple-tab-span" style="white-space: pre;"> </span>Contribute regularly to the savings account to meet that goal, ideally with a direct deposit.<br />
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Once again, the results were strong. Students who received financial education in the control group exhibited a variance of positive behavior change toward the stated goals. However, students who received nudging messages in addition to instruction received a much greater degree of behavior change.<br />
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As my friend Dan Kadlec of TIME <a href="http://business.time.com/2014/01/29/why-it-matters-that-teens-would-share-a-car-but-not-a-cellphone/">reported</a> in our project...<br />
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"Other organizations including the Consumer Federation of America through its America Saves campaign are also experimenting with texted advice for young people to save or budget. A growing body of research suggests such texted tips really work, and a yet-to-be-released small-scale study out of Ohio will bolster the case. This study will show that financial education leads to positive behavior change, and that when reinforced with regular text nudges teens up their money game substantially.<br />
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In the study by Brian Page, an Ohio schoolteacher and advocate for financial education, teens taking a financial literacy course raised the rate at which they identified a savings goal, opened a savings account, and deposited money in their account. The improvement accelerated among those who also got text reminders.<br />
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For example, the percentage of students who said they have a savings goal went from 64% before a money course to 69% after. In a group that also got text messages the rate went from 79% to 94%. 'In every case, financial education led to behavior change,' Page says. 'The nudging led to even more change.' Page hopes to do a more formal study on a national level."<br />
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With all of that said, what is most effective is to have a student run credit union or bank, as is the case in <a href="https://www.portalliancefcu.com/bookerbranch">schools across the country</a>.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com8tag:blogger.com,1999:blog-7572691066119998723.post-73583250617582021902014-04-16T14:19:00.000-07:002014-04-16T14:19:02.420-07:00Utilize Direct DepositsAmericans have a tough time saving. Nearly a third of Americans have zero savings, and around half have less than three months of emergency savings. Equally daunting is how little Americans contribute to 401(k)’s. Dr. Hensley of the <a href="http://www.nefe.org/">National Foundation for Financial Education</a> pointed out <a href="http://finedchat.blogspot.com/2012/04/did-you-know-american-personal-finances_10.html">in this alarming video</a> that only 11 percent of individuals with a 401(k) are putting enough money away to meet their retirement needs.<br />
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The goal of this article is to provide the content and behavioral tips necessary to save.<br />
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<b>Understand yourself and how to overcome your own savings obstacles</b><br />
Saving can be exhausting if you allow it to be. As John Tierney points out in <a href="http://www.nytimes.com/2011/08/21/magazine/do-you-suffer-from-decision-fatigue.html?pagewanted=all&_r=0">Decision Fatigue</a>, we draw from a chemical in our brain to feed our willpower each time we make a choice. The more frequently we surround ourselves with things we really want and choices we have to make, the more we draw from this chemical. Do not make saving another draining choice you have to make, make saving automatic.<br />
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<a href="http://www.ted.com/talks/joachim_de_posada_says_don_t_eat_the_marshmallow_yet.html">The Marshmallow study</a> best illustrated the challenges we innately face to delay gratification, and the <a href="http://www.washingtonpost.com/blogs/wonkblog/wp/2012/10/13/the-marshmallow-test-revisited/">latest Marshmallow study</a> is digging into the particular challenges people face who have had previous experiences that punished them for waiting, complicating the problem even further. We have seen how hard it is for people to pass the test. Do not put yourself through the torture of delaying gratification, make saving automatic.<br />
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<b>Become a member of a Bank, Credit Union, or Matched-Savings Program</b><br />
Find a bank or credit union that offers the lowest fees, or better yet <a href="http://www.cuna.org/newsnow/12/system090612-7.html">prize-linked savings programs</a>. Do not concern yourself with the interest you are going to earn on your savings account. Rates are low and are likely to stay that way for a while. So, your interest won't add up to much if you do not have a lot of money. What can add up are fees - - so comparison-shop for financial institutions that offer the lowest possible fees.<br />
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Another option is matched savings programs such as <a href="http://www.earn.org/">Earn</a>, who also provide additional support services designed to help low-wage families.<br />
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<b>Make saving automatic with a Direct Deposit</b><br />
A Direct Deposit electronically deposits funds directly into a bank account as a form of payment. <a href="http://www.bankrate.com/brm/green/chk/chk8a.asp">This past Bankrate article</a> explains how Direct Deposits work, and dives into further advantages. To be clear, only establishing a direct deposit into your checking account isn’t going to help you much. Work with your HR manager and your financial institution to setup a second and a third direct deposit into your savings account and retirement account. This is sometimes referred to as “split deposits”. Make sure there is no additional fee for setting up or using a Direct Deposit service.<br />
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In <a href="http://cfed.org/assets/pdfs/Applying_Behavioral_Research_to_Asset_Building_Initiatives.pdf">this research</a> Mindy Hernandez of Innovation@cfed provides behavioral insight on the decision making process“…often the decision we make is not about the ‘optimal choice’ but the one that requires the least amount of effort – the one on the path of least resistance. Defaults are the option you get if you do nothing at all, and they are extremely ‘sticky,’ meaning you are not likely to change the decision (or lack thereof) once it is done…” In other words, by saving first with a direct deposit it would be harder not to save.<br />
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The positive results of setting a savings goal and reaching it by making saving automatic is confirmed with research over and over again. According to research reported <a href="https://www.nacha.org/node/1067">here</a> by the Electronic Payments Association, 93 percent of employed adults who use split deposit contribute to their savings every month. Conversely, of employed adults who do not use split deposit, 23 percent contribute nothing to their savings.<br />
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<b>Make investing automatic with a Direct Deposit</b><br />
<a href="http://www.savingmatters.dol.gov/employees.html">This quality resource</a> on the Department of Labor website empowers employees with useful information about retirement plans, and the power of compound interest. Here is the example the DOL used to illustrate the importance of beginning to invest for retirement at a young age:<br />
“A 20 year old who saves $1,000 a year for 11 years in a row, then stops but leaves it there to earn 7% interest, will have $168,514 at age 65.<br />
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However, a 30 year old who starts saving $1,000 a year for 35 years, also earning 7% will have only $147,913 at age 65. Even though the 30 year old has put in more money for more years, it has less time to earn that compound interest.”<br />
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In other words, fully match your employer’s 401(k) or 403(b) contribution and do so electronically with a split deposit as soon as you get a job. Make sure there is no additional fee for setting up or using a Direct Deposit service.<br />
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<a href="http://www.americasavesweek.org/">America Saves Week</a> is February 25-March 2nd. Now is a great time to <a href="http://www.americasaves.org/pledge">pledge or repledge to save</a>. By pledging to save you will commit to a simple savings plan and goal. Research tells us that regardless of income you are more likely to spend less than you earn, save for emergencies, and save for retirement if you have a savings plan.<br />
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Set a savings goal, take the pledge, and remember that Direct Deposits matter.<br />
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<i>Note - this post was originally written and posted on the America Saves website. </i>Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com2tag:blogger.com,1999:blog-7572691066119998723.post-89317025734826902922014-04-15T14:40:00.001-07:002014-07-09T08:30:54.538-07:00H&R Block Student Contest: How Big is a Billion?<div class="separator" style="clear: both; text-align: left;">
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Americans leave more than $1 billion on the table every year by doing their own taxes. So H&R Block asked teachers to turn the idea of illustrating the $1 billion as a math assignment and submitting real-life examples to illustrate the concept. </div>
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Here are just a couple of examples...</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHe3RxKdoLLYkm3g_zcGwxuLnewTxqiepNwteuxggIeTnhh3RQzMCibbYH3U8rhdKK3K2JJLshXH6mmyvBiFntGp6kyTeOERKR6zQKqCtjgyG4zBNthG5xOiZuK0fnJLNxdpJOIJZx8gRd/s1600/UZclur.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHe3RxKdoLLYkm3g_zcGwxuLnewTxqiepNwteuxggIeTnhh3RQzMCibbYH3U8rhdKK3K2JJLshXH6mmyvBiFntGp6kyTeOERKR6zQKqCtjgyG4zBNthG5xOiZuK0fnJLNxdpJOIJZx8gRd/s1600/UZclur.png" /></a></div>
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...did you know you can wrap $1 billion in dollars around the world 4 times!</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYFVTtOOZbTI_SDG9wHYbCmf1CWrtIzafQSpz0ElhcupiRD4G4u7fk1HzIqQ2RdCKMfFGviNx-LbzROUIhoa_Bcs9bXos412T_wlRtmJSuPFawdvle0bwHeCi3M2oR61orrOnqrYrUReLt/s1600/16G6iG.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYFVTtOOZbTI_SDG9wHYbCmf1CWrtIzafQSpz0ElhcupiRD4G4u7fk1HzIqQ2RdCKMfFGviNx-LbzROUIhoa_Bcs9bXos412T_wlRtmJSuPFawdvle0bwHeCi3M2oR61orrOnqrYrUReLt/s1600/16G6iG.png" height="180" width="320" /></a></div>
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Classroom grants of $3,000, $2,000 and $1,000 were awarded across three grade tiers: grades 4th-6th, 7th-9th and 10th-12th. So although the previous examples were very good, they were not the winning entries. You can see the winners of the FaceBook contest <a href="https://www.facebook.com/hrbds?v=app_448952861833126&rest=1"><b><span style="color: #660000;">here</span></b></a>.</div>
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Encouraging teens to complete their taxes is of particular importance. A new <a href="http://newsroom.hrblock.com/conflicted-optimism-teens-financial-future/"><span style="color: #660000;"><b>finding</b></span></a> by H&R Block found that teens stress about money, and one of the main causes is the complexity of tax forms. A matter of fact, only 3 out of 100 teens reported filling out an income tax form.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFxbyiWghX1nPVDRdbfQeiP0_LR3m8STFULplhl7sC3GUrZxc1phR9mADAYqCSl-WA8TJFqEHdTOYC7m2Thyphenhyphenkiiem5__Ma_h6vt4M7v7-AaPfqJRUPEqbE3jCq_H7ZTI3P6TQugN65KY2g/s1600/a0caf4f599e29ae5d58be2dac0ef112e.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFxbyiWghX1nPVDRdbfQeiP0_LR3m8STFULplhl7sC3GUrZxc1phR9mADAYqCSl-WA8TJFqEHdTOYC7m2Thyphenhyphenkiiem5__Ma_h6vt4M7v7-AaPfqJRUPEqbE3jCq_H7ZTI3P6TQugN65KY2g/s1600/a0caf4f599e29ae5d58be2dac0ef112e.jpg" height="320" width="107" /></a></div>
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<i>Note - this is a sponsored post I agreed to write because of my support for the content area, the reputation of H&R Block, and the nature of the contest held by H&R Block.</i></div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com6tag:blogger.com,1999:blog-7572691066119998723.post-81861106610270701722014-03-30T17:39:00.000-07:002014-03-31T09:33:10.588-07:00New Finding: Teens stressed about moneyTeens are stressed about money, according to a recent <a href="http://newsroom.hrblock.com/conflicted-optimism-teens-financial-future/"><span style="color: #660000;">H&R Block survey</span></a>.<br />
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Why?<br />
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<b>1. The cost of college</b><br />
"...nearly all (97 percent) of survey respondents still plan on attending college, viewing it as a necessary step for future employment. In fact, 86 percent of teens believe it is more important than ever to choose a major that leads to a well-paying job. But, a vast majority of teens – 78 percent – worry about borrowing too much in student loans, fearing crippling debt after leaving college."<br />
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Since 1980, the cost of college has skyrocketed nearly 500% when adjusted for inflation. This trend cannot continue; something needs to change.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEO_lRv2fGB05O-TNrtYo1eHwmaj16shbo9PeJySWWll8lHKzfKjvDH-tyJRByOO9-6QGKF9ytOB3zRg0LLHUJdzhj-K-QWkHvrovhckmUvfGiIqxPDfbCcomt0Avb6V0C1-JcdqQB0d8A/s3200/imgres.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEO_lRv2fGB05O-TNrtYo1eHwmaj16shbo9PeJySWWll8lHKzfKjvDH-tyJRByOO9-6QGKF9ytOB3zRg0LLHUJdzhj-K-QWkHvrovhckmUvfGiIqxPDfbCcomt0Avb6V0C1-JcdqQB0d8A/s3200/imgres.jpeg" /></a></div>
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For now, most students can find an affordable path to earn a college degree. There are tools available to help students make an informed student debt choice. </div>
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<li><a href="http://www.consumerfinance.gov/paying-for-college/"><span style="color: #660000;">CFPB's Paying for College</span></a></li>
<li><a href="https://fafsa.ed.gov/"><span style="color: #660000;">FAFSA</span></a></li>
<li><a href="http://studentaid.ed.gov/"><span style="color: #660000;">Federal Student Aid</span></a></li>
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<b>2. Teenage households continue to face financial distress</b></div>
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"Median household income, as reported by the U.S. Census Bureau, fell for the fifth straight year in 2012. The current level of $51,017 is far below the $55,500 when the recession began and is the lowest mark, adjusted for inflation, since 1995 – before all but today’s oldest teenagers were even born.<br />
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Perhaps not surprisingly, 58 percent of teens now believe they will be less financially sound than their parents."</div>
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One of the most important lessons we can teach our students is the value of saving and investing at an early age. Both habits can cushion the blow of eroding wages everyday Americans are facing if they begin to save and invest when they're young.<br />
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We can help students by teaching them to take advantage of the power of compound interest, and introduce them to resources that nudge them into the habit of saving when they're younger and it's easier.</div>
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<li><span style="color: #660000;"><a href="http://americasaves.org/for-savers/savings-tools-and-resources/pledge"><span style="color: #660000;">America Saves Pledge and Texting Nudges</span></a> </span></li>
<li><a href="http://www.councilforeconed.org/resource/compound-interest-calculator/"><span style="color: #660000;">Council for Economic Education Compound Interest Calculator</span></a></li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEyiB3m5RmYGouzU7d-9GJQ6kf4I6FHhAo5EmzPbDUH1lmTwwIHebshv9R9hMhVRHD77mbsRN6tPUpQbaGAJInToPYCWq78nn6jekNsf2yIDe4WoJhQ7KxfrA3KgiNVRrFeXqz5_LEnSJE/s3200/ai_115584-2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEyiB3m5RmYGouzU7d-9GJQ6kf4I6FHhAo5EmzPbDUH1lmTwwIHebshv9R9hMhVRHD77mbsRN6tPUpQbaGAJInToPYCWq78nn6jekNsf2yIDe4WoJhQ7KxfrA3KgiNVRrFeXqz5_LEnSJE/s3200/ai_115584-2.jpg" height="320" width="172" /></a></div>
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<b>3. Taxes are too complicated</b><br />
"Taxes remain a duty for adulthood, as teens are either disengaged or uninformed – only three of every 100 have filled out an income tax form, while 26 percent feel the forms are too complex."<br />
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Most students will qualify for tax refunds. Yet with only 3% of teenagers filing, most will never see any of it. There are plenty of resources available to help students understand how to file and collect their refunds.<br />
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<li><a href="http://apps.irs.gov/app/understandingTaxes/index.jsp"><span style="color: #660000;">IRS Understanding Taxes</span></a></li>
<li><a href="http://www.myfreetaxes.com/"><span style="color: #660000;">My Free Taxes</span></a></li>
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<b>4. Teenagers are turning to their parents</b><br />
"75 percent of teens still say their parents are their most important source of financial information. In fact, 62 percent of teens view their parents as good money management role models."<br />
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Unfortunately, <a href="http://www.usfinancialcapability.org/results.php?region=US"><span style="color: #660000;">research</span></a> has found that on the aggregate, American parents are not financially literate. Our education system must train our teachers to provide students with a financial education. But in the mean time, there is an ideal resource to help parents teach their own children about money.</div>
</div>
</div>
<div>
<ul>
<li><a href="http://moneyasyougrow.org/"><span style="color: #660000;">Money As You Grow</span></a></li>
</ul>
</div>
<div>
<b>5. Teenagers are making adult financial choices now</b><br />
“Our survey shows 57 percent of teens use their own money on purchases, yet they often lack fundamental money management skills. The good news is, the research clearly illustrates a desire to learn, to grow and to become financially savvy..."</div>
<div>
<br /></div>
<div>
<div>
<a href="http://www.harrisinteractive.com/vault/091713_PACE_Schools%20for%20Tomorrow%20Panel%20(local)_FINAL.pdf"><span style="color: #660000;">99%</span></a> of U.S. adults support personal finance teaching in high schools. Yet, only <a href="http://jumpstart.org/state-financial-education-requirements.html"><span style="color: #660000;">4 states</span></a> require a semester long class be devoted entirely to teaching personal finance to graduate. This is a far cry from the <a href="http://files.consumerfinance.gov/f/201304_cfpb_OFE-Policy-White-Paper-Final.pdf"><span style="color: #660000;">CFPB’s recommendations</span></a> of how personal finance should be taught in our schools. </div>
<div>
<br /></div>
<div>
Most high school students are making financial choices now. Many shop; have jobs; pay bills; pay taxes, are eligible for refunds if they file; have accounts at financial institutions; make car payments; pay car insurance; and most importantly -- are preparing to make a student debt choice. So as our students shuffle from one class to the next learning lessons for their future, they’re missing out on the lessons that will help them manage the stresses they're facing right now.</div>
</div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com1tag:blogger.com,1999:blog-7572691066119998723.post-64029314397915893652014-02-26T06:09:00.000-08:002014-02-26T06:09:02.716-08:00#StudentsSave - A student Twitter chat to help create the habit of saving<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzHTdZGCZ84Maa_3oZH2mUSMUytrqIErwnMKf_u3uSkt8OcyL1q5-SjXL0KLyIbX2UGzm9S9hgPpfeHJOKrtaA4suU-jAyAFyxhs4MW-5rWbP9N_PwSOkThTL0pHfanNXxvYY22rbKbW-Z/s1600/easelly_visual+(1).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzHTdZGCZ84Maa_3oZH2mUSMUytrqIErwnMKf_u3uSkt8OcyL1q5-SjXL0KLyIbX2UGzm9S9hgPpfeHJOKrtaA4suU-jAyAFyxhs4MW-5rWbP9N_PwSOkThTL0pHfanNXxvYY22rbKbW-Z/s1600/easelly_visual+(1).jpg" height="320" width="248" /></a></div>
<br />
This is <a href="http://www.americasavesweek.org/"><span style="color: #274e13;"><b>America Saves Week</b></span></a>, an opportunity to promote good savings behavior. Savings protects us from using high interest credit when we face emergencies. Setting a goal to save and spend money on experiences and things we value allow us to enjoy life without experiencing the consequences of paying for it later.<br />
<br />
Friday's Twitter chat is an opportunity for students to learn and share resources to help them develop the habit of saving. Many of our students have jobs or an allowance; have financial responsibilities such as a cell phone payment; they are deciding what car to buy; and are looking forward to prom. Most importantly, many of our students can open a savings account at a local bank or credit union and start the habit of saving today. <br /><br />
Now is the time to begin to teach the habit of saving, and what better way then through a day long Twitter chat?<br /><br />
Have your students follow <b>#StudentsSave</b> throughout the day on Friday, 2/28/14. Have them share savings resources and tips they've learned in class or on Twitter. The chat is open-ended from 8-5 EST, giving you and your students the flexibility to participate.<br /><br />
For savings ideas, visit <a href="http://americasaves.org/"><span style="color: #274e13;"><b>America Saves</b></span></a>.<br /><br />
Many thanks to the following organizations and leaders for participating:<br />
<ul>
<li><a href="https://twitter.com/AmericaSaves"><span style="color: #274e13;">@AmericaSaves</span></a></li>
<li><a href="https://twitter.com/Bankrate"><span style="color: #274e13;">@Bankrate</span></a></li>
<li><a href="https://twitter.com/council4econed"><span style="color: #274e13;">@Council4EconEd</span></a></li>
<li><a href="https://twitter.com/dankadlec"><span style="color: #274e13;">@DanKadlec</span></a></li>
<li><a href="https://twitter.com/Experian_US"><span style="color: #274e13;">@Experian_US</span></a></li>
<li><span style="color: #274e13;"><a href="https://twitter.com/FinLitTV"><span style="color: #274e13;">@FinLitTV</span> </a></span></li>
<li><a href="https://twitter.com/OhioJumpstart"><span style="color: #274e13;">@OhioJumpStart</span></a></li>
<li><a href="https://twitter.com/OIIOrg"><span style="color: #274e13;">@OIIOrg</span></a></li>
<li><a href="https://twitter.com/NatlJumpStart"><span style="color: #274e13;">@NatlJumpStart</span></a></li>
<li><a href="https://twitter.com/NEFE_ORG"><span style="color: #274e13;">@NEFE_ORG</span></a></li>
<li><a href="https://twitter.com/PracticalMoney"><span style="color: #274e13;">@PracticalMoney</span></a></li>
<li><a href="https://twitter.com/studenthacks"><span style="color: #274e13;">@StudentHacks</span></a></li>
</ul>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com0tag:blogger.com,1999:blog-7572691066119998723.post-29523233223674514362013-12-05T15:35:00.000-08:002013-12-05T19:18:28.211-08:00Why Rank Teachers?In the private sector, employees may earn promotions from evaluations. That is generally not the case in education. Administration is a specialization of education, not necessarily a promotion for educators. Further, do we really want to create a system that incentivizes our "best" teachers to leave the classroom?<br>
<br>
In the private sector, employees are often paid bonuses based on their reviews. Despite recent education reform efforts, that is not the case for most educators. Besides, historian Diane Ravitch explains through historical context in her book "Reign of Error" that merit pay has been tried, and has repeatedly failed.<br>
<br>
Removing "ineffective" educators does not have to be done by ranking them against their peers. Such a decision can be determined by observation criteria and a process designed to give educators the opportunity to improve first.<br>
<br>
Students do not get better because their teacher has a ranking.<br>
<br>
Most people, regardless of their profession, do not enjoy being ranked. It leads to counterproductive tension, stress, and justified debate.<br>
<br>
So what is the benefit of ranking teachers "Accomplished"; "Skillful"; "Developing"; "Ineffective"?<br>
<br>
What if we turned back time. What if every penny and hour that has been poured into ranking teachers was poured into making us better?<br>
<br>
What if for every minute teachers had to spend...<br>
<ul>
<li>...proctoring standardized tests; we led project based learning assignments.</li>
<li>...discussing standardized tests; we discussed new instructional strategies.</li>
<li>...completing performance evaluation paperwork; we explored applicable game-based learning tools.</li>
<li>...completing pre and post conference observation paperwork; we observed fellow colleagues and collaborated with one another.</li>
<li>...reviewing performance paperwork with our administrators; we discussed new ways to integrate technology into their classroom with our administrators.</li>
<li>...reviewing test taking techniques; we created additional opportunities for student led projects. </li>
</ul>
<div>
Most teachers love to learn. The explosion of Twitter chats and educational Pinterest posts are tangible anecdotes of our passion to improve - - even outside of school hours. We want to get better and we enjoy learning how to be better for our students. </div>
<div>
<br></div>
<div>
What I don't understand is how turning teachers into numbers and then sharing our numbers with the rest of the world is making us any better.</div>
<div>
<br></div>
<div>
So... what is the benefit of ranking teachers, and what is the cost?</div>
<div>
<br></div>
<div>
P.S. For any readers or legislators who may believe I'm "whining", my past "results" and upcoming "ranking" will be evidence that I'm not, but rather questioning purpose. </div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com0tag:blogger.com,1999:blog-7572691066119998723.post-91396128442347985362013-12-05T05:30:00.001-08:002013-12-05T05:30:37.158-08:00New Game Based Learning Tool to Teach Disability Insurance<span style="color: #660000;"><a href="http://defendyourincome.org/">DefendYourIncome.org</a></span> is an excellent game based learning learning tool for teaching disability insurance.<br />
<br />
They even have an app!<br />
<br />
If you are 30 years old or younger, you have a 1 in 3 chance of needing long-term disability care, with an average coverage length of 32 months. What is particularly relevant for high school students to understand is they are not immediately eligible for full Social Security disability benefits early in their careers; and even if they were the coverage is inadequate.<br />
<br />
<a href="http://finedchat.blogspot.com/2012/08/teaching-insurance.html"><span style="color: #660000;">This previous post</span></a> is dedicated to exhibiting a broader range of insurance education resources.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com11tag:blogger.com,1999:blog-7572691066119998723.post-75965052947185694502013-11-29T09:03:00.001-08:002013-11-29T09:24:56.704-08:00Black Friday and Budgets<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_9dFavUR18rjwb2QL7omr0kz1Qs6sp_8z454nEZWwARB_P59YECQePvU44qMxrpDdfdzrgvPmLuL6M-9-UoWEWPwbkgb1e9-7WRqdyVBjst0wwGuQxEY6fmdeurXjIeWyG70-CLApQdZY/s1600/Unknown.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_9dFavUR18rjwb2QL7omr0kz1Qs6sp_8z454nEZWwARB_P59YECQePvU44qMxrpDdfdzrgvPmLuL6M-9-UoWEWPwbkgb1e9-7WRqdyVBjst0wwGuQxEY6fmdeurXjIeWyG70-CLApQdZY/s1600/Unknown.jpeg" /></a></div>
<br />
Budgets are hard to manage. Cars break down, kids get sick, roofs need replacing. These are life events that never fit neatly into a budget. So here is how I recommend you establish a budget.<br />
<br />
Begin with...<br />
<br />
<ul>
<li>Fully contributing to your retirement programs at work with a direct deposit.</li>
<li>Contributing to an emergency savings account with a direct deposit.</li>
<li>Contributing to your children's college education with a direct deposit.</li>
<li>Review your insurance information semi-annually to make sure you are adequately covered (life, health, disability, property, etc.)</li>
<li>Predict your tax obligations and pay them along the way to ensure you do not owe at the end of the year.</li>
</ul>
<div>
Obviously, if you are not investing for retirement now, retirement will never come later. <a href="http://americasaves.org/"><span style="color: #660000;">Save</span></a>. Savings covers the "messy" events that blow up monthly budgets. In my opinion, everything else is much less important, and that is a great place to trim costs. So with the remaining money, prioritize and spend. </div>
<div>
<br /></div>
<div>
A budget should reflect what you <a href="http://www.smartaboutmoney.org/Tools-Resources/LifeValues-Quiz.aspx"><span style="color: #660000;">value</span></a> the most. So during the hustle and bustle of Black Friday be sure to prioritize spending on what really matters most to you first, and use Black Friday as an opportunity to trim costs on the plastic products that <a href="http://www.cnn.com/2009/HEALTH/02/10/happiness.possessions/"><span style="color: #660000;">don't really make us happier</span></a>. </div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com0tag:blogger.com,1999:blog-7572691066119998723.post-15191514254821816352013-11-18T06:03:00.003-08:002013-11-18T15:00:56.778-08:00My updated student loan lesson<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeQVXqSRlZZRsEmF8ty4UGeXYfN_s8u6Fh9vnXOs6-m6LxemCmGSYYyZsDUN2QUJR6yO8kYT3HlpKg4mtg_ZQ8e1LseJ_itXPBh7rAyJ3uHGoZv5P4CllO0OS2ivXkThO67mT3MQncmTAl/s1600/hero-300.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="94" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeQVXqSRlZZRsEmF8ty4UGeXYfN_s8u6Fh9vnXOs6-m6LxemCmGSYYyZsDUN2QUJR6yO8kYT3HlpKg4mtg_ZQ8e1LseJ_itXPBh7rAyJ3uHGoZv5P4CllO0OS2ivXkThO67mT3MQncmTAl/s320/hero-300.png" width="320" /></a></div>
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<a href="http://www.reuters.com/article/2013/11/11/column-weston-fasfa-idUSL2N0IT03420131111"><span style="color: #660000;">Multiple reports</span></a> have been published explaining that when high school students list their preferred colleges on federal financial aid applications, that they could be used against them.<br />
<br />
<i>"A university concerned about its "yield" - a closely-watched measure that tracks how many accepted students actually enroll - may not extend an admission offer if the university is near the bottom of an otherwise qualified student's list, for fear the offer will be rejected.<br /><br />A college at the top of a student's list, on the other hand, may not feel compelled to offer generous financial aid, since the student is seen as likely to accept without it."</i><br />
<br />
The advice our guidance counselors are giving is to have our students list their top ten in alphabetical order.<br />
<br />
I incorporate resources from the <a href="http://studentaid.ed.gov/"><span style="color: #660000;">US Department of Education (FAFSA)</span></a> and <a href="http://www.consumerfinance.gov/paying-for-college/"><span style="color: #660000;">Consumer Financial Protection Bureau</span></a> such as college search tools and key dates in the lesson.<br />
<br />
Here is my <a href="http://www.readingschools.org/olc/folder.aspx?id=13403&s=227&c=420"><span style="color: #660000;">full lesson</span></a> posted online. The "Student Handout" guides the student through the lesson.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com60tag:blogger.com,1999:blog-7572691066119998723.post-35220141603221382822013-11-15T15:53:00.000-08:002013-11-15T16:17:52.868-08:00Do you have a classroom micro-economy? Be careful.A new trend in personal finance classrooms is to create micro-economies. I am a big fan of using a micro-economy when they are managed appropriately, particularly in the elementary grades. A matter of fact, I advised Vanguard on their development of <a href="http://www.myclassroomeconomy.org/"><span style="color: #660000;">MyClassroomEconomy</span></a> and serve on the advisory council for <a href="http://bizworld.org/"><span style="color: #660000;">BizWorld</span></a>. To put my concern about micro-economies into context, I need to address the spirit and environment of a personal finance classroom.<br />
<b><br /></b>
<b>One view</b>: Personal Finance should be offered in every school so our children will be empowered with tools and concepts to be rich.<br />
<br />
<b>My view</b>: Personal Finance should be offered in every school so our children will be empowered with practical tools and concepts to live a happy life.<br />
<br />
Perspective on happiness varies from person to person. For some, happiness does indeed correlate with great wealth. For most, <a href="http://wws.princeton.edu/news-and-events/news/item/two-wws-professors-release-new-study-income%E2%80%99s-influence-happiness"><span style="color: #660000;">research</span></a> has found that financial stability is most correlated with happiness, not great wealth.<br />
<br />
To begin the year in my classroom we play the <a href="http://www.awesomeislandgame.com/"><span style="color: #660000;">Awesome Island Game</span></a> (which I <a href="http://news.cincinnati.com/article/20131110/NEWS/311100058/"><span style="color: #660000;">no longer own the rights</span></a>). In my game, participants simulate a life over the span of forty years. The financial choices they make impact their net worth. Most students aspire to conclude the game with the greatest net worth, earning them a ticket to "Awesome Island".<br />
<br />
Earlier this semester I noticed one of our brightest students was accumulating enough assets to earn a ticket to Awesome Island. However, at the conclusion of the game he only had enough money to purchase a ticket to "It's Okay Island". I quickly reviewed his budget and recognized on the philanthropy line item that he had given most of his wealth away at the end of his life. It was important for him to give back, it is what makes him happy. I was impressed that he understood that feeling awesome has more to do with what lies in your heart, rather than the zip code under your feet.<br />
<br />
With that said, I am a big fan of using micro-economies when they are managed appropriately. However, here are my concerns...<br />
<br />
<ul>
<li>Correlating test grades with a micro-economy can be contrary to the spirit of a personal finance class. We want students to understand how to generate wealth and value the benefits of capitalism. However, if a teacher is strictly correlating the success of a student with wealth, what does that say about us? Let's not send a message to our students that serving as a teacher, fire fighter, police officer, social worker, soldier, etc. makes us a failure because we don't have the same bottom line as an investment banker.</li>
<li>Including test grades as a part of a micro-economy can be counterproductive to some special education children who cognitively do not have the ability to test as well as some of their peers. Many of these kids go through school frustrated and fully aware of their challenges. Our classrooms should give them hope, not a rank. </li>
<li>Including test grades as a part of a micro-economy is not necessarily an accurate reflection of how well a student will do financially in life. As an example, my students have participated in the bill paying simulation <a href="http://www.budgetchallenge.com/"><span style="color: #660000;">Budget Challenge</span></a> for a number of years. I do not give them time in class to work, it is purely for homework and designed to measure whether they are gritty enough to stay on top of their bills throughout the semester in their own time. In other words, I'm assessing their behavior. I have found...</li>
<ul>
<li>there is a correlation between content and behavior, however...</li>
<li>some students who test well are not gritty enough to pay their bills on time.</li>
<li>some students who do not test well are gritty enough to pay their bills on time, but struggle to make good choices. However, many of these students still outperform the good test takers who are apathetic. </li>
</ul>
</ul>
<div>
Like I said, a micro-economy can be a great experience for students. I am drawn to experiential learning, particularly when it incorporates entrepreneurship opportunities. How to generate great wealth is a lesson every child should learn. Kids also need to experience the value of making enough money and managing it well enough to reach their own goals. Just be careful how you implement the simulation. </div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com0tag:blogger.com,1999:blog-7572691066119998723.post-60902438838219992332013-10-19T07:00:00.000-07:002013-10-21T14:22:46.359-07:00What I use to teach my own children financial literacy<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHeXrbeRAZsS2-mtqOjClesUAalepNJSiKKKeGxRAQ8XVg5Uo2kKtxcon7c1S36WA7fTYnEa-KHy9hfUHaKg6NP79k3oBVr9uig8rA3GvTv9wCCUkHl7TqMLj0-no4LvRT9h2rjimMNqO8/s1600/header-img.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="104" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHeXrbeRAZsS2-mtqOjClesUAalepNJSiKKKeGxRAQ8XVg5Uo2kKtxcon7c1S36WA7fTYnEa-KHy9hfUHaKg6NP79k3oBVr9uig8rA3GvTv9wCCUkHl7TqMLj0-no4LvRT9h2rjimMNqO8/s320/header-img.jpg" width="320"></a></div>
<br>
I'm often asked what resource(s) I use to teach my own children financial literacy skills. It's a fair question, considering I share a plethora of resources I personally believe could be valuable.<br>
<br>
I'm a big believer in student choice and game based learning. Therefore, I expose my own children to multiple resources, I make sure I always include a game based learning option, and allow them to select their favorite resource(s). To prevent the summer "brain drain", I set aside educational time each day with my own children. Part of this time is spent on entrepreneurship and integrating financial literacy skills.<br>
<br>
My boys are in the 1st grade and 5th grade. Their favorite financial literacy resource is the <a href="http://smckids.com/"><span style="color: #660000;">Secret Millionaires Club</span></a>. In their own words, here is why they love it....<br>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDgnVWLRqYi1j1QNr2ViEwkDabnFXVSddAx0m8f8ci_Pmm5XWZzmkwGwSX2mdhvjkm79-YqU67Jmf4EFFuW8Q_Rgly0iwwRABW7KkFxRPkbSSNhI-hoWE452lcJPwGsbGB9N25sBmAeiXE/s1600/575015_10151103813893954_1435878542_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDgnVWLRqYi1j1QNr2ViEwkDabnFXVSddAx0m8f8ci_Pmm5XWZzmkwGwSX2mdhvjkm79-YqU67Jmf4EFFuW8Q_Rgly0iwwRABW7KkFxRPkbSSNhI-hoWE452lcJPwGsbGB9N25sBmAeiXE/s320/575015_10151103813893954_1435878542_n.jpg" width="240"></a></div>
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<br>
Bryce (pictured above), who is in the 1st grade, likes the "Cartoons" because "they are funny and fun to watch." There are <a href="http://smckids.com/episodes/"><span style="color: #660000;">26 total Webisodes</span></a>, all of which would make great video hooks for a classroom project.<br>
<br>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTp0yPbej6IiSEcUEbnRzCUcWIIptUtfXYDlvZEY8uUWlGfzJVeUIdAj2ETuvb8kQR2kqlHbRdoc_Vh1EnFA3eNZ_fwKNPAcj7rOBSJs0hPq-Qzr1AlA6-LOU9UOv-rcymgLh9Hz8izSax/s1600/1238113_10151845228508954_641434645_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTp0yPbej6IiSEcUEbnRzCUcWIIptUtfXYDlvZEY8uUWlGfzJVeUIdAj2ETuvb8kQR2kqlHbRdoc_Vh1EnFA3eNZ_fwKNPAcj7rOBSJs0hPq-Qzr1AlA6-LOU9UOv-rcymgLh9Hz8izSax/s320/1238113_10151845228508954_641434645_n.jpg" width="240"></a></div>
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Christian (pictured above), who is in the 5th grade, likes the "Math Game" because "It's fun!". He also helped his younger brother play the game. The Math Game that Christian is eluding to is <a href="http://smckids.com/games.php"><span style="color: #660000;">Number Blaster</span></a>.<br>
<br>
Coming this fall...<br>
<br>
The <a href="http://smckids.com/learnandearn/"><span style="color: #660000;">Grow Your Own Business Challenge</span></a> is just beginning. Kids 7 through 14 will be challenged to come up with a new business idea. Entrants will earn a chance to win a trip to Omaha to meet Warren Buffett at a special finalist celebration event--and they'll also earn a chance to win $5,000! <a href="http://www.youtube.com/watch?v=0i-YWha7FyQ&safe=active"><span style="color: #660000;">As you can see</span></a>, it is breathe of fresh air for educators who seem to be facing one standardized test after another.<br>
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The program even helps by providing free teaching resources. This is a great way to engage elementary students in an entrepreneurial activity.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com9tag:blogger.com,1999:blog-7572691066119998723.post-88684346438470702302013-10-17T09:32:00.001-07:002013-10-17T17:41:24.824-07:009 napkin sketches that make personal finance easy<a href="http://www.behaviorgap.com/about-carl-richards/"><span style="color: #660000;">Carl Richards</span></a>, a financial planner, has developed a <a href="http://www.nytimes.com/interactive/your-money/carl-richards-gallery.html?_r=0#/all/"><span style="color: #660000;">continuing series of back-of-the-napkin drawings and posts</span></a> that explain the basics of money through simple graphs and diagrams. Here are nine napkin sketches, each addressing key financial literacy concepts, that I am going to integrate into my coursework.<br />
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Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com138tag:blogger.com,1999:blog-7572691066119998723.post-32709222562923927542013-10-16T05:18:00.006-07:002013-10-16T05:18:53.067-07:00GBL resource to teach digital safety<div class="separator" style="clear: both; text-align: center;">
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<br />The FBI just released <a href="https://sos.fbi.gov/"><span style="color: #660000;">CYBER Surf Islands</span></a>, an ideal game based learning resource to teach digital safety to elementary and middle school students.<br /><br />Players navigate CYBER Surf Island by playing all of the games within the student's grade level. Games can be played in any order and at any time. There is even an exam at the end.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com2tag:blogger.com,1999:blog-7572691066119998723.post-12395142347805476122013-10-09T17:58:00.001-07:002013-10-09T19:55:27.646-07:00The collapse of common senseThere are a handful of researchers who do not believe financial education should be offered in our schools. I am not going to dignify their research by sharing it, not because I am being obstinate, but because each financial education antagonist has one thing in common - - they do not understand K-12 education. So please pardon my indignant post, but I am sensitive to policymakers suggesting education policy who do not understand education. <br />
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The premise of the argument commonly leads with a false narrative, claiming that financial education in our country is widespread. Most commonly, research states that "44 U.S. states included 'personal finance' in their standard high school curriculum, and 34 states required that these standards be implemented." They use data from each of these 44 states for their research.<br />
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So what does this really mean?<br />
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In only 13 of the 44 states is Personal Finance required to be taken, and even more alarming is of these 13 states only 4 states require it be taken as a stand alone semester long class for graduation. Further, most states do not even require course specific teacher training. So it is analogous to...<br />
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Assigning Social Studies teachers to teach Science without any training in Science.<br />
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Having Social Studies teachers integrate Science into Social Studies.<br />
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Then reporting through research that Science classes are a waste of time because students aren't learning Science effectively.<br />
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That point aside, if financial education was being tried, as <a href="http://files.consumerfinance.gov/f/201304_cfpb_OFE-Policy-White-Paper-Final.pdf"><span style="color: #660000;">policymakers</span></a> believe it should be, and still failing, does that mean we should stop trying?<br />
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Just over half the voting age population exercises their right to vote. However, nobody is suggesting we should eliminate Civics from our curriculum. A large percentage of the population is overweight, yet nobody is suggesting we should eliminate health classes from our curriculum. Financial education is a course designed to help students better understand how they can better themselves financially through their own free will. Some students choose not to make wise financial choices, but that shouldn't mean we should stop empowering them with the knowledge to make a wise choice. <br />
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There is a great deal of research domestically, and internationally, that crystalizes the case for financial education. I will save sharing it for another time. For right now, I feel compelled to elaborate on questioning the premise of the adversarial position. I fear their position could lead to the slowing of a much needed effort to grow financial education in our schools, all based on research that collapses when you question it with common sense. </div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com3tag:blogger.com,1999:blog-7572691066119998723.post-42311921669089319402013-10-04T20:30:00.000-07:002013-10-04T20:52:11.626-07:00Why financial literacy belongs in our schools<div class="separator" style="clear: both; text-align: center;">
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<i>On Friday night I was honored to receive the William A. Forbes Public Awareness Award, made possible by the Calvin K. Kazanjian Economics Foundation to the Council for Economic Education. The award recognizes an individual who have advanced public awareness of the importance of economic and financial education. <br /><br />I chose to make the most of my opportunity and advocate for the need for financial literacy. Here was my speech...</i><br />
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I am going to be blunt tonight, but truthful. I have mixed feelings about receiving this award. On one hand, I am deeply grateful to CEE, Nan and Mike McDowell of the Kazanjian Foundation for the recognition of my life’s passion and purpose. I am thankful to teach in Reading Community City Schools, a district who shares my passion, while being lucky enough to receive robust professional development support from Dr. Julie Heath and my local Economic Center at the University of Cincinnati. On the other hand, this award only exists because we need champions for a cause that Americans believe should be our educational duty. To be more specific, a recent Harris Survey found that "99% of U.S. Adults Support Personal Finance Teaching in High Schools", yet only four states have required it be taken as a stand-alone semester long high school graduation course. So while countries such as Russia and Great Britain are including it in compulsory education, we continue to pass hallow legislation that is absent many of the recommendations CFPB Director Cordray referenced in his speech on Thursday; that is of course if your state has passed any at all. For a country with our resources, and a culture that derives from a capitalistic spirit, this is unacceptable.<br />
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Practically speaking, if Personal Finance is not legislated as a stand-alone semester long graduation requirement taught by a trained teacher, the consistency and quality of the implementation of the course is spotty at best. Legislation should also include the K-12 integration of financial literacy concepts; the addition of personal finance questions into standardized tests; professional development for teachers that stresses learning through hands on experiences; and tools for parents to teach their children about money.<br />
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For a moment I’m going to pause and give thanks as a parent to those of you in the crowd who integrate financial literacy in the elementary and middle school grades. I am a father of two elementary children and a middle school child. My children, in particular my oldest two, are drawn to an economic and financial way of thinking. When their teachers integrate financial and economic literacy into their Math and English lessons, they better understand the Math and English content, and are further motivated to learn because it’s relevant to them. And as an educator, I am equally grateful as the concepts you are scaffolding at an early age prepare high school students to better understand the complexities of personal finance; a big thanks to each of you.<br />
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For those of you in the crowd who teach high school students, in particular 10th-12th graders, you know first-hand that we are providing a just-in-time financial education. Most of our students are making financial choices, and many have jobs; pay bills, pay taxes, have accounts at financial institutions; make car payments; pay insurance; and most importantly - - are preparing to make a student debt choice. Study after study indicates that the best time to provide financial education is when consumers are closest to making financial choices. For most 10th-12th graders, those opportunities exist now. Not only do we know it’s relevant, they know it’s relevant! For students who are neglected this education, year after year we continue to matriculate them into the University of Hard Knocks.<br />
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Before I move on, Mary Blanusa, if you would, please stand and be recognized for the tireless effort you have put into the CEE Advocacy program. </div>
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I began by saying that I had mixed emotions about receiving tonight’s award; and a final reason is because education is a “WE” profession, not a “ME” profession. Our students can only be successful if our efforts are collective, and that includes advocating for financial literacy in our schools. So please use the Advocacy resources on the CEE website to lobby for financial education in your state. Every child deserves a financial education, and by the way, that includes special education children too.<br />
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We know young people today are facing financial distress. We know it impacts workers, and is a major factor in divorce. And we know that the 16 million American students currently living in poverty may not have voices yet, but we do. We may not be able to change the financial challenges our students face as children, but we can empower our students to tackle these challenges as adults. We owe it to all children to advocate for their financial education.<br />
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Thank you.</div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com55tag:blogger.com,1999:blog-7572691066119998723.post-67034532063690102922013-10-04T14:01:00.001-07:002013-10-04T14:01:31.955-07:00Go To Resource for Financial Literacy<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibZQmUI46gxnOIPaw4VdbiGMiXojRFYNqc3U-nZTNxxw88ppKnJ3zg_6tXICbIxKHT0hTmllIS16LEGtvD3dF1KnDKWn4hkKuttVbA8No9qQJ6WLIYVs8ou2kt0jxVII7RCCPRlglw59ec/s1600/LiveBinders_logo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibZQmUI46gxnOIPaw4VdbiGMiXojRFYNqc3U-nZTNxxw88ppKnJ3zg_6tXICbIxKHT0hTmllIS16LEGtvD3dF1KnDKWn4hkKuttVbA8No9qQJ6WLIYVs8ou2kt0jxVII7RCCPRlglw59ec/s1600/LiveBinders_logo.png" /></a></div>
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I recently updated my comprehensive <a href="http://www.livebinders.com/play/play?id=384905"><span style="color: #660000;"><b>LiveBinder</b></span></a> with a financial literacy research tab, as well as other resource additions. I put the LiveBinder together to generate one free go-to resource to help my fellow K-12 educators who are teaching or integrating financial literacy.</div>
<br />It includes national standards, tools and resources from various content associations and organizations, games, and content experts to follow. Be sure to click on each sub tab.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com2tag:blogger.com,1999:blog-7572691066119998723.post-85719687077096570142013-10-04T13:38:00.000-07:002013-10-04T14:08:28.184-07:00CEE Presentation 1: Tips and Tricks to Integrate Technology into Personal Finance<div class="separator" style="clear: both; text-align: center;">
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I presenting three times at the Council for Economic Education National Conference in Baltimore. The goals of my first presentation were:<br />
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• Share technology tips and tricks for a Personal Finance course that can be integrated into pre-existing lessons<br />
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• Share technology tips and tricks for a Personal Finance course that nudge student content understanding to appropriate financial behavior<br />
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<a href="http://www.livebinders.com/play/play?id=1070046"><span style="color: #660000;">Click here</span></a> to download an overview of the presentation. </div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com2tag:blogger.com,1999:blog-7572691066119998723.post-17318877685232920802013-09-16T05:28:00.000-07:002013-09-16T05:28:23.207-07:00A Lesson in Financial RealityOur curriculum includes strategies to avoid and manage financial hardships. For perspective, <a href="http://www.readingschools.org/olc/folder.aspx?id=8389&s=227&c=420"><span style="color: #660000;">here</span></a> is one of the lessons from my classroom. This post is not an elaboration about managing financial hardships, but rather an opportunity to share one of my favorite simulations.<br /><br />I believe our students need to understand the financial reality of living in poverty because it doesn't matter how financially literate they are; if they do not make any real money they are choosing between bad choices and worse choices.<br /><br /><a href="http://playspent.org/"><span style="color: #660000;">PlaySpent</span></a> is a free online simulation that does an excellent job illustrating to students what it is like to try to get by while living in poverty. <a href="http://playspent.org/"><span style="color: #660000;">PlaySpent</span></a> may not be able to replicate the <a href="http://www.theatlanticcities.com/jobs-and-economy/2013/08/how-poverty-taxes-brain/6716/"><span style="color: #660000;">decision fatigue</span></a> that accompanies living in poverty, but it does illustrate the injustice of what it is like to be a member of the working poor.<br /><br />After the kids play, I try to stress to my classes that the best investment they can ever make is an investment in themselves. After all, having a lot of money makes it a lot easier to make wise financial choices.Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.comtag:blogger.com,1999:blog-7572691066119998723.post-82994333873078731452013-08-27T13:13:00.001-07:002013-08-27T13:17:12.342-07:00Ultimate Distraction Devices<div class="separator" style="clear: both; text-align: center;">
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This year our district is integrating a 1:1 iPad program, and is southwest Ohio's first public school district to do so. I am blessed to teach at <a href="http://www.readingschools.org/index.aspx"><span style="color: #660000;">Reading Community City Schools</span></a> where our leadership found a way to make it possible for us to integrate technology into our classroom, and use technology in everyday instruction. I enjoy to learn through technology myself.</div>
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There are <a href="http://cybraryman.com/ipad.html"><span style="color: #660000;">numerous resources</span></a> available to help teachers prepare our students to use the various educational functions and tools iPads offer (<a href="http://cybraryman.com/cybrary_man.html"><span style="color: #660000;">thanks Jerry - @cybraryman</span></a>!), as well as suggestions for integrating iPads into the classroom for the first time. The new application from Common Sense Media <a href="http://www.graphite.org/"><span style="color: #660000;">Graphite</span></a> even allows educators to search for educator evaluated applications and technology resources with advanced search settings. I also like the latest post by Edutopia, <a href="http://www.edutopia.org/blog/back-to-school-ipads-5-steps-beth-holland?utm_source=twitter&utm_medium=post&utm_campaign=blog-bts-ipads-5steps"><span style="color: #660000;">Back to School with iPads: 5 Steps for the First 5 days</span></a>. </div>
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The goal of this post is to share the information from a presentation I made to my students about the how technology can be destructive to the learning process if it is not used appropriately. As one of my students said last year in reference to my <a href="http://finedchat.blogspot.com/2012/10/special-education-children-deserve.html"><span style="color: #660000;">laptops</span></a>, these things are "A.D.D. devices." If we are not careful, and do not integrate metacognition skills in the integration of our technology devices, he could be correct.</div>
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I spent quite a bit of time this summer reading about how technology impacts learning, and here are the key "watch-outs" I felt most important to share with the kids. </div>
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College students were asked to watch a 30-minute videotaped lecture. Some were sent eight text messages. Others were sent four or zero text messages. What the research found was...<br />
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<li>Those who were interrupted more often scored worse on a test of the lecture’s content. </li>
<li>Those who responded to the experimenters’ texts right away scored significantly worse than those participants who waited to reply until the lecture was over.</li>
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15 minute observations by Larry Rosen, a psychology professor at California State University–Dominguez Hills found that...<br />
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<li>Students’ “on-task behavior” was disrupted 2 minutes in, mainly responding to texts or checking Facebook. </li>
<li>Students only spent 65 percent of the observation period actually doing their schoolwork. </li>
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St. John’s University found through observation 58 percent of second- and third-year law students who had laptops in class were using them for “non-class purposes” more than half the time. The University of Vermont found that “students engage in substantial multitasking behavior with their laptops and have non-course-related software applications open and active about 42 percent of the time.” Technology has been cited in various studies as a distraction for surrounding students. <br />
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Checking social media/text messages draw on the same mental resources demanded by schoolwork. Under most conditions, the brain simply cannot do two complex tasks at the same time.<br />
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<li>Multitasking “can happen only when the two tasks are both very simple and when they don’t compete with each other for the same mental resources.”</li>
<li>There is a “lag” when switching from one task to the other.</li>
<li>Listening to a lecture while texting, or doing homework and being on Facebook uses the same area of the brain (prefrontal cortex).</li>
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Dropping and picking up mental threads leads to damaged mental threads and more mistakes.<br />
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<li>Students’ subsequent memory of what they’re working on will be impaired if their attention is divided.</li>
<li>When we are distracted our brains process and store information differently, in less useful ways.</li>
<li>Multitasking with technology leads to “decision fatigue”.</li>
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These distractions are also real for adults, so this is a lifelong learning lesson for the students. Technology is a part of the 21st century labor force. Using technology effectively and efficiently, such as an iPad, is essential in the modern world if used as an empowering tool free of distractions. </div>
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Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com3tag:blogger.com,1999:blog-7572691066119998723.post-15891639029560519472013-08-26T16:19:00.001-07:002013-08-26T16:24:16.279-07:00Why My Students Participate in Budget Challenge<div class="separator" style="clear: both; text-align: center;">
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I believe the <a href="http://www.budgetchallenge.com/"><span style="color: #660000;">Budget Challenge Personal Finance Simulation</span></a> is the nation’s leading online financial simulation geared toward students to teach financial literacy in schools. The company seeks to change personal finance education from merely teaching concepts to applying them in realistic scenarios and practicing positive behaviors that reinforce sound money management. <br />
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They have been conducting simulations in classrooms since the 2007-2008 school year, when I was an original pilot. I am a big believer in the simulation. I feel it is the perfect tool for personal finance teachers to use to help bridge personal finance content with personal finance behavior. The three simulation advantages that are most important to my students are:<br />
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<li>The simulation occurs outside of school hours, mirroring what it is like in real life to pay bills and make tough choices in their "down time".</li>
<li>The simulation rewards "gritty" and "persistent" students who are responsible enough to stay on top of their bills and budget, students whose positive financial behavior may not always be reflective in a traditional test.</li>
<li>The simulation ignites student prompted questions sometimes not covered in the curriculum.</li>
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Here is a video of the simulation in action.<br />
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Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com2tag:blogger.com,1999:blog-7572691066119998723.post-65803445142039966092013-08-24T09:17:00.000-07:002013-12-11T18:56:28.194-08:00The Price of a Kindergarten Teacher<div class="separator" style="clear: both; text-align: center;">
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Our five year old daughter is our youngest of three children. She spends most of her time playing and competing with her two older brothers. As many would expect with such a dynamic, she is a gritty kid.<br>
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All three of our children are very different. My wife and I see special talents in each of them. Like any parent, we also worry.<br>
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This was their first week of school. Immediately after my daughter introduced herself to her teacher, she followed with "I'm usually mean or mad." Not the first impression we had hoped for, but one my wife had warned her teacher of before the start of the school year.<br>
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The last thing we want is for our daughter to go through life mad or identifying herself as mean.<br>
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I'm sure my daughter will test just fine. When we read together, she seems to pick up pretty quickly on words. She enjoys learning and adding numbers playing the princess iPad game (thanks <a href="https://twitter.com/mattBgomez"><span style="color: #660000;">Matt Gomez</span></a> for the Twitter recommendation). So our concerns can never be quantified or measured with data.<br>
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We want our daughter to be happy. We want her to identify herself as happy and nice. In the years ahead, we want her to make society a better place personally and as a leader professionally. My daughter is a good kid, she just needs further nudges from others to help her down the path of our holistic vision of success.<br>
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On Friday I picked my kids up from school. As I was pulling them together I noticed my daughter's kindergarten teacher on both her knees, holding each of her hands, talking to my daughter; both were smiling from ear to ear. Her teacher pulled me to the side and told me how proud she was of her. For ten minutes she went on and on about how she included all of the children in her play, and how happy and nice she was for the duration of the day. <br>
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She explained to me how she handled my daughter's sometimes defiant personality. Her educated techniques were thoughtful and exactly what she needed. Equally as impressive is observing her demeanor with the kids as she masterfully builds their emotional intelligence. <br>
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We are blessed that <a href="http://www.countryday.net/"><span style="color: #660000;">Cincinnati Country Day</span></a> prioritizes a whole child education. They have the means to keep classroom sizes small and are divorced from legislation that takes time and mind space from teachers to consider and tend to the individual needs of children like mine. They consider what kids need and assign them to teachers accordingly.<br>
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With that said, nobody is more valuable in her educational experiences than her teacher. <br>
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Despite our best efforts, our daughter began the school year looking in the mirror only to see a little five year-old girl who is often mad and mean, which could have been reinforced by a less trained teacher or a teacher in a different position when my daughter introduced herself on the first day of school. That was not the case because of a skillful, caring educator who instantly recognized the need to build my daughter's heart, not just her mind. </div>
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How do you measure or put a price on that? </div>
Brian Pagehttp://www.blogger.com/profile/06053295438548301867noreply@blogger.com