Reading List for November 22-24
By Beth Tallman
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Nov 22, 2019
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Advocacy, Financial Literacy, Paying for College, Career, Financial Scams, Investing, Retirement
Financial Literacy and Advocacy
ICYMI, Tim Ranzetta had two pieces hit Marketwatch this week. The first is an article explaining how excellent teachers will drive the financial literacy movement, and highlights several teachers you will recognize. The second is an opinion piece in which Tim quantifies the value of a high school personal finance class.
Study Breaks’ Daniel Reed concurs with the need to make Personal Finance a high school graduation requirement.
Workers consistently...
Video: Three Brain Games Videos Demonstrate Why We Fall for Scams
Here's a few Brain Games videos that I watched over the weekend that can help students uncover scams:
Pigeon Drop
Con Artist Handbook
The Scam Illusion
Questions
Have you ever fallen for a scam?
What techniques do these scam artists use in these videos to con people?
Which of the three scams do you think you would most likely have fallen for?
What lessons can you learn from these videos so that you are not conned?
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Create A Financial Scam...
Reading List for November 1-3
By Beth Tallman
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Nov 01, 2019
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Entrepreneurship, Economics, Investing, Credit Cards, Paying for College, Retirement, Financial Scams
Entrepreneurship
An excellent retrospective on the contributions of Peter Drucker on what would have been his 100th birthday. (INC)
How does owning your own business or working in the gig economy impact how your kids will view the world of work and finances? (WAPO)
Economics
Economics news this week included another Federal Reserve Rate cut. What does that mean for your credit card, mortgage, etc.? (USA Today)
And the October Jobs report came out today. USA Today explains the...
QoD: The most common scams in the U.S. are _____________.
It's the Halloween season, so here are some tricks to watch out for when shopping online.
Answer: Online purchases
Learn more about online purchase scams from Marketplace: mp_20191028_seg_19_64 (1)
Here are the top product categories for online purchase fraud:
Questions:
Why do you think that pets are the product category that scams the most people?
What are warning signs that something could be a scam?
What are some tips to avoid becoming a victim?
Where are...
Reading List for October 18-20
By Beth Tallman
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Oct 18, 2019
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Current Events, Financial Literacy, Cryptocurrencies, Student Loans, Financial Scams, Career, Budgeting, Taxes
Financial Wellness
Rather than focusing on life events, banks are now basing their products and marketing on everyday financial decisions, getting into the financial wellness business. (The Financial Brand)
Is your credit card debt making you sick? A detailed study by CarefulCents.com finds the answer if “yes.” (PRNewswire)
Economics/ Crypto-Currency
Here is an article from The Economist that discusses the demise of cash across the world’s economies. (For more detail...
Reading List for October 11-13
By Beth Tallman
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Oct 11, 2019
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Behavioral Finance, Cryptocurrencies, Investing, Financial Scams, Career, Retirement
Behavioral Finance
An interesting dive into gender and money: The Myth of the Frivolous Female Spender (NYT)
FinTech
A longer read from Knowledge@Wharton discussing how FinTech may be helping the underbanked and unbanked. The risk is that many of these services fly under any regulatory radar.
Crypto-currencies
Mark Zuckerberg will face Congress to talk about Facebook’s proposed crypto-currency Libra. He will face a tough crowd, (Axios) and now several backers (Visa,...
Sorry...but I have to vent
August 21, 2019
Dear Jamie Dimon [Chase CEO],
I applaud your leadership role on the Business Roundtable and your recent commitment to creating value for stakeholders other than just your shareholders. Earlier this week, you were quoted as saying that this shift away from a shareholder only focus “will help to set a new standard for corporate leadership.”
Given your renewed focus on customers and setting new standards for leadership, I thought I would offer a suggestion on one policy...
What's New With Financial Pitfalls? (August 2019)
For College Students
Once students turn eighteen, they are legally adults. Their parents no longer have a say in their health care or legal decisions (or grades—unless you and your student sign a Family Educational Rights and Privacy Act (FERPA) waiver.) So what happens if the student has a medical or financial emergency? An article from Kiplinger has been gaining traction as it advises families to get four legal documents in place when a child turns 18. Many are documents that are...
Reading List for August 16-18
By Beth Tallman
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Aug 16, 2019
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Current Events, Parent Conversations, Paying for College, Investing, Economics, Retirement, Student Loans, Financial Scams, Insurance
As your former students or maybe your own children are heading off to college for the first time, here is some sage advice for them.
Having taught at a college for several years, and living amongst the students for even longer, I cannot agree more with the tips offered by a college professor in this MarketWatch article, like show up for class, turn off the phone, and go to office hours! I like the cartoons too!
And here is one for the parents. Once your child turns 18, their...
FinCap Friday: Dangerous Downloads
For our first FinCap Friday of the 2019-2020 school year, we highlight a viral app that led to lots of dangerous downloads! This episode focuses on why it's so important to read and understand terms before agreeing or signing on the dotted line. How many young people do you think practice the habit of reading before signing? Find out the answer to this question and more in this week's FinCap Friday:
If you're short on time, try our simplified FinCap Friday with No Tech needed. This...
The Rise of the Robocall: Do Not Answer That Call!
Thanks to Renee Hochanadel, who recently attended Summer Institute and is now an NGPF Fellow, for sharing this blog post which was originally shared on her blog.
_______________________________________________
The phone rings, you look at the number and you go through your mental checklist before deciding to answer or not.
Is this one of my contacts?
Is it a local number?
Have I made an outgoing call to set an appointment and it might be them?
If you have a cell phone, you do this dance an...
Chart of the Week: Counterfeit Brands Are A $300 Billion Business
Click below for the full infographic:
Questions:
Have you ever bought a product online that you later found out was a counterfeit?
Based on the data in the infographic, are counterfeit products an issue that you should worry about? Provide at least two pieces of evidence.
Are some products easier to fake than others? Which products do you need to be most suspicious about based on the data?
What are steps that you can take to ensure that you don't become a victim and purchase...
QoD: What is cause of most internet fraud losses: ID theft, email compromise or romance scams?
Questions:
What steps can you take to prevent your email account from being compromised?
Why do you think that romance scams are so pervasive?
Do you know anyone who has been the victim of any of these frauds? Explain what happened.
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Priceonomics):
Forty percent of online fraud losses are the result of Email Compromise, sometimes referred to as Business Email...
QoD: What percent of 18-21 year olds have considered taking out a payday loan?
Answer: 38%
Questions:
In your own words, what is a payday loan? If you don't know, take 3 minutes to conduct your own research.
Payday loans carry some of the highest interest rates (over 300% in some cases). Why do you think that people still take out these loans?
Why do you think as people age, they are less likely to consider taking out a payday loan?
While 38% of 18-21 year olds considered taking out a payday loan, only 8% actually have over the past 2 years. Why do you think...
QoD: Which business has the most physical locations in the U.S.: McDonald's, Payday Lenders or Starbucks?
Hat tip to Beth Tallman for the idea for this question of the day.
Answer: Payday lenders
Questions:
Based on this information alone, do you think that payday lending is a good business for the lenders? Explain.
Payday loans carry interest rates as high as 600%. Why do you think that people continue to borrow from payday lenders despite these interest rates?
What financial advice would you give to someone who finds themselves taking out payday loans on a frequent basis?
Here's...
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