Category: Savings

NGPF Podcast: Jean Chatzky on personal finance in age of pandemic

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May 29, 2020
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Podcasts, Personal Finance, Budgeting, Savings, Investing
It was a great honor to host Jean Chatzky recently on the NGPF podcast. Author, analyst, commentator, columnist, entrepreneur, educator and if you listen to the podcast...there's even more. Jean shares why she is so passionate about financial education, how her mother influenced her attitude about gender roles when it came to money and what happened when she traveled to Vegas to talk mutual funds with basketball star Dennis Rodman. In a lightning round of Q&A, Jean shares her insights on...

Question of the Day (Updated): What is the median savings account balance for Americans under 35?

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May 17, 2020
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Question of the Day, Savings, Research
Answer: $1,000 Questions: Explain why the the median savings for each age group is lower than the average savings by age as indicated in the article? What is the relationship between age and savings accounts balances? Explain why you think the relationship exists.  How much will you need to have in a savings account to feel secure (sleep well at night)? Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from 2019...

Question of the Day: What percent of teens started saving money by age 12?

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May 12, 2020
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Question of the Day, Savings, Research
Answer: 56% From Lexington Law & TD Ameritrade Summer Jobs and Internships Survey:  "Teenagers are smart and they’re learning from the struggles of those that came before them. With this in mind, we can see they’re opening their financial horizons by both earning and saving earlier in their lives." Questions:  What do you think are some of the benefits of saving? Are you currently saving? Why or why not? Do you have any savings strategies or habits that work for...

Question of the Day: For the two-thirds of kids who get an allowance, what's the average weekly amount they receive?

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May 10, 2020
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Question of the Day, Budgeting, Savings
Answer: About $30/week Questions:  If you currently receive an allowance... Do you have to do chores to earn it? Do you save any of it? For a larger purchase or save in a bank?  How long have you been receiving it? If you don't receive an allowance currently... Did you ever receive one? Do you have a job and earn money that way? What experiences do you have with earning and spending money?  Click here for the ready-to-go slides for this Question of the...

NGPF Podcast: Dwayne Hendricks on his path from the NFL to the classroom

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May 08, 2020
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Podcasts, Investing, Savings
From a storied college career at the U (University of Miami) to several seasons at the NY Giants (which included a Super Bowl Championship), Dwayne Hendricks has seen it all. He's also a humble and giving person who, if you don't ask the right question, would never let on about his athletic accomplishments. So when it came time to determine his life path at the end of his career, it should come as no surprise that he chose to impact young people as an educator and a coach. in this podcast,...

EdPuzzle Thursday: Emergency Funds & Side Hustles

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May 06, 2020
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EdPuzzle Thursday, Savings
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  This week we have two EdPuzzle videos; one focusing on saving and one focusing on side hustles.  The first EdPuzzle video is titled "Emergency Fund Bootcamp" & reviews practical reasons for having an emergency...

Question of the Day: Consumers were invited to sign up for an automatic savings program...

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May 06, 2020
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Behavioral Finance, Question of the Day, Savings
What percentage enrolled when given the option to save $5/day?  What percentage enrolled when given the option to save $150/month?  Answer: Consumers were invited to sign up for an automatic savings program:   30% enrolled when given the option to save $5/day  7% enrolled when given the option to save $150/month Questions: Have you ever set a savings goal? What were you saving for? What helped you achieve the goal?  Saving $5 per day or $150 per month results...

Question of the Day: Americans saved ____ % of their disposable income in March 2020, highest since ____.

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May 04, 2020
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Question of the Day, Savings, Research
Answer: Americans saved 13.1% of their disposable income in March 2020, highest since 1981. Questions: What do you think are the reasons that Americans are saved more of their income in March? Do you think this trend will continue in the next few months? Why or why not? Consumer spending makes up about 70% of GDP. What impact do you think a higher savings rate will have on an economic recovery? Click here for the ready-to-go slides for this Question of the Day that you can use with your...

EdPuzzle Thursday: Economic Stimulus (COVID-19) & Pay Yourself First

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Apr 29, 2020
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EdPuzzle Thursday, Current Events, Savings
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos. In light of the current pandemic, we will be also adding current event videos from Two Cents when relevant. So, on Thursday over the next few weeks, look for a combination of unit specific and current event EdPuzzle videos!  This...

Question of the Day: How many transfers or withdrawals can a savings account holder make in a month?

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Apr 26, 2020
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Savings, Question of the Day, Research
Answer: Unlimited (as of 4/24/20) Questions: Why do you think the Fed wants to give people greater access to their personal savings at this time? Most people have two accounts at a bank: a checking account and a savings account. Do you think that people think about these accounts differently in how they use them? Do you think it will be difficult for the Fed to change the rules back to only allowing 6 withdrawals per month from a savings account? Click here for the ready-to-go...

EdPuzzle Thursday - SAVING: Compound Interest & The Rule of 72

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Apr 22, 2020
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EdPuzzle Thursday, Compound Interest, Savings
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  This week's videos are both related to SAVING.  The first EdPuzzle video titled "Understanding Compound Interest" teaches students the benefits of starting to save and invest as early as possible to reap the benefit of compound...

Question of the Day: What is #1 way that most Americans plan to use their stimulus check? a) Pay bills b) Save it c) Invest it

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Apr 12, 2020
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Savings, Question of the Day, Budgeting
Stimulus checks (of $1,200 for individuals, $2,400 for couples and $500 per child) are expected to be deposited into bank accounts this week. Answer: Pay bills Here's how Americans plan to use the funds Questions: How do you think YOU would handle a lump sum payment of several hundred dollars NOW? What would be examples of “day-to-day essentials?” What is the importance of having an emergency savings fund now? Click here for the ready-to-go slides for this Question of the Day that...

Question of the Day: We asked 300+ personal finance teachers what they planned to do with their stimulus check. What was their #1 answer?

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Apr 05, 2020
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Question of the Day, Savings, Behavioral Finance, Parent Conversations, Investing, Credit Cards
Answer: Pay down debt Here's a summary of their responses:  Questions: How do you think YOU would handle a lump sum payment of several hundred dollars NOW?  Why do you think people answer this question with such different responses? What is the importance of having an emergency savings fund now?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (USA Today) Millions of workers and their families will...

Question of the Day: What's the probability of an American coming up with $2,000 in case of an unexpected need in February 2020?

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Mar 17, 2020
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Question of the Day, Savings, Research
With talk of federal stimulus which including a $1,000 to every adult over the age of 18, this question collected from survey data in February measures the level of financial fragility pre-Coronavirus slowdown.  Answer: 71.6% Questions: What types of unexpected needs might cost $2,000? How do you think that most adults would manage $1,000 check from the U.S. Government at this time? What’s the best way to prepare for an unexpected expense?  How do you think this percentage...

Reading List for February 14-16

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Feb 14, 2020
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Personal Finance, Savings, Credit Cards, Investing, Economics, Retirement
Happy Valentine’s Day (and Presidents’ weekend)! In recognition of the holiday, I am sharing the first article from Barry Ritholz’ reading list this morning from Behavioral Scientist in case you still need to find that perfect Valentine’s card for the people in your life. Enjoy!   Personal Finance We do what we do to keep future generations from repeating our financial mistakes. According to a recent survey by Deposits.com, 85% of Americans admit to making financial...