Date Filter: 2015/10/

Want To Be A Savvier Consumer? Read This Book

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Oct 30, 2015
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Behavioral Finance, Research, Investing, Financial Literacy, Current Events, Video Resource, Financial Scams
I hope to get into this book written by two Nobel winners (Shiller and Akerlof) “Phishing for Fools” while on my way to JumpStart conference next week (While on the topic of JumpStart, be sure to stop by Booth #16 to say hi to the NGPF team!). Here are some snippets of the reviews I have seen: Princeton University Press: “Phishing for Phools therefore strikes a radically new direction in economics, based on the intuitive idea that markets both give and take away. Akerlof and...

Question: Bank Error In Your Favor. Can You Keep It?

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Oct 30, 2015
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Question of the Day, Current Events, Article, Parent Conversations
Answer: No. This article from CBS46.com took me back to when I was seven and got home from my weekly visit to the bank. I had just deposited $7.00 to my account and when my Dad asked to see my passbook (he liked to do that), we discovered that the new teller had made an error and deposited $700.  Hmmm, I remember thinking…could this be an opportunity?  My dad (who was a lifelong banker) dispelled that thought immediately. I went to the bank the next day and imagine the scene as 7 year...

Writing Reflection: What Were The Last Ten Things You Purchased?

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Oct 30, 2015
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Activity, Payment Types, Teaching Strategies, Advertising, Purchase Decisions, Writing assignment
Got this idea for a student writing assignment from a recent Forbes column in which people open their wallets and describe the last ten things they purchased while also providing the payment type, some context and the motivation for the purchase. Here is an excerpt from a 19 year old college student: Thursday 1. Breakfast bagel sandwich: $7.78 Although I have a meal plan at my university, I occasionally treat myself to food from outside establishments for breakfast. On this day, I woke up...

Hoping That You Weren't In A Rush to Use Your RushCard...

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Oct 30, 2015
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Debit Cards, Current Events, Article
Cautionary tale about a prepaid card promoted by a celebrity (from Detroit Free Press): The financial lockdown that hit RushCard customers — and prevented them from being able to use their own money for days to pay their rent, buy groceries and cover their bills — shouldn’t be ignored by everyone else…. Thousands of customers of the prepaid card were shut out of their accounts in a money maddening moment caused by technical problems that lasted more than 10 days. The...

CFPB Develops Review Guidelines for Personal Finance Curriculum

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Oct 30, 2015
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Policy, Research, Teaching Strategies, Professional Development
The Consumer Protection Financial Bureau has released guidelines to assist educators in selecting a personal finance curriculum. One of the things that struck me when I first started teaching five years ago was the plethora of materials out there (for example, there are 827 resources currently available at the JumpStart Clearinghouse). Here is the purpose of the report and tool that they developed in their Youth Financial Education Curriculum Review: The Consumer Financial Protection Bureau...

Question: What Age Can New College Grads Expect To Retire?

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Oct 29, 2015
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Career, Question of the Day, Research, Personal Finance, Investing, Stocks, Current Events, Article
Answer: In what is sure to lead to many groans in the classroom: 75, according to recent report from NerdWallet This is sure to be a good hook to get students to sit up and recognize the importance of saving while young.  Here are a few questions that you can pose to students as the read the report: What are the primary drivers that will not allow recent grads to retire sooner? Answer: The study cites three reasons: student debt, rising rents and aversion to investing in the stock market. The...

Building Your Fin Lit Educator Network

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Oct 28, 2015
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Personal Finance, New Products, Professional Development
One major advantage to teaching in the CORE FOUR subjects (math, ELA, social studies, or science) is that you would likely have an entire network of teachers in your school building. Professional development abounds: There are conferences, workshops, websites, Twitter chats, etc. Colleges and universities have entire departments devoted to these subjects. On the other hand, let’s consider the personal finance teacher. You may be the only teacher in your school or even the entire district....

NGPF Podcast: Tim Talks To Candace Fikis, Innovative Economics Teacher at West Chicago Community High School (IL)

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Oct 27, 2015
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Teaching Strategies, Schools In News, Featured Teachers, Podcasts
It’s Tuesday, which means it must be time for another NGPF Podcast! Thanks to Candace Fikis, recent recipient of the 3M Outstanding Economic Educator Award, for participating in a recent NGPF podcast to discuss how she brings personal finance to life for her students. Candace Fikis’s passion for personal finance and economics becomes evident early on in this podcast. A self-professed “Econ nerd,” she clearly brings a high level of energy and engagement to the classroom....

NGPF Webinar: What's Trending In Personal Finance?

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Oct 27, 2015
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Credit Scores, Activity, Paying for College, Budgeting, Credit Cards, Personal Finance, Index Funds, Investing, Checking Accounts, Webinar
Thanks to all the educators who joined me today on the free NGPF Webinar where I discussed new developments in personal finance while providing examples from the NGPF library of student-centered activities and projects. Watch this webinar and get answers to your questions, including: What are “credit invisibles” and why should my students care? What is the preferred method that students use to access their bank accounts? What are robo-advisors and why are financial advisors so...

October Survey Results: Teachers, Who's In Your Network?

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Oct 27, 2015
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Teaching Strategies, Survey Results, Professional Development
We hear our Next Gen Personal Finance curriculum users mention “colleagues,” “conferences,” and “Twitter chats,” which got us thinking: How do personal finance teachers network with one another? When we couldn’t find definitive answers online, we decided to ask the questions ourselves. Here’s what our NGPF community said… ...

Quick & Easy Credit Scores Lesson

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Oct 22, 2015
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Credit Scores, Lesson Idea, Video Resource, Featured NGPF Lesson, Activities
We’ve got a new product release planned for next week, so that deadline should have all of my attention right now, but instead I got sidetracked by something the Philadelphia Fed featured on Twitter. Imagine that — Twitter distracted me from work… Anyway, in case you teach personal finance and also got caught up on social media instead of lesson planning, my Thursday gift to you: a Quick & Easy Lesson on Credit Scores. Start class with one (or both) of these Discussion...

Simulation: How Much Will Your College Actually Cost?

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Oct 21, 2015
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Activity, Paying for College, Student Loans, Teaching Strategies, Current Events, Math
NGPF has lots of great activities to help students discern the differences between sticker and net prices.  I stumbled across this simulation at Planet Money where you can type in the name of a college and you get a graph showing the “net price” for that college relative to “sticker price” and most importantly understand how the net price varies based on family income. Here is an example using Stanford University: The key points in the article that accompany the...

Question: Would You Let A Robot Invest Your Money?

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Oct 21, 2015
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Investing, Mutual Funds, Audio Resource
Audio resource from NPR describes how some millenials are choosing “robo-advisors” to manage their investments. Questions for students: What are the advantages of using a “robo-advisor?” How much in fees do American households pay for 401(k)s over their lifetime? Do you think technology can help you be a better investor? Why or why not? How large is “robo-advising” relative to the size of the investment management industry? ...

Let's Go To The Videotape...Five Personal Finance Documentaries To Consider

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Oct 21, 2015
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Research, Budgeting, Credit Cards, Personal Finance, Index Funds, Investing, Stocks, Current Events, Video Resource
Apologies for my Warner Wolf reference. He did sportscasting for CBS in NY in 70s/80s.  I thought I would do some research for teachers looking for longer-form documentaries.  Here are five documentaries you might enjoy: The Madoff Affair (Frontline; 55 minutes) Summary: The Madoff Affair unravels the story behind the world’s first truly global Ponzi scheme. Who saw the warning signs? Why were they ignored for so long? Billions of dollars were channeled to Madoff’s investment firm,...

Amazing Investment Advice from Three Gurus

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Oct 21, 2015
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Index Funds, Investing, Stocks, Article
Sometimes the best investment advice is FREE (and simple too).  NPR has a great new special series “Your Money and Your Life” which provides great personal finance resources (articles and audio) that are accessible for high school students. In this article, two of my investing heroes (Jack Bogle, founder of Vanguard and David Swensen, manager of the Yale endowment) provide simple advice to young investors about investing strategies. Here are a few quotes that I found particularly...

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