Date Filter: 2015/12/

A New Spending Philosophy: Buy What You Love!

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Dec 23, 2015
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Behavioral Finance, Purchase Decisions, Audio Resource
You can always count on Carl Richards, NYT columnist, to provide advice contrary to popular opinion. In this column, he he eschews advice to find the cheapest and describes the tortuous process he went through before buying a “very expensive” bike: “Following weeks of buyer’s remorse that more closely resembled terror, I came to realize something that is going to sound crazy. Buying this incredibly expensive bike was one of the best financial decisions I’ve ever made. I...

Video Resource: Can You Trust A Financial Advisor?

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Dec 23, 2015
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Behavioral Finance, Policy, Question of the Day, Investing, Mutual Funds, Current Events, Video Resource
Incentives are a key part of understanding any financial transaction. What are the incentives of the person sitting on the other side of the table? Does the financial advisor recommending an investment that he/she earns a large commission on really care about the long-term performance of that investment? Students may be interested to learn that advisors today do not have a responsibility to their clients first. But that may be changing…   The NewsHour (5 minute video) reports on the...

Question: What is One Question You Should Ask Before You Take Any Job?

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Dec 23, 2015
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Career, Question of the Day
Answer: What is the culture of the organization? From NY Times: When it comes to landing a good job, many people focus on the role. Although finding the right title, position and salary is important, there’s another consideration that matters just as much: culture. The culture of a workplace — an organization’s values, norms and practices — has a huge impact on our happiness and success. So, how do you get at this concept of culture? The Op-Ed writer has a simple way of getting at this...

These Stories Will Inspire You...

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Dec 23, 2015
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Behavioral Finance, Generosity
Quick scan of stories to put you in that Holiday spirit: Student gets Christmas surprise: A $53,000 robotic arm (Courier-Tribune) Secret Santa hits Detroit area for eighth straight year and hands out $14,000 to strangers (USA Today) This company lets employees choose which local charities to support (Quartz) In case you needed another reason to be generous…it’s good for your health! (Washington Times and Medical Daily) Time provided 7 acts of holiday season kindness in...

Most Popular NGPF Blog Posts of 2015

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Dec 23, 2015
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Credit Scores, Activity, Question of the Day, Budgeting, Personal Finance, Investing, Financial Literacy, Current Events, Chart of the Week, Video Resource
Looking for new ideas for your classroom for 2016? The NGPF Blog can be a useful place to find charts for your students to analyze, questions of the day to use as bell ringers to get class off to a good start or current events to stay atop trends in personal finance. Here were the top 10 NGPF blog posts for 2015 (as of December 23rd)…drumroll please: Question of the Day: How Much Does the Average Meal Plan Cost? Chart: How Much Is That College Major Worth? Question of the Day:  What...

NGPF's Year in Review

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Dec 23, 2015
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Budgeting, New Products, Current Events, Chart of the Week, Insurance, This Week In Financial Literacy
Thank you to all the personal finance educators striving on a daily basis to improve the financial capability of our students. We thank you for your efforts and for your support this year. Your ideas for new offerings, your words of encouragement, and your suggestions are always appreciated. We are here to serve your needs so please keep that feedback coming. As I reflect back on our year, I marvel at what our team accomplished in both meeting your needs for new content as well as developing...

Writing Assignment: Write A Letter To A Friend/Sibling/Parent To Give Financial Advice

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Dec 16, 2015
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Activity, Index Funds, Investing, Teaching Strategies, Parent Conversations, Tips for Teachers, Writing assignment
I got this activity idea from this Kiplinger article.  In the article, the writer describes a letter he wrote to his 20-something son to explain investing.  His son found it helpful so the writer decided to share it with a broader audience.  Here is an excerpt: Build a solid base. For longer-term money, such as money in your 401(k) plan or IRA, you can afford to take risks in the stock market. Stick with mutual funds, which let you diversify or spread your risk. The best funds to start...

The Powers of Persuasion: Lessons in Advertising

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Dec 11, 2015
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Activity, Behavioral Finance, Research, Credit Cards, Mutual Funds, Advertising, Purchase Decisions, Insurance, Video Resource
I saw this US News and World Report article titled “7 Tricks Advertisers Use to Make You Spend Money” and immediately thought it would be fun to pair with a series of advertisements. The assignment is simple: Students review the advertisements (see below) and indicate which of the 7 tricks the advertiser uses (several of the ads may use multiple tricks): Appealing to greed or other vices Exciting our emotions Suggesting that everyone else is doing it Using attractive people in...

NGPF Podcast: Major Brian Retherford, Teaching Tomorrow's Leaders Important Money Lessons

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Dec 11, 2015
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Behavioral Finance, Budgeting, Investing, Teaching Strategies, Stocks, Current Events, Featured Teachers, Podcasts
Thanks to Major Brian Retherford, Economics Instructor at the USMA at West Point for participating in the recent NGPF podcast show. Hat tip to my friend Todd Eichler who had heard Brian speak and thought he would be a great guest (and he was right!). Brian brings a wealth of perspectives to the topic; from his own entrepreneurial instincts honed at an early age to his current role of filling the financial knowledge and behavioral gaps of the future Army officer corps.  Listen to this podcast...

How Much Does A Rent-to-Own TV Really Cost Or What's the Cost Of Immediate Gratification?

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Dec 11, 2015
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Activity, Behavioral Finance, Credit Cards, Payment Types, Purchase Decisions, Excel activities
We often tell students that it is best to delay gratification when it comes to many situations in their financial lives.  Here is a great example where they can actually see the cost of immediate gratification, in this case, a TV they must to watch the upcoming Super Bowl. I did a similar activity back this summer but realize that washer-dryers may not be as engaging for high school students:) This article from Wise Bread blog served as the inspiration for this mini-activity. You  might start...

Cohosted Webinar: BELP & NGPF Advocate for Financial Literacy in CA High Schools

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Dec 11, 2015
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Personal Finance, Financial Literacy, Webinar
On December 10, NGPF did something new! We cohosted a webinar with Molly Anderson of California State’s Business Education Leadership Project (BELP), during which Molly gave really compelling reasons that financial literacy should be taught in CA (and US) high schools. I (Jessica) then gave an overview of what we have to offer on our NGPF website: Quality personal finance content Engaging activities to use with students Opportunities for teacher development   If you’re brand...

How To Use "White Elephant" Gift Giving to Teach Game Theory

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Dec 11, 2015
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Activity, Behavioral Finance
Great idea on how to use a popular gift-giving game to teach game theory. From Nate Silver’s 538 blog: For the uninitiated, a Yankee swap (editor’s note: aka White Elephant) works like this: Everyone brings a wrapped gift (often subject to a dollar limit) and draws numbers at random to determine playing order. The first player opens a gift. Each subsequent player has a choice: Either open a gift or steal one that’s already been opened. Get your gift stolen? You get to make the...

Chart: Who Has Credit Cards (By Age)?

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Dec 10, 2015
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Behavioral Finance, Research, Credit Cards, Current Events, Chart of the Week
Interesting chart from CFPB’s recent study of the credit card industry. Good set of questions from students: Why do so few 18-20 year olds have credit cards? What do you notice about credit card usage as you look at various age groups? Has there been significant change from 2012 to 2015 in any age groups? Do you think different generations have differing attitudes about credit cards? What may have led to this? ————– Check out the NGPF Activity: Research...

How Many People Don't Pay In Time On Those 0% APR Offers?

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Dec 07, 2015
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Behavioral Finance, Research, Credit Cards, Advertising
We have all seen these offers (what in industry parlance are known as deferred interest promotional financing). These amazing offers where you can buy a big ticket item now (TVs, appliances, furniture) and not have to make payments for a period of time.  How cool is that? Immediate gratification in return for future pain. Of course they also come with the fine print, which is often smaller than you see on the image above. The dirty secret (it’s not really a secret; it’s just not...

Looking for the Perfect Gift This Holiday Season?

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Dec 07, 2015
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Behavioral Finance, Research, Purchase Decisions, Generosity
Think more about experiences than physical items. From the Fiscal Times: So why not offer your friends and loved ones a gift that delivers more fun and enjoyment? A new survey from Travelzoo found that 80 percent of Americans would prefer to receive an experience rather than a material gift. The 1,372 respondents to Travelzoo’s online survey ranked candlelit dinners, weekend excursions, concert tickets and spa days much higher than comparable physical gifts. Here is a link to a slide show...

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