Date Filter: 2016/01/

Video Resource: What Are Boiler Room Sales Tactics?

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Jan 31, 2016
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Behavioral Finance, Question of the Day, Investing, Current Events, Video Resource, Article, Financial Scams
This Economist article “The Cockroaches of Finance” highlights trends indicating that “boiler room” financial outfits, employing high pressure sales tactics, still persist even after their heyday in the 1990s: Boiler rooms trade on coercion and intimidation, and this one was no exception, say prosecutors. Victims were told that their conversations had been recorded and were legally binding agreements to buy, and that if they reneged they would face late fees and...

Video Resource: Guess Who's Using Payday Lending? (OR Why Payday Lending Should Be Covered In All Personal Finance Standards)

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Jan 31, 2016
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Behavioral Finance, Policy, Question of the Day, Research, Budgeting, Savings, Student Loans, Payment Types, Current Events, Video Resource, Financial Scams
Answer: 42% of millenials have used an Alternative Financial Service (AFS, defined as payday loans, pawnshops, auto title loans, tax refund advances, and rent-to-own products), according to this recent study titled “Millennials & Financial Literacy— The Struggle with Personal Finance” completed by PWC and George Washington University. This number frankly shocked me and will ensure that we publicize the NGPF lesson Predatory Lending. Here were the other takeaways from this...

What Are The Biggest Lies You Hear At A Car Dealership?

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Jan 31, 2016
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Personal Finance, Purchase Decisions, Article
Students often have their hearts set on getting a new car after graduation (either high school or college).  Before they go, they probably want to bone up on the “tricks of the trade” that they may encounter there.  This LifeHacker article highlights their top five inaccuracies that buyers might encounter on the car lot: That “limited time” deal will probably be back later You don’t have to finance through the dealership Advertised financing deals are often...

What's A Credit Fumble?

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Jan 31, 2016
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Credit Scores, Question of the Day, Research, Budgeting, Credit Cards, Credit Reports
Credit Fumble (as defined by Credit Karma): overspending on credit cards, missing payments, having an account sent to collections or defaulting on a loan. An all too frequent event that snares 2/3 of people before they turn 30 years of age.  It’s Super Bowl week here in the San Francisco Bay Area so time for the football analogies to flow. This one comes courtesy of Credit Karma, who is out with sobering survey results about the consequences of financial errors made prior to the age of...

Activity Idea: Financial Advice By Text

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Jan 27, 2016
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Activity, Budgeting, Checking Accounts, Teaching Strategies, New Products, Current Events, Writing assignment
I came across this TechCrunch article about a new company called NextGenVest: It’s setting out to help students manage the process of financial aid applications and financial management. Think: your friend who’s already done it all, checking out your forms and guiding you through the process. The platform provides reminders, guidance and on-demand help over SMS text message and Snapchat (see examples below). So, what’s the activity? Pair your students up. One student is the financial...

NGPF Podcast: Matthew Gherman, Personal Finance Evangelist at Murrow High School (Brooklyn, NY)

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Jan 26, 2016
Thanks to Matthew Gherman of Edward R. Murrow High School in Brooklyn, New York for joining me recently on the NGPF podcast show.  Matt teaches Honors Economics, AP Macro Economics and College Now Business Administration and is the Personal Finance Coordinator at Murrow (sounds like a busy guy!). Matt recently received the Alfred P. Sloan Foundation Teaching Champion Award for his work incorporating personal finance into his economics curriculum ((Darren Gurney, another Sloan recipient...

Career Interactive: How is the Way We Work Changing?

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Jan 26, 2016
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Activity, Career, Research, New Products, Current Events
Stumbled across this interactive on Quartz that describes five trends changing the way we work (click to enlarge): Shifting capital investment: from tangible assets to intangibles The rise of data The talent economy Changing times, changing employees? Good-bye Nine-To-Five (rise of contingent workers) With each chart/graph provided, students have an opportunity to interact with the data to learn facts like: Various roles with descriptions within the on-demand economy (e.g. independent...

Identity Theft: So, How Much Is that Stolen Account Worth? and "What Are The Most Common Passwords?"

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Jan 26, 2016
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Question of the Day, Research, Identity Theft, Current Events
Data from Trend Micro in a CNBC article found that Uber accounts are worth a lot more to criminals than credit card accounts: Uber, PayPal and even Netflix accounts have become much more valuable to criminals, as evidenced by the price these stolen identifiers now fetch on the so-called “deep Web,” according to security company Trend Micro. Here’s the value of a stolen account: Paypal (with guarantee of $500 balance): $6.43 per account Uber: $3.78/account Personally...

What Does Financial Success Mean to You?

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Jan 26, 2016
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Behavioral Finance, Question of the Day, Research, Credit Cards, Personal Finance, Investing, Savings, Student Loans, Chart of the Week
A great discussion starter if there every was one! And now we have some research from Facebook to see how millenials are answering the question: They want to pay down debt (their #1 priority), as evidenced by this word cloud on how they talk about credit cards: They want to save (with 86% reporting that they are saving) and here is the word cloud showing how they talk about saving: Two ideas on how to use this information: Have students create their own word clouds and then compare with...

Question: What Financial Questions Are Millenials Asking on Facebook?

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Jan 26, 2016
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Credit Scores, Behavioral Finance, Question of the Day, Research, Credit Cards, Investing, Financial Literacy, Checking Accounts, Debit Cards, Current Events, Chart of the Week, Credit Reports, Article
Fascinating research from Facebook about how millenials (21-34 year olds) talk about money on Facebook and how they use their network for money guidance.  Here are the top questions, they are asking (click on image to increase size): Here are the burning questions for Credit Cards, Banking and Investing (which probably won’t surprise teachers) which may provide some project ideas or good discussion starters for the class (who will likely say something along the lines of  “no one...

Chart of the Day: What Have You Done To Protect Your Online Privacy?

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Jan 26, 2016
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Question of the Day, Research, Identity Theft, Current Events, Chart of the Week
Pew is out with a study with ten takeaways on The State of Privacy in America. What a great resource for your Identity Theft lesson! If you don’t have one currently, the charts and graphs in this report could serve as an excellent foundation to generate classroom discussions on the issue of Identity Theft and how to protect oneself online. Here is a chart that shows how various age groups seek to protect their online privacy: For many high school students that are not aware of...

I've Always Wondered...

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Jan 26, 2016
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Behavioral Finance, Question of the Day, Purchase Decisions, Current Events, Taxes, Audio Resource
I stumbled across this section of the Marketplace.org website that is simply titled “I’ve Always Wondered…”  Here are some short articles/audio resources that I thought you and your students might find interesting: Why do we no longer use $1,000 bills?  This one got my attention because I was lucky enough to be the Federal Reserve SF last week for an Education Advisory Group meeting and while touring their Currency collection discovered that $100 bills are the...

Video Resource: How Was The Housing Market in 2008 Like the Game of Jenga?

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Jan 26, 2016
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Mortgages, Behavioral Finance, Investing, Current Events, Video Resource, Financial Scams
I went to see the movie, The Big Short last week.  I had enjoyed the book by Michael Lewis (I read everything he puts out) and wondered how it would translate to the silver screen. In particular, I wondered how they would take the alphabet soup of the “Great Recession” (CDOs, CDSs..) and make it understandable for a broader audience. Let’s just say, they succeeded. So then I wondered how I might bring this into the classroom and found a short clip that I thought might...

NGPF Podcast: Mary Morrison, Financial Aid Guru and Personal Finance Innovator

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Jan 22, 2016
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Budgeting, Credit Cards, Personal Finance, Financial Literacy, Student Loans, Audio Resource, Parent Conversations, Podcasts, Tips for Teachers
Thanks to Mary Morrison for joining me recently on the NGPF podcast show.  Mary was Director of Funds Management in the Office of Financial Aid at Stanford University and gave away millions of dollars in financial aid each year. Identifying a need, she also started a course on financial literacy for Stanford students and has prepared thirty groups of Stanford seniors for the “real world” that awaits them.  She received Amy Blue Award in 2008 for her service to students and the...

Dec /January Survey Results: Teacher Training & Confidence Levels

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Jan 21, 2016
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Survey Results
In last month’s survey, we asked questions drawing a link between the type of teacher training program personal finance educators attended, their first year confidence with the finance content, and their confidence levels now in the classroom. And now, we share those results with you… Are the results shocking to you? Any questions you have? Put them in the comments section below. We’d love to start discourse on this topic!   ...

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