Date Filter: 2016/09/

Question: Why Are Consumers Turning to Fintech Solutions?

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Sep 29, 2016
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Question of the Day, Personal Finance, Financial Literacy, Current Events, Chart of the Week, Interactive
From Visual Capitalist (again): Looking for more information about new innovations in financial services, check out these earlier posts (here, here, here and podcast with VCs Colleen Poynton and Alex Davidov). Quick question for your students: What financial apps do you use and why did you choose it?  _________ Give your students the experience of being a financial app reviewer with this NGPF Activity (your students will love this!).   ...

Infographic: What's the Difference Between Active and Passive Investing?

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Sep 29, 2016
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Chart of the Week, Index Funds, Investing, Stocks, Current Events
Nice infographic from Visual Capitalist highlighting the differences between active and passive investing (you can learn more about this topic through an upcoming podcast with Jim Rowley of Vanguard) : Courtesy of: Visual Capitalist Questions for students: Agree or disagree with this statement (use data to prove your point): Passive investing has become the choice for most investors today. In your own words, what is a passive investing strategy? Which has been more popular since 2008: Active...

Question: How Can Fake Bank and Credit Accounts Impact Your Credit Score?

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Sep 28, 2016
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Article, Credit Scores, Credit Cards, Current Events, Credit Reports, Audio Resource, Financial Scams, Ethics
For those of you following the Wells Fargo fake account saga (some Senators might use more choice terms to describe their actions), your probably familiar with the details of millions of fake bank and credit cards that were set-up by overzealous branch employees trying to hit their sales quotas (I posted how this case is emblematic of why consumers better understand the sales incentive structure for financial products). Hat tip to Jessica Endlich for pointing out the additional harm that may...

Question (with a Few Videos too): How Do Slot Machines Hook Gamblers?

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Sep 28, 2016
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Video Resource, Research, Purchase Decisions, Current Events, Article, Financial Scams
I am flying back from Oklahoma after a great workshop organized by Oklahoma Council of Economic Education (thanks to Amy Lee and team!) and Oklahoma Jump$tart (thanks to Melissa Neal!). Among Oklahoma’s 14 financial literacy standards is this one: “ Understanding the financial impact and consequences of gambling.” I think that this is quite unique among the state standards that I have come across. With that thought still fresh in my mind, this headline caught my attention:...

Question: Who Are the World's Ten Largest Companies...

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Sep 27, 2016
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Chart of the Week, Question of the Day, Personal Finance, Investing, Stocks, Current Events
…and how has the list changed over the past ten years? Hat tip to Big Picture Blog for this extremely simple yet insightful chart: Questions for students: What is market capitalization? Why is it considered here as a proxy for company size? How many of the top 10 companies in 2006 persisted on the list for 2016? How has the industry representation changed over the past ten years? What do you think accounts for this? Agree or disagree with this statement: the bigger the company, the...

These 16 Pages Will Teach Your Students All They Need to Know About Investing...

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Sep 27, 2016
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Article, Behavioral Finance, Budgeting, Index Funds, Investing, Mutual Funds, Stocks, Excel activities
Here’s a free (and simple) guide to investing from Dr. William Bernstein that brings some clarity to investing. The title tells it all, If You Can – How Millenials Can Get Rich Slowly (it’s really only 14 pages of text and well worth the 15 minutes). Will be a great extension activity and/or long-form reading assignment at the end of your investing unit. Here’s the tantalizing question that the booklet opens with: Would you believe me if I told you there is an...

Article: Help Me With My 401(k)!

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Sep 27, 2016
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Investing, Career, Index Funds, Mutual Funds, Stocks, Article, compound interest
Ok, I have to admit that this headline caught my attention “Help! I have no ideas where my 401(k) is, or what to do with it.” The article goes on to describe an individual who has had several jobs and lost track of her 401(k)s along the way. I like the plain English language the writer uses to describe the elements of a 401(k). Here are a few highlights: Regrets from the innovator who created the 401(k): The man responsible is Ted Benna, and he’s currently in his 70s and...

NGPF Podcast: Tim Talks To Kristin Wong, Prolific Financial Blogger

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Sep 26, 2016
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Audio Resource, Behavioral Finance, Budgeting, Personal Finance, Financial Literacy, Podcasts
With hundreds of blog posts, articles and media mentions under her belt, Kristin Wong has her finger on the pulse of personal finance. We cover a lot of ground in this conversation on the NGPF podcast but what I found most interesting is Kristin’s recent revelations about money that have led to a dramatic shift in her money mindset. You will also learn how she comes up with material for her writing, where her interest in personal finance derives from and her favorite apps for managing...

Video Resource: TED Talk on Philanthropy

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Sep 26, 2016
In honor of our upcoming lesson release (be on the lookout on Thursday for new lessons on Philanthropy, Entrepreneurship, and more!), we wanted to share this insightful TED Talk by Dan Pallotta on how The Way We Think About Charity Is Dead Wrong. In the video, Dan “calls out the double standard that drives our broken relationship to charities. Too many nonprofits, he says, are rewarded for how little they spend — not for what they get done. Instead of equating frugality with morality,...

Interactive: Have You Been Hacked?

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Sep 25, 2016
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Identity Theft, Question of the Day, Research, Current Events, Credit Reports, Interactive
Answer: Yes, your personal information has likely been compromised. With the recent news of the massive Yahoo breach (500 million people), NYTimes created this interactive so an individual can see how often they are likely to have been hacked and their personal information that is out there on the dark web. Your students will select the websites that they have accounts on and discover what personal information has been exposed to hackers. Good reminder for students about the importance of 1)...

This Made Our Day Today...

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Sep 23, 2016
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Case Study, Teaching Strategies, Featured Teachers, Tips for Teachers
From Kathleen Brennan from Mount Saint Mary Academy in Watchung, NJ: “I also want to let you know that Next Gen Personal Finance really has become my go-to source.  My class has just finished the lesson on savings.  I love to use case studies (hear Kathleen’s tips on implementing case studies). My students had great fun with the Save Me! Case study and had interesting recommendations for Juan Carlos.  I love the integration of the Excel spreadsheet into the lesson.  As part of...

News Flash: What's the Average FICO Score?

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Sep 22, 2016
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Credit Scores, Question of the Day, Current Events, Credit Reports, Article
Answer (courtesy of Yahoo Finance): 699 (in April 2016); a record high, according to the credit reporting agency What explains this record (again from Yahoo Finance)? The national average FICO score hit 699 in April, up nine points since October 2006, per the table below. That’s also a three-point improvement over the national average from just six months prior in October 2015. The continued climb is due to low rates of default across credit cards and other consumer loan products,...

Quiz: Are You Getting the Best Deal on A Used Car?

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Sep 22, 2016
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Quizzes, Credit Scores, Research, Purchase Decisions
Courtesy of Kiplingers, here’s an eight question quiz your students can take before looking for a used car. Here’s a sample of they types of questions asked:  QUESTION 1 OF 8 Where’s the best place to check used-car values? A. Edmunds.com B. Kelley Blue Book C. NADA Guides D. All of the above The questions cover negotiation strategies, research tips, financing a used car and how gas prices impact the value of specific models. __________ Don’t miss the NGPF Lesson:...

A Few Good Resources and Inspiration...

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Sep 21, 2016
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Student Loans, Career, Paying for College, Research, Checking Accounts, Teaching Strategies, Current Events, Chart of the Week, Audio Resource, Article, Employment
Here are a few resources that I came across recently that you will enjoy: Podcast: Why is the milk in the back of the store?: This is a must listen to help students understand how retailers set up their stores to encourage certain behaviors (17 minute podcast on Planet Money) Video (3 minutes): Have you ever overdrafted (Pew Charitable Trust)?  Hat tip to Jessica for pointing me to this very informative video in which the videographer takes to the streets to find out what the people know...

Featured Teacher Activity: What's The Link Between Education and Earnings?

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Sep 21, 2016
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Activities, Activity, Career, Personal Finance, Teaching Strategies, Featured Teachers, Tips for Teachers
Thanks to Kerri Herrild of DePere High School (WI) (NGPF podcast guest) for passing along this activity created by Kate Kaster of Stevens Point Area High (WI). We love to get ideas from teachers that we can share with our community so thanks to Kate and Kerri for sharing!!! Kate credited the FEFE Business teacher website for the core activity which she then tweaked. This all started when Kerri inquired whether NGPF had resources that link potential earning power to educational attainment (go...

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