Date Filter: 2016/3/

Flash Survey: Do Personal Finance Standards Matter in Your Classroom?

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Mar 31, 2016
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Flash Surveys
Ah… standards… Some teachers love them (“They’re integral in framing the learning!”).  Some teachers are a tad bit cooler (“It’s not the official wording that matters but that students learn the skills!”).  In this survey, just in time for Financial Literacy Month, we’re focused on standards.   Answer the quick questions below to be entered in our Flash Survey drawing for a $50 gift card. *If, for some reason, you don’t see the...

Feb/March Survey Results: How Do Finance Teachers Use Social Media?

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Mar 31, 2016
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Survey Results
While most of your students LOVE social media, educators have mixed feelings about its place in the professional workplace. We know you’re the experts, so we asked, and here’s what we found in our most recent Flash Survey.   ...

Question: What Are the Top Alerts That Consumers Set Up On Their Bank Accounts?

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Mar 30, 2016
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Question of the Day, Research, Checking Accounts, Current Events, Chart of the Week
Fascinating report out from the Federal Reserve “Consumers and Mobile Financial Services” regarding the trends in mobile banking and mobile payments. Among the survey respondents, 52% indicated that they set up alerts on their accounts. Here are the details of the type of alerts they set up: Follow Up Questions: Do any of the most popular alerts from these survey results surprise you? Why or why not? Are there any alerts that are NOT on this list that you would want consumers to...

Chart: Millenials Seem Confused About Money

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Mar 30, 2016
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Behavioral Finance, Research, Investing, Savings, Checking Accounts, Stocks, Current Events, Chart of the Week
From Visual Capitalist: See if your students can pick up on the inconsistencies and contradictions from this survey data on how millenials feel about investing, debt and banking. Here are just a few: 87% feel confident about investing but 70% hold their savings and investments in cash. Holding cash does not equal investing 65% feel confident about their future finances but 48% don’t know their credit score Despite being digital natives, only 40% would stop using cash if cards could be...

Chart: Why Do Start-Ups Fail?

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Mar 30, 2016
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Question of the Day, Research, Chart of the Week
I thought this would be interesting for those of you teaching entrepreneurship. Sample size is small (101 companies) but I think it is directionally correct in highlighting the top reasons that start-ups fail. Hat tip for Big Picture Blog and Visual Capitalist. Enjoy! Want more resources on entrepreneurship? Check out our lesson on Entrepreneurship! ...

Audio Resource: A Civics Lesson In Our Tax Code

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Mar 30, 2016
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Current Events, Taxes, Audio Resource
I was entertained by this Planet Money podcast on my walk into work this morning. It takes two items from our Form 1040 federal income tax form and dives into the details about how they ended up on the form. It tells a larger story about how the tax code is written in this country (something about not wanting to see how the sausage is made). The first is a box where taxpayers check “Yes” or “No” to the following question: “Do you want $3 of your federal tax to...

NGPF Podcast: Tim Talks To Eric Tyson, Author of Personal Finance For Dummies

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Mar 30, 2016
Thanks to Eric Tyson for recently joining me on the NGPF podcast. Eric has brought personal finance advice to millions through his work as a financial advisor, syndicated columnist and author of Personal Finance for Dummies (and other titles in the Dummies series). Eric provides insights to the following questions during our conversation: How did his earlier experience as a management consultant to financial service firms inform his personal finance writing? How does he think personal...

Question: What Is Two Factor Authentication?

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Mar 29, 2016
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Question of the Day, Identity Theft, Checking Accounts, New Products, Current Events, Cartoons
A good question to kick off your Identity Theft class or your checking lessons. As more and more banking shifts online, it becomes more imperative than ever for consumers to protect their log-in credentials. This is where two factor authentication comes in (full disclosure: I use two factor authentication for all of my financial accounts).  This process goes one step beyond your username and password to prevent the situation described above. From Brian Krebs blog (a noted security expert):...

Looking for a Free Online Personal Finance Course...

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Mar 28, 2016
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Research, Personal Finance, Teaching Strategies, Current Events, Video Resource, Audio Resource
Here are a few free courses cited in a recent US News and World Report article that you might want to take a look at (I will be loading onto my smartphone over the next few weeks to check them out too): University of Arizona What you’ll learn: This personal finance course covers the basics, from the concept of fixed expenses to investment strategies, and it has quizzes to reveal if you’re learning what you’re reading. The estimated time for completing the course is 15...

What's An Interchange Fee and What Does It Have To Do With Credit Card Rewards Programs?

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Mar 28, 2016
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Question of the Day, Credit Cards, Payment Types, Current Events, Article
Informative article from NerdWallet answers a question that many students may have, which is “How can credit card companies afford to provide such great reward programs like 1.5% cash back?” Five questions for students: What parties are involved in any credit card transaction? What is an interchange fee? How does the fee in the U.S. compare to other countries? What is the relationship between interchange fees and rewards programs? What do you think would happen if U.S. followed...

Chart: How Does the Cost of A Car Vary By State?

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Mar 28, 2016
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Question of the Day, Research, Purchase Decisions, Chart of the Week
From LifeHacker: Here is the methodology they used (and a link to the full report): Assuming all U.S. residents pay the average transaction price of $33,543 (according to Kelley Blue Book), the findings reveal that in addition to auto payments, U.S. car owners will pay an additional $11,227 on average to buy and own a car for three years. This amount includes: car sales tax and title fees (referred to as “one-time purchase costs” in this study) registration fees, car insurance, gas and car...

24 Hour Personal Finance Course: What's Your Risk Profile? (Investing)

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Mar 28, 2016
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Behavioral Finance, Lesson Idea, Index Funds, Investing, Teaching Strategies, Stocks
On Friday, I had a 45 minute lesson at Eastside Prep. with my main learning objective to help the students understand their risk profile and how that impacts their approach to investing (for more on helping students understand risk, listen to my recent podcast with NY Times columnist Ron Lieber) We started with a PollEverywhere with the students creating a word cloud on what words came to mind when they think about risk: A class discussion ensued in which we discussed how we often...

Word Clouds: What Does Risk Mean To You?

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Mar 25, 2016
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Behavioral Finance, Personal Finance, Investing, Teaching Strategies
I asked this question today in class and here are the responses from PollEverywhere: First section: Second section:  What I find interesting: Negative connotation that comes with the word “risk” when it comes to investing based on words like “lose,” “fear,” “iffy,” “losing money,”tricky” and “caution.” This is important for teachers to understand as having a negative view of “risk” will often lead...

Activity: What Alerts Should I Set Up For My Checking Account?

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Mar 25, 2016
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Activity, Behavioral Finance, Identity Theft, Checking Accounts, Teaching Strategies, Current Events, Video Resource
I have been working on the upcoming NGPF Webinar “Updating Your Checking Unit to the 21st Century.” In doing so, I jotted down a list of common checking account features available today. I realized the importance of setting up account alerts given the increase in the ways that consumers access their accounts (ATM, debit card, automatic payments, online bill pay and yes, even checks) along with the frequency of identity theft. I created this mini-module to address this issue and take...

NGPF Podcast: Tim Talks To Pete Jordan About Using Simulations to Teach Personal Finance

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Mar 23, 2016
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Behavioral Finance, Personal Finance, Financial Literacy, Teaching Strategies, Podcasts
Thank you to Pete Jordan for joining the NGPF Podcast show to discuss his company, Knowledge Matters (KM), and their popular personal finance simulation. Pete describes the benefits of using simulations so students can learn from first-hand experience the impacts of financial decisions that they will be making throughout their lives. He discusses how the tens of thousands of lines of code ensure that the simulation provides a real-world experience for students while meeting the learning...

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