Date Filter: 2016/6/

NGPF Podcast: Tim Talks To World Bank Senior Economist Bilal Zia

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Jun 24, 2016
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Podcasts, Behavioral Finance, Research, Savings, Financial Literacy, Current Events, Parent Conversations, Tips for Teachers
Thanks to Bilal Zia for sharing his global perspectives on financial literacy and financial capability that he has gleaned from his field studies in countries such as Indonesia, India, Brazil and South Africa. Bilal is not afraid to tackle the difficult questions facing the field including how to translate financial knowledge into behavioral change and whether financial education works.  He shares some surprising insights gleaned from his study of Brazilian high school students, as well as...

Question: Is the World Going Cashless?

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Jun 23, 2016
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Payment Types, Question of the Day, Research, Credit Cards, Debit Cards, Current Events, Chart of the Week
According to this infographic from Visual Capitalist, a cashless society is gaining momentum across the developed world. Here are some questions that you can use with your students to get the conversation going: What are examples of non-cash transactions? Which country has the largest percentage of non-cash transactions? Which continent? From a government’s perspective, what is the advantage of a cashless society (hint: have to read the short article to understand this)? Why do you think...

Interactive: Why Fees Matter When It Comes to Investing

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Jun 22, 2016
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Activity, Behavioral Finance, Research, Personal Finance, Index Funds, Investing, Mutual Funds, Teaching Strategies, Stocks, Chart of the Week, Math, Activities, Interactive
Hat tip to Mike Finley, who I met today at the Iowa JumpStart conference outside of Des Moines and showed me this great interactive tool developed by Vanguard (Thanks to Mike Johnson and Julie Ntem for the invitation to present there and for organizing a great event!). Here are the details about this tool and how you might incorporate into an investing lesson: The students get an opportunity to toggle two variables: expense ratio and average annual return. The results appear in a series of bar...

Chart: Why Should You Start Saving At A Young Age?

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Jun 21, 2016
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compound interest, Question of the Day, Investing, Savings, Chart of the Week, Math
From BusinessInsider: The math is pretty convincing: Save (or more accurately invest) $1,000 per year for 40 years starting at 25 and accumulate over $213,000 by age of 65 Wait 10 years and invest that same $1,000 per year for 30 years starting at 35 and accumulate only $101,000 by age of 65 So, the extra $10,000 saved between 25 and 35 yields over $110,000 in retirement savings at 65. ___________ Want your students to get more practice with compound interest calculators? Try this NGPF...

Audio Resource: How To Negotiate Everyday Expenses

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Jun 21, 2016
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Audio Resource, Budgeting, Teaching Strategies, Purchase Decisions, Current Events
Hopefully, if you listen to this Tim Ferriss podcast with Ramit Sethi, you won’t have this reaction as you start saving money on your everyday expenses: Start the podcast at 7:52: Ramit Sethi shares tactics to negotiate common bills including credit cards (late fees and APR), cable, gym memberships and cell phone companies. Have your students take notes on the scripts and use the advice to save their families some money. At 14:50: Role play where one participant negotiates late fee...

Question: How Do You Define A "Good Job?"

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Jun 20, 2016
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Career, Question of the Day, Video Resource, Internships, Employment
Have your students answer the question before watching the video below (from Marketplace.org): _________ Check out this NGPF Activity: Analyzing a Resume and Cover Letter ...

What's The Gig Economy And How Might It Impact The Jobs of the Future?

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Jun 20, 2016
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Career, Policy, Question of the Day, Research, Current Events, Chart of the Week
This infographic is a doozy but is rich with data and the potential for some great discussions. From Visual Capitalist:  Questions for your students: Have you heard the term “gig economy” before? What does it mean to you? Are you surprised by the size of the “gig economy?” What are some examples of gig economy services? What are the pros/cons of working in this type of arrangement? Would you like a job like this? Why or why not? Do you know the difference between being...

Teachers, What If You Wrote A Money Letter To Your Students?

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Jun 19, 2016
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Teaching Strategies, Article, Generosity, Parent Conversations, Writing assignment
Ok, I admit this may seem a little far-fetched, but stick with me for a minuter here. Ron Lieber (NY Times) has a column this Saturday imploring parents to write a money letter to their kids to get a conversation going: The Money Talk, capital “M” and capital “T,” is overrated. As with the Sex Talk, children can sense that one is coming. And if they get antsy, your words will go in one ear and out the other. Tempted to hand over a notecard instead? Your first principles may fit on it,...

Opening A Bank Account: The Power of Role Play

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Jun 19, 2016
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Activity, Behavioral Finance, Checking Accounts, Debit Cards, Teaching Strategies, Tips for Teachers
Just concluded my first week c0-teaching the summer bridge program for incoming freshmen at Eastside College Prep. I was reminded about the power of role play while observing my co-teacher, Bill Elmore. First, let me set up the lesson today on the importance of savings. We kicked off class with a discussion about why it is important to save money. They took a minute to write down their responses, shared with their neighbor and then we had a full group discussion. They hit on the key reasons,...

Question: How Much Did Americans Give To Charity in 2015?

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Jun 17, 2016
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Generosity, Question of the Day, Research, Current Events
Answer: $373 Billion, which set a new record. With GDP of about $18 trillion, this giving figure represents about 2% of GDP. Courtesy of Giving USA: “The last two years represent the highest and second-highest totals for giving—and the third and fourth largest percentage increases in giving—in the past 10 years, adjusted for inflation,” said Amir Pasic, Ph.D., the Eugene R. Tempel Dean of the Indiana University Lilly Family School of Philanthropy. Pasic added that “the share of total...

Question: How Much Do Car Insurance Premiums Rise When A New Teen Driver Is Added?

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Jun 16, 2016
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Insurance, Question of the Day, Research, Current Events, Parent Conversations
Answer: Ouch. 79%! From Money: According to a new survey from InsuranceQuotes.com, the average premium increased 79% after adding a driver between the ages of 16 and 19 to an auto insurance policy in 2015. Sure, that’s a lot, but it’s down five percentage points from 2013, when families in the same situation saw their premiums jump 84%. And because boys will be boys, it’s more expensive to insure a young man than a young woman; the survey found that the national average for adding a...

Counselors vs. Security in School Districts: A Sad Picture

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Jun 16, 2016
Sad to see that in four of the largest school districts (New York, Chicago, Miami and Houston) there are more security staff than guidance counselors. Note also that even the state with the most counseling staff, only has about 4/1000 students or 1 for every 250 students while Miami-Dade has a security officer for ever 150 kids. ...

Video Resource: What's A Corporation? What's A Share of Stock?

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Jun 16, 2016
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Video Resource, Investing, Stocks, Audio Resource
NPR has been running an excellent series called the Price of Profits over the past week on the implications of the corporate laser-like focus on shareholder value and how profits have become their new “product.” Here are a few explainer videos and an audio piece about the demise of Sears, once the dominant retailer on this country. Enjoy! What is a corporation? Questions: Difference between public and private corporations? What is a corporation? How does a corporation help reduce...

John Oliver on Retirement Planning

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Jun 16, 2016
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Investing, Index Funds, Mutual Funds, Current Events, Video Resource
Hat tip to my colleague, Jessica, for tipping me off to this recent John Oliver video about investment management companies (see an earlier post about his take on the credit reporting and scoring business). This time he turns his sights on the retirement planning industry. For those of you not familiar with John Oliver, well let’s just say, you will want to preview the video before deciding whether or not to use in your classroom. You will be the best judge of what portions might be most...

Before You Take Out A Car Loan...Here's A Useful NEW Worksheet To Compare Offers

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Jun 15, 2016
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Purchase Decisions, Activity, WebQuest, Activities, Tips for Teachers
From the Consumer Financial Protection Bureau comes a worksheet to help car buyers compare loan details. Here’s the first page of the worksheet: What is there to like about this tool? It encourages car shoppers to comparison shop for their auto loan just as they would for their car. We know based on research that about half of home buyers don’t comparison shop for mortgages so one would presume that the number that comparison shop for auto loans is even lower (especially when the...

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