Date Filter: 2017/4/

Product Review: Worried About Overdrawing Your Checking Account? There's An App for That!

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Apr 30, 2017
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Checking Accounts, Research, Personal Finance, WebQuest, Teaching Strategies, New Products, Current Events
A whole lot of peoples’ pain ($33 billion in overdraft fees) seems like an opportunity to one entrepreneur! From BusinessInsider: Mark Cuban was crushed with overdraft fees in his 20s. Now he’s backing an app that’s trying to help people avoid having to pay them. The billionaire has invested in a new app called Dave that aims to predict coming expenses for users to help prevent them from overdrafting on their bank accounts. Have your students go to Dave.com and review the app:...

Interactive: How Can I Retire Early?

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Apr 30, 2017
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Savings, Activity, Behavioral Finance, Investing, Activities, compound interest, Interactive
As an educator, I often get this question from students. Yes, I know they have attention spans that are minute to minute (or text to text) but when the subject of retirement comes up, they usually fixate on “How can I get there as soon as possible?” What I love about this post from Mr. Money Moustache (last seen on this blog in 2014), is the simplicity of his answer and how it all comes down to ONE factor:  Well, I have a surprise for you. It turns out that when it boils right down...

What I'm Reading This Week (April 29th)

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Apr 28, 2017
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Article
Credit Card Interest Rates At Record High (Consumer Affairs) The average credit card interest rate has risen to 15.74%, an all-time high, according to CreditCards.com. That record covers the span that the card comparison website has been conducting its weekly analysis. In the past, long before the internet, credit card rates have been a lot higher. But in recent memory, they haven’t. CreditCards.com calculates its average by looking at the rates on the 100 most popular credit cards in...

Interactive Chart: Which Careers Are The Biggest Gamble?

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Apr 27, 2017
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Career, Research, Current Events, Chart of the Week, Employment, Interactive
Hat tip to Of Dollars and Data blog (great content for math educators!) for posting this chart (see the interactive version of the chart from plotly): First, a little orientation: The X axis is hourly median wage for a given career and the Y axis is the differential in wages between the 10th and 75th percentile. So what the graph is telling us is that the careers that have the highest values on the Y axis have the highest percentage increase in wages between top (75th percentile) and bottom...

NGPF Podcast: Tim Talks To Co-Creator of "Spent" Game, Jenny Nicholson

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Apr 27, 2017
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Budgeting, Activity, Behavioral Finance, Research, Current Events, Activities, Podcasts
I first heard about the game Spent from podcast guest, Helaine Olen. She described it as one of the best simulations in how it immersed the player into what it feels like to live “paycheck to paycheck.” After playing the game in our offices, we agreed with her, wrapped an activity around it with discussion questions and added it to our Interactive Library. Teachers are glad we did since we are constantly getting feedback like this about the impact of the game on students: It helped...

Schools in the News

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Apr 26, 2017
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Schools In News, Research, Financial Literacy, Teaching Strategies, This Week In Financial Literacy, Article, Featured Teachers
How Microlending Builds Financial Literacy Skills and Empowers Students (Education Week) Teachers understand that creating authentic, real-world learning experiences engage students in a way that improves learning and makes it more enjoyable. At Town School for Boys in San Francisco, 6th graders engage in a yearlong study of microfinance using project-based learning that explores what it means to run a business while developing meaningful success skills along the way. While global education...

Ask Reddit: What's the Best Way To Build Credit?

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Apr 26, 2017
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Credit Scores, Question of the Day, Research, Credit Cards, Current Events
An important skill for students to build is the ability to critically analyze any form of media (articles, videos, reader comments or even friends and family) that they rely upon for financial advice. Forums such as Bogleheads can be a useful place to find financial advice but still requires a critical eye to separate the signal from the noise. I came across this question on Reddit (“Just turned 18, What is the best way to start building credit) that had a manageable number of responses....

Chart: Which College Majors Are Hottest (In Employers Eyes)?

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Apr 25, 2017
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Career, Question of the Day, Research, Personal Finance, Chart of the Week, Article, Employment
From WSJ: Questions for students: Which three majors have the largest imbalance between high employer interest and low percentages of students majoring in that subject? In this case, do you think those majors have an easy or difficult time finding a job after college? Which three majors have the largest imbalance between low employer interest and higher percentages of students majoring in that subject? In this case, do you think those majors have an easy or difficult time finding a job after...

Activity Idea: Personal Finance In My Life

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Apr 25, 2017
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Activities, Activity, Personal Finance, Checking Accounts, Advertising, Current Events, Taxes
My travels took me to Chicago and New York recently and here are some images related to personal finance that I captured: Thanks to the Federal Reserve Bank of Chicago for recently co-hosting the Financial Literacy Summit with VISA. I enjoyed moderating the panel on Expanding Access to Financial Education Programs (video for Session 6  here): Would you take tax advice from a “tax truck?” Seen on the streets of New York the weekend before Tax Day: What is a collateral loan...

Chart: Could You Come Up with $400 In Case of An Emergency?

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Apr 24, 2017
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Savings, Behavioral Finance, Question of the Day, Research, Current Events, Chart of the Week
From WSJ: In 2015, we posted research indicating that 47% of Americans couldn’t come up with $400 in case of an emergency. These charts and data tables provide some additional context around that statistic. Questions for your students: The pie chart indicates that 2/3 of households have roughly the same income from month to month. What might be some of the reasons why 1/3 of households have less predictable income streams? In the second chart, 25% of households with incomes less than...

Article: This Is One Case Where A PLUS Is Not So Positive

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Apr 24, 2017
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Article, Paying for College, Student Loans, Current Events
WSJ article out today warning of the dangers of Parent PLUS loans. I thought this was particularly pertinent as high school seniors pore over their financial aid award letters before making a May 1st decision. Here’s the lede: Millions of U.S. parents have taken out loans from the government to help their children pay for college. Now a crushing bill is coming due. Hundreds of thousands have tumbled into delinquency and default. In the process, many have delayed retirement, put off health...

NGPF Podcast: Tim Talks To Vince Roeshink, Educator, Entrepreneur and Former Financial Advisor

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Apr 23, 2017
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Podcasts, Investing, Entrepreneurship
Vince Roeshink has worn several “different hats” in his career. His current role as director of the Academy of Finance at University High School in Orange City, Florida seems the perfect culmination of a career path which has included stints as a stock broker and founder of a martial arts school (oh, and he has a black belt classification too). Vince is all about bringing the “real world” into his classroom. Learn how he does it in this entertaining conversation....

Article: Financial Advice From The Stars

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Apr 23, 2017
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Article, Career, Personal Finance, Savings, Teaching Strategies, Current Events
We know how much young people look up to, mimic and try and emulate the stars. That’s why I thought this article might grab your students’ attention. Here are a few of the 11 stars that were mentioned (I have to admit that I am having a lot of “who’s that?” moments as I skim through the article, your students probably won’t). From Bloomberg:  Jenny Slate (Comic, actress);  Slate stars in the films Gifted (April) and Landline (July) Have you made any big...

What I Am Reading This Week (Ending April 22nd)

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Apr 21, 2017
You don’t need to be rich to enjoy the best things in life (Jonathan Clements at the Humble Dollar) shares his list of the finest things in life. I might add “finding a great resource that you can share with thousands of personal finance teachers.” One of my favorite questions to ask my podcast guests is “what is the best thing that you ever bought for $10?” which proves time and again that the best things in life are often the least expensive (or FREE)! ...

Question of the Day: What Are the Three Most Useful Inventions of All-Time?

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Apr 21, 2017
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Chart of the Week, Question of the Day, Current Events, Entrepreneurship
Answer: Most useful: Cell phone, disposable diaper and alarm clock. Most important: Electricity, Internet and The Wheel From Time Invention survey of 10,197 people in seven mature markets (South Korea, the U.S., Germany, Sweden, Australia, the U.K. and Singapore) and 10 emerging markets (South Africa, Kenya, Russia, the United Arab Emirates, China, Brazil, Turkey, India, Mexico and Indonesia).:  Questions: What makes an invention useful? How do you think your grandparents would answer...

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