Money, Its Meaning…and a Few Other Things You Need
to Know
Prepared for Freeborn Foundation
By Mary Lowengard
Freeborn Foundation
295 Erskine Road, Stamford Ct 06903
ccg@freebornfoundation.org
This document should be cited as follows:
Freeborn Foundation 2010
Money, It’s Meaning…and a Few Other Things You Need to Know
Money, Its Meaning…and a Few Other Things You Need to Know
page 1
Money, Its Meaning…and Everything Else You Need to Know
Financial and Life Lessons for High School Seniors
Money, Its Meaning…and Everything Else Your Need to Know is a 12 week course
targeted at high school seniors to challenge them to develop skills that will have lifelong
value. It consists of alternating weeks of Financial Lessons and Life Lessons. Some of the
material may be familiar and intuitive to members of the class; other material may be
introductory. The course depends heavily on class members (and instructors and invited
guests) sharing their own knowledge on the topics being discussed.
The Financial Lessons are structured around the premise that there are fundamentally
three things one can do with money: spend it, save it or give it away. The course is not
meant to be an intensive lesson in the mechanics of the marketplace or the history of
currency. Rather, it presents an open-ended, thought-provoking experiential introduction
to help adolescents transition beyond the materialistic uses of money, and understand
how it can help them define themselves, a point of view and, in a larger sense, change the
world around them.
The Life Lessons offer an opportunity to give a “heads up” to a class heading out into the
world, to help demystify and explore every day survival skills. These lessons are meant to
be fun and collaborative.
The first unit of the financial course is on spending. The goal of this unit is to raise each
student’s awareness of how money is earned, and how money is spent. Exercises and
points of discussion may include accounting for household expenses, discussions of how
allowances are spent, credit cards and budgeting.
The second unit focuses on saving and investment. Exercises and points of discussion
will focus on the benefits — and costs — of savings and investment, and the balance
between risk and reward.
The final unit explores philanthropy and its many facets.
The Life Lessons explore the ins and outs of banking, of keeping house, of manners and
of basic car repair. One life lesson is left to the discretion of the instructor. The
effectiveness of these lessons will depend on the collective wisdom of the class, and
guidance of the instructor.
Money, Its Meaning…and a Few Other Things You Need to Know
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There are two book lists. Students should be instructed to choose one book from each list
and independently read these two books on their own time – sooner rather than later.
They have two assignments to complete for the course: 1) Write a short review on each
book and 2) Individually or in small groups, make a presentation on the major lessons of
each book. These presentations will be graded on both their informative and
entertainment value. Instructors are at liberty to construct an appropriate algorithm for
grading students, based on class participations, written assignments and presentations.
Money, Its Meaning…and a Few Other Things You Need to Know
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COURSE OUTLINE
(FL = Financial Lesson; LL = Life Lesson)
1. FL Spending
2. LL How to Open a Bank Account – and Balance a Checkbook
3. FL Earning
4. LL Keeping House
5. FL Savings
6. LL Basic Etiquette, or, Is That My Dinner Roll You’re Eating?
7. Investment
8. LL Changing a Tire (field trip)
9. Philanthropy
10. LL TBD/Instructor Option
11. Student Reports – Financial Segment
12. Student Reports – Life Lessons Segment
Money, Its Meaning…and a Few Other Things You Need to Know
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FINANCIAL LESSON #1: SPENDING
What’s the difference between the cost and value?
This lesson seeks to teach students how to be reflective about spending amounts,
habits and personal (subjective) versus universal (objective) views.
General Goals: Understand…difference between cost and value
Reflect on difference between needs and wants
Categorize essential versus non-essential purchases
Reality lesson on what life will cost when students strike out in the world.
Specific Objectives: Students will define what they need – and how much it costs
Students will categorize spending
Students will differentiate between needs and wants
Students will understand basic “costs” of independent living
Students will understand difference between “cost” and “value”
Required materials: Internet Access for “instant” research
Activities:
1) Solicit list from class of “things we spent money on in the last 48
hours.”
2) Have class classify list into essentials and non-essentials, then create
sub-categories and discuss different points of view regarding
classifications
3) Solicit a list of perceived post-college costs: rent, utilities, furnishings,
auto/transportation, food/entertainment, clothing, insurance, taxes, debt
service…seek as comprehensive a list as possible
4) Assign a general value range to each item on the list
5) Class exercise: Research full year tuition costs for four colleges (e.g.,
Yale, Ohio Wesleyan, UCLA and SUNY Albany). Have class estimate the
number of class hours for a typical freshman liberal arts major – then
calculate the cost of college on a per hour basis. List these results and
discuss the “value” versus the “cost” of a college education.
Should the “cost” include room and board and incidentals as well?
Money, Its Meaning…and a Few Other Things You Need to Know
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LIFE LESSON #1: OPENING A BANK ACCOUNT
The Essential Question: Why is it better to keep your money in a bank, instead of under
your mattress?
Concept/Topic to Teach: Although banks have gotten a bad reputation of late, they do
perform important functions. By high school, all students should understand the
fundamentals of opening and managing a bank account.
General Goals: Define different types of bank accounts: checking/savings/money
market/investment
Demonstrate how to open a bank account
Discuss various fees associate with having a bank account
Discus costs of debit cards- overdraft fees
Specific Objectives: Equip students with the knowledge of how to open and manage a
bank account, and differentiate between types of bank accounts, understanding the pro’s
and con’s of each.
Required materials: Bank account applications from a variety of banks (obtain prior to
the class)
Discussion and Activities: What is a bank account? Discuss why people put their
money in banks.
What types of bank accounts are there? What are the costs of a bank
account?
What are the advantages/disadvantages of opening an account with a
large, national bank versus a local institution?
Distribute bank account applications and review. How are they different?
How are they the same? What are the requirements to open one?
Discuss advantages of keeping money in a bank, in terms of safety and
opportunity for tracking expenses that bank statements represent.
Money, Its Meaning…and a Few Other Things You Need to Know
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FINANCIAL LESSON # 2 : Earning and Job Opportunities
The Essential Question:
What is the relationship between work and reward?
Concept/Topic to Teach: Relationship between work and reward
General Goals: 1) Emphasize importance of work
2) Explore relationship between work and money vs. other rewards
3) The meaning of spending earned versus otherwise acquired money
Specific Objectives: 1) Students will define how money is earned
2) Students will reflect on the value of earnings/spending relationship
3) What opportunities are available for skilled/unskilled workers
4) Determine the value of items in terms of hours worked
Required materials: Internet Access for “instant” research
Activities:
1) Create list of ways to get money (earn it, inherit it, be given it…steal it)
2) Is money given to you “earned”? Discuss merits of an allowance as pay
versus gifted funds
3)Discuss benefits of a job, above and beyond earnings
4) Research current minimum wage/ legal and moral implications of
working “on the books” and “off the books.”
5) Discuss difference between earned versus unearned income. Does
money have a different value depending on its source?
Money, Its Meaning…and a Few Other Things You Need to Know
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LIFE LESSON #2 : KEEPING HOUSE
Concept/Topic to Teach: It’s not hard to keep a house clean and tidy, and there are
good reasons to do so.
General Goals: Demonstrate the basics of house cleaning and laundry.
Specific Objectives: Catalog household cleaning tools
Define basic cleaning tasks
Determine benefits (health and psychological) of having an
orderly, clean house or apartment
Keeping your money “tidy”, projected costs of insurance( medical,
auto, life, home, liability)
Required materials: None
Activities:
Survey class to determine who in class has cleaning responsibilities in
their home
Discuss advantages of living in an orderly, clean space
List and define household cleaning tools: vacuum cleaner, mops, rags,
scrub pads, brushes, toilet brush, dusting cloths, sponges, rubber gloves,
paper towels
Define daily cleaning tasks versus weekly: cleaning food areas, make bed,
sorting paperwork versus bathroom cleaning, vacuuming and mopping
floors, laundry, washing bed linens.
Discuss efficient method of doing laundry: Sorting clothes, effectiveness
of water temperature, use of dryers
Money, Its Meaning…and a Few Other Things You Need to Know
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FINANCIAL LESSON # 3: SAVINGS
Concept / Topic To Teach: Ways to save and why’s to save
General Goal(s):
1) Define relationship between spending and saving
2) Educate about what’s the difference between putting
money to use and leaving it in a bank
3) Introduce notion of saving versus investment
4) Compounding interests- 10% x 10 years
5) Costs of money management- advisor, bank, online
trading…
Specific Objectives:
1) Students will identify different ways to save
2) Students will understand relationship between
savings/investment/earnings
Required Materials:
NONE
Step-By-Step Procedures: 1) Open discussion – do you have savings?
2) Why do we save? Why do we need to save?
3) What are the mechanics of saving – mattresses, banks,
savings/investment accounts
4) Why is it important to make sure saved money is secure?
Money, Its Meaning…and a Few Other Things You Need to Know
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LIFE LESSON #3 : BASIC ETIQUETTE OR, IS THAT MY DINNER ROLL
YOU’RE EATING?
The Essential Question:
Why do manners matter?
Concept/Topic to Teach: There are basic societal rules that are simple to learn, easy to
follow and make a world of difference.
General Goals: Review with student basic tenets of proper etiquette – and why it is
important
Specific Objectives: Differentiate between etiquette and “manners” and review the
basic guidelines.
Required materials: Internet Access for “instant” research
Activities:
1) Discuss difference between rules of etiquette and manners
2) Discuss basics of table manners: who starts first, passing, pace of
eating, posture, excusing yourself
3) Ask class if they know how to set a table, position of forks, knives and
spoons. Bread plate goes to the left, glasses to the right.
4) Guidelines for proper tipping – restaurants, hair salons, travel,
deliveries, taxi’s.
5) Discuss proper way to make introductions. Demonstrate in three’s in
class.
6) What are good sources for information on other formal situations?
Book on Etiquette:
Money, Its Meaning…and a Few Other Things You Need to Know
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FINANCIAL LESSON # 4 : Investment
Concept / Topic To Teach: Fundamentals of Investing
General Goal(s):
Differentiate between savings and investment (versus consumption
and spending) and introduce notion of risk and reward
Specific Objectives: 1) Students will define difference between savings and investment
2) Students will be able to differentiate weak and strong
investment choices
3) Students will be made aware of investment choices: high
versus low risk; basic investment vehicles (stocks, bonds, real
estate, etc.)
4) How to read the financial pages of a newspaper.
Required Materials: NONE
Step-By-Step Procedures: GUEST INSTRUCTOR TO DEVELOP
Money, Its Meaning…and a Few Other Things You Need to Know
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LIFE LESSON # 4 : CHANGING A TIRE
This lesson is a field trip to a local garage. Instructor must pre-arrange for a
demonstration of how to change a tire.
On return to school, members of the class will collectively write a thank you note to
the garage for the demonstration.
Money, Its Meaning…and a Few Other Things You Need to Know
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FINANCIAL LESSON #5: Philanthropy
Concept / Topic To Teach: The meaning of philanthropy and its practice
The enduring nature of philanthropic actions
General Goal(s):
1) Define philanthropy and its many forms and relate to
spending/saving/investment paradigm
2) Have students understand philanthropy as a lifelong
commitment, not a one-off activity
Specific Objectives: 1) Students will be able to define philanthropy
2) Students will be able to identify current and potential
philanthropic pursuits
3) Students will be able to identify actions defined as
philanthropic
4) Urge students to make time for philanthropy in their every
day lives
5) Students will begin to be able to see benefits of
philanthropy and relate them to their time in high school.
Acitivities
1) Formally define philanthropy (from Latin and Greek)
2) Talk about ways to give (time, money, energy)
3) Discuss impact of philanthropy on both philathropist and
beneficiary
Money, Its Meaning…and a Few Other Things You Need to Know
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LIFE LESSON #5:
TBD
FINANCIAL LESSON #6:
LIFE LESSON #6:
Presentations/Book Reviews on Financial Books
Presentations/Book Reviews of Life Lesson Books
Money, Its Meaning…and a Few Other Things You Need to Know
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BOOK LIST A (LIFE LESSON BOOKS)
1001 Things Every Teen Should Know Before They Leave Home (Or Else They’ll Come
Back) by Harry Harrison Jr.
The Secret to Teen Power by Paul Harrington
What Color Is Your Parachute? for Teens : Discovering Yourself, Defining Your Future
by Richard Nelson Bolles, Carol Christen, Jean M. Blomquist
Don’t Sweat the Small Stuff for Teens: Simple Ways to Keep Your Cool in Stressful
Times by Richard Carlson
Life Lists for Teens: Tips, Steps, Hints, and How-To’s for Growing up, Getting along,
Learning, and Having Fun by Pamela Espeland
Cooking Up a Storm: The Teen Survival Cookbook by Susan Stern, Sam Stern
Generation Green: The Ultimate Teen Guide to Living an Eco-Friendly Life by Linda
Sivertsen, Tosh Sivertsen
Moving from Ordinary to Extraordinary: The Teen's Guide to High School Success by
Sharnnia Artis
Fitness Information for Teens: Health Tips about Exercise, Physical Well-Being, and
Health Maintenance by Lisa Bakewell
MySpace/OurPlanet: Change Is Possible by Myspace Community, Jeca Taudte, Dan
Santat (Illustrator)
The Book of Lists for Teens by Sandra Choron, Harry Choron
What Do You Really Want? How to Set a Goal and Go for It! A Guide for Teens by
Beverly K. Bachel
Green Teen: The Eco-Friendly Teen's Guide to Saving the Planet by Jenn Savedge
Teen Guide Job Search : Ten Easy Steps to Your Future by Donald L. Wilkes, Viola
Hamilton-Wilkes
Teens Cook : How to Cook What You Want to Eat by Megan Carle, Jill Carle, Judi
Carle
Teen's Game Plan for Life by Lou Holtz
Money, Its Meaning…and a Few Other Things You Need to Know
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Chicken Soup for the Teenage Soul: 101 Stories of Life, Love and Learning (Chicken
Soup for the Soul Series) by Jack Canfield, Mark Victor Hansen, Kimberly Kirberger,
Mitch Claspy
Life Strategies for Teens by Jay McGraw, Benjamin Vincent (Illustrator), Phillip C.
McGraw
Success Principles for Teens: How to Get from Where You Are to Where You Want to
Be by Jack Canfield, Kent Healy
Where's My Stuff?: The Ultimate Teen Organizing Guide by Samantha Moss, Michael
Wertz (Illustrator), Lesley Schwartz
The 6 Most Important Decisions You'll Ever Make: A Guide for Teens by Sean Covey
Who Moved My Cheese? for Teens by Spencer Johnson
Money, Its Meaning…and a Few Other Things You Need to Know
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BOOK LIST B (FINANCIAL BOOKS)
The Complete Idiot's Guide to Money for Teens by Susan Shelley
The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your
Parents Ever Dreamed Of by David Gardner, Neil David, A. L. David
Cash and Credit Information for Teens : Tips for a Successful Financial Life : Including
Facts About Earning Money, Paying Taxes, Budgeting, Banking, Shopping, Using
Credit, and Avoiding Financial Pitfalls by Karen Bellenir ( Editor
College Financing Information for Teens : Tips for a Successful Financial Life by Karen
Bellenir ( Editor)
Debt Information for Teens : Tips for a Successful Financial Life: Including Facts about
Money, Interest Rates, Loans, Credit Cards, Finance Charges, Predatory Lending
Practices, Preventing and Resolving Debt-Related Problems, and More by Karen Bellenir
( Editor
Savings and Investment Information for Teens : Tips for a Successful Financial Life;
Including Faxts About Economic Principles, Wealth Development, Bank Accounts,
Stocks, Bonds, Mutual Funds, and Other Financial Tools by Karen Bellenir ( Editor)
Rich Dad, Poor Dad for Teens: The Secrets About Money That You Don't Learn in
School! (Rich Dad Series) by Robert T. Kiyosaki, Sharon L. Lechter, Sharon L. Lechter
Teen Girl's Gotta-Have-It Guide to Money: Getting Smart About Making It, Saving It,
and Spending It!
(Note: not for girls only, but report must include a paragraph about why this is targeted
for girls!)
Cash and Credit Information for Teens: Tips for a Successful Financial Life by Kathryn
R. Deering ( Editor
Street Wise: A Guide for Teen Investors by Janet Bamford
The Teen's Guide to Personal Finance: Basic concepts in personal finance that every teen
should know by Joshua Holmberg, David Bruzzese
Money, Its Meaning…and a Few Other Things You Need to Know
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Online survey by students and instructor to improve course..
Money, Its Meaning…and a Few Other Things You Need to Know
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