Financing Your Future
This conference is made possible by:
Council for Economic Education
University of Illinois Extension
COUNTRY® Financial
U.S. Department of Education
Office of Innovation and Improvement
Instructors
 Dr. Angela Lyons
Associate Professor, University of Illinois
(217) 244-2612; anglyons@illinois.edu
 Debra Bartman
Extension Educator, Quad Cities Center
(815) 875-3183; dbartman@illinois.edu
 Patricia Hildebrand
Extension Educator, Effingham Extension Center
(217) 347-5126; phildebr@illinois.edu
Financing Your Future
 5 videos
 15 lesson plans – 3 for each video
 Glossary of terms
 Test bank (pre- and post-test questions)
 Table of correlations to learning standards for
economics, mathematics, and personal finance
Financing Your Future Website
http://financingyourfuture.councilforeconed.org/
Table of Contents
Sample Videos & Lessons
Workshop Leader’s Guide
Glossary
Video Summaries
1. Get a Financial Life
(setting financial goals and building wealth)
2. Get Smart
(decisions have consequences)
3. Get Banked
(developing banking relationships)
4. Get the Credit You Deserve
(understanding credit and debt)
5. Get a Financial Plan
(financial planning and saving early and often)
10
National Standards - Economics
11
FINANCING YOUR FUTURE © NATIONAL COUNCIL
ON ECONOMIC EDUCATION, NEW YORK, N.Y.
13 April 2015
National Standards - Mathematics
12
FINANCING YOUR FUTURE © NATIONAL COUNCIL
ON ECONOMIC EDUCATION, NEW YORK, N.Y.
13 April 2015
National Standards – Personal Finance
13
Video 1: Get a Financial Life
14
Video 1 – Get a Financial Life
3 Lesson Plans
 Lesson 1.1: What is a Financial Life?
 Lesson 1.2: Setting Financial Goals
 Lesson 1.3: Spending Less Than You Earn
15
Video 1 - Key Concepts
 Building wealth
 Net worth and savings
 Setting financial goals
 Short, medium, and long-term
goals
 Opportunity costs
 Spending less than you earn
 Income and expenditures
16
Video 1 – Visuals and Activities
17
13 April 2015
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19
Video 1
Activity 1.1.2 - Financial Scenarios
 Divide students/clients into groups.
 Assign a financial scenario to each.
 Discuss whether saving and investment habits will lead to
wealth accumulation, and why or why not.
 List factors that add to wealth.
 List factors that detract from wealth.
 Consider factors not spelled out in the scenario that might
change the groups opinion.
 Assign someone in each group to report back.
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21
22
23
Video 2: Get Smart
24
Video 2 – Get Smart
3 Lesson Plans
 Lesson 2.1: Why Can’t I Have Everything I Want?
 Lesson 2.2: Decisions About My Human Capital –
What Is It, and How Do I Get Some?
 Lesson 2.3: Learning is a Lifetime Investment –
Constructing a Career Roadmap
25
Video 2 - Key Concepts
 Decision-making and problem solving
 Decisions have consequences
 Trade-offs
 Opportunity costs
 Alternatives
 Criteria
 Cost/benefit analysis
 Human capital
26
Video 2 – Visuals and Activities
27
28
29
30
31
32
National Center for Education Statistics
www.nces.ed.gov
Bureau of Labor Statistics (BLS)
Occupational Outlook Handbook (OOH)
2008-2009 Edition
www.bls.gov/oco/
BLS Employment Projections Program (EPP)
www.bls.gov/emp/#tables
Tables, Tables, and More Tables!!!
BLS State Sources
www.bls.gov/oco/oco20024.htm
Illinois Department of Employment Security
lmi.ides.state.il.us/
Teacher’s Guide to OOH
www.bls.gov/oco/teachers_guide.htm
Exploring Career Information from the BLS
(2008-2009 Edition)
www.bls.gov/k12/index.htm
Video 2 – Activity 2.3.1
Career Decision Process
Step 1: Define the Problem.
Step 2: List your Alternatives.
Step 3: Identify your Criteria.
Step 4:
Evaluate your alternatives
based upon the criteria.
Step 5: Make a Decision.
41
What Do You Want to Be
When You “Grow Up?”
Criteria
Alternatives
Career Option
1
Career Option
2
Career Option
3
Criterion
1
Criterion
2
Criterion
3
Criterion
4
TOTAL
Directions
 Divide students into groups.
Distribute 3
different career alternatives to each group.
 Use the first column on the decision grid
to identify the 3 “career options.”
 Have the students brainstorm a list of
criteria that are important to them in making
a career choice (e.g., hours, salary,
benefits, personal interests, educational
requirements, vacation benefits, adventure,
helping others, working conditions, safety,
promotion and advancement, stress).
 Have the students write the most important “criteria”
in the appropriate columns of the decision grid.
 For each career option, the students should then
rate each criterion with a number from “1” to “5.”
 “5” indicates the career option rates most favorably
according to that criterion. “1” indicates the option
rates least favorably.
 When students have finished, they should add up
the total for each career and enter it into the last
column.
 Students should place a “star” next to the career
best suited to them.
Discussion Questions
 Have students discuss in their groups why they
chose a particular career.
 Does that career require post-high school training?
 How much additional education is needed to
attain their chosen career?
 What types of training and
education will they need?
Additional Activities
2.3.2 Assessing My Skills
2.3.3 My Career Roadmap
46
Session 1
Finding Your Calling – Career Planning
and Life Skills Simulation
Brittney Richards
Prairieview-Ogden Jr. High School
Session 2
The Changing Employment Scene –
Gearing Up for New Opportunities
Panelists
 Jennifer Goveia, State Farm®
 Mark Guzzardo, Caterpillar®
 Sue Herriott, OSF HealthCare
1. Current Economy and Jobs
 How has the economy
affected current employment
opportunities within your
company, your industry,
and the local community
in general?
2. Future Employment Opportunities
 What is your outlook for future
employment opportunities?
 What employment challenges
do you see in the next few
years?
 What can individuals do to
prepare themselves?
3. Job Skills and Training
 In the future, what will
employers be looking for?
 What types of hiring
needs will they have?
 What types of job skills
and training will future
employees need to have?
4. Workplace Financial Issues
 What types of financial issues are
on employees minds right now?
 How can financial educators
potentially help employees to
be less stressed and in more
control of their finances?
Video 5: Get A Financial Plan
53
Video 5 – Get A Financial Plan
3 Lesson Plans
 Lesson 5.1: Why Should I Pay Myself First?
 Lesson 5.2: How to Create a Financial Plan
 Lesson 5.3: Risks and Rewards?
54
Video 5 - Key Concepts
 Saving early and often
 Compound interest
 Rule of 72
 Income, expenses, and budgeting
 Fixed vs. variable expenses
 Assets, liabilities, and net worth
 Types of investment instruments
 Risk vs. return
 Diversification
55
Video 5 – Visuals and Activities
56
57
Time Value
of Money
The earlier you save,
the more $$’s you
will have.
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60
61
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Forms of Saving and Investing:
Benefits and Costs
 Savings accounts:
provide a small but steady return.
 Certificates of deposit:
very safe, but instant access carries a penalty.
 Bonds:
lending money to a corporation or government, with a promise of
higher returns than those offered by bank savings accounts and
CDs.
 Stocks:
part ownership in a company, offering higher risks and,
potentially, higher returns than some other investments.
 Real estate:
the risks and benefits of being a landlord.
Risk Pyramid
Very High Risk
Junk bonds,
options
High Risk
Growth stocks, growth funds,
aggressive-growth mutual funds
Moderate Risk
Income funds, balanced mutual funds,
bond funds, municipal bonds,
corporate bonds, blue-chip stocks
Very Low Risk
Treasury bills, CDs,
money markets funds, savings accounts
Video 5 (Lesson 5.3)
Activity – Trade-Off Between Risk and Return
(Learning, Earning, and Investing)
Floor Markers:
 Mattress
 Savings Accounts
 CDs
 Bonds
 Stocks
 Mutual Funds
 Real Estate
Investment Situations:
Which Form Will You Choose?
 You have $5,000 to invest. No other information is
available.
 You have $4,000 that you’ll need six months from
now.
 You inherited $10,000 from your great-aunt; she has
suggested that you save it for use in your old age.
 You are just starting a career and can save $50 per
month for retirement.
 A new baby arrives, and Mom and Dad plan to save
$100 a month for the child’s college education.
Activity 5.2.1
Building A Budget
to Build Wealth
Part 1
67
5.2.1 Discussion Questions
 Is there anything you think
Anya left out of her budget?
 Do any of Anya’s expenses
seem too high or too low to
you?
Activity 5.2.2
Building A Budget
to Build Wealth
Part 2
69
5.2.2 Discussion Questions
 What reductions did Anya make in her spending?
 What categories did she add to her budget?
 How is she handling the periodic expense – car
insurance?
 What is still missing from her budget?
 What is the major problem with Anya’s budget now?
 What recommendations would you make to help
correct the problems with her budget?
Activity 5.2.3
Building A Budget
to Build Wealth
Part 3
71
5.2.3 Discussion Questions
 What changes did Anya make?
 Why are these good changes for Anya?
 What type of expense is car maintenance?
Session 3
A Financial Check-Up – Preparing for
Job and Employment Transitions
Brad Wurth and Rick Kline
COUNTRY® Financial
Session 4
Landing Your Dream Job – Smart Strategies
for Competing in the Job Market
Pat Hildebrand
University of Illinois Extension
Session 5
Building Your Future – The Ultimate
in Career Roadmapping
Pamela Daniel
Illinois workNet™
U of I Center for Economic and Financial Education
http://www.cefe.illinois.edu/
FINANCING YOUR FUTURE
http://www.cefe.illinois.edu/tools/fyf.html
LINKS
http://www.cefe.illinois.edu/links/
Other Resources
Council for Economic Education
http://www.councilforeconed.org/
Econ Illinois
http://www.econed-il.org/icee/
University of Illinois Extension
Consumer and Family Economics
www.ace.uiuc.edu/cfe
NCEE
www.ncee.net
Council for Economic Education
http://www.councilforeconed.org/
Questions