Personal Management MB Workshop Lesson Plan
Workshop Overview
Schedule
February 11 @ 6:00pm: Session 1 (1.5 hours) – Introduction, Preparing a Budget, Smart Shopping, Time
Management, Project Planning
April 17 @ 9:00am: Session 2 (3 hours) – Banks and Banking, Checking Accounts, Savings Accounts, Saving vs. Investing, Stock Market, Interest
May 13 @ 6:00 Session 3 (2 hours) – Borrowing Money, Credit Cards, Debit Cards, Credit Rating, Review and
Verify Requirements Completion
Listing of Handouts
Session 1
Budget Preparation Exercise
Major Expense Worksheet
Time Management Exercise
Time Management Calendar
Project Planning Exercise
Sample Project Plan
Project Planning Worksheet
Session 2
Check Writing Exercise
Session 3
Stock Worksheet
Thousand Dollar Exercise
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Personal Management MB Workshop Lesson Plan
Session 1
Workshop Introduction, Preparing A Personal Budget, Smart Shopping, Time Management, and Project
Planning
Merit Badge Counselor:
Michelle Smith
Email: m.smith@occemail.com
Cell: 405.464.7128
Handouts for this session:
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Budget Preparation Exercise
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Major Expense Worksheet
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Time Management Exercise
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Time Management Calendar
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Project Planning Exercise
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Sample Project Plan
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Project Planning Worksheet
Introduction
Want to be a millionaire? In this workshop I’ll teach you how (and it doesn’t involve winning the lottery).
How many of you:
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Have a credit card?
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Have made a major purchase such as a car?
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Have a retirement plan?
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Know the difference between a growth and income producing stock?
I you’re like most people between the ages of 11 and 17 the answer is probably “no”.
Those are some of the things we’ll learn about over the next several weeks.
As you grow older, you take on more responsibilities
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For most of you high school graduation is just around the corner or only a few years away
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Some may go directly to work, full time or part time, some may go to college
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Either way, you’ll be responsible for taking control of your life
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Managing money and finances
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Managing time
There isn’t a course in “how to be an adult”, so it pays to know and understand personal management
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Just because you’re older doesn’t mean you’re wiser.
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When you’re 18 you can sign contracts – these are legally binding and “I didn’t know what I was signing” won’t get you off the hook if you make a mistake
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Many adults get themselves into money troubles through poor financial decisions. o Mortgage crisis that is in the news has some basis in people making poor financial decisions
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Personal Management MB Workshop Lesson Plan
This MB is about taking control of your life – when we’re done, you won’t be a financial genius nor an expert in time management, but I hope to give you a good start in skills that will hopefully grow as you do.
Remember, for each of you the future will happen whether you’re ready for it or not.
Administrative Stuff
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This is not an “easy” merit badge – but it’s not extremely difficult either – you will simply need to keep up as we go along and ask questions if you don’t understand something
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The budget portion of the MB will require 3 months of recordkeeping
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There are worksheets for most of the exercises – extra copies are available on the website in the merit badge section
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Please use the worksheets – it makes it easier to check your work
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Make sure you read and understand the requirements. My expectation is that you’ll do these completely
– nothing more, nothing less.
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You’re essentially on your own to keep up. I plan to do a spot check weekly on to make sure you understand the personal budget. Since this takes 13 weeks to complete, it’s important that you do it correctly from the beginning.
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Again, the expectation is that you’ll complete each requirement as written, nothing more, nothing less.
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Important note before we start – Ask questions!! This material will be totally new to many of you, but it’s important to know and understand. If you don’t understand something, ask questions. The only dumb question is the one not asked. Feel free to call me at home or email if you have any questions.
Preparing a Personal Budget
Requirement 2a – Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track your actual income, expenses, and savings for 13 consecutive weeks.
Since this is the part of the merit badge that takes the longest time, let’s get started on it right away.
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What is a budget? A written account of your expected and actual income and expenses.
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Remember, the goal is to manage our money – doing so means that we have to organize information so we can make informed decisions
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What sort of decisions, you ask? o Saving for a specific goal (e.g. buying a new computer game) o Saving for a long term goal (e.g. going to college) o Investing for the future? (e.g. a house, retirement) o Affording current wants (e.g. movie and dinner with your friends)
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Preparing a budget is the important first step in money management.
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To really understand the “why” of preparing a budget, think in terms of your goals. The simplest form of money management is to look in your wallet – if you have enough money, you can afford something, if you don’t, you can’t
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Most of us want to plan ahead, so we set goals such as those above.
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Once we set the goals, we translate those into action.
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And that’s what a budget will do for us.
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Personal Management MB Workshop Lesson Plan
Basics of budgeting:
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Develop financial goals
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Determine income
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Determine expected expenses, considering our goals
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Put together a plan to match income with expenses.
Breaking down each of these . . .
Budget Exercise
To help you better understand the process I have put together a Budget Preparation Exercise that will walk you through the entire budget process. This will fulfill merit badge requirement #2
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Worksheet 1 – Savings Goals o If you don’t have a plan you will definitely end up somewhere , but most likely not where you want to be. The first step in making a plan is setting your goals. We’ll do this using Worksheet
1. o Everyone should have some short term and long term goals
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Examples of goals (savings for: summer camp, gifts, game, x-box, college, car, etc) o Fill out the worksheet – you can include non-specific savings o Savings note: even if you’re not saving for anything specific, it’s a good idea to set aside at least
10% of your income for savings. This is reflected in the “rainy day” savings line at the bottom of the worksheet.
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Worksheet 2 – Expected Income o List your anticipated income for the month ahead; again, you’ll be filling out three of these during this workshop. o Examples: allowance, job, gifts o Be sure to list ALL of your projected income for the month ahead
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Worksheet 3 – Expected Expenses o List your expected expenses for the month ahead. You’ll be filling out three of these during this workshop, one for each of the next three months. o You can lump expenses into categories such as entertainment, snacks, CDs, etc. o Try to think of everything that you’ll spend money for during the course of the month
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Worksheet 4 – Completing Your Monthly Budget o Insert the savings goal from Worksheet 1; this is the amount that you will have to save to meet your savings goals, both long and short term. o Insert your projected expenses from Worksheet 3 o Add these together – this is how much you’ll have to have as income to meet your goal. o At the bottom fill in your expected income o The income should match the expenses plus savings goal. So, if your plan does not balance, you will have to adjust your plan. You cannot start the month planning to spend more than you bring in. o If expenses exceed income you can increase income or decrease expenses
Tips for increasing income:
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Personal Management MB Workshop Lesson Plan
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Bargain with your parents for more allowance
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Offer to do more chores
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Get a part time job
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Work your own business (mowing lawns, running errands for people, teaching, etc)
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Sell things you don’t want or need.
Tips for decreasing expenses
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For each expense determine whether it’s a “need” or a “want”
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You need food; you may want a soda, but certainly don’t need it
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Examples of things that people think they need, but really don’t: cell phones, cable TV, magazine/newspaper subscriptions, high speed internet, snacks and sodas, entertainment electronics, computer games, new CDs & books, expensive clothing, etc.
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Worksheet 5 – Actual Income and Expenses o Now it’s time to track your actual income and expenses o Start with your current cash – balance o From the time you start list every expense or income item o Extra pages can be downloaded from the website
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Worksheet 6 – Putting It All Together for the Month o At the end of the month, you reconcile your budget and fill out Worksheet 6 o You can adjust your plan as the month goes on for unexpected changes, but make every effort to stick to the plan for expected income and expense.
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Review of the Process o This may seem a little complicated to begin with, but it’s actually quite simple once you understand it. Just to make sure there’s no confusion and so you’ll know what I’m expecting to see to sign off requirement 2, let’s do a quick review. o At the beginning of the month you create your budget – this is how much you expect to spend, how much you expect to make, and how much you expect to save o During the month you record your income and expenses o At the end of the month you compare your plan to your actual data. If you’re spending more than you make, you’ll normally have to adjust your budget for the next month. o Use the information you’ve gathered to put together your budget for the next month. o When we go over your paperwork I’ll expect to see, for each month: your savings goals, an expected income sheet, an expected expenses sheet, a sheet of actual income and expenses, and a comparison of expected to actual. If you go through the Budget Preparation Exercise handouts you’ll be doing each of these properly.
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Personal Management MB Workshop Lesson Plan
Smart Shopping
Since we have to shop for almost everything we need it’s a good idea to learn “smart shopping” techniques. A smart shopper can save thousands of dollars a year over an impulse buyer.
What is a “smart shopper”?
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Researches purchases
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Plans purchases
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Compares products
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Considers alternatives
Research
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Check on features; get what you need and not more; o Example: software often has basic, enhanced, and professional versions, each with a larger price
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Quality tag. Do you need the extra features of the higher priced version? o Competing brands often have different reliabilities o Check consumer publications and websites
Consumer Reports (subscription, online, library)
CNET
Many websites have user ratings o Ask friends for recommendations
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“Test Drive” o Not just for cars – can often borrow or rent something before purchasing
Planning your Purchase
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Look for sales – some items go on sale periodically o Sales people will often let you know when an item will go on sale if you ask them o Sometimes stores will honor sale prices for 30 days after you buy a product
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Some sales are seasonal o Seasonal sales handout
Compare products and stores
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Visit different stores or websites o Discount stores
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Read advertisements
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Look for coupons or coupon books
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When buying items that come in units, compare unit cost o Example – groceries
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Make sure your comparisons are like-in-kind o Example – Computer prices may be package deals including monitor, others do not o Sometimes similar or same products are sold under different brand names or model numbers o Brand name higher price as you’re paying for the advertising o Name brands often made in the same factory as generic
Consider alternatives
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Rent instead of buy (example: video games, DVDs)
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Personal Management MB Workshop Lesson Plan
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Wait – many things fall in price after they’ve been on the market a short while
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Build it yourself – save money through kits
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Buy used items o eBay o Returned or opened merchandise o Outlets (factory seconds with full warranties) o Overstocks
Impulse buying
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Marketers are experts in separating you from your money
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Impulse buying (something that you didn’t plan) is a good way to spend lots more than you expected. o Stores are arranged to promote impulse shopping o Grocery stores – milk, bread typically at the back of the store o Items placed at eye level will sell more o Lots of small, high mark up items at the checkout o Sale items at the entrance o “Loss Leaders” get you into the store to buy other items at regular prices o “Bait and Switch” – steer you to a higher priced alternative
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Need to understand the moods and feelings that can affect buying decisions o Don’t go grocery shopping when hungry – everything looks good! o Make a list (a shopping plan) and stick to it o People sometimes buy to make them feel better o Envy shopping (keeping up with someone else) o Name brand status
Major Expense Exercise – Requirement 1
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Hand out worksheet o Go through instructions on worksheet o Expectations
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Fully filled out (“written plan”)
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When discussed with family
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Include a summary of your comparison shopping (advertisements, web sites visited, etc)
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Alternatives considered
Time Management
Time Management
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We all have 24 hours in a day; learn to use them wisely
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There are many time management “systems” but all revolve around the same themes:
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Establish long term vision o What really counts for you in the long run? Examples:
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Education
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Getting married, raising a family and becoming a Scoutmaster
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Living an ethical life
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Establish long term goals. Examples:
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Go to college
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Personal Management MB Workshop Lesson Plan
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Buy a car
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Learn to play guitar
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Establish short term goals – here is the key to success o List the things you have to do (take out the trash, wash dishes, go to school), then make time for important things that fit your long term goals. o In our example, one of your long term goals was to learn to play guitar. Break that down into smaller tasks (e.g. get a guitar, guitar book, teacher, then practice, practice, and practice). o Decide what you can do each day, or every few days to meet your long term goal. o Another example – becoming an Eagle Scout
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What do you need to do?
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Advance through Life
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Get 21 merit badges
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Do a project
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So, if you are currently a Tenderfoot, what do you need to do today to meet your long term goal? (advance to Second Class; work on a merit badge)
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This becomes something for your “to do” list for the day o Another example – A term paper on President Millard Fillmore due in a month
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Divide into sub-tasks
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Collect materials; go to library; internet
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Take notes
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Organize information; prepare an outline
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Write first draft
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Review
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Write second draft, review
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Prepare final paper
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You have a month – assign a deadline for each of these milestones, put them on your calendar, and stick to the plan
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Plan each day with a “to do” list o List all of the things you MUST do, then schedule time for the things that you want to do o Always, every day, set aside time to spend of items to support your long term goals. o If you never get around to your long term goals you will never achieve those things which you yourself said were the most important o You NEVER will have enough time to do everything you want to, so set priorities so you do the important things
Project Planning
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Whenever you take on a project, make a plan
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Many of you will be performing Eagle Projects; doing a proper plan is essential to getting this done right
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Project planning involves making a plan that encompasses o Identifying all of the tasks that need to be done o Establishing deadlines (milestones) to get them done o Organizing all of the resources needed to carry out the task
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Example of a Project: Refer to the Project Plan Example handout
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Planning a campout (do this as a group exercise on the whiteboard or use the example in the handout) o Start by defining the project: What is the project and its goals?
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Personal Management MB Workshop Lesson Plan o Next, describe the project. This is how you plan to carry out the project that you’ve just defined.
(Where, who, how, when you plan to meet your goal). o Make a list of all of the tasks that need to be done o Assign deadlines to each task and note who is responsible. Remember, you are the project manager. That means that you are responsible for managing the project, not performing every task yourself. o List the tasks in chronological order o In our example
Before the campout
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Reserve camp ground
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Permission slips
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Meal planning
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Tour permit; park permits
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Arrange for drivers, necessary adults
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Gear
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Fees
Getting there
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Drivers, trip plan, maps
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Meals en route
Once there
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Set up
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Site layout o Facilities (restrooms, showers) o Water (any issue with the positioning of this one?)
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Schedule
Return trip
Summary
Tonight we covered budgeting, smart shopping, time management, and project planning.
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Very important to keep up
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For next session o Fill out budget worksheets for review o Complete major expense worksheet
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Personal Management MB Workshop Lesson Plan
Session 2
Banks, Banking, Saving and Investing
Handout for this session:
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Check Writing Exercise
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Stock Worksheet
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Thousand Dollar Exercise
At start of session:
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Questions?
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Review major expense worksheets
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Review budget exercise worksheets 1-4
Banks and Banking
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Banks – institutions that “rent” and “loan” money o The bank “borrows” money from people
Pays interest (“rent” for the use of the money)
Lends the money to others
Charges interest (“fee” for the use of the money)
Simplest account is the savings account.
You deposit money with the bank; they pay you interest
Withdraw the money when you want o If you need to give money to others or pay bills, you’ll need a checking account
Bank holds the money and you can draw that money out by writing a check or using a debit card
A check is a promise to pay. You write someone a check and they can cash the check and the money will be removed from your checking account and transferred to them or their account
Debit card is an electronic check. Money is immediately deducted from your checking account.
Note: oftentimes people get cash from an Automatic Teller Machine (ATM). Be careful, as some banks charge ATM fees that can be very costly in the long run.
Electronic banking allows people to bypass the written check and transfer money online; same principle, but done electronically.
Very important to keep track of your balance (amount in the account)
If you write a check for more than the amount in your account, that called an “overdraft” and usually results in a substantial penalty
Don’t write a check expecting it to take a long time to “clear” – the process is very fast o How to write a check (How to write a check exercise):
Hand out “How to Write a Check Exercise”
Write the date
“Pay to the order of” means who you’re writing the check to.
Next, write the dollar amount in figures.
Next, write out the dollar amount in words and the cents as a fraction (e.g. Fourteen and
25/100ths)
The memo is for your use. Some use it to indicate what the check is for.
Finally, sign the check.
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Personal Management MB Workshop Lesson Plan
But, before you send it, make sure you record it in your register so you can keep an accurate balance. o Savings Accounts
Simple and safe
Deposit money anytime, withdraw anytime
Generally pays simple interest
Low return
Advantages:
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Safe – guaranteed by Federal Government
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“liquid” – can get money anytime
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Doesn’t fluctuate with the market
Good for an emergency fund or when saving for a purchase
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A few notes about banks: o Banking is a competitive business, so it pays to shop around (remember “smart shopping?) o Most offer no-fee checking accounts; some require minimum balances o Most require you to pay for your own checks o Most offer online access for free o Some charge ATM fees
Saving and Investing
Handouts for this session:
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Stock Worksheet
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$1000 Exercise
At start of session
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Questions?
Introduction
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This session will cover saving and investing and we’ll discuss types of investments and investment accounts
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At the end of the session, you should know about: o Stocks o Mutual funds o Certificates of Deposit o Savings accounts and savings bonds o The pros and cons of each of these
Definition: inflation
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Rising cost for same goods
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Example: candy bar used to cost 5 cents, now 25 cents; haircut was $1, now $15
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Inflation rate in the US is about 3% o Means that if you have a dollar in January, you’ll need $1.03 the next January to buy the same good or service
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If you save money, you want to have some way of getting 3% interest during the year just to “stay even”
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Personal Management MB Workshop Lesson Plan
Difference between saving and investing
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“Saving” means putting money aside, usually in a bank account, for buying something or to have for an emergency.
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Money is immediately available
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Low risk account, such as a savings account
“Investing” means that the money you’re spending is specifically targeted to make more money later (later being several years into the future).
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Investing isn’t necessarily money put into a financial account. There are many ways to “invest” for the future. Examples: o Buying a lawn mower to make money mowing lawns o Education – college or a tech school to prepare you for a higher paying job o Real estate (land, homes, apartments, office buildings) o Personal business o Commodities (gold, silver, oil, corn) o Collectables (paintings, rare coins, baseball cards)
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Key to understanding investing is concept of risk versus reward; generally, the higher the risk, the greater the potential reward. o With savings accounts, your return is very safe, but reward is low o With investing, you can lose all of your “investment” (also called principal), but the potential for reward is high
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Examples for risk/reward: o Savings account: virtually no risk; low reward (keeping up with inflation) o Stock market: higher risk – you could lose everything (e.g. Enron), but reward is higher o Education (an exception to the rule): low risk (unless you don’t study); high reward – pays for a lifetime o Real Estate: medium risk – the property may go up or down in value o Lottery: very high risk – you probably will lose your entire investment, but reward is very high
How do we measure reward?
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“Return” (or rate of return) or “yield” – increase in value over a period of time
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Examples: o You put $10 in a savings account; at the end of a year you have $10.30. What is your rate of return (or yield)? (3%) o You put $10 into a Certificate of Deposit (we’ll cover what this is shortly). At the end of the year you have $10.70. What is your rate of return? (7%)
Quick review to make sure everyone understands the concept of risk and return
Two main types of investments: loaned and owned
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Loaned o You loan money to a company or government in return for its promise to repay the principal
(amount you loaned them) plus interest. o The interest can be paid all at once or at regular intervals o Risk can vary widely. Examples:
US Savings Bonds – you loan money to the US Government. In return, they pay you interest. Investment is very safe as it is guaranteed by the US Government
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Municipal Bond – you loan money to a government – often for a specific purpose. For example, when the State of Virginia built the Dulles Toll Road, it issued bonds that anybody could buy, with the idea of paying the interest and principal from the tolls.
These are generally safe investments since they’re guaranteed by a government, but some governments (such as cities) can and do run out of money, so there can be some risk.
Corporate Bond – you loan money to a company. Could be low, medium, or high risk.
Examples:
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Low risk: General Electric – solid company, has been around for a long time, very large
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High risk: XM Satellite Radio – new company, has never turned a profit, needs extra money to keep operating, if the company goes out of business, you’re left with nothing.
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Why would anybody buy a bond from XMSR? Remember, high risk, high reward. XMSR must pay a greater yield to attract lenders, so the return is higher.
There are credit rating agencies that study bonds and assign ratings based on risk.
(examples of agencies are Standard and Poor’s, Moody’s)
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Rating scales vary; the most popular scale uses (in order of increasing risk) ratings of AAA, AA, A, BBB, BB, B, CCC, CC, C
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Bonds rated BBB and higher are called investment grade bonds ; lower rated are called speculative bonds , aka junk bonds
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Owned o You own part or all of a company, real estate, or other asset (asset: an item of value)
Examples:
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You own a baseball card (an asset); you can sell it when you want
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You own a piece of property (an asset); it has value based on what you can sell it for o What are stocks?
If you own stock, you own part of the company
Example
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Someone has a great idea for making widgets, but the widget making machine costs $1million, but he’s convinced that everyone will buy widgets so he starts a widget business.
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But, he has a little problem. He doesn’t have the $1million that he needs to buy the machine. He needs $1 million, but only has $500K of his own money.
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So he issues 1 million shares of stock for $1 each
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He buys 500K shares himself for $500K
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And sells the other 500K to anyone who will buy them
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People who believe that the widget idea is good buy the shares of stock
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So, in the end, our guy has his $1M and buys the machine to start producing widgets. However, he doesn’t own the company. The shareholders do. (Our entrepreneur owns half the stock, so he owns ½ of the company)
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So now he is in business. He starts producing widgets and making money.
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When the company makes money it can either o Keep the money to expand (say that widgets are selling well and he could double the number made and still sell them all, so he buys another machine with $1 million in profit)
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Personal Management MB Workshop Lesson Plan o Or, the company could divide the profit up among the shareholders.
Example: the company makes $500K, which works out to 50 cents per share. So, it could pay a dividend of 50 cents per share.
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In the first example, the company is growing – spending all of its profit for expansion. This would be called a growth stock
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In the second example, the company is not growing, but is making good money.
This is called an income stock.
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Note that in both cases, the shareholders each still own 1/1,000,000 of the company per share
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If people think that the widget business is really going places they might be willing to pay a shareholder for his piece of the company. Remember, each share originally cost $1. After that, it’s worth whatever anyone will pay for it. If people believe that the company will continue to grow and make money, they will pay more than $1 for the share. If not, less than $1.
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Example: Let’s say someone bought an original share for $1, but can sell it for $2.
They have doubled their investment. What’s the “return” on that investment?
(100%)
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Alternate Example: Widgets are a bust. Nobody buys them. The company goes out of business. Everybody that bought a share loses $1. (Remember the guy with the idea put up $500,000 – he loses all of it) o If you understand this example, you now understand the stock market. o Insert a few real examples from the current financial markets
A summary of investments:
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Government Savings bonds: o Safe – backed by full faith and credit of the US Government; lower interest than other investments o Series E; purchased for half face value and grow to “maturity” at a fixed rate o Series II; purchased at a face value; interest rate pegged to inflation
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Certificates of Deposit (CD) o Pay fixed or variable interest of a specific period of time (e.g. 3 months – many years) o Money is locked up so risk is shared; if interest rates go up, you stand to lose; if interest rates go down, you do better. o CDs are for fixed periods so taking your money out before that time is up usually involves a penalty. o Safe place to “park” money; better return than a savings account
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Quality Growth Stocks o Companies that are leaders in their fields, with earnings that are growing at a rate faster than the economy. o Generally pay no dividend or very small dividend as money is pumped back into growing the company. Examples:
Microsoft
Cisco
Electronic Arts
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Income Stocks o Companies that produce steady earnings. Example:
Dominion Virginia Power
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Personal Management MB Workshop Lesson Plan
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Mutual Funds o Individual stocks can be quite risky, so mutual funds can help spread the risk o Investors pool their money and the manager buys many different stocks (sometimes hundreds); thus if one stock goes way up or down it won’t greatly affect the overall fund value o Medium risk, medium reward o Note that, depending on the type of mutual fund, it can be much higher risk. Example: a sector fund that invests in technology stocks. If all techs go down, so will the mutual fund.
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Small and medium capitalization stocks o Smaller companies (up to $5B) o Higher risk, higher reward
Example: o Sirius Satellite Radio (market cap of $4.8B) o XM Satellite Radio (market cap of $4.2B)
Information on the stock market
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We now know about stocks. In order to trade stocks, you go to a market that specializes in trading stocks. o The biggest marketplace is the New York Stock Exchange on Wall Street in New York City. o If you want to buy or sell a stock, you call a broker who, for a fee, will match your order with another and bargain for the best price.
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A few definitions – usually from the finance section of the newspaper or internet (example on page 38 of the merit badge book): o Year to date change: how much the stock has gone up or down in the past year as a percentage
A stock goes up because investors believe it is growing or gaining value o 52 week high and low – the highest and lowest price of the stock over the past year
Shows how much the stock is going up or down over the past year
Also an indication of “volatility”
If a stock is trading near its lowest point for the year then clearly people believe that is worth less (perhaps problems in the company, lower sales)
If a stock is trading near its high point for the year the people have confidence in the company and believe that it will continue to grow and produce higher earnings o Yield – dividend as a percent of the stock’s price
High dividend indicates that the stock is paying a large percentage of its profit to shareholders o Volume – number of shares traded that day (in round lots)
There’s a reason for high volume – have to do more research to find out why o Closing price – price of the last trade of the day o Change – change from previous closing price
Indication of how the stock is perceived by investors
Compound Interest – the power of investing
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When you save and invest, the interest you earn then earns interest on itself o Initial investment of $100 at 10% o At the end of 1 year you have your initial investment ($100) plus interest ($10) for a total value of $110. By year 10 it’s worth $259.39.
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If there’s anything that you learn from this merit badge, let it be the power of compound interest.
You seldom get rich quick, but you can certainly get rich slowly over a long period of time.
•
At the beginning of the MB clinic I told you that I would tell you how to become a millionaire.
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Personal Management MB Workshop Lesson Plan o Let’s say you want to start saving for retirement now and decide that you can afford $100 per month and you want to retire at age 60. Assuming you make 11% interest – average for the stock market as a whole – by age 60 you would have $1,508,644.04. This is overly simplistic, but gives you an idea of the power of compounding. By the way, by age 60, you would have put in $54,000 ($100 x 540 months).
•
Another example: If the Native American tribe that accepted goods worth 60 guilders for the sale of
Manhattan in 1626 had invested the money in a Dutch bank at 6.5% interest, compounded annually, then in 2005 their investment would be worth over $820 billion, more than the assessed value of the real estate in all five boroughs of New York City.
Where to find financial information
•
Business section of the newspaper
•
Wall Street Journal
•
Yahoo Finance (www. Yahoo.com)
•
CNN Money website (money.cnn.com)
•
Motley Fool ( www.fool.com
)
Summary
Tonight we covered banking, savings accounts, and checking accounts, investments and savings
•
For next session: o Progress check on budget worksheets o $1000 play money exercise o Read requirement 6 and fill out the worksheet o Fill out stock worksheet
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Personal Management MB Workshop Lesson Plan
Session 3
Borrowing Money
Handouts for this session:
•
None
At beginning of session:
•
Questions?
•
Everyone should have o Completed the $1000 play money exercise worksheet o Completed the stock worksheet
Intro:
•
Tonight we will: o Quickly review stock worksheet o Learn about borrowing money
Borrowing money - introduction
•
Almost everyone will borrow money at some point in his life
•
Sometimes it’s small – borrowing a few dollars to go to the movie
•
Sometimes it’s large – borrowing for a house (mortgage)
•
But, large or small the principles are the same
•
And, it’s VERY important to understand
•
The most common financial problem comes from borrowing
Borrowing money – the details and terminology
•
With the rare exception of borrowing a small amount from a friend, someone or some agency that loans you money expects you to pay it back with interest .
•
Interest is the fee that the lender charges you to “rent” you their money
•
It is usually charged as a percentage of principal, applied on a periodic basis. o Example one – you borrow $1000 at 5% compounded annually. A 5% charge is applied to the loan principal (the amount you borrow). You pay back $1050, so the finance charge (cost of the loan) was $50. o Example two – you borrow $1000 at 12% compounded monthly. To determine how much the rate is per month we divide 12% (the annual rate) by 12 (months in the year) to give 1%. Thus, the finance charge for the first month is $10. o Example three – a continuation of example two. Let’s say, however, that you don’t pay off the loan after a month, but let it ride. The next month’s finance charge will be against a balance of
$1010, so will be $10.10, so the total balance will now be $1020.10. Remember compound interest from the last session? This is the same thing, except now it’s working against you. And, at the end of the year, you will have paid more than 12%.
This extra amount is called the Annual Percentage Rate. This is how credit cards work.
Other borrowing considerations:
•
Some loans require fees – this is additional money out of your pocket
•
Some loans have charges for early payoff. If you pay off a three year loan in two years, you have to pay a fee
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Personal Management MB Workshop Lesson Plan
•
The longer the loan, the more you pay in interest
•
You have a right to ask for the total cost of the loan
•
All loans are not equal – if you have to borrow money, you can get different rates from different lenders
•
Sneaky marketing: “0% for one year” or “no payments until 2010” often hide enormous interest rates unless you pay off before the listed date. If not, interest is sometimes retroactive.
•
Always read the fine print; know exactly what you’re getting before you enter into a loan agreement
Credit cards
•
Example three above described how a credit card works o You charge items and a bill is sent to you at the end of the month. You either pay off the balance in total or it automatically becomes a loan and the bank charges you interest. o Each bill has a “minimum payment”. If you only pay the minimum payment, you are taking out a loan at a high percentage rate and your debt will increase rapidly. If you do this you are quickly heading toward financial problems
•
A credit card is an unsecured loan and interest rates are typically high (such as 18%)
•
Credit cards are very easy to obtain and it is very easy to run up a high debt level
•
Before you buy anything on credit, ask yourself if you really NEED it.
•
The average American carries thousands of dollars in credit card debt
•
Before you obtain a credit card, fully understand exactly what you’re signing
•
Some credit cards have “late payment fees”. Even if you pay your bill, if you’re a day late you can incur an additional fee (e.g. $25).
•
Some cards have “over limit fees” – if you exceed your credit limit – even if you pay off your bill on time – you will be assessed a fee
•
If you take a cash withdrawal, the interest starts from the day you take the cash, not from the date your bill is due.
•
If you don’t pay off your bill in full one month, every new charge will be billed interest from the day it occurs.
Charge card
•
A charge card is a credit card issued by a particular company for use at that company’s stores. Example:
Macy’s card, only good at Macy’s
Debit Card
•
Also called a check card
•
We mentioned this before when we talked about checking accounts
•
Works like a credit card, except that the charge is immediately subtracted from your checking account
If you get into credit trouble
•
You are not alone; millions of Americans have credit problems; hopefully through this merit badge class, you won’t be one of them, but if you do: o Don’t ignore it – work with the credit company o Don’t charge anything else – pay cash for everything. o If you have a roof over your head, food to eat, and a way to get to work you generally have everything you need. o Make and follow a budget o Earn extra money to pay off your debt
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Personal Management MB Workshop Lesson Plan
Credit Rating
•
There are companies that assess your financial risk for loan purposes
•
Called credit bureaus
•
They accumulate information about your debts (how much you owe) and how well you pay off your debts
•
They assign a “credit rating” based on these factors (Also called a FICO rating)
•
If you miss payments or have too much debt, your credit rating goes down
•
With a lower credit rating, the cost of borrowing money will go up. o You’ll pay higher rates for auto loans and mortgages, for example o This can cost you thousands of dollars
•
Main point: pay very careful attention to your credit rating; pay your bills on time
Closing and recap:
•
This completes the instruction portion of the MB workshop
•
Next step is to sit down one-on-one or in small groups to go over the remaining items (refer to your book and workshop schedule)
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Personal Management MB Workshop Lesson Plan
Major Expense Worksheet
Use this worksheet to complete requirement 1
Requirement 1 a. Choose an item that your family might want to purchase that is considered a major expense. b. Write a plan that tells how your family would save money for the purchase identified in requirement 1a.
1. Discuss the plan with your merit badge counselor
2. Discuss the plan with your family
3. Discuss how other family needs must be considered in this plan. c. Develop a written shopping strategy for the purchase identified in requirement 1a.
1. Determine the quality of the item or service (using consumer publications or rating systems)
2. Comparison shop for the item. Find out where you can buy the item for the best price.
(Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Can you buy the item used?
Should you wait for a sale?
Item selected: ___________________________________________________
Your plan to save money: _________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Discussed with your family on (date): _______________ Parent initials: _____________
Discussed with MB counselor on (date): _____________ Counselor’s initials: ________
How this plan affects other family needs (discuss with parent or MB counselor) _______
Shopping strategy for this purchase (must include an analysis of quality; included names of research publications or websites used and ratings. Compare prices. Include names of vendors and prices.
Comment on sales, discounts, possibility of buying used, etc):
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
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Personal Management MB Workshop Lesson Plan
This exercise will guide you through requirement 2.
As written in the Personal Management Merit Badge manual requirement 2 is:
Requirement 2a: Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings.
Track your actual income, expenses, and savings for 13 consecutive weeks.
Requirement 2b : Compare expected income with expected expenses.
1. If expenses exceed income, determine steps to balance your budget.
2. If income exceeds expenses, state how you would use the excess money (new goal, savings).
This will be a four step process:
Step 1: Set your savings goals. Record these on Worksheet 1. These should include both long and short term savings goals. If you plan to continue your education past high school (college, tech school, etc) you should consider including saving for education as one of your long term goals. Other ideas might be: consumer electronics (video game console, mp3 player, etc), a car, clothing, etc). The form has room for four goals, but you can obviously have as many as you like.
Once you’ve set these goals, decide how much you’d like to save toward each goal every month and note that on the form. The “rainy day fund” line at the bottom is saving toward no specific goal. You should develop the habit of setting some money aside every month for emergencies or very long term savings. Who knows, the money you save now may someday be used for the down payment on your first house! Once you set your savings goals, add up the monthly amounts and enter that number at the bottom of the page. This is the amount that you will need to set aside each month to reach your goals.
Step 2: Estimate your expected income. Record this on Worksheet 2.
Step 3: Estimate you expected expenses. Record this on Worksheet 3.
Step 4: Use Worksheets 1, 2, and 3 to complete your plan for the month ahead. This is done using Worksheet 4.
Step 5: Gather your actual income and expenses. This is done using Worksheet 5.
Step 6: Compare your expected amounts with your actual amounts. Use Worksheet 6 to calculate this.
Step 7: You now have the information you will need to complete the next month’s budget. Make adjustments as needed to Worksheets 1, 2, and 3 and repeat the process.
While this may seem very complicated at the beginning, once you’ve done it one time, it will seem much easier and, hopefully, by the end of the merit badge clinic you’ll feel like managing your money is a simple process.
Note that you’ll need three sets of these forms to reflect the 13 weeks (3 months) that you’ll be keeping your budget for the merit badge. While the merit badge book offers you the option of keeping your budget using other forms, I would appreciate your using these forms as it will walk you through the process and will also make it much easier for me to see if you are understanding the material as we go along.
Now, let’s get started . . .
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Personal Management MB Workshop Lesson Plan
Worksheet 1 – Savings Goals
What are you saving for? ______________________________________________________________________
How much will it cost? _________________________________________________________________________
When will you need it? _________________________________________________________________________
How much will you save each month to achieve this goal? _____________________________________________
********
What are you saving for? ______________________________________________________________________
How much will it cost? _________________________________________________________________________
When will you need it? _________________________________________________________________________
How much will you save each month to achieve this goal? _____________________________________________
********
What are you saving for? ______________________________________________________________________
How much will it cost? _________________________________________________________________________
When will you need it? _________________________________________________________________________
How much will you save each month to achieve this goal? _____________________________________________
********
What are you saving for? ______________________________________________________________________
How much will it cost? _________________________________________________________________________
When will you need it? _________________________________________________________________________
How much will you save each month to achieve this goal? _____________________________________________
********
What are you saving for? ______________________________________________________________________
How much will it cost? _________________________________________________________________________
When will you need it? _________________________________________________________________________
How much will you save each month to achieve this goal? _____________________________________________
********
“Rainy Day” Savings (savings with no specific goal) __________________________________________________
Total savings goal for each month (add together all of the monthly savings goals from the above list. This is the amount that you’ll have to save each month to achieve your goals.
$___________________________________________________
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Source of Income
(job, gift, allowance, etc)
Personal Management MB Workshop Lesson Plan
Worksheet 2 – Expected Income
List all anticipated income for the upcoming month. This could include money from allowance, pay from a job, gifts, etc).
You’ll need to complete one of these sheets at the beginning of every month.
This sheet is for the month of: ______________________________
How often?*
(how often will you receive this income: daily, weekly, one time?)
Amount Monthly amount
(example: col 2 shows the amount as weekly, multiply by 4 to get the monthly amount)
Total (add the column on the right) $ ________________________________
* Note: you can leave this blank if you just lump all of your monthly amounts for this source of income together in column
4.
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Personal Management MB Workshop Lesson Plan
Worksheet 3 – Expected Expenses
List all of your expected expenses for the upcoming month. Include everything that you’ll spend such as lunch, snacks, movies, music downloads, clothes, campout costs, etc). Project your expected expenses each month.
This sheet is for the month of: ______________________________
Expense
(description)
How often?
(how often will you incur this expense: daily, weekly, one time?)
Amount Monthly amount
(example: col 2 shows the amount as weekly, multiply by 4 to get the monthly amount)
Total (add the column on the right) $ ________________________________
* Note: you can leave this blank if you just lump all of your monthly amounts for this type of expense together in column 4.
For example, if you just want to budget $5 for sodas for the month, just enter $5 in column 4.
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Personal Management MB Workshop Lesson Plan
Worksheet 4 – Completing Your Monthly Budget
Now it’s time to finish up your budget for the month.
Step 1: Go back to Worksheet 1 and enter your savings goal for the month $ _____________________________
Step 2: Go to Worksheet 3 and enter your projected expenses for the month $ _____________________________
Step 3: Add the amounts from step 1 and step 2 together. This is the total amount of income that you’ll need to meet the goals that you set for yourself
$ _____________________________
Step 4: Go to Worksheet 2 and enter your projected income for the month $ _____________________________
Step 5: Subtract the step 3 total from the step 4 total. $ _____________________________
If this number is negative, you’re expecting to spend more money than you take in. As I always say, only the government can do this on a consistent basis because only the government can print more money when they run short. For the rest of us, we have to adjust our plan.
Now comes the decision making and this is the true heart of budgeting. Requirement 2b states:
Compare expected income with expected expenses.
1. If expenses exceed income, determine steps to balance your budget
2. If income exceeds expenses, state how you would use the excess money (new goal, savings).
Look at the above figures and determine what you’re going to do. Make adjustments to your plan and write a note below to explain what you did:
This completes the plan. Now it’s time to see how well the plan works by gathering actual information.
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Personal Management MB Workshop Lesson Plan
Worksheet 5 – Actual Income and Expenses
To begin, what month is this covering? _______________________________
Step 1: If you have cash to start with, enter that on line one as your “starting balance”.
Step 2: In the chart below record ALL of your actual expenses and any income received for the month.
Date Item Income Expense Balance
Starting Balance
Ending Balance*:
Total: (add up the “income” and
“expense columns)
* If you need more than one page to record your expenses for the month this will be the starting balance on the next page.
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Personal Management MB Workshop Lesson Plan
Worksheet 6 – Putting It All Together for the Month
Now it’s time to see how you did. From the worksheets for the past month fill out the following chart:
Month of __________________________
Expected Actual Difference
Income
Expenses
Savings
Expected income is your total from Worksheet 2
Expected expenses is your total from Worksheet 3
Expected savings is your total from Worksheet 1
Actual income is total income (column 3) of Worksheet 5
Actual expenses is total expenses (column 4) of Worksheet 5
Actual savings is actual income minus actual expenses.
Now that we’ve filled in the table, let’s figure out what this means.
If your actual income is more than you thought, then your savings should go up. You can actually set more money aside for your long term goals. The really important thing for you to understand is that this is YOUR decision. You are now managing your money and making decisions based on what YOU think is best.
If your actual expenses are more than you thought you might have a problem. You will need to adjust your budget or pull money out of savings to cover the extra expenses. Again, this is YOUR decision. Obviously, if you keep pulling money out of savings you won’t have money for long. So for the next month you’ll have to adjust your plan. You will either need to increase your income or decrease your expenses. Since this is YOUR decision, you are again managing YOUR money and making decisions about YOUR future.
If your savings is less than expected then you’ll have to adjust your savings goals (Worksheet 1). You will either have to wait longer to buy whatever you’re saving or decide not to get it. Again, YOU are making the decision.
Use the information you’ve gathered here to make next month’s budget.
As you can see from the above explanations, this is all about YOU managing YOUR money. Even though, at your age, you may not have a lot of money to manage, the principles you’re learning here are the same ones that you’ll use for the rest of your life. As long as you carefully manage your money you can make it work FOR you, not against you.
The bottom line is:
•
You can’t spend more than you make, so your plan has to reflect that
•
Save for the things that are important to you – always set aside money for those things – if you spend all of your money on unimportant things, you’ll never have money left over for the things that you’ve decided (Worksheet 1) that are really important. That’s what managing your money is all about.
•
Always save a little for your “rainy day” fund. That way, when something unplanned comes along, you’ll have something to help get you through.
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Personal Management MB Workshop Lesson Plan
Step 1: Enter the date
How to Write a Check Excercise
Step 2: “Pay to the Order of” is who you are writing the check to (who gets the money)
Step 3: Enter the amount after the $ sign. It’s best to write the cents as a superscript ($9.
24
)
Step 4: Spell out the amount; draw a line to “Dollars” to fill up the space (Nine and 24/100---------)
Step 5: The memo is optional (for your use) Step 6: Sign the check
JOE E. SCOUT
2121 Oklahoma Blvd
Oklahoma City, OK 73170
1234
Date _________________
Pay to the
Order of
____________________________________________ $________
___________________________________________________________ Dollars
First National Bank of OK
1405 Oklahoma Street
Oklahoma City, OK 73105
Memo ___________________ _______________________________________
234945980 68113245 1234
JOE E. SCOUT
2121 Oklahoma Blvd
Oklahoma City, OK 73170
Date
1234
_________________
Pay to the
Order of
____________________________________________ $________
___________________________________________________________ Dollars
First National Bank of OK
1405 Oklahoma Street
Oklahoma City, OK 73105
Memo ___________________ _______________________________________
234945980 68113245 1234
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Personal Management MB Workshop Lesson Plan
Time Management - Requirement 8
Step 1: Write a list of tasks or activities, such as homework assignments, chores, and personal projects that must be done in the coming week. List them in order of importance to you (requirement 8a). Note, this should include something that will help you in achieving one or several of your long term goals. For example, if you’ve set a long term goal of becoming an Eagle Scout, you should have something on your list that relates to that goal, such as working on this merit badge. The list should also include your recreational activities. If you plan to set aside some time to play video games, watch TV, etc, include this on the list.
Step 2: Next, using the week calendar, mark off all of your time commitments (appointments, scheduled activities such as school and sports practice, or family commitments such as dinner). The book calls these “set activities”. Also, mark off other time you might not be available, such as when you’ll be sleeping. This will show you how much time you have left for non-scheduled activities.
Step 3: Starting with the most important things on your “to do” list in step one above, indicate on your calendar when you will set aside the time to complete those tasks.
Step 4: Look at the calendar again. If there are any “open” time slots, decide what you want to do with them.
Do you want to spend more time on your long term goals, or just designate the time for recreation? Either way, fill in your planned activities for that time.
At this point your calendar should be complete. You should have a plan for your entire week with all of your time designated for some activity (even if that activity is “goofing off”). Now it’s time to follow the plan. Go to the next page.
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Thursday
Friday
Saturday
Sunday
Personal Management MB Workshop Lesson Plan
The following will step you through requirements 8 c and d.
Each day, follow the schedule that you have planned. It’s OK to modify the schedule if unplanned activities come up, but you should try hard to stick to the original schedule.
8c – Keep a dairy or journal during each of the seven days of this week’s activities, writing down when you completed each of the tasks on your “to do” list compared to when you scheduled them.
Diary Entries (compare plan to actual) Day
Monday
Tuesday
Wednesday
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Personal Management MB Workshop Lesson Plan
8 d – Review your “to do” list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time.
Make notes below:
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6p
7p
8p
9p
10p
1p
2p
3p
4p
5p
Time
<8a
8a
9a
10a
11a
12 n
Monday
Personal Management MB Workshop Lesson Plan
Tuesday
Time Management Exercise
Plan for week beginning _____________________
Wednesday Thursday Friday Saturday Sunday
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Personal Management MB Workshop Lesson Plan
Requirement 6: Pretend you have $1,000 to save, invest, and help prepare yourself for the future. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following: common stocks, mutual funds, life insurance, a certificate of deposit (CD), a savings account or U.S. savings bond.
Type of investment Risk (high, low, medium)
Common Stocks
Advantages Disadvantages
Mutual Funds
Life Insurance
Certificate of
Deposit
Savings Account or
US Savings Bond
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Personal Management MB Workshop Lesson Plan
Stock Worksheet
Requirement 5: Select five publicly traded stocks from the business section of the newspaper. Explain to your merit badge counselor the importance of the following information for each stock: a. Current price b. How much the price changed from the previous day? c. The 52-week high and the 52-week low prices
My 5 stocks are:
Stock: _____________________________________ Symbol: ___________
Date: _____________ Closing price: _________________ Change: ____________
52-week high: ______________ 52-week low: __________________
Comment: _____________________________________________________________
Stock: _____________________________________ Symbol: ___________
Date: _____________ Closing price: _________________ Change: ____________
52-week high: ______________ 52-week low: __________________
Comment: _____________________________________________________________
Stock: _____________________________________ Symbol: ___________
Date: _____________ Closing price: _________________ Change: ____________
52-week high: ______________ 52-week low: __________________
Comment: _____________________________________________________________
Stock: _____________________________________ Symbol: ___________
Date: _____________ Closing price: _________________ Change: ____________
52-week high: ______________ 52-week low: __________________
Comment: _____________________________________________________________
Stock: _____________________________________ Symbol: ___________
Date: _____________ Closing price: _________________ Change: ____________
52-week high: ______________ 52-week low: __________________
Comment: _____________________________________________________________
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Personal Management MB Workshop Lesson Plan
Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor.
An example of a completed project plan is attached. Also, a blank worksheet is attached. I recommend using this worksheet in completing your project plan.
Step 1 (requirement 9 a): Define the project. What is your goal?
Since this is not a real-life project you simply call the first day of the project as “D-Day”. What are you trying to accomplish?
Step 2 (requirement 9c): Describe your project . How do you plan to meet the goals established in Step 1?
Step 3 (requirement 9b): Make a list of all of the steps that must be taken to complete your project. This is the specific plan that includes all of the steps that you’ll need to go through to carry out the project. The list needs to be comprehensive. Examples include: funding, who is participating, schedule, preparation, permissions, coordination with others, etc. You should take the approach that you’ll be able to hand your plan to someone not familiar with the project and he will be able to complete it from your instructions. List all of the required activities on the project planning worksheet. Set a deadline for the completion of each task and specify who is responsible for completing that task. Since the date that you’re going to start the project is “D-Day”, anything that must be done before that should be designated with “D minus the number of days”. For example, if you’re planning a campout (the campout begins on D-Day) and the duty roster must be completed four days before departure, then the duty roster must be completed by D minus 4 (abbreviated on the sheet as D – 4). I’ve attached an example to help you out.
Step 4 (requirement 9 d): Develop a list of resources. Identify how these resources will help you achieve your goal.
This should include money, people, tools, and materials required to complete the project.
Step 5 (requirement 9 e): If necessary, develop a budget for your project .
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Personal Management MB Workshop Lesson Plan
Project Plan Example – Troop 20 Campout
Define the Project: A weekend long troop campout with emphasis on Scoutcraft skills
Description of the Project: We will spend a weekend camping at Camp Highroad. Adults and older Scouts will teach
Scoutcraft skills and emphasize competition of advancement and merit badge requirements. At a minimum the following instruction or sign-off for the following will be offered: Totin’ Chip, Firem’n Chit, Orienteering, Astronomy, knot tying, flag etiquette, first aid, and plant & animal identification. We will leave DUMC on a Friday evening and return on Sunday afternoon. Each patrol will have a plan for cooking and patrol activities and the SPL will have a plan for troop activities.
Project Timeline
When? Action
D – 60 Identify Campsite
D – 60 Register for campsite, permission, fee
D – 30 Apply for BSA Tour Permit
D – 30 Confirm registration with Campgrounds
D – 30 Identify Trip Scoutmaster
D – 30 Ensure BSA requirements are met
D – 30 Add permission slip to website
D – 18 Identify training goals
D – 11 Identify trainers
D – 11 Troop QM identifies troop equipment
D – 4 Deadline for permission slips
D – 4 Meal Planning
D – 4 Finalize roster
D – 4 Assign food purchasers
D – 4 Deadline for payment
D – 4 Prepare Activity Schedule
D – 4 Prepare chuck boxes
D – 4 Prepare troop equipment; set aside
D – 4 Prepare duty rosters
D – 2 Prepare transportation plan
D – 2 Final review of paperwork
D-Day Meet at Scout Hut
D-Day Load gear according to plan
D-Day Drive to Campground
D-Day Set up patrol campsites
D-Day Set up Troop area
D-Day Post duty roster
D-Day Post campout plan
D + 1 Campout activities
D + 2 Scouts own religious service
D + 2 Pack up troop gear
D + 2 Pack up personal gear
D + 2 Return to Scout Hut
D + 2 Unload and put away gear
D + 2 Turn in reimbursement forms for food
Who Is
Responsible?
Comment
Scoutmaster
Scoutmaster
Troop Committee
Scoutmaster
Scoutmaster
Committee Chair YPT for adults
Webmaster
Trip SM/SPL
SPL
Troop QM
Need trainers for Totin’ Chip,
Firem’n Chit, Orienteering,
Astronomy, knot tying, flag,
1 st
Aid, nature
Use checklist on website; check with trainers to identify
Participants
Patrol Leaders other requirements
Hand in to trip SM
SPL
Patrol Leaders
Participants
SPL/Trip SM
Patrol QMs
Troop QM
Patrol Leaders/SPL
Check with treasurer
Identify any shortages
Transportation
Coordinator
Trip SM
Includes maps to campground
Roster, Tour Permit, Perm
Slips, Regist fees
Participants
SPL
Trip SM
Patrol Leaders
SPL
SPL
SPL
SPL + trainers
Kitchen area; dining fly
Chaplain Aide
SPL
Patrol Leaders
Trip SM
SPL Spread out damp gear
Food purchasers Give to Troop Treasurer
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Personal Management MB Workshop Lesson Plan
D + 3 Final clean up; stow gear
D + 3 Ensure all requirements are turned in for recording in Troopmaster
List of Resources for project:
Troop equipment from checklist
Special equipment
•
Compasses for orienteering
•
Sports equipment
•
Rope
•
Telescope for Astronomy MB
Transportation
Budget for Campout
Income:
$20 registration for each Scout
Expenses:
$50 registration
$5 per night per Scout
$8 per Scout for food
$5 per Scout for gas
SPL/Troop QM
Trip SM Turn in to advancement chair
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Define the Project:
Description of the Project:
Personal Management MB Workshop Lesson Plan
Project Plan – Insert Name of Project
When? Action
Project Timeline
Who Is
Responsible?
Comment
Page 38 of 39
List of Resources for project:
Budget for Campout:
Income:
Expenses:
Personal Management MB Workshop Lesson Plan
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