Sailing Toward Financial

Success

Financial Education For Teachers, Counselors,

and Administrators

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 Workshop Goals
 Learn how financial education can help GEAR
UP students succeed.

 Address obstacles to delivering personal finance

education.

 Gain basic personal finance skills and knowledge.

 Find out about other resources and upcoming

projects to teach financial education.
Harnessing the Winds of
(Good) Fortune
 Who Wants to Be a Millionaire?
Objectives:
 Grasp the relationship between time and the
growth of money.
 Appreciate the awesome power of compound
interest — for better (savings) and for worse
(debt)
 Recognize the possibility of becoming a
millionaire by using only basic financial skills.
Who Wants to Be a Millionaire?
Age Monthly Savings
 17  $100
 20  $126
 30  $286
 40  $671
 50  $1,698
 60  $5,466
Sailing Against the Winds of
(Mis)Fortune
The High Cost of Compound Interest
Balance Monthly Time Total
Payment Payment
$333 $10 47 months $464.90

$1,000 $30 10 years $1,798

$5,000 $150 18.8 years $9,799

 Plugging “Leaks”

Participants will:
 Identify their personal spending “leaks”
 Learn ways to reduce spending by listening
to the experiences of others.
 Financial Scavenger Hunt

 How safe is your money?

 How safe is your identity?
 What do you do to save money?
 Money Skills for Real Life Game
Spending &
My Choices Earning & Saving Banking My Education My Future

100 100 100

100
100 100
100 100
100

200 200 200 200 200

300 300 300 300 300

400 400 400 400 400

500 500 500 500 500

 The Answer is:

Number of hours of work at $7 per hour

that it takes to buy a $98 pair of shoes.
 The Question is:

What is 14 hours? (14 x 7 = 98)

Actually it will take more time, because
you must earn $98 after taxes.
Engaging Your Students:
Hook, Line and Sinker
Designing Effective Lessons
 A Good “Hook”: Sets a goal and
connects with background knowledge
and experience
 A Strong “Line”: Pulls the group to a
new level of understanding
 A Solid “Sinker”: Lets the lesson
“sink in” and apply to other contexts
 Review
Today we explored:
 The positive and negative power of
compound interest
 The importance of plugging our
financial “leaks”
 How to keep our money and
identity safe.
 Additional Resources
 www.smartaboutmoney.org
 www.nefe.org
 www.edpartnerships.org
 www.gearup-moneyskills.org/