Self-Advocacy, Rights & Responsibilities
Show & Share
Achievements are goals we have met, dreams we make come true. Achievement take hard work and dedication. What medals, trophies or certificates do you have that show your achievements?
- What about this award makes you proud?
- Do you remember the day you got it? How did it feel?
- Did you compete with others for this award?
- What award or trophy do you want in the future? Is there something you are working toward right now?
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What is Wealth?
Wealth means you have more money that is yours than money that you owe someone else. Did you know that most Americans have no wealth at all?
Most Americans have large debts. Debt is money someone is paying back with interest. Remember that interest is extra money you pay a bank when you borrow money.
When people need an education, a car, a house, or some other very expensive thing, they usually have to borrow the money from the bank.
Saving, borrowing carefully and paying it back can help you have wealth later in life but there is no guarantee.
Next 3 Modules in the Money Course
PRESENTERS: Go through the next 3 modules if you didn't finish these on Tuesday.
- How Money Moves Through the Economy,
- Banks and You
- Getting to Your Money in the Bank
Would you borrow money from a bank? Why or why not?
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Game Time
Managing Your Money, Manage Your Power
Having your own money gives you the ability to make more choices about your life.
The first step to being a good money manager is knowing how much you have, how much you earn, and how you spend it. Track your spending using
... a paper form
... voice recording on your phone
- How much money did you spend over the weekend?
- How much money did you save?
- Do you manage your money independently or with help?
- If you get help, who helps and how?
- If you need to get something nowadays, who helps you order it or get it?
Lottery Dreams
The truth is that if you put the money you spend on lottery tickets into savings, you will not only keep that money for yourself, but it will earn you more money over time. Let's do the math.
Joe used to spend $3 a week on lottery scratchers. That's not a lot of money is it? His friend Lucy convinces him to save the money instead. Let's see what time and patience did for Joe.
PRESENTERS: you can use the compound interest calculator in the link to see how much different amounts of savings can earn.
- In one month Joe saved $12.
- In a year he saved $144.
- Then he opened a savings account that gave him 3% interest and kept putting the lottery money into the savings account.
- In 5 years Joe's savings account grew to $864.65.
- Joe put in $720 and the Bank gave him $144.65 for just having a savings account.
- He didn't work for it or do anything at all.
If Joe had played the lottery, he would have just given away $720 and had nothing to show for it.
Joe is 30 years old. Use the compound interest calculator to find out how much money Joe could save if he put $15 a month into a savings account that pays 3% for 20 years. What if he put in $10 a week?
The word "COMPOUND" means Joe would get interest from the bank on the interest they already gave him. It's like instead of "+ interest," it's "+interest+interest+interest" and increases every month or year.
Making the Connection to Real Life
Here are some life areas that increase in choice when you have your own money. Discuss the areas that interest you and figure out what kind of additional freedom and independence you could have if you had more of your own money.
- Living arrangements
- Leisure activities
- Hobbies
- Learning and Education
- Job training
- Health and fitness
- Travel and vacation
- Appearance and grooming
- Possessions and luxuries
What Did We Learn Today?
