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Class 1: Introduction to Personal Finance
Objective: Introduce basic concepts of personal finance.
Topics:
Understanding Money: History of money, different currencies, how money grows in value over time (interest).
Budgeting Basics: Importance of budgeting, tracking expenses, simple saving strategies.
Activity: Create a simple weekly budget based on hypothetical or real allowances. (Greenlight)
Discussion: Importance of saving money, different ways to save.
Tools: Interactive budgeting game, worksheets for budget planning.
Class 2: Savings and Bank Accounts
Objective: Explain how savings and bank accounts work.
Topics:
Introduction to Banks: What banks do, different types of bank accounts.
Savings Accounts: How they work, interest rates, compound interest.
Activity: Calculate compound interest on different savings scenarios.
Discussion: The concept of “emergency fund” and long-term savings goals.
Tools: Compound interest calculators, case studies of savings scenarios.
Class 3: Introduction to Investing
Objective: Introduce basic concepts of investing.
Topics:
What is Investing?: Difference between saving and investing, risk and return.
Types of Investments: Stocks, bonds, mutual funds (simplified explanations).
Activity: Mock stock market game (introduction), research on simple investments.
Discussion: Why people invest, long-term vs. short-term investing.
Tools: Online stock market simulation, investment research worksheets.
Class 4: Building a Financial Future
Objective: Encourage long-term financial planning.
Topics:
Financial Goals: Setting short-term and long-term goals, importance of planning.
Introduction to Retirement Savings: Concept of retirement savings, basic introduction to 401(k) and IRAs (simplified).
Activity: Create a simple financial goal plan, continuation of mock stock market game.
Discussion: Balancing saving and spending, introducing the concept of philanthropy.
Tools: Goal-setting worksheets, interactive financial planning games.
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