how to use personal finance course to integrate aspects of acp
TRANSCRIPT
How to Use Personal Finance Course toIntegrate Aspects of ACP
Gwen SkoyenDirector of College & Career Readiness
CESA 10 – Chippewa Falls
Overview of Presentationo Wisconsin’s Economic Challenge:
Attract & Retain Talento Identify What Aspects of ACP Connect to a
Personal Finance (or related) Courseo Explain How to Integrated a Career-Based
Budgeting Project
Overview of Presentationo Show Sample Student Individualized Projects
Covering the Following Aspects of ACPs:✔ Identifying Individual Needs and Wants✔ Goal Setting✔ Career Planning✔ Labor Market Exploration & Analysis✔ Investigating Post-Secondary Options✔ Decision-Making Reflection
o Everfi as an ACP Lesson Resource
Wisconsin’s Future WorkforceThe Future Wisconsin Economic Summit
Hosted by WI Manufacturing & Commerce FoundationDecember in Madison
“By 2020 the U.S. economy’s demand for labor will outstrip supply by almost 18
million people.”
“For businesses to be successful, they have to create purposeful talent plans with as
much importance as financial plans.”
Wisconsin’s Future Workforce“Talentism is the new capitalism. Talentism is what will now restrict economic growth.”
- Industrial Age- Space Age- Information Age- NOW – Human Age
Video: The Future Wisconsin Project
Website: Think - Make - Happen Wisconsin!
Academic & Career Planning
Personal
Excellence
Community
ACP Implementation Guide
Let’s Play “ACP
Blackout BINGO!”
ACP Implementation Guide
o Personal Finance or Independent Living Course▪ Utilize a Personalized
Career-Based Budgeting Project
o Financial Knowledge✔ Personal Finance✔ Costs of Postsecondary Options✔ Financial Trends in Different Careers✔ Outlook on Different Careers✔ Return on Investment of Choices
Know, Explore, Plan & Go
Personal Finance Experienceo Utilized Project-Based Learning Assessment for
12 Years & It Works!
o Typical Units of Study for Personal Finance
Personal Finance Course Details
✔ Unit #1 – Consumers & the Economy✔ Unit #2 – Consumer Protection ✔ Unit #3 – Housing & Transportation✔ Unit #4 – Saving and Investing ✔ Unit #5 – Insurance (Auto, Home, Health and Life)
Project Sections Incorporated Throughout Semester When Logical
o Typical Units of Study for Personal Finance
Personal Finance Course Details
✔ Unit #6 – Checking Accounts ✔ Unit #7 – Taxes ✔ Unit #8 – Budgeting ✔ Unit #9 – Credit
Career-Related Section Based on Prior Career Exploration Opportunities & Expansion
o Semester-Length Courseo Project Works with BOTH Personal Finance
or Independent Living Courseso Students Assume Five-Years Post Graduation
Project Details
o Annual Wages Based on Labor Market Analysis (DWD SkillExplorer)
o Cost of Student Loan Calculations (if applicable)o Parent Engagement
Project Details
✔ Informational Letter✔ Preview Presentation & Budget Prior to Student Presentation and Teacher Evaluation
o Research-Based Expenses & Personalized
Project Details
✔ #1: Pay Yourself First!✔ Housing – Rule: Not to Exceed 30% Net Pay✔ Transportation – Rule: Not to Exceed 20% Net Pay✔ Auto Insurance✔ Student Loan – General Rule: 15% Net Pay
o Research-Based Expenses & Personalized
Project Details
✔ Food (detailed categories)✔ Medical Payments (insurance deductions)✔ Entertainment✔ “Looking Good”✔ Gifts & Donations✔ Other
o Mid-Point Assessments Throughouto Encourage Peer Reviewingo Final – Students Present to Classo Budget Spreadsheet (signed by parent)o Debt-to-Income Ratio Spreadsheeto Written Summary & Reflection
Project Assessments
o My Chosen Careero Skills, Training & Educationo Salary & Calculating Net Payo Pay Yourself Firsto Housingo Rental Insurance
Project Detailed “Rubric”
o Transportationo Vehicle Insuranceo Other Expenses
Project Detailed “Rubric”
Students are Highly Encouraged to“Pre-Assess” Project Before Presenting
We Need to SHARE Like Kids!o My Belief: Educators Need to Share “Recipes”
for Other Educators to Modify and Personalize
Why?
Teachers
are BUSY!
o Goal is ACP Connection and Self-Reflectiono Students View as Supporting ACP Work in
Other Classrooms and Not Redundancyo Personalized Project is “Their Life” o All Post-Secondary Options Can Be
Illustratedo Undergrad Tuition ONLY and Set Established Cap on Annual Salary
My Personal Opinions
Step #1: Make the Connection!o Establish the Importance of Intentional Post-Secondary Planningo Share Resources for Labor Market Needso Always Emphasize Focus on “P-A-T-H”:✔ Passion✔ Attitude
✔ Talent ✔ Heart
o Relationship to Academic & Career Planning
My Chosen Career
Career Clusters & PathwaysIt’s TRIVIA Time! o How many career clusters
are there?o How many career pathways
are there?
Career Clusters & PathwaysAnswers:o 16 Career
Clusterso 79 Career
Pathways
Turn & Talk: Was your ACP a straight path . . .Or was it a meandering path?
o Personalized Career-Based Learning Project✔ On-the-Job Training✔ Military Training / Military Education Programs✔ Apprenticeship✔ Technical Certificate✔ Two-Year Associate’s Degree✔ Four-Year Bachelor’s Degree
Post-Secondary Options
Students Personalize the Presentation
It’s Trivia Time!What is the national student loan debt?280 million15.6 billion 1.5 trillion
Forbes Article - February 2019
College Costs & ACP
Answer: 1.5 trillion $$$! Have you ever really pondered . . .What is a trillion dollars? o A million milliono A thousand billiono A number followed by 12 zeros
College Costs & ACP
July 2019 Article: Here's Why America's $1.5 Trillion Student-Loan Crisis Has Spiraled Out of Control
College Costs & ACPThe Lasting Impact on Students’ Liveso “Students who graduate with
excessive debt are about 10% more likely to say that it caused delays in major life events, such a buying a home, getting married, or having children.”
College Costs & ACPThe Lasting Impact on Students’ Liveso “They are about 20% more likely to
say that their debt influenced their employment plans, causing them to take a job outside their field, to work more than they desired, or to work more than one job.”
College Costs & ACPWhat Can Be Done?o Increasing Awareness of College Spending✔ Utilization of High School
Homerooms✔ Parent Presentations✔ Personal Finance Course: Project-Based Learning Assessment
Career & Budgeting ProjectSalary & Calculating Net Pay and
Student Loan Slides
NOTE: Sharing Successful Student Work Encourages High Quality Work from Current Students
Gross Pay Finding Gross Pay
• WisConomy Website ($36,000.00
• U.S. Dept. of Labor + $40,150.00)/2
• Average Salary: $38,075.00
Net Pay
• Semi-Monthly Gross Pay: $ 1,586.46
• Federal Withholding: $ 160.59
• Social Security : $ 60.45
• Medicare: $ 20.87
Net Pay
• Wisconsin: $ 80.80
• 401K Retirement Fund: $ 100.00
• Dental Insurance: $ 7.50
• Health Insurance $ 39.63 Semi-Monthly Net Pay: $ 1,117.34 x 2 Monthly Net Pay: $ 2,234.68www.paycheckcity.com
Student Loan Total Tuition: $ 41,538.24Less Financial Help: - 15,000.00 Loan Amount: $ 26,538.24Ten-Year Loan @ 6.8%$305.41 per month14% of net monthly pay ($305.41/ $ 2,234.68)
Student Loan $ 305.41 Per month x 120 Monthly payments $36,649.20 Total Paid- 26,538.24 Loan Amount$10,110.96 Interest on Loan
#1 Key to Student Success
Let’s take a look at some student examples!
Remember these are from REAL students. Projects are
shared “as is” ☺!
Challenges & Lessons Learned
✔ Students Often Need a Gentle “Reality Check” Reminder Regarding Career Aspirations & Personal Abilities
✔ Students Often Get Stressed About Project Reality
o Vital to Monitor Student Procrastinatorso Engage Parents from the Beginning (letter)o Communicate Progress Regularlyo Important Balance of Empathy and Reality
Challenges & Lessons Learned
o Be Ready to Wear Your “Career Coach Hat”o Access to Technology is Essentialo Keep the Presentations Moving✔ Pause a Student Presentation & Begin Next Class✔ Maximize Classroom Minutes
Challenges & Lessons Learned
o Strict Due Date for Allo Not a Monday ☺!o Watch for Modifications After Due Dateo Students Draw Presentation Numbers
Challenges & Lessons Learned
o Ask Students to Express Lessons Learned to Classmates After Presenting
o Engage Student Audience✔ Plus “+” or Positives✔ Minus “-” or Areas Needing Clarity✔ Interesting
Challenges & Lessons Learned
o Ideal Way to Incorporate Stakeholders in ACP✔ Business Partnership Connection (Guest Speaker on
Checking Account Unit – Connects to Project)✔ Invite Administrators to View Student Presentations
Everfi: K-12 Financial LiteracyCurriculum is Available at No CostIncluding annual updates and improvements
Free Professional Development Including ongoing support and unlimited student licenses
Classroom Visits and Special OpportunitiesPlus we will share your success with your sponsors
FREE
Resource
Everfi Website
Everfi Components
Ongoing assessments for evidence-based learning
Engaging multi-media content for all types of learners
Supporting multiple devices for school and home experience
Certificate-based skill development
Pre and post-surveys to measure actual progress and provide actionable insights
Standard Components Across the Curriculum
Everfi: ACP Related Lessons
College and Career Readiness
Financial Literacy for Gr. 9-12
Financial Literacy for Gr. 6-8
Financial Literacy for Elem.
DPI Definition of “SUCCESS”
Social & Emotional Learning
Everfi SEL Lessons
SEL / Mental Wellness
SEL / Mental Wellness
SEL / Mental Wellness
Questions?
"None of us is as smart as all of us.“--Ken Blanchard (author)
"Alone we can do so little, together we can do so much." --Helen Keller
“A person who never made a mistake never tried anything new.” –Albert Einstein
Sources o Video: The Future Wisconsin Projecto Website: Think - Make - Happen Wisconsin!o Forbes Article - February 2019o July 2019 Article: Here's Why America's $1.5 Trillion
Student-Loan Crisis Has Spiraled Out of Controlo WisConomy Websiteo U.S. Dept. of Laboro www.paycheckcity.como Everfi Websiteo http://dpi.wi.gov/acp
ACP – “All Hands on Deck!”
Gwen Skoyen – CESA 10Director of College & Career [email protected] or 715-720-2033