Living Costs Webquest:Living Costs Webquest:

The World According The World According to You!!!to You!!!

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For this For this Living Costs WebquestLiving Costs Webquest, , you will:you will:

• Create Your Career (The Apprentice)Create Your Career (The Apprentice)• Buy a car (OVERHaulin’)Buy a car (OVERHaulin’)• Buy a home (Monster House)Buy a home (Monster House)• Balance your budget (Automatic Millionaire), andBalance your budget (Automatic Millionaire), and• Invest in stocks/mutual funds (Mad Money!)Invest in stocks/mutual funds (Mad Money!)• Give back to the community (Purpose Driven Life)Give back to the community (Purpose Driven Life)• Your Roadmap to Economics (Freakonomics)Your Roadmap to Economics (Freakonomics)• Succeed in Life (Goin’ Fishin’)Succeed in Life (Goin’ Fishin’) … ….As a Power Point Presentation!!! .As a Power Point Presentation!!!

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Living Costs Webquest Living Costs Webquest ContentsContents

OVERHaulin’Table of Contents

Automatic Millionaire

Mad Money

Evaluation

Monster House

Cover Slide

Conclusion

Introduction

Freakonomics

ProcessTask

The Apprentice

Resources

Purpose-Driven Life

Goin’ Fishin’

ProcessProcess

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This project is to be completed This project is to be completed during the Semester, in the during the Semester, in the classroom & at home. The classroom & at home. The following steps will help you following steps will help you complete this project.complete this project. Go back to Go back to Living Costs Webquest Contents Living Costs Webquest Contents to complete the project, in which to complete the project, in which you will create your career, buy a you will create your career, buy a car, a house, set up your budget, car, a house, set up your budget, invest in stocks, give back to the invest in stocks, give back to the community, apply the terms, and community, apply the terms, and even “Go Fish.” completing a 25 even “Go Fish.” completing a 25 slide powerpoint .Good luck!slide powerpoint .Good luck!

IntroductionIntroduction

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This assessment is This assessment is composed of eight composed of eight different quests to different quests to determine what your future determine what your future may look like. The may look like. The completion of these eight completion of these eight projects may fulfill several projects may fulfill several of the benchmarks of the benchmarks (emphasis on Personal (emphasis on Personal Finance) for one semester Finance) for one semester of Economics.of Economics.

TaskTask

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Use the information along Use the information along with the required and with the required and optional readings to optional readings to complete each web quest. complete each web quest. Use PowerPoint to present Use PowerPoint to present your work. One Project = 8 your work. One Project = 8 taskstasks

Task (Optional)Task (Optional) WebquestContents

Finance PortfolioFinance Portfolio

Contents:Contents:

Unit 1 – Financial Plan Unit 2 – Budgeting Unit 3 – Investing Unit 4 – Good Debt, Bad Debt Unit 5 – Your Money Unit 6 – Insurance Unit 7 – Your Career

National Endowment for National Endowment for Financial Education Financial Education

Cover SlideCover Slide

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Serves as the Title Page of Serves as the Title Page of your Power Point! (1your Power Point! (1stst Slide) Slide)

Include Title: “The World Include Title: “The World According to _________,” or According to _________,” or “My life by _________,” or your “My life by _________,” or your choice – must be school choice – must be school appropriate!appropriate!

• This is a quick reference This is a quick reference to major points in your to major points in your presentation (2presentation (2ndnd Slide) Slide)

• Include pic, and list Include pic, and list – The ApprenticeThe Apprentice– OVERHaulin’OVERHaulin’– Monster HouseMonster House– Automatic MillionaireAutomatic Millionaire– Mad Money!Mad Money!– Purpose-Driven LifePurpose-Driven Life– FreakonomicsFreakonomics– Goin’ Fishin’Goin’ Fishin’

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Table of ContentsTable of Contents

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The ApprenticeThe Apprentice

Under this section, you’ll Under this section, you’ll learn and explain a little learn and explain a little about your chosen career about your chosen career (you may refer to your (you may refer to your employment portfolio for employment portfolio for this part of the this part of the assignment) (3assignment) (3rdrd Slide – Slide – Include title of this section Include title of this section with pic)with pic)

Resources

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The ApprenticeThe Apprentice

(4(4thth Slide) Slide)

Title of your career, and Title of your career, and give brief overview of your give brief overview of your career including why you career including why you chose itchose it

BACK Resources

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The ApprenticeThe Apprentice

(5(5thth Slide) Slide)

What’s your salary and What’s your salary and benefits? Where will you benefits? Where will you live with this career and live with this career and why? What college/future why? What college/future training will you need for training will you need for this career?this career?

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Create Your Career!Create Your Career!

(6(6thth Slide) Slide)

Where do you see Where do you see yourself in:yourself in:

1 year, 5 years, 10 years 1 year, 5 years, 10 years and 25 years?and 25 years?

Who knows? Who knows? You may be You may be on…on…

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Overhaulin’Overhaulin’• One difficult decision is what One difficult decision is what

kind of vehicle we’ll buy. You kind of vehicle we’ll buy. You should prepare yourself by should prepare yourself by searching the pros and cons searching the pros and cons of each option: Car/Truck/ of each option: Car/Truck/ SUV/Other, lease vs. buy, as SUV/Other, lease vs. buy, as well as new vs. used and well as new vs. used and why? One needs to calculate why? One needs to calculate the cost of each (make two the cost of each (make two choices) before going to a choices) before going to a car dealer.car dealer.

• (7(7thth Slide – Title and pic) Slide – Title and pic)

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Overhaulin’Overhaulin’(8(8thth Slide) Slide)

Pictures/ Names of your 2 Pictures/ Names of your 2 car/truck/SUV/Other and car/truck/SUV/Other and pricesprices

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BACKBACK Resources

Overhaulin’Overhaulin’• (9(9thth Slide) Slide)• Show your financing: Show your financing:

include 6 % financing, 10% include 6 % financing, 10% down payment and 3-4 down payment and 3-4 years – older, 5-6 years – years – older, 5-6 years – newer – for both vehicles newer – for both vehicles

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BACKBACK Resources

Overhaulin’Overhaulin’• (10(10thth slide) slide)• Show off the accessories for Show off the accessories for

each of your rides (may be each of your rides (may be in detail and pictures)in detail and pictures)

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Buy a car!Buy a car!

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Who knows? Who knows? You might end You might end up on…up on…

ResourcesBACKBACK

• The average American The average American family moves about eight family moves about eight times during a life span. And times during a life span. And each time they are going to each time they are going to either rent or buy a either rent or buy a home/apartment/home/apartment/condo. For this project, you condo. For this project, you will decide between each, will decide between each, buying vs. renting. Choose buying vs. renting. Choose the best option that works the best option that works for you! (Slide 11 – Title & for you! (Slide 11 – Title & picture of your dream home)picture of your dream home)

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Monster HouseMonster House

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• (Slide 12 – Pictures of (Slide 12 – Pictures of your home/apartment/your home/apartment/

• condo you plan on condo you plan on buying or renting with buying or renting with price and location)price and location)

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Monster HouseMonster House

BACKBACK Resources

Buy a House!Buy a House!

• (Slide 13) include financing (Slide 13) include financing considering down considering down payments/deposits depending payments/deposits depending on whether you rent or buy – on whether you rent or buy – Lease for 5 years, rent for 24 Lease for 5 years, rent for 24 months, buy for 30 years – months, buy for 30 years – interest rate of 7% on all interest rate of 7% on all financing – show your monthly financing – show your monthly payment from these payment from these calculationscalculations

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Who knows? Who knows? You might You might end up on…end up on…

ResourcesBACKBACK

• (Slide 14 – Title and pic)(Slide 14 – Title and pic)• Complete the following two Complete the following two

slides (Slide 15 and 16) slides (Slide 15 and 16) which will show your fixed which will show your fixed costs (same each month) costs (same each month) and flexible costs (can be and flexible costs (can be adjusted) – Remember: adjusted) – Remember: incoming (your monthly incoming (your monthly salary) = outgoing (your salary) = outgoing (your bills/savings)!bills/savings)!

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Automatic MillionaireAutomatic Millionaire

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Set up Your Budget!Set up Your Budget!

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Slide 15 – Monthly Fixed costsSlide 15 – Monthly Fixed costs

Slide 16 – Monthly Flexible costsSlide 16 – Monthly Flexible costs

Add each up to equal 100% = your Add each up to equal 100% = your GROSS pay (your salary – double for GROSS pay (your salary – double for you and your spouse if you plan on you and your spouse if you plan on getting married - unfortunately this is getting married - unfortunately this is

not your take home pay!) not your take home pay!)

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Who knows? Who knows? You might You might end up on…end up on…

Resources

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Range Category Percent Chosen

Dollar Target

Fixed Expenses

18-25% Housing

30% Taxes .30

10% Insurance .10

0-10% Debt Repayment (Car)

0-10% Savings

0-10% Goal Achievement (College Loans)

0-10% Irregular Expenses

0-10% For Emergencies

My Budget – Fixed Expenses

(Total Monthly Income = _______________)More Info

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Range Category Percent Chosen

Dollar Target

Living Expenses

5-12% Utilities & Phone

8-15% Food

5-15% Transportation

2-5% Medical

2-8% Clothing

2-9% Durable Goods

1-5% Personal Grooming

5-10% Recreation

0-9% All Other

TOTAL Costs of both slides

(Must equal Income) 100%

My Budget – Living (Flexible) Expenses

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ResourcesBACKBACK

• Now it’s time to do Now it’s time to do some investing, so some investing, so you’ll be able to you’ll be able to continue living that continue living that life of your dreamslife of your dreams

• (Slide 17 – Title & (Slide 17 – Title & pic)pic)

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More InfoMad MoneyMad Money

Resources

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Set up Your Investment Set up Your Investment PortfolioPortfolio

• For this assignment, you will For this assignment, you will compete in the Virtual Stock compete in the Virtual Stock Exchange with your Exchange with your classmates. You will have classmates. You will have $100,000 seed money and you $100,000 seed money and you will invest – minimum 1 trade will invest – minimum 1 trade every two weeks. Good luck!every two weeks. Good luck!

• (Slide 18 – cut and paste your (Slide 18 – cut and paste your final portfolio and explain why final portfolio and explain why you made the choices you did)you made the choices you did)

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• (Slide 19 – Title & pic)(Slide 19 – Title & pic)• An area that more and An area that more and

more people are more people are considering is what can considering is what can we give back to our we give back to our communities? How can communities? How can we help one another? we help one another? Often, we hear “I’d Often, we hear “I’d volunteer, but nobody volunteer, but nobody asked.” Well, consider asked.” Well, consider yourself asked!yourself asked!

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Purpose Driven LifePurpose Driven Life

Resources

A Purpose-Driven LifeA Purpose-Driven Life

• Slide 20 - Choose (& Slide 20 - Choose (& briefly explain) a cause/briefly explain) a cause/

organization/opportunity to organization/opportunity to work with, either work with, either currently, in the past, or currently, in the past, or in the future – and in the future – and explain why, what explain why, what resources you will use, resources you will use, and how you can and how you can benefit this group & the benefit this group & the community at-large – community at-large – include picsinclude pics

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As the book As the book “Freakonomics” looked “Freakonomics” looked

at Economics in a at Economics in a different way, you will different way, you will

look at our major terms look at our major terms in a truly different way – in a truly different way –

by how they apply to by how they apply to YOU!!!YOU!!!

(Slide 21 – Title & pic)(Slide 21 – Title & pic)

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FreakonomicsFreakonomics

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FreakonomicsFreakonomics

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You will demonstrate You will demonstrate your understanding of your understanding of economics and apply economics and apply major terms to you major terms to you personally, using personally, using examples of what you examples of what you are currently going are currently going through, what your through, what your future looks like, from future looks like, from work, from play, etc.work, from play, etc.

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FreakonomicsFreakonomics

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For this slide 22 , include the For this slide 22 , include the following terms with your following terms with your personal application for each:personal application for each:

Scarcity –Scarcity –

Opportunity Cost-Opportunity Cost-

Production-Production-

Consumption-Consumption-

Interdependence-Interdependence-

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View the video “Fish” View the video “Fish” and look through and look through any/all of the Fish any/all of the Fish Philosophy Books. Philosophy Books. As you develop your As you develop your time-management time-management skills in life,you’ll be skills in life,you’ll be far more successful far more successful if you carry out their if you carry out their four principles… four principles…

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Goin’ Fishin’Goin’ Fishin’

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Goin’ Fishin’Goin’ Fishin’

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(Slide 23 – Title & pic)(Slide 23 – Title & pic)

As you travel around “your As you travel around “your world,” how will you carry out world,” how will you carry out the following:the following:

•Be ThereBe There

•PlayPlay

•Make Their DayMake Their Day

•Choose Your AttitudeChoose Your Attitude

Resources

Goin’ Fishin’Goin’ Fishin’

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•Slide 24 -Slide 24 -

Title,, Then consider in your Title,, Then consider in your work, your life, etc. – This is work, your life, etc. – This is like a Mission Statement like a Mission Statement about you:about you:

How I will How I will Be There Be There --

•How I will How I will PlayPlay--

•How I willHow I will Make Their Day Make Their Day --

•How I willHow I will Choose Your Choose Your Attitude - Attitude -

ResourcesBACKBACK

ResourcesResources•The Apprentice - - Careercruisin**Salary* * Ask

•OVERHaulin’ - - KellyBluebook**AutoTrader**Cars

•Monster House - - Bankrate**Realestate**Homes

•Automatic Millionaire – – Calculator 8 8 Refdesk

•Mad Money! – – Virtual Stock Exchange* * CNNMoney * *FoxFinance

•Purpose-Driven Life – – Volunteer * * Google

•Freakonomics – – The Economist * * about

•Goin’ Fishin’ - - Fish

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EvaluationEvaluation Mega-WebquestContents

Your final grade for this Your final grade for this project will be based on the project will be based on the completion of the 8 major completion of the 8 major tasks to be completed tasks to be completed together in a power point together in a power point format (Rubric on next 2 format (Rubric on next 2 slides)slides)

Possible Adjustments:Possible Adjustments:

•Word/Publisher FormatWord/Publisher Format

•PresentationPresentation

•Website uploadWebsite upload

Questions?Questions?

EvaluationEvaluation

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General ScoreExcellent Good Average Below

AverageTry

Again

Participation: Constructive use of classroom time

4 3 2 1 0

Knowledge: Shows understanding of the material

4 3 2 1 0

Length: Long enough to cover assigned

material4 3 2 1 0

Visuals/Graphs/Pictures: Easy to view

4 3 2 1 0

Content: Topic covered thoroughly

4 3 2 1 0

Conclusion: Costs/benefits of the project with

reflection4 3 2 1 0

Design: Creativity-Easy to follow

4 3 2 1 0

EvaluationEvaluationWebquestContentsQuestions?Questions?

SPECIFIC Score:Excellent Good Average Below

AverageTry

Again

OVERHaulin: Met Requirements

4 3 2 1 0

Monster House: Met Requirements

 4 3  2 1  0 

Automatic Millionaire:Met Requirements

4 3 2 1 0

Mad Money:Met Requirements

4 3 2 1 0

Purpose Driven Life:Met Requirements

4 3 2 1 0

Freakonomics: Met Requirements

4 3 2 1 0

Goin’ Fishin’:Met Requirements

4 3 2 1 0

Total Score (General Score +Basic Score) = _______________________

Q:What else do I include Q:What else do I include in this project?in this project?

You want this to look professional, so include You want this to look professional, so include anything that would improve your grade and your anything that would improve your grade and your future opportunities. This course, just like life, is a future opportunities. This course, just like life, is a constant competition. Going above and beyond constant competition. Going above and beyond can and will improve your score, and could even can and will improve your score, and could even have the potential to pick up the elusive extra have the potential to pick up the elusive extra credit (just like the elusive raise in the real-credit (just like the elusive raise in the real-world!!!)world!!!)

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Q: How will I complete Q: How will I complete this assignment in time?this assignment in time?

• Yes, you can complete this on-time, provided Yes, you can complete this on-time, provided you know what you are getting into and you know what you are getting into and provided you feel comfortable with your provided you feel comfortable with your available resources to set up the items you available resources to set up the items you have chosen. You should also have a strong have chosen. You should also have a strong drive to succeed even when the hours get drive to succeed even when the hours get long and the decisions difficult. Pace long and the decisions difficult. Pace yourself, & check with the instructor early and yourself, & check with the instructor early and often!often!

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Q:What is due?Q:What is due?• Check with your instructor on the Check with your instructor on the

due date(s) for projectdue date(s) for project

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ConclusionConclusion

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(Slide 25 – include your (Slide 25 – include your reflection of what you learned reflection of what you learned during this process and how during this process and how you will use it in the future)you will use it in the future)

After completing this, you After completing this, you should have a better should have a better understanding of who you are, understanding of who you are, and what you’ll do in the future. and what you’ll do in the future. If you need any assistance in If you need any assistance in the future, please let your the future, please let your instructor know!instructor know!

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What will you do????What will you do????

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