GOOD PRACTICES IN PERSONAL FINANCE

Objectives• Describe general principles for practicing successful

personal finance

• Summarize key concepts on the subject of financial literacy

Financial Literacy• How can we, as Academy of Finance students, educate

our families and fellow students about issues critical to a person’s financial literacy?

• What does it mean to be financially literate?

Financial Literacy• Financial literacy refers to an individual’s ability to make

informed and appropriate decisions when managing their personal finances

• Many components involved with an individual’s personal finances

• Issues relating to credit and debt • Understanding the services provided by financial institutions • Budgeting and interest rates, • Being financially literate gives people the skills they need to

plan for their future, reach their financial goals, and make sound fiscal decisions that can affect their overall well-being

Financial Literacy• According to a recent survey by the American

Psychological Association, as many as 80% of Americans are stressed about their personal finances and the economy

Reviewing Project Examples• Each team will be responsible for completing a first draft

of all three of the required elements: • A three-panel display board• A brochure to accompany the information presented on the board• A set of talking points to use during the financial literacy fair

Reviewing Project Example• Groups must compare and contrast each of the required

products using the following categories: • Format• Purpose and/or how it will or can be used by the audience• Type of information included

Reviewing Project Example• Download: Three-Column Chart- Culminating Project

Products• Fill out the three column chart for discussion

Reviewing Project Example• Download: Worksheet- Fast Facts Research

• Will be turned in for assessment, so keep notes elsewhere• Divide up research between group members

Becoming Experts• Download: Worksheet- Becoming Experts

• During research highlight information for the display board, brochure, and/or talking points

• Turn into dropbox when complete

Thinking in Threes• Download: Worksheet- Thinking in Threes• This research guide focuses on securing alternative

sources of information (graphs, charts, quotes, graphics) to support the research that you have already completed• Turn in completed to dropbox

Reflection on Research• I think that [insert topic of study] is relevant to the finance

industry because…

• I think that [insert topic of study] is important to a person’s understanding of finance because…• Summarize for each for your group’s presentations writing a

paragraph in response to the prompt

Reflection• Why is your group’s presentation important to finance and

understanding finance?

Creating Titles• One of the functions of the display board is to draw people

to your booth• Your boards should be professional-looking and must

attract the attention of their viewers• Headings on the display boards should be concise, clear,

and no more than 15 words in length• create interest, capture attention, and deliver a central message

that will interest the audience

Creating Titles• Examples

• Zero wages and Form 843 Tax Abatement• Save yourself from tax scammers!

• Both headlines focus on consumer awareness strategies and how to avoid identity theft and tax scams.• Which is more effective?

Creating Titles• Examples

• Deductions, credits, and adjustments to income• How would you like to avoid paying taxes?

• Which is more effective?• Create four to five headlines that summarize your

information

Designing the Display Board• Create interesting and eye-catching headlines• Think about how the layout of your display boards will be

designed• Center of the board is where most people look first

• To design this area, think about what you want your viewers to notice first

Designing the Display Board• The center panel generally includes the title, illustrations,

photos, and/or charts, while the side panels contain information to support the graphics, groups are free to design their display boards however they choose

• Create of rough sketch of your design board and how you want it laid out.

• Use hand drawing or the computer.

Rough Draft Display Board• Download: Assignment- Culminating Project Display

Board• Be sure to complete for the dropbox

• This is a rough draft but it will make the real thing much easier

Display Board Peer Review• Exchange display boards with one group and write

• One thing we appreciated…• One thing we would change…• One thing we questioned…

Brochure Layout• What is the purpose of a brochure?• How is the text organized?• Aside from text, what other type of information may be

included in a brochure?• How would you describe the layout?• Download: Assignment- Culminating Project Public

Service Brochure

Brochure Layout• Planning an effective layout and appropriately organizing

your information when creating a brochure is an essential step

• What type of information is best suited for your brochure?• How would that information be useful to your audience?

Brochure• Use a piece of paper and use the tri-fold format to help

get the design of the rough draft• Focus on information included as well as where it should

be placed• Complete rough draft of brochure

Drafting Talking Points• Create five to seven talking points for each member of the

group that will complement and support the information on your display board and brochure

• Organize and focus your thoughts and allow the key message that you want to convey to be communicated to your audience

Drafting Talking Points• Download: Assignment- Culminating Project Talking

Points• Create between five and seven talking points based on

their group’s topic• Work as a team and divide subtopics within your topic so

that every team member has an area that they will create talking points for

Drafting Talking Points• What was the most relevant and/or interesting part about

conducting your research?• In your opinion, which project product (display board,

brochure, or talking points) do you think is the most important to the overall success of your booth? Explain.

• What main point and/or key message would you like your audience to take away from your booth?

Enrichment• There are many books available on the importance of

personal financial literacy. Have groups form literature circles, with each group choosing a different book. Groups should read and discuss the book’s relevance to their topic. The following website provides a list of 52 books on various aspects of personal finance and offers reviews of each: http://www.thesimpledollar.com/2007/11/13/52-books-52-weeks-the-top-ten/.

Cross-Curricular Integration• In January 2005, it was reported that troops bound for Iraq were

required to receive media training to assist them in handling press inquiries and interviews

• Although this isn’t necessarily a new phenomenon the fact that it has been made mandatory for all deploying Army troops is new. Talking points were provided for all military personnel, which were placed on a wallet-sized card that contained tips for dealing with journalists on how to best promote and/or describe specific military operations. Read the following article, “Media Training Now Required for Iraq-Bound Soldiers,” at http://ics.leeds.ac.uk/papers/vp01.cfm?outfit=pmt&folder=34&paper=2106, paying particular attention to the specific talking points provided to the troops.

• Discuss with a partner whether they agree or disagree with mandatory media training and then write an opinion paper addressing your views.