1. Financial Literacy Institute Winter 2013: Day 1 Melissa Groves mgroves@towson.edu Debbie Batchelor dbatchelor@towson.edu

2. Our mission is to insure that Maryland's school children leave high school equipped with the economic, financial literacy and decision-making content and skills they need to make informed, rational decisions as consumers, workers, citizens, savers, investors and participants in the global economy.

3. How Does MCEE Accomplish Its Mission? Maintaining our updated website at www.econed.org www.econed.org Sponsoring signature programs –Stock Market Game ™ –The Poster Contest Assisting with curriculum writing Providing Professional Development for educators

4. Grades 1 MSDE CPD ( plus 1 AU for Baltimore City Teachers) Active participation 30% In-Class Quizzes (2) 20% Online Rdgs/Assessments 25% Post-Test 20% Behavioral Survey 5%

5. Grades 2 MSDE CPD ( plus 1 AU for Baltimore City Teachers) Active participation20% In-Class Quizzes (2)20% Online Rdgs/Assessments20% Post-Test20% Behavioral Survey 5% Original Lesson; Field Test; Summary 15%

6. Grading Notes Original Lesson Plan (Due on/before 5:00 p.m. March 22) –Based on a literary or informational text –Aligned to one or more of Maryland’s Financial Literacy Standards –Using same format as MCEE lessons distributed throughout the Institute Field Test/Written Summary (Due on/before 5:00 p.m. March 22) –Teach your original lesson (as outlined above) to your students –Submit a written summary that includes: student’s response to the lesson, what did/did not work, changes you would make based on the success/failure of the field test

7. Grading Notes, cont Behavioral Survey Pre-Test: Completed on Day 1 of the course Post-Test: Completed weeks after class ends -You will receive notification relative to the method of taking the test, i.e. ScanTron, Survey Monkey, Online testing site, etc…. -Results will remain anonymous

8. Objectives During this presentation, we will … explore the Maryland State Curriculum for Personal Financial Literacy Education review key financial literacy concepts for Grades K-5 link lessons to concepts and standards

9. How the Institute Works: The Ying and Yang of It Debbie Pedagogy Melissa Content

10. Financial Literacy A variety of materials to help you

11. Materials with Multiple Uses

12. Why Financial Literacy ? Develops financial literacy skills that will enable students to make sound choices as consumers Helps to establish good habits and responsible attitudes from at an early age

13. What Personal Finance is About Your source for understanding aspects of Financial Literacy

14. The Maryland State Curriculum for Personal Financial Literacy Education 1.Defines what students should know and be able to do at various points in time 2.Specific grade-level curriculum to be developed by the individual LEAs 3. Implemented: September 2011

15. The Standards 1.Making informed responsible decisions 2.Relate careers, education, and income 3.Plan and Manage Money 4.Managing credit and debt 5.Creating and building wealth 6.Managing risks and preserving wealth

16. Standard 1 Make Informed, Financially Responsible Decisions Making financial choices (includes resources, decision-making process, opportunity cost) Explaining philanthropy Identifying goals Markets

17. Productive Resources NATURAL HUMAN CAPITAL (Think “Product”)

18. Human Resources Workers; The health, strength, talents, education and skills that humans can use to produce goods and services.

19. Natural Resources Gifts of nature that can be used to produce goods and services

20. Capital Resources Tools; the goods that are manufactured or constructed by people and used to produce other goods and services.

21. Decision-Making Process "It's awfully awfully awful when you can't make up your mind!" Hunches in Bunches by Dr. Seuss PROBLEM: CHOICE #1:CHOICE #2: Pros(+)Cons (-)Pros (+)Cons (-) SOLUTION:

22. Another Option

23. And Yet Another PROBLEMCRITERIA Where do I want to go for dinner tonight? TOTALS CHOICES/OPTIONS/ ALTERNATIVES Put a plus (+) or minus (-) in each box to indicate whether the choice meets (+) or does not meet (-) the criteria.

24. Opportunity Cost The next best choice!

25. For Decision-Making & Opportunity Cost Check Out… Lesson 4Lesson 5

26. Philanthropy A personal interest in helping others, especially through gifts to charity Lesson 15

27. Goal Statement about what a person wants to accomplish by taking certain steps; provides direction to a plan of action Lesson 7 Lesson 5

28. Goods Things that people make or grow that satisfy economic wants; things desired by consumers and supplied by producers.

29. Services Community jobs; Actions (jobs) that people do for each other

30. Goods & Services Lesson 2 Lesson 1

31. Market Where buyers and sellers exchange resources, goods, and services.

32. Mama Panya’s Pancakes: A Village Tale from Kenya Market Goods Services

33. Standard 2 Highlights Relate Careers, Education, and Income Impact of education, interest & skills on income (What Personal Finance is About pgs.6-8) Potential sources of income How income affects spending Lesson 1

34. Isabel’s Car Wash Relationships among education, skills, economic conditions, and income Sources of income Goods Investing

35. Standard 3 Highlights Plan and Manage Money Spending Plans Financial Services Develop Age-Appropriate Financial Goals Taxation Contracts

36. Standard 3 Develop Age-Appropriate Financial Goals WHAT FINANCIAL GOALS DID YOU SET FOR YOURSELF?

37. Contracts Agreement between two or more people to do or not do something (Add “ legally binding ” when age-appropriate) Behavior Contract Student Name: Vinny Barbarino Room: 222 Vinnie Barbarino will demonstrate good behaviors each day at school. Vinnie is expected to follow the teacher's directions the first time she asks him to do something. He is expected to do so promptly and with a good attitude. Each time that Vinnie does not meet these expectations, he will receive a tally mark for the day on the tracking sheet. These tally marks will determine the rewards and consequences that Vinny receives, as shown below. Zero = A chance to roll the die after school for one of the rewards listed below One = Does not get a chance to roll the die that day Two or more = Loss of recess the next day and/or other consequences as determined by Mr. Kotter Die Rolls: 1 = One table point for his table 2 = One raffle ticket for monthly class drawing 3 = One piece of candy 4 = Gets to be first in line for the next school day 5 = Gets to help teacher after school that afternoon 6 = Five marbles for the class marble jar We agree to the terms of this behavior contract as set forth above. Gabe Kotter Maria Babarino Vinnie Barbarino

38. What Are Taxes? History of taxes Meaning and purpose of taxes How taxes affect individuals Reasons for taxes

39. A Make-n-Take Moment

40. Standard 3 Plan and Manage Money Lessons 6, 8, 15, 16 Lessons 4, 5, 6, 14, 15

41. Next Face-to-Face Session February 9, 2013 8:00 a.m. Room 310 Melissa’s website: http://pages.towson.edu/mgroves/FinLitInstitute.html

42. Info for Online Session Go to: https://university.educatedinvestor.com/unive rsity/login.xml (Will email you the link to cut/paste onto your browser.) Username: Your email address Password: finlit

43. Online Session continued… Must complete the following modules: – Getting Started with Saving and Investing – Basics of Personal Finance – Basics of Investing – Working with Financial Advisors Due: February 6, 2013 Extra Credit: – Complete: Investment Risks module – Submit: a one page summary with a recommendation about whether it should be added to the Institute and why

44. And now… Please complete … today’s evaluation sheet. the quiz.