1. The Game of Life

2. What you will learn: College, Finding your Net Income and Gross Income, Checks, Loans, Interest, Insurance, Credit and Debit Cards, Savings and Checking Account, renting vs. buying, Retirement

3. College Degree Types Associates Degree Bachelors
2 years
Bachelors
4 years
Master’s (Graduate Degree)
1 ½ to 2 years
Doctoral Degree (Professional Degree)
Doctor of Philosophy (Ph.D.)
Juris Doctor (J.D.)
Doctor of Medicine (M.D.)
Doctor of Dental Surgery (DDS) ?

4. Finance and Personal Finance
Financing is the managing of money
Personal Financing is managing your personal money

5. What is a budget?
Budgeting – planning for the amount of money to be spent in a certain amount of time. It is based on your income and expenses.

6. Pay
Paycheck – weekly, biweekly, or monthly check made out to employees
Paystub – like receipt, a paystub notifies the employee that their paycheck has been deposited or it is attached to their paycheck for their records.
Pay period – a defined time frame when an employee with receive compensation

7. Income and Expenses Variable (Flexible) Income and expenses
Income – a flexible amount of money earned ex: tips
Expenses – a flexible amount of money spent ex: groceries, amount of gas, entertainment
Fixed income and expenses
Income – consistent and reliable amount of money earned over a short period of time
Expenses – consistent amount of money spent ex: rent, mortgage
Cash flow – Incoming and outgoing cash income vs. expenses

8. Net Income and Gross Income
Salary per year/hour
Net income
Take home
What is taken out?
Retirement
Medical insurance SS
Federal Income Taxes

9. Taxes Sales Tax Income Tax State Tax Vs. Federal Tax.
Property Tax, Estate Tax (Death Tax), Gift Tax, Excise Tax (Sin Tax)

10. TAXES
Taxes – a compulsory contribution to the government, levied on goods and service, income, and property
Income taxes – taxes levied on income
Federal Income Tax – Federal tax levied on income
Medicare tax - A federal health insurance program, administered by the Social Security Administration, that provides health care for the aged.
Social Security - any government system that provides monetary assistance to people with an inadequate or no income. The tax is to fund this program.
Sales Tax – Tax levied on products and services sold

11. Tax Forms
W-2 – A tax form filled out by employers for their employees so they can do their taxes
W-4 – A tax form filled out by a new employee to tell the employer how much they need to withhold for taxes

12. Federal Tax Income Bracket

13. SS and Medicare
Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program
Medicare's Hospital Insurance (HI) program
Tax rates as a percent of taxable earnings
Rate for employees and employers, each
Rate for self-employed workers
OASDI HI
Total
6.2%
1.45%
7.65%
12.4%
2.9%
15.3%

14. How to write a Check What to write:
Your Name
Your Address /4567
City, State, Zip
Date ______1_____
Pay to the order of _____2_____________________________________ $ __3______________
4__________________________________________________________________________ dollars
Bank’s Name
Address
For _5___________________________________ __________________________________
What to write:  
1.Write the date: month, day, year  
2.Write the name of the person or business that gets the check  
3.Write the amount of the check in numbers
4.Write the amount of dollars in words. Write the amount of the cents in numbers. Draw a line to the word “dollars.”
5.Write a note to remember what the check was for.
6.Sign your name.

15. Check

16. CREDIT!
Credit – The ability of a customer to obtain goods and services before payment
Credit Cards – plastic card used by consumers to purchase goods and services on credit

17. Loans What is a loan? What are the main reasons for asking for a loan?
Why do banks loan money? What is in it for them?

18. Loans and Interest
A loan is money you get from the bank that you must pay back with interest.
Mortgage is a loan on a house
Interest is the fee for borrowing money
Interest how banks make money.
Interest rate is determined based on your Credit Score.

19. Insurance What is insurance, and why is it important?
What kind of insurance can you have?
Does the cost of insurance vary depending on:
how old you are? How?
Where you live? How?
What you have? How?
How reckless you are? How?

20. Insurance
Insurance, life, car, home, health – a guarantee of compensation upon loss, damage, or death

21. Bank Account
Checking Account – Linked to checks, debit cards, and automatic bill pay
Savings Account – Earn a very small amount of interest.
Why is it important to have a bank account?

22. Credit and Debit Cards

23. Debit Card What is a debit Card?
What do you need to know to use a debit card?
What is the risk in using a debit card?

24. Credit Card vs. Credit Score
How does a credit card work?
What is a credit score?
How do you build your credit?
Why is it important to have a good credit score?
How do you get in credit card debt??

25. What is a savings account?
What do you use a savings account for? College degrees, cost of living, utilities

26. What happens when you open an account
What you need to open an account at a bank or credit union:
Identification
Picture ID, passport, etc
your Social Security number
money

27. Renting Vs. Buying
Rent/Lease – pay a certain amount of money each month to live in/use
Buy – own, your investment has the likelihood of being returned to you.
Exemption – Cars depreciate in value

28. Retirement SS
401K
403B
Roth
Roth IRA
TRS

29. Work Cited http://www.projectmoney.org/teaching/worksheets.html