Checking and Savings

Objectives: Teach the class how to write a check Teach the class how to balance a check book Compare the pros and cons of banking with the following institutions: Bank of America, Chase, Flagstar Bank, Huntington Bank, and TCF Bank Based on your comparisons, rank the banks in order of preference and be able to defend your choices Create a five uestion ui! for your classmates to take after your presentation

Notes: "hen teaching the class how to write a check and balance a checkbook, it should be done like a lesson# $f you get me original forms by the end of the day on Friday, $ can make copies for you% otherwise you are responsible for making your own copies# &ou are allowed to choose different financial institutions to compare if you would like to, 'ust be sure to include at least five different institutions to discuss# &our presentation should last at least ten minutes# Be sure to present in a formal manner(a )re!i, )ower)oint, or i*ovie would be acceptable# All members of your group are e+pected to speak during the presentation# All members of your group should be comfortable with A,, )-.T$-/0 of the presentation, as $ may direct uestions at specific people# "hen comparing the pros and cons of different financial institutions be sure to consider the same uestions of all five institutions# For e+ample: do they charge for checks1 "hat is the interest rate for checking accounts2savings accounts1 "hat are online options1 "hat kinds of fees do they charge1 "hat is their policy on late fees1 "hen creating your ui!, the uestions should vary in difficulty(overly simplistic uestions will result in a loss of points $f you provide me with an original copy of your ui! by the end of the day on Friday, $ will make copies for you% otherwise, you need to make your own copies for the class# &our goal is to educate your peers on their options for banking2savings accounts and on how to use their checking account# &ou will want to make sure they have the information necessary to proceed into the 3real world4 with the skills needed to be financially literate# *ake sure your presentation reflects the importance of this topic#

Possible Resources: 5se the bank websites to find information for the comparisons The following website should walk you through the information regarding checking accounts: o http:22www#teensguidetomoney#com2saving2checking6account6basics2

The following link is a good guide to use in regards to services offered to compare: o http:22www#teensguidetomoney#com2saving2selecting6a6bank2

Credit and Credit Cards

Objectives: 7+plain the concept of credit 7+plain how an individual establishes credit 7+plain credit scores(what are they1 "hat is a good credit score1 "hat is a bad credit score1 7+plain how credit scores can impact you both positively and negatively 7+plain what actions will hurt an individual8s credit 7+plain how a person can rebuild their credit once it has been damaged 9iscuss the risks to having a credit card .esearch three different credit card companies :i#e# ;$0A, *asterCard, 9iscover< and find out the interest rate charged, the credit line offered, and penalties charged to an => year old person who is establishing credit for the first time# .esearch five different credit cards that specific stores offer :i#e# *acy8s, ?ohl8s, and Target< identify the interest rate charged, credit line offered, and penalties by each, and discuss how they differ from credit card companies# $magine you have spent @ABBB purchasing furniture and home goods for your new apartment on your Target credit card# Assume the interest rate on your credit card is ACD# $f you only pay the minimum balance each month, how long will it take you to pay off the @ABBB and how much will you pay in interest1 Create a five uestion ui! for your classmates to take after your presentation

Notes: &our presentation should last at least ten minutes# Be sure to present in a formal manner(a )re!i, )ower)oint, or i*ovie would be acceptable# All members of your group are e+pected to speak during the presentation# All members of your group should be comfortable with A,, )-.T$-/0 of the presentation, as $ may direct uestions at specific people# *ake sure information is coming from credible sources

"hen creating your ui!, the uestions should vary in difficulty(overly simplistic uestions will result in a loss of points $f you provide me with an original copy of your ui! by the end of the day on Friday, $ will make copies for you% otherwise, you need to make your own copies for the class# &our goal is for your classmates to understand the risk involved with credit cards and how impactful credit can be on an individual8s future# *ake sure your presentation reflects the importance of this topic#

Resources: &ou can find information regarding credit from the Federal Trade Commission o http:22www#consumer#ftc#gov2topics2money6credit

The following website will help you understand credit scores: o http:22www#aie#org2managing6your6money2credit6scores6and6reports25nderstand6the6Basics6of6 Credit60cores#cfm

The following websites can help you understand credit cards: o http:22afsaef#org2pdf2ACF>FB9#pdf

5se store websites to determine interest rates

Student Loans
Objectives: 7+plain how to go about applying for a student loan 7+plain who ualifies for student loans 7+plain how student loans work 9iscuss what types of student loans e+ist and how they are different from a grant 9iscuss how much the average student accumulates in student loans if he or she has bachelor8s degree, graduate degree, medical degree, or a law degree 9iscuss the difference in student loans necessary if a student attends a private vs# public university, and an instate vs# out of state school 7+plain when people begin paying back their student loans 9iscuss what an average student loan payment plan looks like once a student has earned their degree

9iscuss how long it takes the average person to pay back their student loan 9iscuss the dangers of student loans 7+plain how student loans can impact your long6term spending :i#e# mortgage or auto purchases< 9iscuss what an individual8s options would be if they are having trouble paying back their student loans 7+plain what happens if you default on your student loans% what happens to your student loans if you declare bankruptcy1 Create a five uestion ui! for your classmates to take after your presentation

Notes: &our presentation should last at least ten minutes# &ou may not simply cut and paste information from a website and put it into a )ower)oint(you must understand how student loans work and be able to discuss them with comfort Be sure to present in a formal manner(a )re!i or )ower)oint would be acceptable# All members of your group are e+pected to speak during the presentation# All members of your group should be comfortable with A,, )-.T$-/0 of the presentation, as $ may direct uestions at specific people# *ake sure information is coming from credible sources "hen creating your ui!, the uestions should vary in difficulty(overly simplistic uestions will result in a loss of points $f you provide me with an original copy of your ui! by the end of the day on Friday, $ will make copies for you% otherwise, you need to make your own copies for the class# &our goal is for your classmates to understand how student loans work and the risk and realities having them# *ake sure your presentation reflects the importance of this topic

Possible Resources: http:22studentaid#ed#gov2 http:22www#asa#org2basics2loans2 http:22www#finaid#org2loans2

Identity Theft
Objectives: 9iscuss the different types of identity theft )rovide pertinent statistics regarding identity theft 7+plain the different ways that identity thieves use personal information 9escribe the most common ways that identify theft happens 9escribe some of the newer ways that people8s identity8s are being stolen 9iscuss who is at risk for identity theft 9iscuss behaviors that increase an individual8s risk of having their identity stolen 7+plain what your responsibilities are if your identity is stolen 7+plain the potential negative conse uences of having your identity stolen $dentify the steps an individual must take if their identity is stolen 9iscuss ways that people can avoid getting their identities stolen Create a five uestion ui! for your classmates to take after your presentation

Notes: &our presentation should last at least ten minutes# &ou may not simply cut and paste information from a website and put it into a )ower)oint(you must understand how identify theft happens, how it can impact a person negatively, and how to avoid it% and you must be able to discuss the topic with comfort Be sure to present in a formal manner(a )re!i or )ower)oint would be acceptable# All members of your group are e+pected to speak during the presentation# All members of your group should be comfortable with A,, )-.T$-/0 of the presentation, as $ may direct uestions at specific people# *ake sure information is coming from credible sources "hen creating your ui!, the uestions should vary in difficulty(overly simplistic uestions will result in a loss of points

$f you provide me with an original copy of your ui! by the end of the day on Friday, $ will make copies for you% otherwise, you need to make your own copies for the class# &our goal is for your classmates to understand why identity theft is a big deal, how it can really mess up their lives, and how they can protect themselves# *ake sure your presentation reflects the importance of this topic#

Possible Resources: http:22www#'ustice#gov2criminal2fraud2websites2idtheft#html http:22www#consumer#ftc#gov2features2feature6BB=E6identity6theft http:22www#idtheftcenter#org2 http:22www#identitytheft#info2victims#asp+

Buying &our First Home

Objectives: $dentify how much you can spend on a home mortgage per month Find a home currently for sale on the market in the *etro 9etroit area using www#realtor#com Assume the following things to find your home: o o o o &our yearly income is @FB,BBB &ou are a recent college graduate with @CB,BBB of debt /o more than A>D of your income can be used to pay your mortgage &our total bills :mortgage, credit cards, student loans, and auto loans< cannot e+ceed EBD of your income &ou listened to *iss )ierce and have no credit card debt :good 'ob(thank God you had her for 7con< &our parents paid for your car :man, they8re nice<

o o

7+plain the difference between CB year fi+ed mortgage2=F year fi+ed mortgage2F2= Arm mortgage 9etermine if you want a CB year fi+ed mortgage or a =F year fi+ed mortgage 7+plain what you8re paying for when you pay the mortgage principal and interest 7+plain the difference between interest rate and A). :annual percentage rate< 7+plain what )*$ :private mortgage insurance< is and when you have to pay it Calculate the difference in your monthly payment when you are and when you are not able to make a ABD down payment on your home 9iscuss what you pay per month beyond 'ust your mortgage and insurance payment 9iscuss appro+imately how much you were able to spend on your home and in what areas of *etro 9etroit you were able to purchase $nclude a chart that shows how much you end up paying beyond the purchase price of your home once you8ve factored in the A)., property ta+es, and insurance# 9iscuss the advantages vs# disadvantages of owning a home verse renting a home

Notes: &our presentation should last at least ten minutes#

&ou may not simply cut and paste information from a website and put it into a )ower)oint(you must understand what is involved in getting a mortgage and purchasing a home% you must be able to discuss the topic with comfort Be sure to present in a formal manner(a )re!i or )ower)oint would be acceptable# All members of your group are e+pected to speak during the presentation# All members of your group should be comfortable with A,, )-.T$-/0 of the presentation, as $ may direct uestions at specific people# *ake sure information is coming from credible sources "hen creating your ui!, the uestions should vary in difficulty(overly simplistic uestions will result in a loss of points $f you provide me with an original copy of your ui! by the end of the day on Friday, $ will make copies for you% otherwise, you need to make your own copies for the class# &our main goal is for your classmates to understand the following things: o o o o How much they can really afford to spend on a home "here a @FB,BBB2@CB,BBB debt will allow them to purchase a home They different types of mortgages they can get "hat kinds of costs are involved when owning a home

Possible Resources: &ou can search homes on www#realtor#com &ou can find mortgage rates on https:22www#wellsfargo#com2mortgage2rates2