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Our mission is to insure that Maryland'sschool children leave high school equippedwith the economic, financial literacy anddecision-making content and skills they need to make informed, rational decisions as consumers, workers, citizens, savers,investors and participants in the globaleconomy.
How Does MCEE Accomplish Its Mission?
Maintaining our updated website at www.econed.org
Sponsoring signature programs– Stock Market Game™ – The Poster Contest
Assisting with curriculum writing
Providing Professional Development for educators
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%
Grades
2 MSDE CPD( plus 1 AU for Baltimore City Teachers)
Active participation 20%
In-Class Quizzes (2) 20%
Online Rdgs/Assessments 20%
Post-Test 20%
Behavioral Survey 5%
Original Lesson; Field Test; Summary 15%
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
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
ObjectivesDuring 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
How the Institute Works:
The Ying and Yang of It
Debbie
Pedagogy
Melissa
Content
Financial LiteracyA variety of materials to help you
Materials with Multiple Uses
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
What Personal Finance is About
Your source for understanding aspects of Financial Literacy
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
The Standards1. Making informed responsible
decisions2. Relate careers, education, and
income3. Plan and Manage Money4. Managing credit and debt5. Creating and building wealth6. Managing risks and preserving wealth
Standard 1Make Informed, Financially Responsible
Decisions
Making financial choices (includes resources,
decision-making process, opportunity cost)
Explaining philanthropy
Identifying goals
Markets
Productive ResourcesNATURAL HUMAN CAPITAL
(Think “Product”)
Human Resources
Workers; The health, strength, talents, education and skills that humans can use to produce goods and services.
Natural Resources
Gifts of nature that can be used to produce goods and services
Capital Resources
Tools; the goods that are manufactured or constructed by people and used to produce other goods and services.
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:
Another Option
And Yet AnotherPROBLEM CRITERIA
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.
Opportunity CostThe next best choice!
For Decision-Making & Opportunity Cost
Check Out…
Lesson 4 Lesson 5
Philanthropy
A personal
interest in helping others, especially through gifts to charityLesson
15
Goal Statement about what a person wants to accomplish by taking certain steps; provides direction to a plan of action
Lesson 7 Lesson 5
Goods Things that people make or grow that satisfy economic wants; things desired by consumers and supplied by producers.
Services Community jobs; Actions (jobs) that people do for each other
Goods & ServicesLesson 2 Lesson 1
MarketWhere buyers and sellers exchange
resources, goods, and services.
Mama Panya’s Pancakes:A Village Tale from Kenya
Market
Goods
Services
Standard 2 HighlightsRelate 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
Isabel’s Car Wash
Relationships among education, skills, economic conditions, and income
Sources of income
Goods
Investing
Standard 3 HighlightsPlan and Manage Money
Spending Plans
Financial Services
Develop Age-Appropriate Financial Goals
Taxation
Contracts
Standard 3
Develop Age-Appropriate Financial Goals
WHAT FINANCIAL GOALS DID YOU SET FOR YOURSELF?
Contracts
Agreement between two or more people to do or not do something
(Add “legally binding” when age-appropriate)
Behavior ContractStudent Name: Vinny BarbarinoRoom: 222Vinnie 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 belowOne = Does not get a chance to roll the die that dayTwo 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 table2 = One raffle ticket for monthly class drawing3 = One piece of candy4 = Gets to be first in line for the next school day5 = Gets to help teacher after school that afternoon6 = Five marbles for the class marble jar We agree to the terms of this behavior contract as set forth above. Gabe KotterMaria BabarinoVinnie Barbarino
What Are Taxes?
History of taxes
Meaning and purpose of taxes
How taxes affect individuals
Reasons for taxes
A Make-n-Take Moment
Standard 3 Plan and Manage Money
Lessons 6, 8, 15, 16
Lessons 4, 5, 6, 14, 15
Next Face-to-Face Session
• February 9, 2013
• 8:00 a.m.
• Room 310
• Melissa’s website: http://pages.towson.edu/mgroves/FinLitInstitute.html
Info for Online Session• Go to: https://university.educatedinvestor.com/university/login.xml (Will email you the link to cut/paste onto your browser.)
• Username: Your email address
• Password: finlit
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
And now…
Please complete …• today’s evaluation sheet.• the quiz.
