OVERVIEW: LEARNING OUTCOMES AND ACTIVITIES Module 3 ...maplp.weebly.com/uploads/1/3/9/4/13949900/hsfpp-module-3-earning-power... · Module 3: Earning Power ©2014 National Endowment

OVERVIEW: LEARNING OUTCOMES AND ACTIVITIES

Module 3: Earning Power

©2014 National Endowment for Financial Education www.hsfpp.org Overview: Outcomes and Activities

High School Financial Planning Program June 2014 Module 3: Earning Power

Module Target Learning Outcome

Boost personal earning capability.

Lesson Target Competencies

and Supporting Objectives Activities Pages

3-1

Invest in

Self

Explore the payoffs of investing in yourself.

Discuss the value of investing in yourself.

Identify how education can impact

earnings.

List strategies to minimize the costs of

education.

Task: What is it Worth to be in Class?

Task: Building a Path to My Career

Task: Compare Options

Activity 3.1: What do YOU Think? (optional)

Activity 3.2: My Interests

Activity 3.3: Worth Checking Out

Activity 3.4: My Investment in Me (optional)

Activity 3.5: What is the Cost?

Activity 3.6: Worth the Cost?

Activity 3.12: Advice for Kevin (optonal)

Assessment Challenge 3-A: Education Options

3-20

3-2

Job Benefits

and Costs

Measure the value of employee benefits.

Identify common types of employee

benefits.

Give examples of hidden costs of

employment.

List criteria to consider when making

decisions about where to work.

Task: Which Summer Job?

Task: Work Settng Preferences (optional)

Task: Hidden Costs of Employment

Task: Benefits Analysis (optional)

Activity 3.9: Compare Employment Benefits

Activity 3.10: The Costs of Working

Assessment Challenge 3-B: Thumbs Up or Down?

Taking it Home: Investigate Job Benefits

25-29

3-3

Pay and

Taxes

Assess factors that impact personal tax

liability and take-home pay.

Calculate net pay.

List factors that impact income tax

liability.

List factors that impact net pay.

Task: Figure the Net Pay

Activity 3.7: Get the W-4 Right

Activity 3.8: Check it Out!

Assessment Challenge 3-B: Thumbs Up or Down?

Taking it Home: Examine a Paystub

21-25

3-4

Lifestyle

Start down the path to achieving your

lifestyle and financial goals.

Identify trends that can potentially

impact options in the workplace.

Explore how a values and preferences

impact career and job choices.

Discuss how the cost of living can impact

cash flow and lifestyle.

Task: Work Setting Preferences

Task: My Future Life

Task: Should I Stay or Go?

Task: Tale of Two Cities

Activity 3.11: My Values at Work

Assessment Challenge 3-D: Plan for My Career

Taking it Home: Interview

30-36

3-5

Plan for

Changes

Prepare to deal with life and work

changes.

Give examples of work-related changes

that can impact financial status.

Discuss ways to deal with irregular income.

Identify skills, knowledge, and attitudes

that employers value in the workplace.

Consider entrepreneurial possibilities.

Success Stories

Task: Work for Myself

Activity 3.13: Downsizing My Financial Plan

Assessment Challenge 3-C: My Accomplishments

Assessment Challenge 3-D: Plan for My Career

Taking it Home: Interview

Taking it Home: Seek Out a Mentor

32-39

OVERVIEW: LEARNING OUTCOMES AND ACTIVITIES

Module 3: Earning Power

©2014 National Endowment for Financial Education www.hsfpp.org Overview: Outcomes and Activities

High School Financial Planning Program June 2014 Module 3: Earning Power

Introduction to Lessons

Lesson 3-1: Invest in Self

Working full time may seem a long time from now. But what you do today can greatly expand or limit the

options you will have for many years to come. Every- one has skills and talents to make the most of in a career.

Your potential is determined by you.

Continuing your education is your best chance for securing a good job so you can live a life you want. Investing

in training and education throughout your career can pay off in salary increases and promotions as well as give

you fall-back options should you encounter a work interruption such as a layoff.

In this lesson, students explore ways to maximize their future earning potential to achieve their dreams.

Lesson 3-2: Job Benefits and Costs

What do you consider when looking for a job? Pay? Hours? Schedule? Location? If you have a choice between

two jobs that pay nearly the same, what criteria do you use for a decision?

Although a job provides you with income, working can also impact your spending. When you have choices

about job offers, you will want to weigh the benefits of each option with what you are willing to give up. All of

this will help you assess job options to make decisions that match your work preferences and financial plan.

In this lesson, students assess the benefits and costs of job options.

Lesson 3-3: Pay and Taxes

If your job pays $8 an hour and you work 20 hours, your paycheck will be $160, right? The reality is, what you

earn is not the same as what you actually receive to spend as you wish. After taxes and other items are

deducted from your paycheck, you will have less money in hand to save, spend, or invest.

In this lesson, students investigate factors that impact take-home pay and learn about choices they have to

make the most of their hard-earned money.

Lesson 3-4: Lifestyle

What is most important to you when deciding where to work? Overall, the more closely your values match your

career, the more satisfying your work will be—and the easier it will be to succeed on the job and move closer to

reaching your financial goals.

Decisions you make in the next few years can either give you a jumpstart on living the life you want or create

detours which may limit your choices. The course you take will impact your financial goals, both short-term and

long-term.

In this lesson, students discover strategies to start down the path to achieve the lifestyle and financial goals of

their dreams.

Lesson 3-5: Plan for Change

Your career will have many highs and lows. By creating a plan and continually investing in yourself, you’ll get

through the low times faster. A little preparation will go a long way when your income takes a dive. Of course,

it’s easier to prepare if you know in advance that change is coming, such as when you decide to quit a summer

job to focus on school or when you move to a new city. Still, there’s a lot you can do in advance to ease the

stress of a layoff or unexpected work interruption.

What students learn in this lesson will help them deal with temporary or unexpected drops in income.

TEACHER LESSON PLAN

Lesson 3-1: Invest in Yourself

©2014 National Endowment for Financial Education www.hsfpp.org Lesson 3-1: Invest in Yourself

High School Financial Planning Program 1 June 2014

OVERVIEW

Working full time may seem a long time from now.

But what you do today can greatly expand or limit the

options you will have for many years to come. Everyone

has skills and talents to make the most of in a career.

Your potential is determined by you.

Continuing your education is your best chance for

securing a good job so you can live a life you want.

Investing in training and education throughout your

career can pay off in salary increases and promotions

as well as give you fallback options should you

encounter a work interruption such as a layoff.

This lesson will help you maximize your future earning

potential so you can achieve your dreams and live a life

you enjoy.

PREPARATION

Order a Module 3 Student Guide for each

student. (The Guide is also available online to

download.)

Preview the lesson PowerPoint presentation,

learning tasks, and Module 3 Student Guide,

particularly pages 3-20.

Print or download the Student Learning Plan

for this lesson so each student has a copy.

WHAT YOU WILL NEED

Module 3 Student Guide (pages 3-20)

PowerPoint Presentation 3-1

Student Learning Plan 3-1

Task: What is it Worth to Be in Class?



Internet access





Challenge 3-A: My Education Options

NOTES:

Approximate time: 45 minutes (minimum) - 90 minutes (with extension activities)

LEARNING OUTCOMES

In this lesson students explore the payoffs of

investing in themselves through education and

by continually developing skills. Along the way

they will:

Discuss the value of investing in themselves,

now and throughout their work lives.

Identify how education can impact future

earnings.


advanced education.

Students will use what they learn to outline a

career training and preparation plan.

TEACHER LESSON PLAN




LEARNING TASKS TEACHING NOTES MATERIALS

1. Make a list of

everything you feel

you are successful at

or have done

successfully at some

time in your life—

small things and big

things. Include all

areas of your life, not

just work.

PROCEDURE TIME ESTIMATE: 5 minutes

Ask students to think about ways they feel they have been

successful already in their young lives. Display Slide 2 to prompt

students to think about specific successes they have had. Allow two

or three minutes for students to quietly think-write (keep the pen or

pencil moving on the page) a list of personal successes. Encourage

them to think of awards or honors they have achieved; successes in

school, in clubs or in sports; personal skills (things they can do

better than most people they know); etc. Push students to list as

many items as they can, aiming for at least ten items. If students

are challenged by this, have them ask friends, family members and

others who know them well how they excel.

NOTES: This exercise can help students increase their self-

awareness. Many times, their successes can translate into

transferable job skills.

EXTENSION: Extended name tags: Have students consider their list

and try to come up with one or two adjectives to summarize their

success, skills or talents. Just one catch—adjectives have to begin

with the same letter as their first names. Students should then write

the adjective and first name on a name tag to wear during class.

Students should refer to each other by their extended name tags.

(Examples: Singing Sam, Bilingual Bob, Entrepreneur Ellie.)

Module 3 Student

Guide

Student Learning

Plan

SLIDE

2 – Your

Successes!

ACTIVITY

(optional) name

tags

2. Gina makes good

pay in her Uncle’s

shop but knows it’s in

her best interest to

finish high school.

Prove to her she’s

right! Complete the

What is it Worth to

be in Class? task to

find out how much

your time is worth-

while you are in

school today.

PROCEDURE TIME: 10 minutes

Have students complete the What is it Worth to be in Class?

task. Use this to transition into the lesson by telling the students

that they will explore the payoffs of investing in themselves, which

includes continuing their education.

[Slide 3] Preview the Learning Outcomes in the Student Learning

Plan. By the end of this lesson, the students should be able to

outline a career training and preparation plan.

[Slide 4] Introduce Kevin and Gina as the young people featured

in the Student Guide. The students will follow Kevin and Gina as

they make decisions about their careers and training.

STUDENT GUIDE

Pages 3-9

SLIDES

3 – Preview

4 – Meet Kevin and

Gina

ACTIVITY

Task: What is it

Worth to be in

Class?

calculators

TEACHER LESSON PLAN





EXTENSION: For more advanced students, have them research more

current data on annual earnings. Assign the students to calculate

out the lifetime earnings based on education level. Have students

develop a formula that takes into account the recent average rate of

inflation.

RESOURCES:

US Census, www.census.gov/compendia/statab/cats/income_

expenditures_poverty_wealth.html

Bureau of Labor Statistics, “Education Pays,” www.bls.gov/

emp/ep_chart_001.htm, the average number of years worked

Social Security Administration’s “Myths & Facts: Raising the

Social Security Retirement Age,” www.socialsecuritymatters.org/

Resources_files/MythsFactsRetAge.pdf

3. Before you decide

on a college, it helps

to have a sense of

what your first career

might be so that any

education and

training after high

school has a purpose

and will help you

towards your career

goal.

Think of two different

possible careers that

sound interesting to

you. Complete the

Building a Path to My

Career task to map

out information that

will help you plan your

path forward.

PROCEDURE TIME ESTIMATE: 20+ minutes

[Slide 5] Point out the value of continuing education beyond

high school. Having a haphazard career and training plan or no plan

can delay the potential for future career advances and increases in

income. Starting to think about career and education options now

can help students take advantage of opportunities available during

their teen years. (For example, enrolling in classes for college

credit, ensuring coursework is completed to be eligible for entrance

requirements.) Planning ahead can also reduce the risk of barriers

(such as not enough credits to graduate, insufficient grades or

coursework to get into a training/college program) that might

impact eligibility requirements.

Make sure each student has access to a computer with Internet.

Distribute the Building a Path to My Career task. (You may opt to

have students work in pairs if computer access is limited. Each

student must still complete his or her own worksheet, and students

paired together cannot choose the same careers.) Circulate among

students to make sure they understand the task directions and are

putting accurate information on their task worksheets.

NOTES: Before this activity, it would be helpful to have students

complete Activity 3.2: My Interests, Activity 3.3: Worth Checking

Out, and/or perform a career interest inventory. There are several

free inventories available online. O*NET has seven different free

assessments available online: www.onetcenter.org/IP.html.

STUDENT GUIDE

Pages 5-7

SLIDE

5 – Plan Ahead for

a Career

ACTIVITIES

Task: Building a

Path to My Career

Activity 3.2: My

Interests

Activity 3.3: Worth

Checking Out

Internet

TEACHER LESSON PLAN





RESOURCES:

O*NET Resource Center, www.onetcenter.org/IP.html

Occupational Outlook Handbook, www.bls.gov/oco/

Exploring Career Information, Bureau of Labor Statistics,

www.bls.gov/k12/

American Job Center Network, http://jobcenter.usa.gov

4. A college education

may be one of the

most important (and

expensive!)

investments you will

ever make.

Review the Building a

Path to My Career

task to determine

what type of

advanced education

best fits your needs.

Then complete the

Compare Options

task to compare at

least two options that

meet your criteria.

Use this information

to complete Activity

3.5: What is the

Cost? and Activity

3.6: Worth the Cost?

PROCEDURE TIME ESTIMATE: 15+ minutes

[Slide 6] Point out the value of investing in an education as a

way to stay current in the job market and to have the skills needed

to adapt when work situations change. Student Guide, page 11.

[Slide 7] Give a general overview of how four- and two-year

colleges, apprenticeship, and military programs prepare people for

careers (page 12). Use Kevin’s and Gina’s stories to feature

different routes used to gain education and training for careers.

Expand or contract this conversation based on the time available,

previous knowledge of your students, and the relevancy to the

student grade level. Invite the students to share personal stories

about education choices made by family members or friends who

entered their careers via a two-year college, apprenticeship, or

military program.

EXTENSION:

This is a good time to invite guest speakers to share details

about specific education options.

Encourage students to attend a local education fair.

Assign students to learn more about each option through an

Internet search or in-person visits.

[Slides 8-9] Kick off a discussion about the costs of education

by guiding the students to study the Cost of College chart on page

13. Point out ways to manage the costs of continuing education

beyond high school. More detailed recommendations are provided

in the Student Guide, pages 13-19.

Extension: Encourage students to explore these NEFE resources:

40 Money Management Tips for College Students,

www.smartaboutmoney.org/40moneytips

College CashCourse, www.cashcourse.org (worksheets: Job

Priorities, Job Comparison). Students and Instructors who are

not affiliated with a college or university can register as “Other”

to access CashCourse and utilize the site resources.

STUDENT GUIDE

Page 11-19

SLIDES

6 – Education is an

Investment in You

7 – Education

Options

8 – How to Manage

Education Costs

9 – More Ways to

Manage Education

Costs

ACTIVITIES

Task: Compare

Options

Task: Building a

Path to My Career

Activity 3.5: What is

the Cost?

Activity 3.6: Worth

the Cost?

Internet

TEACHER LESSON PLAN





Make sure each student has access to the Internet. Guide

students to review the information from their Building a Path to My

Career task to research two options for advanced education (four-

year colleges, community or technical colleges, apprenticeship

programs, or military) based on their career interests. Students

should document what was listed for comparison criteria using the

Compare Options task. Point out web resources on page 12 where

students can narrow down options.

WEB RESOURCES (available as of September 2012):

College Search feature, www.collegeboard.org

Community College Finder, www.aacc.nche.edu

Potential apprentices – an introduction,

www.dir.ca.gov/Apprenticeship/ApprenticeshipIntro.htm

Join Armed Forces info, www.military.com/join-armed-forces

Have students refer back to the Building a Path to My College

task and their newly completed tasks to complete Activity 3.5:

What is the Cost? and Activity 3.6: Worth the Cost?

NOTES: For the sake of consistency, be sure students compare the

same length of degree (two-year, four-year, etc.) for each college

selected. Students can substitute a two-year degree or a five-year

combined degree program for their tasks as long as they are

making “apples to apples” comparisons between their selected

colleges. If students choose a shorter degree term (two-years or

less), have them change the length of the loan to five years.

EXTENSION: You can extend this activity by assigning the students

to research financial aid options for the colleges they have

selected. Students can also research potential scholarships

provided by/for: academic scholarship, athletic capability, artistic

talent, employer, parents’ employers, religious organization,

community organization, military, ethnicity, place of residence,

noteworthy achievements, etc.

RESOURCES:

College View, www.collegeview.com

Peterson’s, www.petersons.com

5. Complete

Challenge 3-A: My

Education Options.

PROCEDURE In- class or out-of-class assignment

Assign the students to complete Challenge 3-A: My Education

Options to consider their best type of training options(s).

SLIDE

10 - Challenge

ACTIVITY

Challenge 3-A: My

Education Options

TEACHER LESSON PLAN





REFLECTION PROCEDURE In-class or out-of-class

Tell students to reflect on the following two questions:

What are the three greatest challenges I will face when

preparing for my first career?

What are the greatest opportunities I might encounter while

preparing for my first career?

SLIDE

11 - Reflection

FURTHER STUDY

Investigate the cost

of remediation.

PROCEDURE In-class or out-of-class assignment

PREP: Contact your local community college to see if you can

arrange for practice testing. If it is not possible for students to take

the Accuplacer or similar placement test, ask the Placement

Testing Center staff of a local college or university if you can get

old copies of any placement tests they have used in the past. Try

to get at least one math test (Algebra) and one English test

(Reading Comprehension).

RESOURCE:

College Board, www.collegeboard.com/student/testing/accuplacer/

Describe the difference between admissions tests (such as the SAT or

ACT) and college placement exams (such as the Accuplacer).

ACTIVITY

College information

Internet

Access to practice

or actual college

placement test

such as the

Accuplacer

FURTHER STUDY

Explore growing

industry career

opportunities.


Direct the students to independently consider two possible careers

to pursue, one that represents their passions and one that would

make a good fallback option. Prompt the students to research the

two current fastest growing industries and then explain how their

chosen career options can apply to each growing industry.

Provide students with examples to get them started. For example,

a career with plenty of openings, one that would allow for

advancement, and one that provides a livable wage, etc.).

RESOURCE: www.bls.gov/emp/ep_table_203.htm

Internet

FURTHER STUDY:

Are you college ready? Check to see how well you perform on a college placement test, and then calculate the

cost of remediation, if needed.

FURTHER STUDY

Consider two possible careers for yourself—one that represents your passion and one that would make a good

fallback option. Research the two current fastest growing industries. How can you apply your chosen career

options to each growing industry?

0©2014 National Endowment for Financial Education | www.hsfpp.org

Lesson 3-1: Invest in YourselfHigh School Financial Planning Program

Display this slide as you introduce today’s lesson.

High School Financial Planning Program Lesson 3-1: Invest in Yourself

©2014 National Endowment for Financial Education | www.hsfpp.org 1

Ask students to think about ways they feel they have been successful already in their

young lives. Display this slide to prompt students to think about specific successes

they have had. Allow two or three minutes for students to quietly think-write (keep the

pen or pencil moving on the page) a list of personal successes. Encourage them to

think of awards or honors they have achieved; successes in school, in clubs or in

sports; personal skills (things they can do better than most people they know); etc.

Push students to list as many items as they can, aiming for at least ten items. If

students are challenged by this, have them ask friends, family members and others

who know them well how they excel.

NOTES: This exercise can help students increase their self-awareness. Many times, their

successes can translate into transferable job skills.

EXTENSION: Extended name tags: Have students consider their list and try to come up

with one or two adjectives to summarize their success, skills or talents. Just one catch—

adjectives have to begin with the same letter as their first names. Students should then

write the adjective and first name on a name tag to wear during class. Students should

refer to each other by their extended name tags. (Examples: Singing Sam, Bilingual Bob,

Entrepreneur Ellie.)



Have students complete the What is it Worth to Be in Class? task. Use this to

transition into the lesson by telling the students that they will explore the payoffs of

investing in themselves, which includes continuing their education.

Preview the Learning Outcomes in the Student Learning Plan. By the end of this

lesson, the students should be able to outline a career training and preparation plan.



Introduce Kevin and Gina as the young people featured in the Student Guide. The

students will follow Kevin and Gina as they make decisions about their careers and

training.

EXTENSION: For more advanced students, have them research more current data on

annual earnings. Assign the students to calculate out the lifetime earnings based on

education level. Have students develop a formula that takes into account the recent

average rate of inflation.

RESOURCES:

US Census,

www.census.gov/compendia/statab/cats/income_expenditures_poverty_wealth.html

Bureau of Labor Statistics, “Education Pays,” www.bls.gov/emp/ep_chart_001.htm,

the average number of years worked

Social Security Administration’s “Myths & Facts: Raising the Social Security

Retirement Age,”

www.socialsecuritymatters.org/Resources_files/MythsFactsRetAge.pdf



Student Guide, pages 5-7

Point out the value of continuing education beyond high school. Having a haphazard career and

training plan or no plan can delay the potential for future career advances and increases in

income. Starting to think about career and education options now can help students take

advantage of opportunities available during their teen years. (For example, enrolling in classes for

college credit, ensuring coursework is completed to be eligible for entrance requirements.)

Planning ahead can also reduce the risk of barriers (such as not enough credits to graduate,

insufficient grades or coursework to get into a training/college program) that might impact

eligibility requirements.

Make sure each student has access to a computer with Internet. Distribute the Building a Path to

My Career task. (You may opt to have students work in pairs if computer access is limited. This

activity will take more time if students are paired. Each student must still complete his or her own

worksheet and students paired together cannot choose the same careers.)

Circulate among students to make sure they understand the worksheet directions and are putting

accurate information on their worksheets.

NOTES: Before this activity, it would be helpful to have students complete Activity 3.2: My Interests,

Activity 3.3: Worth Checking Out, and/or perform a career interest inventory. There are several free

inventories available online. O*NET has seven different free assessments available online:

www.onetcenter.org/IP.html.

RESOURCES:

O*NET Resource Center, www.onetcenter.org/IP.html

Occupational Outlook Handbook, www.bls.gov/oco/

Exploring Career Information, Bureau of Labor Statistics, www.bls.gov/k12/

American Job Center Network, http://jobcenter.usa.gov




Point out the value of investing in an education as a way to stay current in the job

market and to have the skills to adapt to changes in work situations. Study the

content on Student Guide, page 11.




Give a general overview of how four- and two-year colleges, apprenticeship, and

military programs prepare people for careers (page 12). Use Kevin’s and Gina’s

stories to feature different routes used to gain education and training for careers.

Expand or contract this conversation based on the time available, previous knowledge

of your students, and the relevancy to the student grade level. Invite the students to

share personal stories about education choices made by family members or friends

who entered their careers via a two-year college, apprenticeship, or military program.

EXTENSION:

This is a good time to invite guest speakers to share details about specific education

options.

Encourage students to explore each option by attending a local education fair.

Assign students to learn more about each option through an Internet search or

in-person visits.




Kick off a discussion about the costs of education by guiding the students to study the

Cost of College chart on page 13. Point out ways to manage the costs of continuing

education beyond high school. More detailed recommendations are provided in the

Student Guide. (This continues onto the next slide.)

Extension: Encourage students to explore additional tips provided in NEFE resources:

40 Money Management Tips for College Students,

www.smartaboutmoney.org/40moneytips

CashCourse Prep, www.cashcourse.org. Students and Instructors who are not

affiliated with a college or university can register as “Other” to access CashCourse

and utilize the site resources.

- Financial Basics

- Paying for College

- College Life




(Continued) Point out additional ways to manage the costs of continuing education beyond high school.

Make sure each student has access to the Internet. Guide students to review the information from their

Building a Path to My Career task to research two options for advanced education (four-year colleges,

community or technical colleges, apprenticeship programs, or military) based on their career interests.

Students should document what was listed for comparison criteria using the Compare Options task. Point out

web resources on page 12 where students can narrow down options.

WEB RESOURCES (available as of September 2012):

- College Search feature, www.collegeboard.org

- Community College Finder, www.aacc.nche.edu

- Potential apprentices – an introduction, www.dir.ca.gov/Apprenticeship/ApprenticeshipIntro.htm

- Join Armed Forces info, www.military.com/join-armed-forces

Finally, have students refer back to the Building a Path to My College task and their newly completed tasks to

complete Activity 3.5: What is the Cost? and Activity 3.6: Worth the Cost?

NOTES: For the sake of consistency, be sure students compare the same length of degree (two-year, four-year, etc.)

for each college selected. Students can substitute a two-year degree or a five-year combined degree program for

their tasks as long as they are making “apples to apples” comparisons between their selected colleges. If students

choose a shorter degree term (two-years or less), have them change the length of the loan to five years.

EXTENSION: You can extend this activity by encouraging the students to research financial aid options for the

colleges they have selected. Students can also research potential scholarships provided by/for: academic

scholarship, athletic capability, artistic talent, employer, parents’ employers, religious organization, community

organization, military, ethnicity, place of residence, noteworthy achievements, etc.

RESOURCES:

College View, www.collegeview.com

Peterson’s, www.petersons.com



In-class or out-of-class

Assign the students to complete Challenge 3-A: My Education Options to consider

their best type of training option(s).



In-class or out-of-class

Tell students to reflect on the two questions about challenges and opportunities.




Lesson 3-1: Invest in YourselfHigh School Financial Planning Program

STUDENT LEARNING PLAN



High School Financial Planning Program June 2014

OVERVIEW

Working full time may seem a long time from now. But

what you do today can greatly expand or limit the

options you will have for many years to come. Every-

one has skills and talents to make the most of in a

career. Your potential is determined by you.

Continuing your education is your best chance for

securing a good job so you can live a life you want.

Investing in training and education throughout your

career can pay off in salary increases and promotions

as well as give you fallback options should you

encounter a work interruption such as a layoff.

This lesson will help you maximize your future earning

potential so you can achieve your dreams and live a

life you enjoy.

LEARNING TASKS These tasks match pages 3-20 in Student Guide 3.

__ 1. Make a list of everything you feel you are successful at or have done successfully at some time in your

life—small things and big things. Include all areas of your life, not just work.

__ 2. Gina makes good pay in her Uncle’s shop but knows it’s in her best interest to finish high school.

Prove to her she’s right! Complete the What is it Worth to be in Class? task to find out how much your

time is worth while you are in school today.

__ 3. Before you decide on a college, it helps to have a sense of what your first career might be so that any

education and training after high school has a purpose and will help you towards your career goal.

Think of two different possible careers that sound interesting to you. Fill out the Building a Path to My

Career task to map out information that will help you plan your path forward.

__ 4.

A college education may be one of the most important (and expensive!) investments you will ever

make. Review the Building a Path to My Career task to determine what type of advanced education

best fits your needs. Then complete the Compare Options task to compare at least two options that

meet your criteria. Use this information to complete Activity 3.5: What is the Cost? and Activity 3.6:

Worth the Cost?

__ 5. Consider the best type of training option(s) for you. Complete Challenge 3-A: My Education Options.

FURTHER STUDY:

Are you college ready? Check to see

how well you perform on a college

placement test, and then calculate the

cost of remediation, if needed.

FURTHER STUDY

Consider two possible careers for yourself—one that represents

your passion and one that would make a good fallback option.

Research the two current fastest growing industries. How can

you apply your chosen career options to each growing industry?

LEARNING OUTCOMES

In this lesson you will explore the payoffs of

investing in yourself through education and by

continually developing skills. Along the way

you will:

Discuss the value of investing in yourself,

now and throughout your work life.

Identify how education can impact your

future earnings.


advanced education.

Use what you learn to outline a career training

and preparation plan.

Activity 3.1: What do YOU Think?

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.1: What do YOU Think?


NAME: DATE:

1. What type of life do you see yourself living the year after high school?

2. Now, jump ahead a few years to your life at age 25. How will your life be different?

3. Finally, what will your life be like when you’re the same age as your parents are now?


©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.2: My Interests


NAME: DATE:

Directions:

In the space below, write words or draw pictures for 10 things that you like to do in your free time,

in school, or on the job.

Things I Like to Do


©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.3: Worth Checking Out


NAME: DATE:

Directions:

1. Review your interests list from Activity 3.2 and the results of any career interest surveys that you have

completed in the past two years.

2. Identify two careers you are interested in learning more about.

3. Choose one that represents your passion and one that might be a good fallback option, or Plan B.

Plan A:

Plan B:

Go to the American Job Center Network (jobcenter.usa.gov),

a one-stop website where you can do the following:

take an interest assessment

explore careers

research education opportunities

plan a job search

Activity 3.4: My Investment in Me

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.4: My Investment in Me


NAME: DATE:

Directions:

List three ways that you have already invested in building skills and planning for a job or career.

How else can you invest in yourself over the next one to three years?

Already Invested Next Investment Strategies


©2012 National Endowment for Financial Education www.hsfpp.org Activity 3.5: What is the Cost?

High School Financial Planning Program April 2013

NAME: DATE:

Directions:

Compare the most recently published annual costs to attend and live on campus at three different

colleges. Tip: You can find the estimated cost of attendance on college websites.

Research costs of a college from each one of the following categories:

private nonprofit college

in-state public college

out-of-state public college

College Type Private In-State Out-of-State

College Name

Annual Costs $ $ $


©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.6: Worth the Cost?


NAME: DATE:

Directions:

Look up the average annual salaries for the careers you listed in Activity 3.3: Worth Checking Out.

Use the college cost amounts from Activity 3.5: What is the Cost to compare the average salaries

with four years of average college costs at private and public schools.

Based on your comparison, which school options seem financially reasonable for the careers you are

considering? Be prepared to defend your response.

Activity 3-12: Advice for Kevin

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.12: Advice for Kevin


NAME: DATE:

Directions:

Imagine that Kevin lives and attends school in your community. Recommend three strategies he can use

to learn more about careers in the health care industry.

1.

2.

3.


©2014 National Endowment for Financial Education www.hsfpp.org Task: What is it Worth to Be in Class?


NAME: DATE:

Directions: Calculate how much getting that high school diploma is worth.

Given the average lifetime earnings fori:

Professional Degree ................................................... $4,159,000

Doctoral Degree ......................................................... $3,525,000

Master’s Degree ......................................................... $2,834,000

College graduate with bachelor’s degree ................. $2,422,000

Two-year college associate’s degree ........................ $1,813,000

High school diploma (or GED) .................................... $1,371,000

Less than high school ................................................. $ 936,000

1. Figure the difference in potential income between a high school graduate and someone who

did not go to school beyond the ninth grade:

$ 1,371,000 Average lifetime earnings (high school diploma)

– $ 936,000 Average lifetime earnings (ninth-grade education or less)

= $ (A) Potential additional future earnings for a high school graduate

2. Divide the potential additional future earnings for a high school graduate (A) by the number of years

typically spent in high school:

$ (A) Potential additional future earnings for a high school graduate

(A) ÷ 4 years

= $ (B) Potential additional future earnings associated with each year of high school

3. Divide the potential additional future earnings per school year (B) by the average number of school

days per school year (C):

$ (B) Potential additional future earnings per school year (for a high school graduate)

(B) ÷ 180 days per school year

= $ (C) Approximate value of a day’s education for a high school graduate

i Note: Based on the sum of median 2011 earnings of workers aged 25 to 64 who maintain full-time, year-round employment over

a 40-year time period. No allowance is made for the shorter work life resulting from time spent in college or out of the labor force

for other reasons. Source: U.S. Census Bureau, 2011 American Community Study.

Additional Source: Sandy Baum, Jennifer Ma and Kathleen Payea; Education Pays 2010: The Benefits of Higher Education for

Individuals and Society, College Board Advocacy & Policy Center.


©2014 National Endowment for Financial Education www.hsfpp.org Task: What is it Worth to Be in Class? - KEY


NAME: KEY DATE:

Directions: Calculate how much getting that high school diploma is worth.

Given the average lifetime earnings fori:

Professional Degree ................................................... $4,159,000

Doctoral Degree ......................................................... $3,525,000

Master’s Degree ......................................................... $2,834,000

College graduate with bachelor’s degree ................. $2,422,000

Two-year college associate’s degree ........................ $1,813,000

High school diploma (or GED) .................................... $1,371,000

Less than high school ................................................. $ 936,000

1. Figure the difference in potential income between a high school graduate and someone who

did not go to school beyond the ninth grade:

$ 1,371,000 Average lifetime earnings (high school diploma)

– $ 936,000 Average lifetime earnings (ninth-grade education or less)

= $ 435,000 (A) Potential additional future earnings for a high school graduate

2. Divide the potential additional future earnings for a high school graduate (A) by the number of years

typically spent in high school:

$ 435,000 (A) Potential additional future earnings for a high school graduate

(A) ÷ 4 years

= $ 108,750 (B) Potential additional future earnings associated with each year of high school

3. Divide the potential additional future earnings per school year (B) by the average number of school

days per school year (C):

$ 108,750 (B) Potential additional future earnings per school year (for a high school graduate)

(B) ÷ 180 days per school year

= $ 604.00 (C) Approximate value of a day’s education for a high school graduate

i Note: Based on the sum of median 2011 earnings of workers aged 25 to 64 who maintain full-time, year-round employment over

a 40-year time period. No allowance is made for the shorter work life resulting from time spent in college or out of the labor force

for other reasons. Source: U.S. Census Bureau, 2011 American Community Study.

Additional Source: Sandy Baum, Jennifer Ma and Kathleen Payea; Education Pays 2010: The Benefits of Higher Education for

Individuals and Society, College Board Advocacy & Policy Center.


©2014 National Endowment for Financial Education www.hsfpp.org Task: Building a Path to My Career


NAME: DATE:

Directions:

Use the Occupational Outlook Handbook and/or labor market and occupational data from your state to

research information for your top two career choices. Then, compare your answers to a classmate’s. Two

examples are done for you.

Occupation Hairdresser* Architect*

Employment Outlook better than average

(20 percent growth)

better than average

(16 percent growth)

Expected

Entry-Level Wage

(hourly or annually)

about $10 per hour plus tips About $60,000 per year

Possible Concerns 44 percent are self-employed

competition for higher paying

openings is high

About 21 percent are self-employed

Stiff competition, for jobs in most

prestigious firms.

Many work more than 50 hours per

week

Hiring Requirements License, post-high school training

To get licensed: 5 yr. professional

degree, 3+ years of practical work,

training, and pass license exam

School or College

Where I Can Train Diva Hairdressing Academy XXX State University

Length of Training 1,000 hours Minimum 6 years

Cost of Training Approximately $11,857 Approximately $132,744

Three Skills I Can

Develop Now to Prepare

build communication skills

learn budgeting

develop marketing skills

research (Where is new

construction?)

time/stress management

computer-aided drawing

*Occupation data is based on 2011 available data.


©2014 National Endowment for Financial Education www.hsfpp.org Task: Building a Path to My Career


Now it’s your turn. Gather information about two careers that are interesting to you.

Occupation

Employment Outlook

Expected

Entry-Level Wage

(hourly or annually)

Possible Concerns

Hiring Requirements

School or College Where

I Can Train

Length of Training

Cost of Training

Three Skills I Can

Develop Now to Prepare


©2014 National Endowment for Financial Education www.hsfpp.org Task: Compare Options


NAME: DATE:

Directions: Compare at least two post-secondary education or training options based on your future career

interests. You may find one of the following websites helpful in your search.

College Search feature, www.collegeboard.org

Community College Finder, www.aacc.nche.edu

Potential Apprentices—An Introduction, www.dir.ca.gov/Apprenticeship/ApprenticeshipIntro.htm

Join Armed Forces info, www.military.com/join-armed-forces

Feature Option A Option B

College or Program Name

Location (City, State)

Internship opportunities

Work-study opportunities

Study abroad opportunities

Job placement rate

Cost per year

Cost for degree or program

(if tuition rates and fees

remain stable)

Potential cost of 15-year

student loan (assume four

years of college and a loan

with 8 percent interest)

Monthly student loan

payment

Potential career(s) with

this degree or certificate

Average annual salary

Monthly salary

Percent of monthly salary

required to pay back student

loan (if applicable)


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 3-A: My Education Options


NAME: DATE:

For this challenge task, use what you have learned in Lesson 3-1: Invest in Yourself and other career-related

study to make a thoughtful decision about training for a future career. Select the best type of education or

training program for you as you prepare for a career that interests you now. For future reference as your life

circumstances and interests change, add this decision summary to your personal financial planning portfolio.

Directions:

1. Apply what you have learned about criterion-based decision making as you complete this challenge.

Review the six DECIDE action steps to guide your work (Page 40 Appendix or Module 1 Student Guide,

page 20). Preview the criteria listed in the Scoring Guide to plan for your assessment.

2. Use the chart below or create a separate document to summarize your decision-making process. Take

into consideration your current circumstances and values. Ask for input from someone who knows you

well enough to help you explore realistic options that are most suitable to your circumstances, values,

and preferences.

3. Using the Scoring Guide, self-assess your work, and also ask a classmate to peer assess your work.

DECIDE Steps My Situation

1 Define your goal.

2 Establish your criteria.

3 Choose three good

options.

4 Identify the pros and

cons of the options.

5 Decide what’s best.

6 Evaluate the results.


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 3-A: My Education Options


NAME: DATE:

Required Criteria Status

Content

1. In one sentence you state what you want to achieve as a result of the

decision-making process. acceptable not acceptable

2. Outcome involves a major decision related to skill training beyond high school. acceptable not acceptable

3. You justify how the decision and outcome relates to your current

circumstances and values. acceptable not acceptable

4.

Summary lists at least six criteria for an acceptable outcome, including the

features or circumstances you absolutely must have as well as those you

would like to have or will not accept.

acceptable not acceptable

Option Status Rating Key: “A” = Acceptable / “NA” = Not Acceptable Option A Option B Option C

5. Summary includes details about three possible options.

6. You devise a way to illustrate how well each option matches your criteria.

7. You point out the option that you have chosen. acceptable not acceptable

8. You justify why the chosen option was selected. acceptable not acceptable

9. You choice is logical based on the known circumstances, stated criteria, and

potential to achieve the desired outcome. acceptable not acceptable

10. You summarize what you do and don’t like about your choice and justify any

modifications that were made in the purpose, criteria, or options. acceptable not acceptable

General

11. Content is clearly stated with distinct detail. acceptable not acceptable

12. Documentation is neat and easy to read. acceptable not acceptable

13. Information about the options is accurate or can be verified. acceptable not acceptable

Feedback: Score: _______ /_______

TEACHER LESSON PLAN


©2014 National Endowment for Financial Education www.hsfpp.org Lesson 3-2: Job Benefits and Costs


OVERVIEW

What do you consider when looking for a job? Pay?

Hours? Schedule? Location? If you have a choice

between two jobs that pay nearly the same, what

criteria do you use for a decision?

Although a job provides you with income, working can

also impact your spending. When you have choices

about job offers, you will want to weigh the benefits of

each option with what you are willing to give up. All of

this will help you assess job options to make

decisions that match your work preferences and

financial plan.

PREPARATION



download.)






WHAT YOU WILL NEED





Task: Benefits Analysis (extension)

Task: Hidden Costs of Employment (Scenarios)

Task: Work Setting Preferences (optional)

Activity 3.9: Compare Employee Benefits


Challenge Assignment 3-B: Thumbs Up or

Thumbs Down?

Clock, prize (optional) for Task 4

NOTES:


Additional Resource: College CashCourse, www.cashcourse.org (worksheets: Job Priorities, Job Comparison).

Students and Instructors who are not affiliated with a college or university can register as “Other” to access

CashCourse and utilize the site resources.

LEARNING OUTCOMES

In this lesson students measure the value of

employee benefits. Along the way they will:


benefits.


employment.



Students will use what they learn to assess

the benefits and costs of job options.

http://www.cashcourse.org

TEACHER LESSON PLAN





1. Where have you

worked? Why did you

choose that particular job

and business?

PROCEDURE Time Estimate: 5 minutes

[Slide 2] Introduce the lesson by asking students to share

(either with the whole class or with a partner) where they work or

have worked. Gather information about why students choose to

work specific jobs or for specific employers. As appropriate

throughout the lesson, reference these examples to relate to

student situations.

[Slide 3] Preview the Learning Outcomes in the Student

Learning Plan. By the end of this lesson, the students should be

able to weigh job benefits and costs to assess employment

options.

Module 3 Student

Guide

Student Learning

Plan

SLIDES

2 – Your Job

Choices

3 – Preview

2. Both Kevin and Gina

are lucky—they already

have jobs. Summertime

and the holidays often

provide teens with their

first working experience.

Complete the Which

Summer Job? task to

recommend the best job

option for another teen.

PROCEDURES TIME: 10 minutes

Arrange for students to work in pairs or small groups to

complete the Which Summer Job? task. Arrange for students to

read about Nicholas’s two summer job options. Tell students to

be prepared to share the team’s recommendation and reason

for the recommendation. Compare how many students selected

the gym versus the pool.

EXTENSION: Have the students create a third job offer for

Nicholas at a local fast food restaurant or sit-down restaurant.

Students need to consider details for each benefit category.

SLIDE

4 – Help Nicholas

Decide

ACTIVITY

Task: Which

Summer Job?

3. What’s it worth?

Compare the value of

different benefits for two

hypothetical job offers

with the same salary as

you complete Activity

3.9: Compare Employee

Benefits. Be ready to

share with the class

which offer you would

take and why.

PROCEDURES: TIME: 10 minutes

[Slide 5] Provide an overview of typical types of employee

benefits and how the benefits add value to the work pay.

Consider sharing personal examples of types of benefits you

have received on current and past jobs. Invite students to share

examples of benefits for their own jobs.

Point out that the benefits (compensation package) provided

by employers vary from job to job. Facilitate a discussion about

why employers do or do not choose to provide benefits to their

employees. (Student Guide, pages 25-27)

STUDENT GUIDE

Pages 25-27

SLIDE

5 – Employee

Benefits Add Value

to Jobs

ACTIVITIES

Task: Benefits

Analysis

Activity 3.9:

Compare Employee

Benefits

calculators

TEACHER LESSON PLAN





Arrange for students to work in pairs or small groups to

complete Activity 3.9: Compare Employee Benefits. Make sure

each pair of students has at least one calculator available. Read

the directions to the students.

Figure out how each benefit will add to or take away from

your annual salary. If you have extra time, see if you can

forecast how each benefit could impact your bottom line

after ten years. After you consider the different benefits,

decide if you would accept Offer A or Offer B.

As students work, circulate among the students. Be ready to

explain the different benefits and their importance to students.

Help any pairs of students who may be struggling with the math-

like word problems. After five minutes or so, ask students to

share their answers, explaining which offer is better for each

benefit. Ask several students to volunteer which offer they would

accept and why.

EXTENSION: As a follow-up, ask students to consider the long-

term impact (meaning, ten years from now) for each benefit.

Some impacts can be measured in dollars; others can be

measured by more indirect measures such as quality of life. Or,

distribute the Benefits Analysis task for students to predict the

long-term impact of various employee benefits.

4. How many hidden

costs can you find in an

employment scenario?

Complete Activity 3.10:

The Costs of Working to

list any extra expenses

you have had due to

work.


Ask students to share what they find inconvenient about

working. Note any themes that emerge such as hours or

scheduling issues. Select responses as examples of costs

related to the job as you transition into the next task.

Divide the class into groups and assign each group one of

the employment scenarios from the Hidden Costs of

Employment scenarios task. Allow three minutes for students to

read the scenario and brainstorm as many costs as they can

think of that the students in the scenarios might encounter for

their respective jobs.

When time is up, have the students report back on how many

costs they thought of for their scenario. Have students list out

the costs to the class; you get final say as to whether a cost is

legitimate or not. If you desire, award a group “winning status”

and a fitting prize.

STUDENT GUIDE

Pages 28-29

SLIDE

6 – What are Hidden

Costs of Working?

ACTIVITIES

Task: Hidden Costs

of Employment

scenarios

Activity 3.10: The

Costs of Working

Stop watch

(optional: prizes)

Internet (optional)

TEACHER LESSON PLAN





[Slide 6] Give examples of additional costs to fill in gaps that

were not addressed during the previous task.

Assign students to complete Activity 3.10: The Costs of

Working, either in class or out of class. This is a good time to

explain that not all costs are monetary. In some cases,

opportunity costs involve the next best option that was given up

when a choice is made as in the case of Uncle Frank’s employee

(Student Guide, page 29).

EXTENSION: Using the Internet, have students research the

actual costs for each scenario.

[Optional] Review a list of

Work Setting

Preferences, and circle

the ten that are most

important to you. Based

on your preferences,

write a paragraph that

describes what a day

working at your ideal job

would be like.


[Optional in this lesson or complete in Lesson 3-4]

Have students complete the Work Setting Preferences task to

indicate what is important to them when working.

Assign the students to write a paragraph that describes their

ideal job or employment opportunity. Remind students to use

proper writing techniques, such as creating a topic sentence and

supporting that sentence with specific examples and details.

STUDENT GUIDE

Pages 25-30

ACTIVITY

Task: Work Setting

Preferences

5. Complete Challenge

3-B: Thumbs Up or

Thumbs Down? to

identify potential job

options that match your

preferences.

PROCEDURE In- class or out-of-class assignment

Assign the students to complete Challenge 3-B: Thumbs Up

or Thumbs Down. This Challenge is appropriate to assign with

this lesson or after completing Lesson 3-4.

Resource: This is a good time to introduce students, particularly

students in Grades 11-12, to the college CashCourse website,

www.cashcourse.org. Here they will find helpful resources such

as a Job Priorities worksheet and a Job Comparison worksheet.

Students and Instructors who are not affiliated with a college or

university can register as “Other” to access CashCourse and

utilize the site resources.

STUDENT GUIDE

Page 32

SLIDE

7 – Challenge

Assignment

ACTIVITY

Challenge 3-B:

Thumbs Up

REFLECTION

What employee benefits

are particularly important

to you?

PROCEDURES In-class or out-of-class assignment

Ask students to list the employee benefits that are

particularly important to them now. Have them think about the

additional benefits they might want when considering future

jobs when they are living on their own.

SLIDE

8 - Reflection

TEACHER LESSON PLAN





TAKING IT HOME

Ask an adult about any

employee benefits s/he

receives with the job.

PROCEDURES Out-of-class assignment

Assign the students to talk to an adult about any company

benefits he or she may have. Ask if the adult had a choice over

any of the benefits and, if so, what influenced his or her final

decisions.

STUDENT GUIDE

Pages 26-27

FURTHER STUDY

Gather information about

benefits offered by a

company of your choice.

PROCEDURES In-class or out-of-class assignment

Assign students to search company websites (or interview

local employers) to gather information about benefits that are

offered to employees. Estimate the approximate worth of those

benefits. Calculate the total worth of an entry level job (salary

plus benefits).

Sources of company information:

Monster.com, http://career-advice.monster.com/salary-

benefits/salary-information/jobs.aspx

Salary.com

http://swz.salary.com/MyBenefits/LayoutScripts/Mbfl_Start.aspx

About.com’s Job Searching

http://jobsearch.about.com/od/employeebenefits

Internet

TAKING IT HOME Talk to an adult about any company benefits he or she may have. Ask if this person had a choice over any of

the benefits and, if so, what influenced his or her final decisions about the job and benefits.

REFLECTION What employee benefits are particularly important to you now? When you are living on your own, what

additional benefits will you want when considering future jobs?

FURTHER STUDY List at least three companies or organizations for which you would consider working. Go online and search for

the companies’ websites (or interview a local employer) to learn about the employee benefits the company

provides. Pick the company for which you were able to find the most benefits information and list out those

benefits. Estimate the approximate worth of those benefits. Calculate the total worth of an entry-level job

(salary plus benefits).

http://career-advice.monster.com/salary-benefits/salary-information/jobs.aspx

http://swz.salary.com/MyBenefits/LayoutScripts/Mbfl_Start.aspx

http://jobsearch.about.com/od/employeebenefits

0

High School Financial Planning ProgramLesson 3-2: Job Benefits

©2014 National Endowment for Financial Education | www.hsfpp.org

Display this slide as you introduce the lesson.

High School Financial Planning Program Lesson 3-2: Job Benefits


Introduce the lesson by asking students to share (either with the whole class or with a

partner) where they work or have worked. Gather information about why students

choose to work specific jobs or for specific employers. As appropriate throughout the

lesson, reference these examples to relate to student situations.



Preview the Learning Outcomes in the Student Learning Plan. By the end of this

lesson, the students should be able to weigh job benefits and costs to assess

employment options.



Arrange for students to work in pairs or small groups to complete the Which Summer

Job? task. Arrange for students to read about Nicholas’s two summer job options. Tell

students to be prepared to share the team’s recommendation and reason for the

recommendation. Compare how many students selected the gym versus the pool.

EXTENSION: Have the students create a third job offer for Nicholas at a local fast food

restaurant or sit-down restaurant. Students need to consider details for each benefit

category.




Provide an overview of typical types of employee benefits and how the benefits add value to the

work pay. Consider sharing personal examples of types of benefits you have received on current

and past jobs. Invite students to share examples of benefits for their own jobs.

Point out that the benefits (compensation package) provided by employers vary from job to job.

Facilitate a discussion about why employers do or do not choose to provide benefits to their

employees.

Arrange for students to work in pairs or small groups to complete Activity 3.9: Compare Employee

Benefits. Make sure each pair of students has at least one calculator available. Read the

following directions to the students:

Figure out how each benefit will add to or take away from your annual salary. If you have extra

time, see if you can forecast how each benefit could impact your bottom line after ten years. After

you consider the different benefits, decide if you would accept Offer A or Offer B.

As students work, circulate among the students. Be ready to explain the different benefits and

their importance to students. Help any pairs of students who may be struggling with the math-like

word problems. After five minutes or so, ask students to share their answers, explaining which

offer is better for each benefit. Ask several students to volunteer which offer they would accept

and why.

EXTENSION: As a follow-up, ask students to consider the long-term impact (meaning, ten years from

now) for each benefit. Some impacts can be measured in dollars; others can be measured by more

indirect measures such as quality of life. Or, distribute the Benefits Analysis task for students to

predict the long-term impact of various employee benefits.




Ask students to share what they find inconvenient about working. Note any themes that emerge

such as hours or scheduling issues. Select responses as examples of costs related to the job as

you transition into the next task.

Divide the class into groups and assign each group one of the employment scenarios from the

Hidden Costs of Employment scenarios task. Allow three minutes for students to read the

scenario and brainstorm as many costs as they can think of that the students in the scenarios

might encounter for their respective jobs.

When time is up, have the students report back on how many costs they thought of for their

scenario. Have them list out the costs to the class; you get final say as to whether a cost is

legitimate or not. If you desire, award a group “winning status” and a fitting prize.

Give examples of additional costs to fill in gaps that were not addressed during the previous

task.

Assign students to complete Activity 3.10: The Costs of Working, either in class or out of class.

This is a good time to explain that not all costs are monetary. In some cases, opportunity costs

involve the next best option that was given up when a choice is made as in the case of Uncle

Frank’s employee (Student Guide, page 29).

EXTENSION: Using the Internet, have students research the actual costs for each scenario.



Student Guide, page 32

Assign the students to complete Challenge 3-B: Thumbs Up or Thumbs Down. This

Challenge is appropriate to assign with this lesson or after completing Lesson 3-4.

Resource: This is a good time to introduce students, particularly students in Grades 11-

12, to the college CashCourse website, www.cashcourse.org. Here they will find helpful

resources such as a Job Priorities worksheet and a Job Comparison worksheet. Students

and Instructors who are not affiliated with a college or university can register as “Other” to

access CashCourse and utilize the site resources.



Ask students to list the employee benefits that are particularly important to them now.

Have them think about the additional benefits they might want when considering

future jobs when they are living on their own.



9

High School Financial Planning ProgramLesson 3-2: Job Benefits






OVERVIEW

What do you consider when looking for a job? Pay?

Hours? Schedule? Location? If you have a choice

between two jobs that pay nearly the same, what

criteria do you use for a decision?

Although a job provides you with income, working can

also impact your spending. When you have choices

about job offers, you will want to weigh the benefits of

each option with what you are willing to give up. All of

this will help you assess job options to make

decisions that match your work preferences and

financial plan.


__ 1. Where have you worked? Why did you choose that particular job and business?

__ 2. Both Kevin and Gina are lucky—they already have jobs. Summertime and the holidays often provide

teens with their first working experience.

Complete the Which Summer Job? task to recommend the best job option for another teen.

__ 3. What’s it worth? Compare the value of different benefits for two hypothetical job offers with the same

salary as you complete Activity 3.9: Compare Employee Benefits. Be ready to share with the class

which offer you would take and why.

__ 4. How many hidden costs can you find in an employment scenario? Complete Activity 3.10: The Costs of

Working to list any extra expenses you have had due to work.

__ 5. Complete Challenge 3-B: Thumbs Up or Thumbs Down? to identify potential job options that match

your preferences.

TAKING IT HOME Talk to an adult about any company benefits he or she

may have. Ask if this person had a choice over any of

the benefits and, if so, what influenced his or her final

decisions about the job and benefits.

REFLECTION What employee benefits are particularly important to

you now? When you are living on your own, what

additional benefits will you want when considering

future jobs?

FURTHER STUDY List at least three companies or organizations for

which you would consider working. Go online and

search for the companies’ websites (or interview a

local employer) to learn about what employee

benefits the company provides.

Pick the company for which you were able to find

the most benefits information and list out those

benefits. Estimate the approximate worth of those

benefits. Calculate the total worth of an entry-level

job (salary plus benefits).

LEARNING OUTCOMES

In this lesson you will measure the value of

employee benefits. Along the way you will:


benefits.


employment.



Use what you learn to assess the benefits

and costs of job options.

Activity 3.9: Compare Employee Benefits

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.9: Compare Employee Benefits


NAME: DATE:

Directions: Gina’s cousin, Jordan, has just finished college and is trying to decide between two job offers.

The salaries are the same, but the benefits are very different. Study each of the offers below to compare

the employee compensation packages.

Offer A Offer B

Salary $24,000 a year. $24,000 a year.

Health

Insurance

Employer pays $360 a month.

Jordan pays $40 a month.

Employer pays $300 a month.

Jordan pays $100 per month.

Dental

Insurance Not offered.

Employer pays $15 per month.

Jordan pays $5 per month.

Tuition

Assistance

Employer will pay 100 percent of tuition

costs per year toward a bachelor’s or

advanced degree, up to a total of $2,000.

Employer will pay 50 percent of tuition

costs per year, up to a total of $4,000.

Transportation

Assistance

Jordan gets a $25 discount off the monthly

parking fee of $100, or a monthly public

transportation pass of up to $50, or $300 a

year toward purchase of a bike.

None.

Retirement

Plan

Employer matches 50 percent of Jordan’s

contributions a year, up to six percent of his

salary.

Employer matches 100 percent of

Jordan’s contributions a year, up to three

percent of his salary.

Gym

Membership

Jordan gets 30 percent off a $40-a-month

membership at the nearby gym.

Jordan gets a free membership at the gym

in the building, which is normally $30

each month.

Paid Holidays Employer provides 11 paid days off for

holidays each year.

Employer provides nine paid days off for

holidays each year.

Paid Time Off Employer provides five paid vacation days

and three paid sick days the first year.

Employer provides 10 days of paid leave

the first year which an employee can use

for vacation or sick leave.

Which package would you choose and why?


©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.10: The Costs of Working


NAME: DATE:

Directions:

If you have a job now, what extra expenses do you have that you wouldn’t have if you weren’t working?

If you don’t have a job, ask family members and those you know who work full time about their work-

related expenses.

Extra Expenses Related to Work


©2014 National Endowment for Financial Education www.hsfpp.org Task: Which Summer Job


Directions: Compare two typical summer teen employment opportunities.

Nicholas, who is a senior in high school, is deciding between two summer job offers. Both jobs offer

the same salary, $14 an hour, but each offers different benefits. Which offer would you encourage

Nicholas to take and why?

Summer Job Offers Front Desk at a Local Gym Lifeguard at the Community Pool

Membership Free with employment (worth $40 a month). Free with employment (worth $400).

Uniform Provided by the gym (uniform worth $30). Lifeguard shirt and swimsuit; not

provided (uniform cost $50).

Commute Ten miles from his house; can use public

transportation.

Within five miles of his house; not

accessible with public transportation.

Work Duties Requires standing all day behind the desk

and ability to work a cash register.

Requires sitting in the sun for hours

at a time and constant vigilance.

Requirements

Expectations

You model a healthy lifestyle inside and

outside of the gym.

Red Cross Lifeguard certification (not

provided).

Potential For Extra

Earnings

Opportunity for overtime pay ($20 an hour

over 40 hours a week).

Opportunity to earn extra money

working for pool parties ($100 per

3-hour party once a week).

Training

Opportunities Can assist personal trainers. Can assist pool manager.

Hours Can require a start time as early as

7 a.m. and as late as 9 p.m.

Pool hours are 10 a.m. until 8 p.m.

Required to come one hour early to clean

the pool or one hour later to reset deck

chairs, clean trash and put away pool

equipment.

Closings The gym is open every day. Pool is not open during inclement

weather.

Education Support

Will pay 10 percent towards a Bachelor’s

degree in Business or fitness-related degree

for employees of 24 months or more.

Eligible for one of four $1,000

scholarships offered each year

regardless of college major.

Advancement

Opportunities Can train to be assistant manager. Can train to be lifeguard supervisor.

Year-Round

Employment

Opportunity

Can continue to work reduced hours year

round (up to 20 hours a week).

Pool closes when school starts; eligible

for one of two open positions at the

local indoor pool (weekends only).


©2014 National Endowment for Financial Education www.hsfpp.org Task: Work Setting Preferences


NAME: DATE:

Directions:

What is your ideal work situation? Review the list below. Check the ten groups of workplace factors that

relate to preferences that are most important to you. Then, based on your preferences, write a paragraph

that describes what a day would be like in your ideal job situation.

For example, if you don’t have a car, you might select #2 Access to public transportation or #5: Commute

time (because you will walk or ride a bike) but not #1 Access to parking.

1. Access to parking (If you prefer to drive, is parking reasonable and available?)

2. Access to public transportation (Is public transportation an option and readily available?)

3. Attire (Do you prefer business casual, casual, or business formal work clothes? Or do you prefer

to wear a uniform?)

4. Benefits (For your current life situation, are benefits important to you? What about health

insurance, paid vacation days, paid sick days, or other typical benefits?)

5. Commute time (How much time are you willing to spend on your commute to and from work?)

6. Company size (Do you prefer to work at a large or small company or organization?)

7. Compensation (Do you prefer a set salary, a lower salary plus tips, or a commission?)

8. Customer contact (Would you prefer a higher level of contact with your customers/clients or to

work more behind the scenes?)

9. Deadlines (Do you prefer to have deadlines set for you, or would you rather set your own

deadlines for work tasks?)

10. Diversity (Do you prefer to work with a diverse group of coworkers or would you rather work with

people who are most like you?)

11. Education assistance (Would you be interested in working for a company that will fund or

reimburse classes you take to further your education or job-related knowledge?)

12. Health needs (Do you have health concerns that require accommodations, such as

allergies or physical labor limitations?)




13. Independence level (Would you prefer to work in a team or on your own?)

14. Onsite amenities (Do you prefer onsite daycare, gym, cafeteria or other amenities?)

15. Overtime (Do you prefer to work overtime in exchange for extra pay or time off later?)

16. Promotion (Do you want to work for a company where you have the opportunity for promotions?)

17. Raises (What is your preference on pay increases—automatic? Based on performance?)

18. Relocate (Are you willing to relocate if asked? Or is it important for you to stay where you are?)

19. Self-Employment (Do you want to work for yourself or someone else?)

20. Supervision (Do you prefer little or no supervision or lots of guidance and support?)

21. Training (Do you prefer a company that expects and provides training or one that does not?)

22. Travel (Do you prefer a job that requires you to travel, or do you want assurance that you will not

have to travel?)

23. Type of office (Do you prefer a private office or cubical or a desk in a shared space?)

24. Unions (Do you want to belong to an employee union, or would you prefer to not work in a

union environment?)

25. Urban proximity (Do you prefer a central location around other commercial development or a

remote location away from the city?)

26. Values (Is it important for you to work for a company that reflects your personal values?)

27. Volunteerism (Do you want to work for a company that places a priority on volunteerism?)

28. Work from home (Do you want to be able to work at home either every day or on certain days?)

29. Work location (Do you prefer to work indoors or outdoors?)

30. Work schedule (Do you prefer a set work schedule or one that is flexible and varies? Do you need

to limit work to specific days or hours each week?)

Description of my ideal day at work:

Task: Hidden Costs of Employment (Scenarios)

©2014 National Endowment for Financial Education www.hsfpp.org Task: Hidden Cost of Employment


Directions:

Your teacher will assign one of the scenarios below. How many hidden costs can you find in the employment

scenario? Be prepared to report your list to the whole class.

1. Keisha has been able to get a job in the music section of a local bookstore. She is able to catch a public bus

to get to work after school and then carpools with a friend who takes her home. Since she works right after

school, it’s hard for her to pack a lunch and a dinner so she usually buys dinner at a fast food place near the

bookstore during her work break. She has control over what she wears for work as long as she wears a collared

shirt and doesn’t wear jeans or shorts. Keisha gets a 20 percent discount on all books and music in the store,

so she is constantly adding new items to her extensive collection. She loves her job, especially since she learns

about all of the new music releases before her friends.

2. Jeremy’s babysitting business has really started to grow. His high school’s early childhood education

program gives him a lot of ideas for crafts and educational games he can use with the kids he cares for. The

parents love that he helps the children increase their academic skills rather than just watch videos when he is

there. Jeremy also makes sure that his CPR and First Aid certifications are up to date. He thinks the real reason

for the increase in business is the new website he set up to advertise his skills and to help schedule work

opportunities—a bargain for only $10 a month. Sometimes his babysitting jobs run late on school nights, but it’s

well worth it for the money he’s making!

3. Fatima and David have teamed up to start a landscaping business. Fatima was able to buy a used truck

from her uncle to pull all of their lawn equipment. David is pretty handy with small motors and is able to make

most of their repairs as long as he uses the right mix of oil and gasoline in the engines. To save money, they

buy their equipment used. Fatima has even been able to use her home computer and printer to create

business cards that help spread the word about their business to new customers. They have been able to get

a few regular jobs for business clients, and they charge a slightly higher rate for business clients than for their

homeowner customers. When winter comes, Fatima and David are still in business, shoveling snow and

clearing sidewalks.

4. Sakura feels really lucky to have landed this job at an expensive restaurant. Since her shifts are usually on

evenings and weekends, she can use her mom’s car to get to and from work. She looks great in the required

uniform—the jacket is provided for her but she’s responsible for her own black slacks and white blouse. (She

has learned that she needs at least three sets of each as they need to be cleaned after each shift.) She’s on her

feet for up to six hours at a time so Sakura has invested in a pair of orthopedic shoes that still meet the

restaurant’s dress code. She’s also smart enough to take some of the great tip money she’s earning to invest

back into herself by taking a health and sanitation course at a local community college—this will help her get a

certificate that could increase her wages. Sakura also thinks this is a good investment because she is seriously

considering turning this into a career down the road.

Task: Benefits Analysis

©2014 National Endowment for Financial Education www.hsfpp.org Task: Benefits Analysis


NAME: DATE:

Directions: Compare the value of the benefits offered for two different job offers.

Offer A: Base Salary $30,000 Offer B: Base Salary $30,000

Which Would You Choose?

Offer A or B?

Health Care

Covers 100 percent of monthly

health insurance premium.

Impact:

Long-Term (10-year) Impact:

Covers 80 percent of monthly health

insurance premium.

Monthly cost: $200.

Impact:


Retirement

403b: After one year of employment,

the company will match 50 percent

of your retirement fund contributions

up to $1,000 per year. Assume that

you maximize your contribution.

Impact:


401k: The company will match your

retirement fund contributions up to

$2,500 starting in Year 1. Assume

that you maximize your contribution.

Impact:


Travel

Requires 10 percent travel; all meals

and travel are reimbursed.

Impact:


Requires 15 percent travel. Daily

meal allowance is $40; travel is

reimbursed.

Impact:


Vacation Time

Offers two weeks of vacation (up to

10 days), three days of which can

carry over to the next year.

Impact:


Up to two and a half weeks of

vacation (13 days).

Impact:


Sick/Personal

Days

Up to three sick days and three

personal days a year.

Impact:


Up to five days a year that can be

used for any personal use. Can carry

over one unused day into the next

year (up to 10 “banked” days).

Impact:


Required

Attire

Requires corporate attire that may

have to be dry cleaned. Estimated

dry-cleaning cost: $40 per month.

Impact:


Requires a company uniform

(provided, machine washable)

and tools (not provided). Up-front

cost: $600.

Impact:


Bottom Line

Task: Benefits Analysis - KEY

©2014 National Endowment for Financial Education www.hsfpp.org Task: Benefits Analysis - KEY


Directions: Compare the value of the benefits offered for two different job offers.

Offer A: Base Salary $30,000 Offer B: Base Salary $30,000 Which Would You Choose? Offer A or B?

Health Care

Covers 100 percent of monthly

health insurance premium.

Impact: no impact

Long-Term (10-year) Impact: No

additional cost for health insurance

Covers 80 percent of monthly health

insurance premium. Monthly cost:

$200.

Impact: $2,400 annual expense for

insurance premiums


$24,000 medical expense

Offer A

Retirement

403b: After one year of employment,

the company will match 50 percent

of your retirement fund

contributions up to $1,000 per year.

Assume that you maximize your

annual contribution.

Impact: None in the first year

Long-Term (10-year) Impact: An

additional $1,000 in annual

contributions beginning Year 2; over

nine years an additional $9,000 will

be contributed to the fund plus any

potential accumulated earnings.

401k: The company will match your

retirement fund contributions up to

$2,500 starting in Year 1 of

employment. Assume that you

maximize your annual contribution.

Impact: up to $2,500 additional

contributions each year

Long-Term (10-year) Impact: Over

10-years an additional $25,000 will

be contributed to the fund plus any

potential accumulated earnings.

Offer B

Travel

Requires 10 percent travel; all

meals and travel are reimbursed.

Impact: None*

Long-Term (10-year) Impact: None.

Requires 15 percent travel; daily

meal allowance is $40. Travel is

reimbursed.

Impact: None*

Long-Term (10-year) Impact: None

Offer A if employee

prefers less travel

Offer B if employee

likes to travel

*The need to travel can impact a household budget if the travel causes an

employee to take on additional costs such as daycare expenses or kennel costs

while away from home.

Vacation

Time

Offers two weeks of vacation (up to

10 days), three days of which you

can carry over to the next year.

Impact: None (built into the salary)

Long-Term (10-year) Impact: Can

take longer vacation the following

year if desired.

Up to two and a half weeks of

vacation (13 days).

Impact: None (built into the salary)

Long-Term (10-year) Impact: Will

lose vacation days if all days are not

used in a year; vacation days can’t

be carried over into the next year.

Offer B provides

more vacation time

each year.

Offer A provides

more flexibility to

decide when

vacation days are

used.

Task: Benefits Analysis - KEY

©2014 National Endowment for Financial Education www.hsfpp.org Task: Benefits Analysis - KEY


Offer A: Base Salary $30,000 Offer B: Base Salary $30,000 Which Would You Choose? Offer A or B?

Sick/

Personal

Days

Up to three sick days and three

personal days a year.

Impact: If a person is sick more than

three days a year or needs more

than three days off for personal

business, s/he will need to take any

additional days off without pay.


have an impact on salary if there is

a need to take days off without pay.

Up to five days a year that can be

used for any personal use. Can carry

over one unused day into the next

year (up to 10 “banked” days).

Impact: If a person uses all five days

for sick leave and/or personal leave

in a year, s/he will need to take any

additional days off without pay.


have an impact if there is a need to

take days off without pay. Banked

days will eliminate the need to take

days off without pay when an

employee is absent from work for an

extended block of time, such as for

surgery or an extended illness.

Offer A offers one

more leave day

each year.

Offer B provides

more flexibility

and better value

over the long-term

because the

employee has the

opportunity to

carry over at least

one unused leave

day each year.

Required

Attire

Requires corporate attire that may

have to be dry cleaned. Estimated

dry-cleaning cost: $40 per month.

Impact: Estimated annual dry

cleaning expenses: $480


Approximately $4,800 in expenses

Requires a company uniform

(provided, machine washable)

and tools (not provided). Up-front

cost: $600.

Impact: First-year expenses for

tools: $600


Approximate $600 one-time cost

plus any costs to replace or repair

tools.

Offer B

Bottom Line

Calculations will vary.

Year 1:

- $480 (dry-cleaning expenses)

- any days off without pay

Long-Term:

+ $9,000 (401k contribution)

- $4,800 (dry-cleaning expenses)

- any days off without pay

Calculations will vary.

Year 1:

- $2,400 (insurance)


- $600 (tools)

Long-Term:

- $24,000 (insurance)


- $600+ (tools)

Student

responses may

vary depending on

what they value

for benefits.

Encourage the

students to

defend their

responses based

on what they

assume might be

priorities for the

job applicant.

Challenge 3-B: Thumbs Up or Thumbs Down

©2014 National Endowment for Financial Education www.hsfpp.org Challenge 3-B: Thumbs Up or Thumbs Down


NAME: DATE:

For this challenge task, use what you have learned in Module 3: Earning Power and other career-related study

to thoughtfully identify potential job or career options that match your criteria for financial goals and desired

lifestyle. Add this decision summary to your personal financial planning portfolio to track your progress towards

achieving your educational and career goals.

Directions:






well enough to discuss your likes and dislikes as well as your values, aptitudes, and personality

characteristics.

3. Self-assess your work using the Scoring Guide. Consider asking a classmate or family member to peer

assess your work.


1 Define your goal.


3 Choose three good

options.








NAME: DATE:


Content



2. Outcome involves a major decision related to a future career path. acceptable not acceptable



4.














General




Feedback: Score: _______ /_______

©2014 National Endowment for Financial Education www.hsfpp.org High School Financial Planning Program

TEACHER LESSON PLAN


©2014 National Endowment for Financial Education www.hsfpp.org Lesson 3-3: Pay and Taxes


OVERVIEW

If your job pays $8 an hour and you work 20 hours,

your paycheck will be $160, right? The reality is, what

you earn is not the same as what you actually receive

to spend as you wish. After taxes and other items are

deducted from your paycheck, you will have less

money in hand to save, spend, or invest.

In this lesson you will investigate factors that impact

your take-home pay and learn about choices you have

to make the most of your hard-earned money.

PREPARATION



download.)






Review government resources to become

familiar with current income tax information

and social security eligibility requirements.

(Info sheets, www.irs.gov, www.ssa.gov)

Gather information from your local state

Department of Labor to become familiar with

state income tax rates, minimum wage rates,

child labor laws, and any requirements for

youth work permits.

WHAT YOU WILL NEED





Activity 3.7: Get the W-4 Right

Activity 3.8: Check it Out!

Social Security Administration Publication: Your

Retirement Benefit: How It’s Figured

IRS Form W-4 Instructions and Certificate

Student Work Permit (optional if required in

local state)

Challenge 3-B: Thumbs Up or Thumbs Down?

Internet access

NOTES:


LEARNING OUTCOMES

In this lesson students examine factors

that impact personal tax liability and take-

home pay. Along the way they will:

Calculate net pay.

List factors that impact personal

income tax liability.

List factors that impact net pay.

Students will use what they learn to

maximize their pay options.

TEACHER LESSON PLAN




Learning Tasks Teaching Notes Materials

1. If Kevin earns

$6.50 an hour

and worked 60

hours last month,

how much did he

earn for the entire

month? Complete

Activity 3.8: Check

it Out! to see how

much money he

actually took

home.


[Slide 2] Before showing the students Activity 3.8, tell them to calculate

how much Kevin earned and compare their answers with a neighbor. Ask

the students if he will receive all of that money when he cashes his

paycheck. When student responds that he won’t receive all of the earnings,

ask for reasons why his actual “take-home pay” is less than what he

earned. Reference the responses later in the lesson as you discuss payroll

deductions.

Wrap up this task by having the students complete Activity 3.8: Check it

Out, either individually or as a whole class. Point out that “Net Pay” is the

actual “take-home pay” that Kevin has available to use as he wishes for

saving, investing, or spending.

[Slide 3] Transition into the lesson preview by noting that although Kevin

is required to pay income taxes on earnings, he does have some control in

deciding how much he receives in net pay. Preview the Learning Outcomes

in the Student Learning Plan. By the end of this lesson, the students should

be able to investigate factors that impact their take-home pay and learn

about choices they have to maximize their pay options.

Module 3

Student Guide

Student Learning

Plan

STUDENT GUIDE

Page 24

SLIDES

2 – Kevin’s

Paycheck

3 - Preview

ACTIVITY

Activity 3.8:

Check it Out!

Calculators

(optional)

2. What do you

know about

taxes? Participate

in a discussion on

how taxes are

paid. Then

brainstorm

reasons why we

need to pay taxes.


Begin a discussion about income tax deductions. If the students have

previous experience with income taxes, ask them to share what they know

about the types of income taxes paid by workers and why workers pay

taxes. Use Slide 4 and page 21 to introduce or review the types of income

taxes and fill in gaps for how the taxes are calculated.

Use Slide 5 to differentiate between income taxes and FICA

contributions. Point out that the students are already saving for their

retirement when they have Social Security and Medicare contributions

deducted from their paychecks. This money is pooled in a fund to

distribute to eligible retirees, survivors of workers who have died, and

people who are disabled. Employers add to the pool by matching employee

contributions. Retirement benefits are based on the average indexed

monthly earnings during a worker’s 35 years of highest earnings before age

62. So, it pays to stay in the workforce and increase earnings over time.

Additional information is available at www.ssa.gov. An information sheet is

also provided to explain how Social Security benefits are figured.

STUDENT GUIDE

Pages 21-22

SLIDES

4 – Income Tax

for Individuals

5 – Social

Security &

Medicare

Contributions

ACTIVITIES

Social Security

Administration

Publication: Your

Retirement

Benefits: How It’s

Figured

(optional)

Internet access:

www.IRS.gov

www.ssa.gov

http://www.ssa.gov

http://www.ssa.gov

http://www.IRS.gov

TEACHER LESSON PLAN





Ask the students, “How do we pay income taxes?” Allow one or two

minutes for responses before telling them that as workers, they get to

choose the method for paying taxes: a little at a time out of each paycheck

(withholding) or all at once (after calculating exactly what is owed filing

taxes). Point out that having taxes withheld from each paycheck is a way to

help workers set aside funds at regular intervals for their tax liabilities,

much like when they create a spending plan to regularly set aside funds for

savings goals and occasional expenses such as insurance.

EXTENSION: If this is a new concept for students, use one of the many

lesson plans available on the IRS educator website:

www.irs.gov/app/understandingTaxes/index.jsp

3. Find out the

financial decisions

you need to

address when

starting a new job.

Make one of your

first adult financial

decisions when

you fill out an IRS

Form W-4.


Ask students to share their experiences about what paperwork they had

to fill out when they started new jobs. Fill in gaps by explaining what

documentation is often required of new hires, including proof of citizenship,

emergency contact information, payroll preferences (i.e. deductions,

automatic deposit option), insurance applications or waivers, employee

policy/handbook acknowledgement, and in some states, a youth work

permit. [Slide 6] Point out financial decisions that will need to be addressed

when accepting and starting a new job. As time allows, elaborate on these

decisions or share personal stories about the decisions.

[Slide 7] Read through the Student Guide text (page 22) with students.

Make sure they understand the choices they have to make when filling out

an IRS Employee’s Withholding Allowance Certificate (Form W-4). Explain

that deciding what to claim for allowances is a financial decision they will

make every time they fill out the form. What they record in lines 3, 5, 6, and

7 will impact the amount of federal income tax that is deducted from their

gross pay. Guide students as they complete Activity 3.7: Get the W-4 Right.

Note: IRS Form W-4 (2015) is provided for reference. Ideally, a worker

should claim withholding allowances in such a way that a sufficient amount

of taxes should be withheld throughout the year to avoid the need to come

up with a big chunk of money to pay additional income taxes owed at the

end of the year. Reversely, there should not be too much withheld so a

large refund is received when filing taxes—this is money a person could

have had in hand for saving, investing, or spending rather than having it

held by the government during the year. (This is a good time to review how

the time value of money applies in this situation if you have already covered

the concept in Module 4: Investing.)

STUDENT GUIDE

Pages 22-23

SLIDES

6 – Financial

Decisions When

Starting a Job

7 – W-4

Withholding

Certificate

8 – Youth Work

Permits

ACTIVITIES

Activity 3-7: Get

the W-4 Right

IRS Form W-4

with instructions

Student Work

Permit (if

applicable in

your state)

Internet

www.irs.gov

http://www.irs.gov/app/understandingTaxes/index.jsp

http://www.IRS.gov

TEACHER LESSON PLAN





Explanation: Most people who are single and have no children will claim

either “0,” “1,” or “2” allowances on their W-4 form. With a higher number

of allowances claimed, a lower amount of income taxes will be withheld

from paychecks. Someone who expects to not owe any income tax, such as

a student who works short-term in the summer, might claim “exempt” on

the W-4 Certificate to increase the net pay received each paycheck rather

than wait for a tax refund at the end of the year. However, an employee

needs to make sure to have enough money to cover any taxes owed when

taxes are due on April 15. The most convenient way to plan for tax

payments is to pay a little at a time from each paycheck rather than all at

once at the end of the year.

[Slide 8 - optional if your state requires Youth Work Permits] If work

permits are required in your state, provide an explanation of how to get a

permit. Point out that the purpose of a child labor work permit is to ensure

that all parties (student, employer, and parent) comply with minimum age

employment restrictions. Additional information about work permits and

child labor laws can be found at your state’s Labor Department website and

the U.S. Department of Labor website,

www.dol.gov/dol/topic/youthlabor/workpermitsagecert.htm.

Additional Resources:

Department of Revenue video, “Teens 'n Taxes What's a W-4 form?”

(1 minute, 48 seconds). Use either the YouTubeTM link,

www.youtube.com/watch?v=oKLtwk_Jh6o, or the DOR website link,

www.mass.gov/dor/individuals/seniors-students-and-military-

personnel/students/

IRS W-4 Form, www.irs.gov/pub/irs-pdf/fw4.pdf

360 Degrees of Financial Literacy, IRS.gov, a free program of the

nation’s certified public accountants, www.360financialliteracy.org/

Topics/ Taxes/Income-Tax

NEFE’s CashCourse website, www.cashcourse.org. Students and

Instructors who are not affiliated with a college or university can register

as “Other” to access CashCourse and utilize the site resources.

4. Congratulations!

You are now

earning $30,000

a year. Calculate

your net, or take-

home, pay.


[Slide 9] Distribute the Figure the Net Pay task and preview the

directions for each situation. Arrange for students to work individually or in

pairs to complete calculations for each situation. (Note: Retirement fund

investing and contributions are covered more in depth in Module 4:

Investing, but this is a good time to point out how pre-tax deductions impact

net pay and tax liability.)

SLIDE

9 – What is Your

Net Pay?

ACTIVITY

Task: Figure the

Net Pay

Calculators

(optional)

http://www.dol.gov/dol/topic/youthlabor/workpermitsagecert.htm

http://www.youtube.com/watch?v=oKLtwk_Jh6o

http://www.mass.gov/dor/individuals/seniors-students-and-military-personnel/students/

http://www.360financialliteracy.org/Topics/Taxes/Income-Tax

http://www.cashcourse.org.

TEACHER LESSON PLAN





Debrief by asking the students to react to the scenario differences,

specifically the tax liability, net pay, and retirement fund contributions. Ask

the students what they think is a good course of action when they receive a

raise or bonus “windfall.” Point out that having a plan in advance can help

them be in control with how their money is used.

Extension:

The Federal, Social Security, and Medicare tax information provided for

this exercise are the rates for the 2015 tax year. Have students go to

the IRS website (www.irs.gov) to research the additional information

about current tax rates and calculations.

The state withholding rate provided is for Colorado. Have students

look up the tax rate for their own state. (Try a website like

www.taxadmin.org/fta/rate/tax_stru.html)

Students can also analyze the impact being married has on tax

withholdings.

Students can research dues related to their possible career fields and

compare the costs of dues.

Additional Learning Resources provided by NEFE:

www.cashcourse.org articles about taxes and paycheck deductions

5. Complete

Challenge

Assignment 3-B:

Thumbs Up or

Thumbs Down? to

identify potential

job options and

payroll options

that match your

preferences.


Assign the students to complete Challenge 3-B: Thumbs Up or Thumbs

Down. This Challenge is appropriate to assign with this lesson or after

completing Lesson 3-2 or Lesson 3-4.

Resource: This is a good time to introduce students, particularly students in

Grades 11-12, to the CashCourse Prep website, www.cashcourse.org/prep.

Here they will find helpful resources such as a Job Priorities worksheet and

a Job Comparison worksheet. Students and Instructors who are not

affiliated with a college or university can register as “Other” to access

CashCourse and utilize the site resources.

STUDENT GUIDE

Page 29

SLIDE

10 - Challenge

ACTIVITY

Challenge 3-B:

Thumbs Up or

Thumbs Down

http://www.cashcourse.org

http://www.taxadmin.org/fta/rate/tax_stru.html

http://www.IRS.gov

http://www.cashcourse.org/

TEACHER LESSON PLAN





TAKING IT HOME

Take a close look

at one of your

recent paystubs to

see how payroll

information is

recorded.

PROCEDURE Out-of-class assignment

Encourage students who have been or are employed to closely examine

one of their recent paystubs to become familiar with the information

recorded by the employer. Stress the importance of verifying payroll

information to ensure accuracy. Explain that this information should be

kept to confirm year-end data when the students receive their W-2 Wage

and Tax Statement at the end of each year. It is the employee’s

responsibility to ensure that all information is documented accurately.

REFLECTION

Think about what

allowances you

might record on a

W-4 Form when

you life situation

changes.


Guide the students to reflect on what they might record on an IRS W-4

Certificate in the future when they have a full-time job, if they are married

and their spouse works full time, and if they have children.

TAKING IT HOME

Take a close look at one of your recent paystubs to see how payroll information is recorded. Keep your

paystubs to match up data on the W-2 Wage and Tax Statement you receive from your employer at the end of

the year. This information is needed when filing your income taxes, and your total wages are also tracked for

future Social Security benefits.

REFLECTION

Think about the number of W-4 allowances you think best reflects your needs right now. Now, imagine

into the future and indicate how you would change your number of allowances for each of the following

scenarios and why.

You accept your first full-time job.

You just got married and your spouse also works full-time.

Your first child was just born.

FURTHER STUDY

Practice filling out an income tax form. You can find simulations for several situations on the IRS.gov

Understanding Taxes Student Site, www.irs.gov/app/understandingtaxes/index.jsp

http://www.irs.gov/app/understandingTaxes/index.jsp

0

High School Financial Planning ProgramLesson 3-3: Pay and

Taxes


Display this slide as you prepare to introduce this lesson.

High School Financial Planning Program Lesson 3-3: Pay and Taxes



Before showing the students Activity 3.8, tell them to calculate how much Kevin

earned and compare their answers with a neighbor. Ask the students if he will receive

all of that money when he cashes his paycheck. When student responds that he won’t

receive all of the earnings, ask for reasons why his actual “take-home pay” is less

than what he earned. Reference the responses later in the lesson as you discuss

payroll deductions.

Wrap up this task by having the students complete Activity 3.8: Check it Out, either

individually or as a whole class. Point out that “Net Pay” is the actual “take-home pay”

that Kevin has available to use as he wishes for saving, investing, or spending.



Transition into the lesson preview by noting that although Kevin is required to pay

income taxes on earnings, he does have some control in deciding how much he

receives in net pay. Preview the Learning Outcomes in the Student Learning Plan. By

the end of this lesson, the students should be able to investigate factors that impact

their take-home pay and learn about choices they have to maximize their pay options.




Begin a discussion about income tax deductions. If the students have previous

experience with income taxes, ask them to share what they know about the types of

income taxes paid by workers and why workers pay taxes. Use this slide and page 21

to introduce or review the types of income taxes and fill in gaps for how the taxes are

calculated.




Use this slide to differentiate between income taxes and FICA contributions. Point out that the

students are already saving for their retirement when they have Social Security and Medicare

contributions deducted from their paychecks. This money is pooled in a fund to distribute to

eligible retirees, survivors of workers who have died, and people who are disabled. Employers

add to the pool by matching employee contributions. Retirement benefits are based on the

average indexed monthly earnings during a worker’s 35 years of highest earnings before age

62. So, it pays to stay in the workforce and increase earnings over time.

Additional Information:

• Social Security Administration Publication: Your Retirement Benefit: How It’s Figured

• www.ssa.gov

Ask the students, “How do we pay income taxes?” Allow one or two minutes for responses

before telling them that as workers, they get to choose the method for paying taxes: a little at a

time out of each paycheck (withholding) or all at once (after calculating exactly what is owed

filing taxes). Point out that having taxes withheld from each paycheck is a way to help workers

set aside funds at regular intervals for their tax liabilities, much like when they create a

spending plan to regularly set aside funds for savings goals and occasional expenses such as

insurance.

EXTENSION: If this is a new concept for students, use one of the many lesson plans available on

the IRS educator website: www.irs.gov/app/understandingTaxes/index.jsp




Ask students to share their experiences about what paperwork they had to fill out

when they started new jobs. Fill in gaps by explaining what documentation is often

required of new hires, including proof of citizenship, emergency contact information,

payroll preferences (i.e. deductions, automatic deposit option), insurance applications

or waivers, employee policy/handbook acknowledgement, and in some states, a

youth work permit.

Point out financial decisions that will need to be addressed when accepting and

starting a new job. As time allows, elaborate on these decisions or share personal

stories about the decisions.




Read through the Student Guide text (page 22) with students. Make sure they understand the

choices they have to make when filling out an IRS Employee’s Withholding Allowance

Certificate (Form W-4). Explain that deciding what to claim for allowances is a financial decision

they will make every time they fill out the form. What they record in lines 3, 5, 6, and 7 will

impact the amount of federal income tax that is deducted from their gross pay. Guide

students as they complete Activity 3.7: Get the W-4 Right.

Note: IRS Form W-4 (2015) is provided for reference. Ideally, a worker should claim withholding

allowances in such a way that a sufficient amount of taxes should be withheld throughout the

year to avoid the need to come up with a big chunk of money to pay additional income taxes owed

at the end of the year. Reversely, there should not be too much withheld so a large refund is

received when filing taxes—this is money a person could have had in hand for saving, investing, or

spending rather than having it held by the government during the year. (This is a good time to

review how the time value of money applies in this situation if you have already covered the

concept in Module 4: Investing.)

Explanation: Most people who are single and have no children will claim either “0,” “1,” or “2”

allowances on their W-4 form. With a higher number of allowances claimed, a lower amount of

income taxes will be withheld from paychecks. Someone who expects to not owe any income tax,

such as a student who works short-term in the summer, might claim “exempt” on the W-4

Certificate to increase the net pay received each paycheck rather than wait for a tax refund at the

end of the year. However, an employee needs to make sure to have enough money to cover any

taxes owed when taxes are due on April 15. The most convenient way to plan for tax payments is to

pay a little at a time from each paycheck rather than all at once at the end of the year.



[Optional if your state requires Youth Work Permits] If work permits are required in your state,

provide an explanation of how to get a permit. Point out that the purpose of a child labor work

permit is to ensure that all parties (student, employer, and parent) comply with minimum age

employment restrictions. Additional information about work permits and child labor laws can

be found at your state’s Labor Department website and the U.S. Department of Labor website,

www.dol.gov/dol/topic/youthlabor/workpermitsagecert.htm.

Additional Resources:

- Department of Revenue video, “Teens 'n Taxes What's a W-4 form?”

(1 minute, 48 seconds). Use either the YouTubeTM link,

www.youtube.com/watch?v=oKLtwk_Jh6o, or the DOR website link,

www.mass.gov/dor/individuals/seniors-students-and-military-personnel/students/. If you

use the DOR website link below, there are two videos, the first on the W-2 form. Go to the

second video using the arrow on the right side of the video frame.

- IRS W-4 Form, www.irs.gov/pub/irs-pdf/fw4.pdf

- 360 Degrees of Financial Literacy, IRS.gov, a free program of the nation’s certified public

accountants, www.360financialliteracy.org/ Topics/ Taxes/Income-Tax

- NEFE’s CashCourse website, www.cashcourse.org. Students and Instructors who are not

affiliated with a college or university can register as “Other” to access CashCourse and

utilize the site resources.



Distribute the Figure the Net Pay task and preview the directions for each situation. Arrange

for students to work individually or in pairs to complete calculations for each situation. (Note:

Retirement fund investing and contributions are covered more in depth in Module 4: Investing,

but this is a good time to point out how pre-tax deductions impact net pay and tax liability.)

Debrief by asking the students to react to the scenario differences, specifically the tax liability,

net pay, and retirement fund contributions. Ask the students what they think is a good course

of action when they receive a raise or bonus “windfall.” Point out that having a plan in advance

can help them be in control with how their money is used.

Extension:

The Federal, Social Security, and Medicare information provided for this exercise are the rates

for the 2015 tax year. Have students go to the IRS website (www.irs.gov) to research the

additional information about current tax rates and calculations.

The state withholding rate provided is for Colorado. Have students look up the tax rate for their

own state. (Try a website like www.taxadmin.org/fta/rate/tax_stru.html)

Students can also analyze the impact being married has on tax withholdings.

Students can research dues related to their possible career fields and compare the costs of

dues.

Additional Learning Resources provided by NEFE:

www.cashcourse.org, articles about taxes and paycheck deductions




Assign the students to complete Challenge 3-B: Thumbs Up or Thumbs Down. This

Challenge is appropriate to assign with this lesson or after completing Lesson 3-2

or Lesson 3-4.

Resource: This is a good time to introduce students, particularly students in

Grades 11-12, to the CashCourse Prep website, www.cashcourse.org. Here they will find

helpful resources such as a Job Priorities worksheet and a Job Comparison worksheet.

Students and Instructors who are not affiliated with a college or university can register as

“Other” to access CashCourse and utilize the site resources.



11

High School Financial Planning ProgramLesson 3-3: Pay and

Taxes




©2014 National Endowment for Financial Education www.hsfpp.org Lesson 3-3: Pay and Taxes High School Financial Planning Program June 2014

OVERVIEW

If your job pays $8 an hour and you work 20 hours,

your paycheck will be $160, right? The reality is, what

you earn is not the same as what you actually receive

to spend as you wish. After taxes and other items are

deducted from your paycheck, you will have less

money in hand to save, spend, or invest.

In this lesson you will investigate factors that impact

your take-home pay and learn about choices you have

to make the most of your hard-earned money.


__ 1. If Kevin earns $6.50 an hour and worked 60 hours last month, how much did he earn for the entire

month? Complete Activity 3.8: Check it Out! to see how much money he actually took home.

__ 2. What do you know about taxes? Participate in a discussion on how taxes are paid. Then brainstorm

reasons why we need to pay taxes.

__ 3. Find out the financial decisions you need to address when starting a new job. Make one of your first

adult financial decisions when you fill out an IRS Form W-4.

__ 4. Congratulations! You are now earning $30,000 a year. Calculate your net, or take-home, pay.

__ 5. Complete Challenge 3-B: Thumbs Up or Thumbs Down? to identify potential job options and payroll

options that match your preferences.

TAKING IT HOME Take a close look at one of your

recent paystubs to see how payroll

information is recorded. Keep your

paystubs to match up data on the

W-2 Wage and Tax Statement you

receive from your employer at the

end of the year. This information is

needed when filing your income

taxes, and your total wages are also

tracked for future Social Security

benefits.

REFLECTION Think about the number of W-4 allowances you think best reflects

your needs right now. Now, imagine into the future and indicate

how you will change your number of allowances for each of the

following scenarios and why.

You accept your first full-time job.

You just got married and your spouse also works full-time.

Your first child is just born.

FURTHER STUDY Practice filing out an income tax form. You can find simulations for

several situations on the IRS.gov Understanding Taxes Student

Site, www.irs.gov/app/understandingtaxes/index.jsp.

LEARNING OUTCOMES

In this lesson you will examine factors that

impact personal tax liability and take-home pay.

Along the way you will:

Calculate net pay.

List factors that impact personal income tax

liability.

List factors that impact your net pay.

Use what you learn to maximize your pay options.

Activity 3-7: Get the W-4 Right

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.7: Get the W-4 Right


NAME: DATE:

Directions:

When you begin a new job, you will complete Form W-4 so that your employer can withhold the

correct federal income tax from your pay. Use the form below to practice filling out a form based on

your current situation.

You can download a copy of the full IRS Form W-4 from www.irs.gov for additional instructions to fill

out the withholding allowance information.

Keep your Social Security number a secret; use 000-00-0000 to fill out this form.

Activity 3-8: Check it Out!

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.8: Check it Out!


NAME: DATE:

Directions:

Use the information provided to calculate Kevin’s net pay.

Kevin earns $6.50 an hour and worked 60 hours last month. During the month he received

$148 in tips. He also used his employee food discount and chose to have the cost of his

meals deducted from his paycheck.

If Kevin had $21 deducted last month for meals, what was his net pay?

Calculating Your Income

Kevin’s

Monthly Pay

Regular Pay

+ Tips

= Gross Pay

- Payroll Taxes $ 77

- Other Deductions

= Net Pay

Activity 3-8: Check it Out!

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.8: Check it Out! - KEY


NAME: KEY DATE:

Directions:

Use the information provided to calculate Kevin’s net pay.

Kevin earns $6.50 an hour and worked 60 hours last month. During the month he received

$148 in tips. He also used his employee food discount and chose to have the cost of his

meals deducted from his paycheck.

If Kevin had $21 deducted last month for meals, what was his net pay?

Calculating Your Income Kevin’s

Monthly Pay

Regular Pay $ 390

+ Tips $ 148

= Gross Pay $ 538

- Payroll Taxes $ 77

- Other Deductions $ 21

= Net Pay $ 440


©2014 National Endowment for Financial Education www.hsfpp.org Task: Figure the Net Pay


NAME: DATE:

Directions:

Situation A. Congratulations! You are now getting a regular paycheck. Although your annual salary is

$30,000, you know that there are several deductions that will be taken out of your paycheck. Use the data

provided in the chart to calculate your net pay (aka take-home pay) for each pay period.

Situation B. You just found out that your employer will match a portion of any contributions you make to a

retirement fund. To take advantage of this generous benefit, you have chosen the option to automatically

have $100 deducted from each paycheck to build up your retirement fund. You can take this as a pre-tax

deduction, meaning your income taxes will be calculated after subtracting your retirement fund deduction

of $100 per pay period. Calculate how this pre-tax deduction impacts your total taxes and your net pay.

Situation C. At your one-year review you received good news—you have earned a three percent raise for

taking on new responsibilities and being a valued employee! Recalculate your net pay to see how your raise

impacts your tax liability and net pay.

What is the difference between your original gross pay (A1) and your gross pay after your raise (C1)?

Gross Pay: $ after raise per pay period $ after raise over one year

If you continue to contribute $100 to your retirement fund each pay period, what is the difference in what

you owe in taxes and your net pay comparing Situation A and Situation C?

Total Taxes: $ after raise per pay period $ after raise over one year

Net Pay: $ after raise per pay period $ after raise over one year


©2014 National Endowment for Financial Education www.hsfpp.org Task: Figure the Net Pay


Filing Status: Single 1 Withholding Allowance Paid semimonthly

Situation A

Situation B

Situation C

Difference C-A

Difference Over One Year (C-A)

1 Gross Pay $1,250 $1,250 $1,287.50

2 Retirement Fund Contribution

Pre-Tax Deduction $0 $100 $100

3 Taxable Pay

4 Federal Income Tax* $129.00 $114.00 $120.00

5 State Income Tax (4.63% of taxable income, CO rate)

6 Social Security FICA Tax (6.2% of gross income)

7 Medicare FICA Tax (1.45% of gross income)

8 Total Tax Deduction

9 Union Dues $15.71 $15.71 $15.71

10 Total Deductions

11 Net Pay

*The federal income tax has been calculated for you based on filing status and 2015 Tax Tables, IRS pub. 15.


©2014 National Endowment for Financial Education www.hsfpp.org Task: Figure the Net Pay - KEY


NAME: KEY DATE:

Directions:

Situation A. Congratulations! You are now getting a regular paycheck. Although your annual salary is

$30,000, you know that there are several deductions that will be taken out of your paycheck. Use the data

provided in the chart to calculate your net pay (aka take-home pay) for each pay period.

Situation B. You just found out that your employer will match a portion of any contributions you make to a

retirement fund. To take advantage of this generous benefit, you have chosen the option to automatically

have $100 deducted from each paycheck to build up your retirement fund. You can take this as a pre-tax

deduction, meaning your income taxes will be calculated after subtracting your retirement fund deduction

of $100 per pay period. Calculate how this deduction impacts your total taxes and your net pay.

Situation C. At your one-year review you received good news—you have earned a three percent raise for

taking on new responsibilities and being a valued employee! Recalculate your net pay to see how your raise

impacts your tax liability and net pay.

What is the difference between your original gross pay (A1) and your gross pay after your raise (C1)?

Gross Pay: $37.50 increase after raise per pay period $900 increase after raise over one year

If you continue to contribute $100 to your retirement fund each pay period, what is the difference in what

you owe in taxes and your net pay comparing Situation A and Situation C?

Total Taxes: $9.025 less after raise per pay period $216.60 less after raise over one year

Net Pay: $53.475 decrease after raise per pay period $1,283.40 decrease after raise over one year*

*Point out that although there was a decrease in net pay in spite of a raise, Situation C involved

contributing an annual total of $2,400 to a retirement fund, which has the potential to increase in value.


©2014 National Endowment for Financial Education www.hsfpp.org Task: Figure the Net Pay - KEY


Filing Status: Single 1 Withholding Allowance Paid Semimonthly

Situation A

Situation B

Situation C

Difference C-A

Difference Over One Year (C-A)

1 Gross Pay $1,250.00 $1,250.00 $1,287.50 $37.50 $900.00

2 Pre-Tax Deduction $0 $100.00 $100.00 $100.00 $2,400.00

3 Taxable Pay $1,250.00 $1,150 $1,187.50 -62.50 -$1,500.00

4 Federal Income Tax* $129.00 $114.00 $120.00

5 State Income Tax (Co rate,

(4.63% of taxable income) $57.875 $53.245 $54.981

6 Social Security FICA Tax

(6.2% of gross income) $77.500 $77.500 $79.825

7 Medicare FICA Tax

(1.45% of gross income) $18.125 $18.125 $18.669

8 Total Tax Deduction $282.50 $262.87 $273.475 -$9.025 -$261.60

9 Union Dues $15.71 $15.71 $15.71

10 Total Deductions $298.21 $278.58 $289.185

11 Net Pay $951.79 $871.42 $898.32 -$53.48 -$1,283.40

*The federal income tax has been calculated for you based on filing status and 2015 Tax Tables, IRS pub. 15.

Reflection Discussion/Follow-up to Situation C:

Encourage the students to weigh the value of decreasing their net pay to increase their retirement

contribution after receiving a raise. Point out that although the $2,400 is not included in their take-

home pay, it is money they have available to invest. In essence, it’s a built-in way to “pay yourself first.”

Ask the students to think about what they would do if they actually did get the raise. If they were already

living on an established budget under Scenario A, how would they apply their raise “windfall” to improve

their financial situation? Would they continue with the same pre-tax contribution, increase their

contribution, or stop contributing? Facilitate a discussion to encourage students to provide rational for

their decisions.




NAME: DATE:

For this challenge task, use what you have learned in Module 3: Earning Power and other career-related study

to thoughtfully identify potential job or career options that match your criteria for financial goals and desired

lifestyle. Add this decision summary to your personal financial planning portfolio to track your progress towards

achieving your educational and career goals.

Directions:






well enough to discuss your likes and dislikes as well as your values, aptitudes, and personality

characteristics.

3. Self-assess your work using the Scoring Guide. Consider asking a classmate or family member to peer

assess your work.


1 Define your goal.


3 Choose three good

options.








NAME: DATE:


Content



2. Outcome involves a major decision related to a future career path. acceptable not acceptable



4.














General




Feedback: Score: _______ /_______

TEACHER LESSON PLAN


©2014 National Endowment for Financial Education www.hsfpp.org Lesson 3-4: Lifestyle


OVERVIEW

What is most important to you when deciding

where to work? Overall, the more closely your

values match your career, the more satisfying your

work will be—and the easier it will be to succeed

on the job and move closer to reaching your

financial goals.

Decisions you make in the next few years can

either give you a jumpstart on living the life you

want or create detours which may limit your

choices. The course you take will impact your

financial goals, both short-term and long-term.

This lesson will help you discover strategies to

start down the path to achieve the lifestyle and

financial goals of your dreams.

PREPARATION



download.)






Before class starts, determine which

resource(s) or website(s) you will use to provide

students with occupational data. Possible

resources, www.bls.gov, www.onetonline.org.

WHAT YOU WILL NEED








Activity 3.11: My Values at Work

Challenge 3-D: Planning for My Career

Props for the Task 1: U.S. map, state map,

colored dot stickers, career cluster posters

Internet

NOTES:


LEARNING OUTCOMES

In this lesson students examine factors that

impact their decisions about career choices and

where they might live. Along the way they will:

Identify trends that can potentially impact

options in the workplace.

Explore how a person’s values and

preferences impact career and job choices.


cash flow and lifestyle.

Students will use what they learn to establish

career and lifestyle goals.

http://www.onetonline.org

http://www.bls.gov

TEACHER LESSON PLAN





1. Kevin and Gina

think a lot about

where they see

themselves in ten

years. Where do you

see yourself in ten

years?


[Advance Prep] Create 16 career cluster posters that describe

various categories of careers. (You can find the list of career clusters,

and a description of each at the National Association of State Directors

of Career Technical Education Consortium website:

www.careertech.org/career-clusters) Before class starts, hang the

maps and career cluster posters around the room.

[Slide 2] Provide each student with two colored dot stickers.

Review the directions with the students. Tell them to place one sticker

on a map to indicate where they see themselves living in ten years and

a dot on the career cluster that best represents the type of work they

see themselves doing in ten years.

If time allows, have students calculate the top responses and the

class percentage for each response. (If you do this activity with more

than one class, you can compare the preferences of each class.)

[Slide 3] Transition into the lesson preview, noting the Learning

Outcomes in the Student Learning Plan. By the end of this lesson, the

students should be able to establish short-term and long-term career

and lifestyle goals.

Module 3

Student Guide

Student

Learning Plan

SLIDES

2 – Looking

Ahead

3 - Preview

PROPS

U.S. map

State map

colored dot

stickers

career cluster

posters

2. The general

characteristics of the

population are always

changing in subtle

ways. Learn about

these changes to gain

insight on the types of

businesses and

careers that will be

hot down the road.

PROCEDURE TIME: 10-15 minutes

[Slide 4] Debrief from the opening activity by pointing out the value

of investigating job options as students consider where they will live

and look for work when they are on their own. By paying attention to

population and workplace trends, an individual has the opportunity to

increase odds in landing a job and earning income that will support

their desired lifestyle. As an example, someone with a dream of

working as a golf pro will need to consider not only the demand for

workers in this position but also geographic factors. After all, a golf pro

who lives in northern Minnesota won’t work many hours on a golf

course during the winter months.

SLIDES

4 – Know

Before You Go

5 - Population

and Work

Trends

http://www.careertech.org/career-clusters

TEACHER LESSON PLAN





[Slide 5] Divide the class into five groups and assign each group a

demographic trend to study and predict the impact in the workforce.

Source: Six Disruptive Demographic Trends, Frank Hawkins Kenan

Institute (www.kenan-flagler.unc.edu/kenan-institute/publications/

census-2010-trends)

Geographic population shift

Shift in population change by race and ethnicity

Aging population

Shift in gender roles in the workplace

Growing grandparent-headed households

(optional for an additional group topic) Source: 2010 Census Brief:

Population Distribution and Change: 2000 to 2010, U.S. Census

Bureau (www.census.gov/prod/cen2010/briefs/c2010br-01.pdf)

Regional and metropolitan population distribution and change

Make sure there are enough copies of each assigned section

(including the Discussion section of the Demographic Trends report)

for several group members to refer to it at the same time as they

discuss how the population trend impacts the workplace. Assign a

group member to report the team’s responses to the following

questions:

List at least three different ways this population trend will

impact the workplace.

What are the products and services that will be in higher

demand because of this trend?

Resources:

Six Disruptive Demographic Trends: What Census 2010 Will Reveal,

January 2011, Frank Hawkins Kenan Institute of Private Enterprise,

University of North Carolina, www.kenan-flagler.unc.edu/kenan-

institute/publications/census-2010-trends

2010 Census Briefs, Population Distribution and Change: 2000 to

2010, March 2011, U.S. Department of Commerce, U.S. Census

Bureau, www.census.gov/prod/cen2010/briefs/c2010br-01.pdf

http://www.kenan-flagler.unc.edu/kenan-institute/publications/census-2010-trends)

http://www.census.gov/prod/cen2010/briefs/c2010br-01.pdf

http://www.kenan-flagler.unc.edu/kenan-institute/publications/census-2010-trends

http://www.census.gov/prod/cen2010/briefs/c2010br-01.pdf

TEACHER LESSON PLAN





3. Identify what is

important to you when

deciding where to

work as you complete

Activity 3.11: My

Values at Work.


Poll students about two or three preferences they have related to

work environment such as working indoors or outdoors, working a day

or evening shift, or working with large equipment or at a desk. If

students didn’t complete the Work Setting Preferences task during

Lesson 3-2, arrange for students to complete the task now. [Slide 6]

Facilitate a discussion about taking into account personal work

preferences to increase satisfaction with a job. Topic ideas can be

found in the Student Guide, pages 30-32.

Allow time for students to complete Activity 3.11: My Values at Work.

STUDENT GUIDE

Pages 30-32

SLIDE

6 - Living Your

Dream

ACTIVITIES

Activity 3.11: My

Values at Work

Task: Work

Setting

Preferences

4. So, where DO you

want to live?

Complete the Should I

Stay or Go task to

compare two places

where you might want

to live.


[Slide 7] Reference student responses from the opening activity as

a transition into a discussion about things to consider when thinking

about moving for a job opportunity. Distribute the Should I Stay or Go

task to introduce students to examples of factors to consider when

thinking about relocating for work.

SLIDE

7 – Stay or Go?

ACTIVITY

Task: Should I

Stay or Go?

Internet

5. Daydream about

your life ten years

from now. Visualize all

of the details: your

family, your home,

your career and your

neighborhood.

Complete the My

Future Life task.

PROCEDURE In-class or out-of-class

[Slide 8] Preview the My Future Life task with the students.

Arrange for students to work individually to gather information about

their career choice and the job outlook. Either allow time in class or

establish a deadline for the students to write down two steps they can

take that will move them closer to that chosen career.

NOTE: Consider inviting a guest speaker from the local One-Stop

Career Center, workforce investment board, or Department of Labor to

help direct students to local data sources and information about

employment trends.

RESOURCES: If needed, use the Occupational Outlook Handbook

(www.bls.gov) or O*Net Online (www.onetonline.org) to research

salaries and educational requirements for students’ selected

occupations.

EXTENSION: Have students create posters of their future lives using

pictures they draw, cut out from magazines, or download from the

Internet. Each poster should contain four categories of images: family,

home, career and neighborhood.

SLIDE

8 – Your Future

ACTIVITY

Task: My Future

Life

Internet

Occupational

Outlook

Handbook,

www.bls.gov

O-Net Online www.onetonline.org


http://www.bls.gov

http://www.bls.gov


TEACHER LESSON PLAN





6. Write goals to get

started on achieving

the career and

lifestyle you want as

you complete

Challenge 3-D:

Planning for My

Career.


[Slide 9] Guide the students to reference their responses for the

My Future Life task and Activity 3.11 as they plan their goals for

Challenge 3-D: Planning for My Career.

Resource: CashCourse Prep website, www.cashcourse.org. Here

students will find helpful resources such as a Job Priorities worksheet

and a Job Comparison worksheet.

STUDENT GUIDE

Page 39

SLIDE

9 – Challenge

ACTIVITY

Challenge 3-D:

Planning for My

Career

TAKING IT HOME

Ask an adult about

their work and

location preferences.


Encourage students to interview adults about their work and job

location preferences.

FURTHER STUDY

Select two possible

cities where you’d like

to live in ten years.

Ask your teacher for

the Tale of Two Cities

task to compare the

benefits and costs

about the cities.


Distribute the Tale of Two Cities task. Have each student select

two cities to compare. They can always start by comparing their own

town or city to another.

Instruct students to go to Bestplaces.net to compare cities

(www.bestplaces.net/city/default.aspx). Demonstrate how to enter

information to prompt a comparison. Have students type in two cities

in the boxes using the following format: City, ST. For example, “Denver,

CO”. If a town or city is not listed, tell students to use a larger city that

is closest to them.

EXTENSION: Have students expand their comparisons to include their

current location, a dream location (within the US) and a location where

they are seriously considering moving to after high school.

EXTENSION: Have students try to persuade the class to live at their city

of choice. Instruct students to create a marketing campaign that

includes a media presentation (brochure, power point, poster, etc.)

and a 30-second persuasive speech. (This is a typical length for a

commercial ad on television.) Direct students to existing sources of

information about their chosen city, such as the local chamber of

commerce or bureau of tourism.

ACTIVITIES

Task: Tale of

Two Cities

Internet

FURTHER STUDY

Take the Reality

Check Challenge.


Demonstrate how to access the Reality Check online budget tool at the

Jump$tart Coalition website, www.jumpstart.org/reality-check.html.

The results will give students a general idea of how much income they

will need to support the lifestyle they choose for the simulation.

Internet

http://www.bestplaces.net/city/default.aspx

http://www.jumpstart.org/reality-check.html

TEACHER LESSON PLAN





EXTENSION

Participate in a reality

simulation event.


Many teens don’t understand complexities of living on their own

and supporting themselves. Help them better understand through a

simulation event. “Credit for Life Fairs” and “Reality Fairs” are

simulation events that allow teens to get a sense of the lifestyle they

can afford with their chosen profession when they are 25 years old.

Consider planning reality simulation for your school. You need three to

six months to plan an event as well as assistance from community

volunteers. Teens who provided feedback after participating in one of

these events said that the experience was “eye opening” and “the

most informative event” they have even attended. Some also reported

that it was a “wake-up call” for what it takes to live on your own.

REALITY SIMULATION RESOURCES:

Rather than create an event from scratch, find out if any of the

following or similar events are available in your community. Contact

your local Jump$tart Coalition, credit union, cooperative extension, or

Junior Achievement chapter for assistance in hosting and/or planning

the event.

Mad City Money Simulation, Credit Union National Association,

www.cuna.org/products-services/detail.php?sku=27732.

Credit union representatives may be available to assist with this event.

JA Finance Park, Junior Achievement

www.juniorachievement.org/web/ja-usa/ja-programs.

Although targeted to middle grade students, this has been used with

high school students. Contact your local JA Office to facilitate classroom

activities that compliment this face-to-face or online simulation.

Credit for Life Fair, Massachusetts State Treasurer’s Office,

www.cautionwithcredit.com/creditfair.aspx.

Reality

simulation

planning toolkit

or guide

Community

volunteers

TAKING IT HOME Interview a family member or close adult to ask the following questions:

1. What do you do for a living and why did you choose this career (or job)?

2. If you could do this same job somewhere else, where would you go? Why?

3. If you could stay here and do a different job, what would you do? Why?

4. What advice would you give someone just starting the path to a first career?

FURTHER STUDY Select two possible cities where you’d like to live in ten years. Ask your teacher for the handout to compare the

benefits and costs about the cities.

FURTHER STUDY Take the Reality Check Challenge, an online budget tool that gives you a quick look at what it costs to live on your

own. Discover types of jobs support that lifestyle. Find the Reality Check at www.jumpstart.org/reality-check.html.

http://www.cuna.org/products-services/detail.php?sku=27732

http://www.juniorachievement.org/web/ja-usa/ja-programs

http://www.cautionwithcredit.com/creditfair.aspx

http://www.jumpstart.org/reality-check.html

0

High School Financial Planning Program



Display this slide as you begin today’s lesson.

High School Financial Planning Program Lesson 3-4: Lifestyle


[Advance Prep] Create 16 career cluster posters that describe various categories of

careers. (You can find the list of career clusters, and a description of each at the

National Association of State Directors of Career Technical Education

Consortium website: www.careertech.org/career-clusters.) Before class starts, hang

the maps and career cluster posters around the room.

Provide each student with two colored dot stickers. Review the directions with the

students. Tell them to place one sticker on a map to indicate where they see

themselves living in ten years and a dot on the career cluster that best represents the

type of work they see themselves doing in ten years.

If time allows, have students calculate the top responses and the class percentage for

each response. (If you do this activity with more than one class, you can compare the

preferences of each class.)



Transition into the lesson preview, noting the Learning Outcomes in the Student

Learning Plan. By the end of this lesson, the students should be able to establish

short-term and long-term career and lifestyle goals.



Debrief from the opening activity by pointing out the value of investigating job options

as students consider where they will live and look for work when they are on their

own. By paying attention to population and workplace trends, an individual has the

opportunity to increase odds in landing a job and earning income that will support

their desired lifestyle. As an example, someone with a dream of working as a golf pro

will need to consider not only the demand for workers in this position but also

geographic factors. After all, a golf pro who lives in northern Minnesota won’t work

many hours on a golf course during the winter months.



Divide the class into five groups and assign each group a demographic trend to study and

predict the impact in the workforce.

Source: Six Disruptive Demographic Trends, Frank Hawkins Kenan Institute

(www.kenan-flagler.unc.edu/kenan-institute/publications/ census-2010-trends)

- Geographic population shift

- Shift in population change by race and ethnicity

- Aging population

- Shift in gender roles in the workplace

- Growing grandparent-headed households

(optional for an additional group topic) Source: 2010 Census Brief: Population Distribution

and Change: 2000 to 2010, U.S. Census Bureau

(www.census.gov/prod/cen2010/briefs/c2010br-01.pdf)

- Regional and metropolitan population distribution and change

Make sure there are enough copies of each assigned section (including the Discussion section

of the Demographic Trends report) for several group members to refer to it at the same time

as they discuss how the population trend impacts the workplace. Assign a group member to

report the team’s responses to the following questions:

- List at least three different ways this population trend will impact the workplace.

- What are the products and services that will be in higher demand because of this trend?




Poll students about two or three preferences they have related to work environment

such as working indoors or outdoors, working a day or evening shift, or working with

large equipment or at a desk. If students didn’t complete the Work Setting

Preferences task during Lesson 3-2, arrange for students to complete the task now.

Display this slide as you facilitate a discussion about taking into account personal

work preferences to increase satisfaction with a job. Topic ideas can be found in the

Student Guide, pages 30-32.

Allow time for students to complete Activity 3.11: My Values at Work.



Reference student responses from the opening activity as a transition into a

discussion about things to consider when thinking about moving for a job opportunity.

Distribute the Should I Stay or Go task to introduce students to examples of factors to

consider when thinking about relocating for work.



Preview the My Future Life task with the students. Arrange for students to work

individually to gather information about their career choice and the job outlook. Either

allow time in class or establish a deadline for the students to write down two steps

they can take that will move them closer to that chosen career.

NOTE: Consider inviting a guest speaker from the local One-Stop Career Center, workforce

investment board, or Department of Labor to help direct students to local data sources

and information about employment trends.

RESOURCES: If needed, use the Occupational Outlook Handbook (www.bls.gov) or

O*Net Online (www.onetonline.org) to research salaries and educational requirements

for students’ selected occupations.

EXTENSION: Have students create posters of their future lives using pictures they draw,

cut out from magazines, or download from the Internet. Each poster should contain four

categories of images: family, home, career and neighborhood.




Guide the students to reference their responses for the My Future Life task and

Activity 3.11 as they plan their goals for Challenge 3-D: Planning for My Career.

Resource: CashCourse Prep website, www.cashcourse.org. Here students will find helpful

resources such as a Job Priorities worksheet and a Job Comparison worksheet.



10








OVERVIEW

What is most important to you when deciding where

to work? Overall, the more closely your values match

your career, the more satisfying your work will be—and

the easier it will be to succeed on the job and move

closer to reaching your financial goals.

Decisions you make in the next few years can either

give you a jumpstart on living the life you want or

create detours which may limit your choices. The

course you take will impact your financial goals, both

short-term and long-term. This lesson will help you

discover strategies to start down the path to achieve

the lifestyle and financial goals of your dreams.


__ 1. Kevin and Gina think a lot about where they see themselves in ten years. Where do you see yourself

in ten years?

__ 2. The general characteristics of the population are always changing in subtle ways. Learn about these

changes to gain insight on the types of businesses and careers that will be hot down the road.

__ 3. Identify what is important to you when deciding where to work as you complete Activity 3.11:

My Values at Work.

__ 4. So, where DO you want to live? Complete the Should I Stay or Go task to compare two places where

you might want to live.

__ 5. Daydream about your life ten years from now. Visualize all of the details: your family, your home, your

career and your neighborhood. Complete the My Future Life task.

__ 6. Write goals to get started on achieving the career and lifestyle you want as you complete

Challenge 3-D: Planning for My Career.

TAKING IT HOME

Interview a family member or close adult to ask

the following questions:

1. What do you do for a living and why did you

choose this career (or job)?

2. If you could do this same job somewhere else,

where would you go? Why?

3. If you could stay here and do a different job,

what would you do? Why?

4. What advice would you give someone just

starting the path to a first career?

FURTHER STUDY

Select two possible cities where you’d like to live in

ten years. Ask your teacher for the handout to

compare the benefits and costs about the cities.

FURTHER STUDY

Take the Reality Check Challenge, an online budget

tool that gives you a quick look at what it costs to live

on your own. Discover types of jobs that would

support that lifestyle. Find the Reality Check at www.jumpstart.org/reality-check.html.

LEARNING OUTCOMES

In this lesson you will examine factors that

impact your decisions about career choices and

where you might live. Along the way you will:

Identify trends that can potentially impact

your options in the workplace.

Explore how a person’s values and

preferences impact career and job choices.


your cash flow and lifestyle.

Use what you learn to establish career and

lifestyle goals.

Activity 3-11: My Values at Work

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.11: My Values at Work


NAME: DATE:

Directions:

What is most important to you when deciding where to work? List three criteria you will consider when

deciding on a job or career. (If you completed Activity 1.5 in Module 1: Money Management,

review your values list before completing this activity.)

Criteria I Value in the Workplace Why It’s Important




NAME: DATE:

Directions:

What is your ideal work situation? Review the list below. Check the ten groups of workplace factors that

relate to preferences that are most important to you. Then, based on your preferences, write a paragraph

that describes what a day would be like in your ideal job situation.

For example, if you don’t have a car, you might select #2 Access to public transportation or #5: Commute

time (because you will walk or ride a bike) but not #1 Access to parking.

1. Access to parking (If you prefer to drive, is parking reasonable and available?)

2. Access to public transportation (Is public transportation an option and readily available?)

3. Attire (Do you prefer business casual, casual, or business formal work clothes? Or do you prefer

to wear a uniform?)

4. Benefits (For your current life situation, are benefits important to you? What about health

insurance, paid vacation days, paid sick days, or other typical benefits?)

5. Commute time (How much time are you willing to spend on your commute to and from work?)

6. Company size (Do you prefer to work at a large or small company or organization?)

7. Compensation (Do you prefer a set salary, a lower salary plus tips, or a commission?)

8. Customer contact (Would you prefer a higher level of contact with your customers/clients or to

work more behind the scenes?)

9. Deadlines (Do you prefer to have deadlines set for you, or would you rather set your own

deadlines for work tasks?)

10. Diversity (Do you prefer to work with a diverse group of coworkers or would you rather work with

people who are most like you?)

11. Education assistance (Would you be interested in working for a company that will fund or

reimburse classes you take to further your education or job-related knowledge?)

12. Health needs (Do you have health concerns that require accommodations, such as

allergies or physical labor limitations?)




13. Independence level (Would you prefer to work in a team or on your own?)

14. Onsite amenities (Do you prefer onsite daycare, gym, cafeteria or other amenities?)

15. Overtime (Do you prefer to work overtime in exchange for extra pay or time off later?)

16. Promotion (Do you want to work for a company where you have the opportunity for promotions?)

17. Raises (What is your preference on pay increases—automatic? Based on performance?)

18. Relocate (Are you willing to relocate if asked? Or is it important for you to stay where you are?)

19. Self-Employment (Do you want to work for yourself or someone else?)

20. Supervision (Do you prefer little or no supervision or lots of guidance and support?)

21. Training (Do you prefer a company that expects and provides training or one that does not?)

22. Travel (Do you prefer a job that requires you to travel, or do you want assurance that you will not

have to travel?)

23. Type of office (Do you prefer a private office or cubical or a desk in a shared space?)

24. Unions (Do you want to belong to an employee union, or would you prefer to not work in a

union environment?)

25. Urban proximity (Do you prefer a central location around other commercial development or a

remote location away from the city?)

26. Values (Is it important for you to work for a company that reflects your personal values?)

27. Volunteerism (Do you want to work for a company that places a priority on volunteerism?)

28. Work from home (Do you want to be able to work at home either every day or on certain days?)

29. Work location (Do you prefer to work indoors or outdoors?)

30. Work schedule (Do you prefer a set work schedule or one that is flexible and varies? Do you need

to limit work to specific days or hours each week?)

Description of my ideal day at work:


©2014 National Endowment for Financial Education www.hsfpp.org Task: Should I Stay or Go?


NAME: DATE:

If you’re thinking about moving to get a job, look at three things before you make the leap:

Cost of living—the average cost of items such as rent, taxes, transportation, insurance, utilities,

and food in an area. A $30,000 salary may sound like a hefty amount in the small community of Blue

Lake, California. But it may be impossible to live comfortably on that in San Francisco.

Average salaries. Areas with a higher cost of living usually offer higher salaries. But the supply of and

demand for workers in the local job market play a role, too. A shortage of qualified workers will push

salaries higher—as employers compete to fill openings—while an excess of qualified workers can drive

salaries down.

Moving costs. Even do-it-yourself movers may need to rent a van, buy boxes, pay deposits for a new

place and utilities, and rent storage.

Are you considering moving away from family and friends who provided free babysitting services, car

maintenance, or house repairs? Better add those expenses into your spending plan. You also need to

adjust your budget for the reduced income while you look for a job in the new location.

Directions:

Kevin doesn’t care for cold winters, so he is thinking about moving to a warmer climate in a few years. His

brother suggests that Kevin research the cost of living before setting his mind on moving to another city.

Search online for a cost-of-living calculator (Examples: www.bankrate.com/brm/movecalc.asp or

www.bestplaces.net) to help Kevin compare the cost of living in Madison, Wisconsin, to living in San

Diego, California. Based on the data you find, which city do you think is the better option for Kevin? Why?

Current Town Dream Town

Name of the Town

Name of the Job Position

Average Salary

Overall Cost of Living

% Difference in Cost of Living

% Difference in Average Salary

Unemployment Rate

Future Job Growth Rate

Income Tax Rate


©2014 National Endowment for Financial Education www.hsfpp.org Task: My Future Life


NAME: DATE:

Directions:

Relax and daydream about your life ten years from now. Visualize all of the details: your family, your home,

your career and your neighborhood. Think about as many details as possible. Is the town you live in large or

small? Are you involved in your community? Where do you volunteer or contribute to charity? Is your job

steady and secure or exciting and risky? Do you travel a lot? Do you have a car; if so, what kind? What do

you do for fun? Are you working 9 to 5, shift work, or part-time?

A. Gather information for your current career choice:

Average starting salary:

Education/training required:

Job outlook in the city/state of my choice:

B. Now, complete the following statements:

“I plan to work toward a career as a _______________________________________

with a beginning salary of $____________. The type of education or training that is

required for my chosen career is ___________________________________________.

This career typically ( does/ does not) provide benefits. I know I will be able to

find work in this career if I live in the town/city of _____________________________

in the state of __________________ .”

C. Write down two steps you can take in the next month to move you closer to your chosen career

or occupation:

Step 1:

Step 2:


©2014 National Endowment for Financial Education www.hsfpp.org Task: Tale of Two Cities


NAME: DATE:

Directions:

Select two possible cities where you’d like to live in ten years. Then gather information to compare the

benefits and costs about the cities.

I am comparing to .

Category Which city… Answer Data

Population …has an older population? Average age:

Population …has more single people? Percentage of single people:

Climate …gets more rain? Rain fall:

Climate …gets more snow? Snow fall:

Climate …is sunnier? Sunny days:

Cost of Living …has a lower cost of living? Cost of living score:

Crime …is safer? Violent crime rate:

Property crime rate:

Economy …has the lower unemployment rate? Unemployment rate:

Economy … anticipates a higher future job

growth rate? Future Job growth:

Economy …has a lower sales tax? Sales tax rate:

Economy …has a lower income tax rate? Income tax rate:

Economy …has a higher average household

income? Household income:

Health …has better air? Air quality score:

Health …has better water? Water quality score:

Housing …has a lower average housing

cost? Median home cost:

Transportation …has a longer average commute

to work? Average commute time:

Transportation …uses “greener” commuting

methods?

Carpool:

Mass Transit:

Work from home:


©2014 National Endowment for Financial Education www.hsfpp.org Task: Tale of Two Cities


Answer these questions:

1. Identify your two cities and the number of times each one was listed on the worksheet.

A. City 1: Number of answers:

B. City 2: Number of answers:

2. List, in order of importance, the three questions that are the most important to you.

a.

b.

c.

3. Complete the following statements:

A. Of the two cities I researched, I would prefer to live in .

B. The three main reasons I would want to live there are:


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 3-D: Planning for My Career


NAME: DATE:

Now that you have explored how earning power impacts your ability to earn an adequate income for financial

stability and long-term financial health, use what you have learned to start preparing for life on your own after

high school. Use the SMART guidelines to write goals that will lead you on the path to achieving the career and

lifestyle you want. Your goals should specify what you need to do, starting now, to proactively boost your earning

capacity. As you plan, think about actions you can take now and in the future to enable you to cover your

expenses, live comfortably, and plan for the future.

Add your goals to your personal financial planning portfolio. As your life circumstances change, refer to your

goals to check progress, modify the goals, or write new goals.

Directions:

Apply what you have learned about goal setting as you complete this challenge. Write at least one short-term

goal, one medium-term goal, and one long-term goal related to enhancing your ability to earn an adequate

income. Be sure to create goals that have meaning to you based on your current circumstances and values.

1. Preview the criteria listed in the Scoring Guide to plan for your assessment.

2. Brainstorm ideas for personal financial goals that can be classified as short-term, medium-term,

and long-term.

3. Review the SMART Goals chart to establish goal details. (Module 1 Student Guide, page 15)

4. Write your SMART goals taking into consideration how you will prioritize your actions as you work to

achieve all of the goals at the same time.

5. Self-assess your work using the Scoring Guide. Optional: Ask a classmate or family member to peer

assess your work using the Scoring Guide to evaluate your work.

1

2

3




NAME: DATE:


Content

1. You list one short-term skill-development or career-related goal.

(zero – three months) acceptable not acceptable

2. You list one medium-term skill-development or career-related goal.

(three months – one year) acceptable not acceptable

3. You list one long-term skill-development or career-related goal.

(more than a year) acceptable not acceptable

Status Rating Key: “A” = Acceptable / “NA” = Not Acceptable Short

Term

Medium

Term

Long

Term

4. Each goal states one specific outcome with specific actions to carry out to

fulfill the outcome.

5. Each goal states benchmarks and the expected evidence to measure when

the goal has been achieved.

6. You justify that each goal is attainable and realistic based on your current

circumstances and the resources that you expect to be available.

7. You summarize how each goal is relevant and meaningful to your current life

situation and values.

8. Each goal includes a timeline with a target completion date and milestone

dates for any significant mid-point actions.

General


10. Your calculations are accurate. acceptable not acceptable

Feedback: Score: _______ /_______

©2014 National Endowment for Financial Education www.hsfpp.org High School Financial Planning Program

TEACHER LESSON PLAN


©2014 National Endowment for Financial Education www.hsfpp.org Lesson 3-5: Plan for Change


OVERVIEW

Your career will have many highs and lows. By

creating a plan and continually investing in yourself,

you’ll get through the low times faster.

A little preparation will go a long way when your

income takes a dive. Of course, it’s easier to prepare

if you know in advance that change is coming, such as

when you decide to quit a summer job to focus on

school or when you move to a new city. Still, there’s a

lot you can do in advance to ease the stress of a layoff

or unexpected work interruption.

What you learn in this lesson will help you deal with

temporary or unexpected drops in income.

PREPARATION



download.)






Preview the Success Stories you will use for

Tasks 2, 4, and 5. Have enough copies on

hand to read individually, in small groups, or

for the whole class.

WHAT YOU WILL NEED




Success Stories


Activity 3.13: Downsizing My Financial Plan

Challenge 3-C: My Accomplishments


Internet access (option for Task 3)

NOTES:


LEARNING OUTCOMES

In this lesson students outline a plan to deal

with changes in income. Along the way they will:

Give examples of work-related changes that

can impact financial status.

Discuss ways to deal with irregular or

temporary drop in income.

Identify skills, knowledge, and attitudes that

employers value in the workplace.


Students will use what they learn today to

prepare for changes in income and work status.

TEACHER LESSON PLAN





1. Brainstorm a list of

challenges teens face

when it comes to

predicting income.


Teens typically don’t have a regular, predictable income year-round.

Ask students (either in small groups or independently) to brainstorm a

list of challenges teens face when it comes to predicting their income.

Examples: irregular hours and work schedule, few working hours,

lower-paying jobs, unfavorable or inconvenient hours that interfere

with school and extracurricular activities, lack of transportation,

temporary work, or seasonal work.

[Slide 2] Invite students to share responses to generate a class list.

Point out the reality that there will be “dry times” when they are either

not earning income or earning less than expected to meet their

payment obligations and savings goals. As adults, they will encounter

similar dips in income due to seasonal work, change in business

decisions, and personal choices.

[Slide 3] Preview the learning outcomes in the Student Learning

Plan. By the end of this lesson, students should be able to outline

strategies to cope in times of irregular income.

EXTENSION: If applicable and as time allows, use any local news or

situations as examples of instances when workers are displaced from

their jobs, such as mass layoffs or business closures due to

management decisions, disasters that interrupt business operations

(i.e. flood, hurricane), or seasonal work (construction, agriculture,

tourism). Discuss how the individuals and community are impacted and

any procedures that might be in place to assist the displaced workers.

Module 3 Student

Guide

Student Learning

Plan

SLIDES

2 - Dips in Income

3 - Preview

2. How do you think

the Chinese proverb

“Dig the well before

you are thirsty”

applies to a person’s

work status and

income? Generate a

list of strategies to

cope with dips in

your income.


[Slide 4] Display the slide and ask students to interpret how this

applies to a person’s work status and income, particularly when their

work situation changes or income source is interrupted.

Read (whole class or independently) the first Success Story: From

Homeless to Hair Care Billionaire. Debrief by asking students to

identify strategies Mr. DeJoria used to cope with low income and

changes in work status.

[Slide 5 heading] Although teens might not yet be experienced or

confident money managers, they are already developing skills to cope

with irregular income sources. Similar coping skills can be applied later

when they are between jobs as adults. Ask students to share advice or

lessons they have learned to deal with irregular income. As ideas are

presented, guide students to explain how these strategies might be

applied to situations they will run into as adults. [Slide 5] Fill in gaps by

presenting offensive strategies to prepare for dips in income.

STUDENT GUIDE

Page 38

SLIDES

4 - Dig the Well

5 - An Offensive

Strategy

ACTIVITIES

Success Story:

From Homeless

Activity 3.13:

Downsizing My

Financial Plan

TEACHER LESSON PLAN





(optional) Complete

Activity 3.13:

Downsizing My

Financial Plan.

If students completed Challenge 1-C: My Spending Plan while

studying Module 1: Money Management, assign Activity 3.13:

Downsizing My Financial Plan to adjust their spending plans for a

“what if” situation that may cause them to have a drop in income (i.e.

leave a job, work fewer hours).

3. Re-read Tom’s story

on page 37. What

advice would you give

Tom in this time of

misfortune?

PROCEDURE TIME: 10-15 minutes

[Slide 6] Point out strategies to deal with drops in income or uneven

income flow. Stress to students the value of living within or below their

current means, which includes regularly building up savings to have

money on hand for lean times. Someone who lives paycheck to

paycheck takes the risk of not being able to meet their payment

obligations if their usual expected income drops. A person with irregular

or seasonal income can estimate an average monthly income to evenly

plan out how their earnings will cover regular monthly expense

obligations. Example: A teacher arranges to received equal paychecks

over a 12-month time period rather than receive paychecks only during

the nine-month school year.

Review strategies to deal with downtimes from Slide 6, the Ready,

Set, Promotion list on page 35; and/or the Preemptive Strikes for Down

Times on page 37.

Challenge the students to estimate the income they received from

various sources over the past 12 months. Have them calculate how

much this averaged per month if they had spread out that amount

evenly over the 12 months. This strategy can be used to establish a

guide for what they have available each month to spend and save.

Arrange students into pairs for this activity. Have students re-read

Tom’s story on page 37. Establish a time limit for the pairs to plan how

they would advise Tom to cope with his situation.

If Internet access is possible, have students search for resources

available to Tom, including what he might do to collect unemployment

benefits and strategies to negotiate payment modifications with

creditors. (NOTE: Have students perform state-specific keyword

searches, such as “apply for unemployment in Texas.”) Use Slide 7 as

an option to introduce unemployment benefits. See the slide notes for

more details. If time allows, have students share their advice as a role

play in small groups or by reporting out to the whole class.

[Slides 8-9] Provide strategies to deal with job termination and gaps

in employment. Slide 9 includes more detailed notes about strategies

to explain gaps in employment.

STUDENT GUIDE

Pages 35-39

SLIDES

6 - Dealing with

Down Times

7 – Facts About

Unemployment

8 – LACE Up if

Losing Your Job

9 – Mind the Gap

TEACHER LESSON PLAN





NOTES: You may want to bring in a guest speaker from your local One-

Stop Career Center or Unemployment Office to review the

unemployment application process and employment resources

available to students.

EXTENSION: This activity can be expanded to include plans for other

types of unexpected family disasters or work-place interruptions such

as the ones discussed in the previous task.

4. The best offense to

having a steady flow

of income is to be

employable. Compare

your skills with what

employers want. How

can you develop work

skills when you are

not employed?

Complete Challenge

3-C: My

Accomplishments to

create or update a list

of your accomplish-

ments, skills, training,

and certification. Be

sure to include any

details such as dates,

places, and title. If

you have a resume,

update your resume

with any new

information.

PROCEDURE 5-10 minutes

Facilitate a discussion about the value of keeping options open

rather than closing doors to quickly recover when faced with a change

in work status. Your reputation as a valued employee can help open

doors to promotions or recommendations for future jobs when it is

necessary to change jobs. Use Slide 10 and the slide notes to point out

the skills that employers value in an employee.

[Slide 11] Provide examples to build a reputation as a valued

employee. Reference the Ready, Set, Promotion strategies on page 35

in the student guide and the additional information in the slide notes.

[Slide 12] Point out the value of volunteer experiences and college

internship opportunities. Share any relevant personal experiences.

Read the Success Story: Copy Her Success for an example of how an

internship was part of Ms. Burns’ career journey. See the slide notes

for additional notes about the value of internships and volunteer jobs.

EXTENSION: Invite someone to speak to the class about his or her

internship experiences.

EXTENSION: Arrange for students to investigate resources that post

opportunities for internships (start at college websites) and volunteer

experiences. Volunteer Match, www.volunteermatch.org, is one place

to search for local volunteer opportunities.

[Slide 13] Tell the students to reflect on the following question:

What three things can I do to ensure that my workplace

reputation will not hurt me in the future?

[Slide 14] Establish a timeline for students to complete

Challenge 3-C: My Accomplishments to list their accomplishments,

including dates, any titles, and place if relevant. For example: Red

Cross First-Aid certificate [date]; Red Cross Babysitting certificate

[date]; Boy Scout Eagle Award [date]; College-Level Math Course [date],

[college]; Job [job title], [job duties], [employer, city], [date].

STUDENT GUIDE

Pages 34-35

SLIDES

10 – 7 Super Skills

for Any Career

11 – Jumpstart the

Journey

12 – Internships

and Volunteer

Experiences

13 – Reflection

14 – Challenge 3-C

ACTIVITIES

Success Story:

Copy Her Success

Challenge 3-C: My

Accomplishments

TEACHER LESSON PLAN





If students already have resumes, instruct them to add any new

information to their resumes. If resume-writing is new to students,

provide an overview of what to include in and how to format a resume.

Provide examples. Check online or with the Guidance Department

personnel for resume-writing tips and examples.

Resource: CashCourse website. Here students will find helpful tips to

write a resume and prepare for a job interview. www.cashcourse.org

5. One way people

deal with job loss is to

go into business for

themselves. This can

also be a great

strategy for gaining

work experience if you

are unable to find a

job working for

someone else. Find

out if you have what it

takes to be an

entrepreneur.

PROCEDURE 10+ minutes

[Slide 15] Survey the class to generate ideas for how teens can earn

income if they don’t have a job working for someone else or they need

extra income. As they present ideas, point out that these examples of

self-employment are often the result of using their skills and interests

to meet a need or solve a problem.

Examples: babysitting, pet setting, pet walking, lawn and garden

care, snow removal, deliveries, personal shopper, web design,

computer set up or tech support, music performance (band,

piano accompanist, organist), crafts, resale of unwanted items.

As time allows, read any or all of the final three Success Stories: A

Natural Success, Minting Money, and Persistence Brews Success to

provide examples of individuals who used their skills to make their own

business opportunities. Facilitate a discussion to answer these

questions:

Why did [the individual] pursue the business idea?

What support or circumstances help make the business concept a reality?

(If multiple stories are read) What do these individuals have in common?

Arrange for students to complete the Work for Myself task to think

about skills they may have to work for themselves.

EXTENSION:

Junior Achievement USA, (www.ja.org), provides interactive

entrepreneur programs led by local volunteers who share their

business experiences with the students.

Middle Grade Program: JA It’s My Business. Students learn about

basic entrepreneurial skills.

High School Program: JA Be Entrepreneurial. Students are

challenged to start entrepreneurial ventures while in high school.

SLIDE

15-Entrepreneurship

ACTIVITIES

Success Stories:

A Natural Success,

Minting Money,

Persistence Brews

Success

Task: Work for

Myself

TEACHER LESSON PLAN





6. Complete Challenge

3-D: Planning for My

Career to create a

career plan.


If Challenge 3-D wasn’t assigned during Lesson 3-4, guide the

students to reference their responses for the My Future Life task and

Activity 3.11 as they plan their goals for Challenge 3-D: Planning for

My Career. Instruct the students to include strategies to cope with

changes in income and work status.

Resource: CashCourse website, www.cashcourse.org. Here students

will find helpful resources such as a Job Priorities worksheet and a Job

Comparison worksheet.

STUDENT GUIDE

Page 39

SLIDE

16 – Challenge

ACTIVITY

Challenge 3-D:

Planning for My

Career

Internet (optional)

TAKING IT HOME

Interview a family

member about his or

her work history.


Encourage students to ask a family member about part-time employ-

ment and strategies s/he has used to manage changes in income.

FURTHER STUDY

Identify one or two

adults whom you

think would be

suitable mentors.


Encourage students to consider whom they might ask to serve as their

career or entrepreneur mentor.

RESOURCE: SCORE (www.score.org) is national network of experienced

business leaders who offer free, valuable advice for small business

owners. These volunteer counselors also mentor business

professionals who are getting started in their careers as well as reach

out to youth entrepreneurs.

FURTHER STUDY

Interview a local

entrepreneur.


Assign or arrange for students to interview local entrepreneurs about

their experiences and lessons learned.

TAKING IT HOME Ask a family member or close adult the following questions:

1. What types of temporary or part-time jobs did you have when you were a teen or young adult?

2. What money management strategies do you recommend for someone who has a sudden drop in income?

3. What has helped you transition from one job to the next job?

TAKING IT HOME

Identify one or two adults whom you think would be suitable mentors to provide advice and guidance as you

get started in your career. Seek out someone who is successful and has had experiences similar to what you

hope to encounter.

FURTHER STUDY Interview a local entrepreneur to learn about how s/he got started on his or her business endeavor. Ask what

s/he thinks it takes to be a successful entrepreneur.

0


Lesson 3-5: Plan for

Change


Display this slide as you begin today’s lesson.

High School Financial Planning Program Lesson 3-5: Plan for Change


Before showing the content of this slide …

Teens typically don’t have a regular, predictable income year-round. Ask students

(either in small groups or independently) to brainstorm a list of challenges teens face

when it comes to predicting their income.

Examples: irregular hours and work schedule, few working hours, lower-paying jobs,

unfavorable or inconvenient hours that interfere with school and extracurricular

activities, lack of transportation, temporary work, or seasonal work.

Invite students to share responses to generate a class list.

1st click to show Teen list …

Point out the reality that there will be “dry times” when they are either not earning

income or earning less than expected to meet their payment obligations and savings

goals.

2nd click to show More Challenges list …

As adults, they will encounter similar dips in income due to seasonal work, change in

business decisions, and personal choices.

EXTENSION: If applicable and as time allows, use any local news or situations as

examples of instances when workers are displaced from their jobs, such as mass layoffs

or business closures due to management decisions, disasters that interrupt business

operations (i.e. flood, hurricane), or seasonal work (construction, agriculture, tourism).

Discuss how the individuals and community are impacted and any procedures that might

be in place to assist the displaced workers.



Preview the learning outcomes in the Student Learning Plan. By the end of this

lesson, students should be able to outline strategies to cope in times of irregular

income.



Display the slide and ask students to interpret how this applies to a person’s work

status and income, particularly when their work situation changes or income source is

interrupted.

Read (whole class or independently) the first Success Story: From Homeless to Hair

Care Billionaire. Debrief by asking students to identify strategies Mr. DeJoria used to

cope with low income and changes in work status.




Show slide heading …

Although teens might not yet be experienced or confident money managers, they are

already developing skills to cope with irregular income sources. Similar coping skills

can be applied later when they are between jobs as adults. Ask students to share

advice or lessons they have learned to deal with irregular income. As ideas are

presented, guide students to explain how these strategies might be applied to

situations they will run into as adults.

Click to show the content in this slide …

Fill in gaps by presenting offensive strategies to prepare for dips in income. Consider

sharing any related personal experiences.

If students completed Challenge 1-C: My Spending Plan while studying Module 1:

Money Management, assign Activity 3.13: Downsizing My Financial Plan to adjust

their spending plans for a “what if” situation that may cause them to have a drop in

income (i.e. leave a job, work fewer hours).



Student Guide, pages 34, 37

As you click through this slide …

Point out strategies to deal with drops in income or uneven income flow. Stress to students the

value of living within or below their current means, which includes regularly building up savings

to have money on hand for lean times. Someone who lives paycheck to paycheck takes the

risk of not being able to meet their payment obligations if their usual expected income drops. A

person with irregular or seasonal income can estimate an average monthly income to evenly

plan out how their earnings will cover regular monthly expense obligations. Example: A teacher

arranges to received equal paychecks over a 12-month time period rather than receive

paychecks only during the nine-month school year.

Review strategies to deal with downtimes from this slide; the Ready, Set, Promotion list on

page 35; and/or the Preemptive Strikes for Down Times on page 37.

Challenge the students to estimate the income they received from various sources over the

past 12 months. Have them calculate how much this averaged per month if they had spread

out that amount evenly over the 12 months. This strategy can be used to establish a guide for

what they have available each month to spend and save.




Arrange students into pairs for the next activity. Have students re-read Tom’s story on page 37.

Establish a time limit for the pairs to plan how they would advise Tom to cope with his situation.

If Internet access is possible, have students search for resources available to Tom, including what

he might do to collect unemployment benefits. (NOTE: Have students perform state-specific

keyword searches, such as “apply for unemployment in Texas.”) Use this slide to introduce

unemployment benefits. If time allows, have students share their advice as a role play in small

groups or by reporting out to the whole class.

Talking Points:

Losing a job is one of the most stressful situations anyone can face. You have to worry about paying

your bills and finding a new job. But our jobs are also a big part of our identity. So, finding yourself

unemployed can be a serious blow to your self-esteem.

Unemployment insurance will replace some of the income you’re not earning. But eligibility, benefit

amounts and the maximum collection period varies by state, so consult your state unemployment

office for specifics.

In the meantime, here are five important facts to know:

― You probably can’t collect unemployment if you’re fired or quit voluntarily—your job loss can’t be

your fault. Your employer also must approve payment of your unemployment benefits.

― You can collect a weekly check for up to 26 weeks. In times of high unemployment, the limit is

longer. Right now, some states will pay benefits for up to 99 weeks.

― The amount you receive depends on your state’s formula. But it’s usually no more than half of

your average weekly earnings during the prior year, up to a set limit.

― Unemployment benefits are considered taxable income and must be reported on your federal

income tax return.

― You can still collect unemployment if you pick up a part-time or temporary job, although the

amount of your check will be reduced.



Use Slides 8 and 9 to provide strategies to deal with job termination and gaps in

employment.

NOTES: You may want to bring in a guest speaker from your local One-Stop Career Center

or Unemployment Office to review the unemployment application process and

employment resources available to students.

EXTENSION: This activity can be expanded to include plans for other types of unexpected

family disasters or work-place interruptions such as the ones discussed in the previous

task.



While you may think of the clothing store when you see the word “gap,” employers see a red

flag. Once you start working full-time, a long break between recent jobs or since your last job

makes potential employers wonder if you’re unreliable, or if your skills and knowledge are out

of date.

On the other hand, it can be nerve-wracking to explain the gap—especially if you were fired, in

jail or are plain embarrassed about why you stopped working. While that’s understandable,

smart job hunters will keep three things in mind:

― Never lie. These days, your skeletons are just an Internet search or background check away.

It’s far better to fess up to your mistakes and explain what you’ve learned from them than

make up a story that “sounds better.”

― Never blame someone else. Whether your boss was Cruella De Vil, your co-worker was

harassing you, or you were unfairly passed you over for promotion—skip the tale of woe

because no one wants to hire a whiner. It doesn’t matter how true the tale is, blaming others

for your problems sounds like a whiner to potential employers.

― Keep learning and growing. Volunteer for a leadership position with a nonprofit group. Take

classes to upgrade your skills. Do freelance work for other companies. Start your own

business. Go build houses in Central America. All these activities show initiative and help you

stand out to employers. List them like you would any other job or education on your resume.

How long is too long? If the gap between jobs was within the last few years and more than four

months, include a short and sweet explanation in your cover letter. Keep it to two sentences at

most—and mention that you’re eager to return to the workforce.

If they ask about it in an interview, give the same brief explanation, adding anything you did

during that time that would be relevant to the position you’re applying to.



Facilitate a discussion about the value of keeping options open rather than closing doors to quickly

recover when faced with a change in work status. Your reputation as a valued employee can help open

doors to promotions or recommendations for future jobs when it is necessary to change jobs.

Point out the skills that employers value in an employee. Extensive surveys of leading U.S. employers

have revealed seven critical skills to master to get and keep a good job in today’s economy. They are:

― Critical thinking and problem-solving. Companies need every employee to critically evaluate

products, processes and services to fix weaknesses and make more strategic decisions.

― Collaborating and leading by influence. Being a good team player helps your performance. So does

being able to motivate others to work together toward a common goal instead of just being a

dictator.

― Agility and adaptability. Technology, companies and marketplaces are constantly evolving. So

flexibility and a willingness to learn new things are essential to long-term career success.

― Initiative and entrepreneurialism. Looking for opportunities to take on new responsibilities and give

your employer an edge on the competition boosts the company and your career.

― Effective oral and written communication. Communicating effectively with co-workers, bosses,

customers and more is critical to performing virtually any job.

― Accessing and analyzing information. In this information-hungry world, being able to quickly sort and

find the most relevant and credible information for the task at hand is a definite advantage.

― Curiosity and imagination. It might have killed the cat but employers prefer employees who are

interested enough to be curious about issues beyond the scope of their job. Bosses appreciate

employees who put their own creative stamp on a task instead of waiting for them to explain exactly

how to do it.

Notice how these skills apply to all kinds of jobs. So continuing to sharpen these skills will boost your

prospects—and your income—for the rest of your career.




Provide examples to build a reputation as a valued employee. Reference the Ready,

Set, Promotion strategies on page 35 in the student guide.

It’s never too early to start sharpening your skills and exploring possible careers.

Researching a career online is good, but the best insights will come from talking to

people who have that job and testing the waters yourself. You may build some

resume-worthy skills too. Here are some ways to do that:

― Part-time jobs that let you build skills and get a foot in the door

― Internships and volunteer work for a behind-the-scenes look at a career or

industry

― Training camps and courses to test your talents and see if you truly like it

― Skill and career assessments to pinpoint strengths and possibilities

― Interview or shadow people who have your dream job

― Professional societies and associations that provide information about specific

careers or industries

― Career-related clubs that allow you to explore different options

― Putting your abilities on display by starting your own business

― Temporary jobs that expose you to a variety of industries and employers



Point out the value of volunteer experiences and college internship opportunities. Share any

relevant personal experiences.

Read the Success Story: Copy Her Success for an example of how an internship was part of Ms.

Burns’ career journey.

Although internships and volunteer positions may not deliver an immediate paycheck, they can

help you land terrific jobs in the future. That’s because they can provide:

― Demonstrated skills and on-the-job accomplishments for your resume

― Relevant work experience—41% of hiring professionals consider volunteer work as valuable as

paid work experience and 20% have hired someone based on their volunteer experience

― Impressive references for college applications and future employers

― Valuable connections for whatever career you decide to pursue

― College credit, if you arrange the internship through your school

― Perks like being able to attend special events

― A full-time job—61% of employers made full-time offers to their interns in 2011 [Source:

LinkedIn, “LinkedIn adds "Volunteer Experience & Causes" field to Profile,” September 7, 2011,

National Association of Colleges and Employers (NACE), 2012 Internship & Co-op Survey,

Executive Summary, April 2012]

So don’t discount an internship or volunteer position just because it’s free!

EXTENSION: Invite someone to speak to the class about his or her internship experiences.

EXTENSION: Arrange for students to investigate resources that post opportunities for internships (start

at college websites) and volunteer experiences. Volunteer Match, www.volunteermatch.org, is one

place to search for local volunteer opportunities.



REFLECTION: Tell the students to reflect on the following question:

What three things can I do to ensure that my workplace reputation will not hurt me in

the future?




Establish a timeline for students to complete Challenge 3-C: My Accomplishments to

list their accomplishments, including dates, any titles, and place if relevant.

Examples:

― Red Cross First-Aid certificate [date]

― Red Cross Babysitting certificate [date]

― Boy Scout Eagle Award [date]

― College-Level Math Course [date completed], [college]

― [job title], [job duties], [employer], [city], [dates]

If students already have resumes, instruct them to add any new information to their

resumes. If resume-writing is new to students, provide an overview of what to include

in and how to format a resume. Provide examples. Check online or with the Guidance

Department personnel for resume-writing tips and examples.

Resource: CashCourse website. Here students will find helpful tips to write a resume and

prepare for a job interview. www.cashcourse.org



Survey the class to generate ideas for how teens can earn income if they don’t have a job working

for someone else or they need extra income. As they present ideas, point out that these examples

of self-employment are often the result of using their skills and interests to meet a need or solve a

problem.

Examples: babysitting, pet setting, pet walking, lawn and garden care, snow removal, deliveries,

personal shopper, web design, computer set up or tech support, music performance (band, piano

accompanist, organist), crafts, resale of unwanted items.

As time allows, read any or all of the final three Success Stories: A Natural Success, Minting

Money, and Persistence Brews Success to provide examples of individuals who used their skills to

make their own business opportunities. Facilitate a discussion to answer these questions:

― Why did [the individual] pursue the business idea?

― What support or circumstances help make the business concept a reality?

― (If multiple stories are read) What do these individuals have in common?

Arrange for students to complete the Work for Myself task to think about skills they may have to

work for themselves.

EXTENSION: Junior Achievement USA, (www.ja.org), provides interactive entrepreneur programs led by

local volunteers who share their business experiences with the students.

― Middle Grade Program: It’s My Business. Students learn about basic entrepreneurial skills.

― High School Program: JA Be Entrepreneurial. Students are challenged to start their own

entrepreneurial ventures while in high school.




If this Challenge wasn’t assigned during Lesson 3-4, guide the students to reference

their responses for the My Future Life task and Activity 3.11 as they plan their goals

for Challenge 3-D: Planning for My Career. Instruct the students to include strategies

to cope with changes in income and work status.

Resource: CashCourse Prep website, www.cashcourse.org. Here students will find helpful

resources such as a Job Priorities worksheet and a Job Comparison worksheet.



17


Lesson 3-5: Plan for

Change






OVERVIEW

Your career will have many highs and lows. By

creating a plan and continually investing in yourself,

you’ll get through the low times faster.

A little preparation will go a long way when your

income takes a dive. Of course, it’s easier to prepare

if you know in advance that change is coming, such as

when you decide to quit a summer job to focus on

school or when you move to a new city. Still, there’s a

lot you can do in advance to ease the stress of a layoff

or unexpected work interruption.

What you learn in this lesson will help you deal with

temporary or unexpected drops in income.

LEARNING TASKS These tasks match pages 32-39 of Guide 3.

__ 1. Brainstorm a list of challenges teens face when it comes to predicting income.

__ 2.

How do you think the Chinese proverb “Dig the well before you are thirsty” applies to a person’s work

status and income? Generate a list of strategies to cope with dips in your income.

(optional) Complete Activity 3.13: Downsizing My Financial Plan.

__ 3. Re-read Tom’s story on page 37. What advice would you give Tom in this time of misfortune?

__ 4.

The best offense to having a steady flow of income is to be employable. Compare your skills with what

employers want. How can you develop work skills when you are not employed?

Complete Challenge 3-C: My Accomplishments to create or update a list of your accomplishments,

skills, training, and certification. Be sure to include any details such as dates, places, and title. If you

have a resume, update your resume with any new information.

__ 5.

One way people deal with job loss is to go into business for themselves. This can also be a great

strategy to gain work experience if you are unable to find a job working for someone else. Find out if

you have what it takes to be an entrepreneur.

__ 6. Complete Challenge 3-D: Planning for My Career to create a career plan.

TAKING IT HOME Ask a close adult the following questions:

1. What types of temporary or part-time jobs did

you have when you were a teen or young adult?

2. What money management strategies do you

recommend for someone who has a sudden

drop in income or inconsistent income?

3. What has helped you transition to new jobs?

TAKING IT HOME Identify someone you think would be a suitable mentor

to provide guidance as you get started in your career.

Seek out someone who is successful and has had

experiences similar to what you hope to encounter.

FURTHER STUDY Interview a local entrepreneur to learn about how s/he

got started on his or her business endeavor. Ask what

s/he thinks it takes to be a successful entrepreneur.

LEARNING OUTCOMES

In this lesson you will outline a plan to deal with

changes in income. Along the way you will:

Give examples of work-related changes that can

impact financial status.

Discuss ways to deal with irregular or a

temporary drop in income.

Identify skills, knowledge, and attitudes that

employers value in the workplace.


Use what you learn today to prepare for changes in

income and work status.

Activity 3-13: Downsizing My Financial Plan

©2014 National Endowment for Financial Education www.hsfpp.org Activity 3.13: Downsizing My Financial Plan


NAME: DATE:

Directions:

If you studied money management skills in Module 1: Money Management, take a look at the spending

plan you created for Challenge 1-C. Change your spending plan to show the adjustments you will make if

you happen to have a drop in income or irregular income for reasons such as leaving a job, working fewer

hours than expected, or working at a job with unpredictable hours.

My Income: Original Amounts

Adjusted Amounts

My Total Income: $ $

My Expenses: Original Amounts

Adjusted Amounts

My Total Expenses: $ $

Success Stories: Entrepreneurs

©2014 National Endowment for Financial Education www.hsfpp.org Success Stories: Entrepreneurs


FROM HOMELESS TO HAIR CARE BILLIONAIRE

John Paul DeJoria spent much of his youth in an East Los Angeles street gang. At 9 years old, he

started selling greeting cards and delivering newspapers to help his immigrant mom keep their

struggling family together. But it didn’t work and he ended up in foster care.

A high school math teacher’s commented that he’d never succeed at anything in life prompted

DeJoria to clean up his act. He joined the Navy Reserve after graduation. Two years later, he was

honorably discharged and floated through a series of jobs, including encyclopedia salesperson,

janitor, and bike mechanic. He was even homeless for a time, cashing in soda bottles to make

ends meet.

Eventually, he landed an entry-level marketing job with Time magazine. Good performance helped

him work his way up to Los Angeles Circulation Manager. But his boss said he wouldn’t be promoted

again without a college education.

DeJoria left and was fired from his next three jobs.

Instead of giving up, he and hair designer friend Paul Mitchell

borrowed $700 to create a hair care system for salon

professionals. DeJoria was totally broke and living in his car

again. So he created an innovative door-to-door sales strategy

based on his past encyclopedia sales experience to get the

company off the ground.

Today, the multi-billionaire co-founder and CEO of Paul Mitchell

Systems is known for donating millions each year to worthy

causes. "I look upon the misfortunes in my life as blessings

because they got me to the next step," DeJoria says. "Whatever

you do, if you do it better than anyone else, it's amazing how

things just start falling your way.”




COPY HER SUCCESS

Ursula Burns grew up in the projects of New York City’s lower East Side. Her mom took in ironing and

ran a day care so she could send Burns and her two siblings to better schools. Although she was a

math whiz, teachers tried to steer Burns toward nursing. But she researched the top-paying math-

related fields and decided instead to attend the Polytechnic Institute in Brooklyn for mechanical

engineering degree.

After a summer internship at Xerox, she accepted an entry-level job and the company helped pay to

earn master's degree from Columbia University. Burns was quite content with her engineering career

at the printing giant.

But that changed in 1990, when her boldness on a

companywide panel caught the attention of a Xerox executive.

He offered to mentor her. Working alongside him raised her

sights to the executive suite. Another high-level mentorship

opportunity followed. In 2007, she became company

president.

Burns made headlines by becoming the first black woman

CEO of a Fortune 500 company in 2009. She’s been on

Fortune magazine's Top 50 Most Powerful Women in America

every year since 2005 and Forbes’ Most Powerful Women in

the World since 2008.

When talking about her success, Burns credits her mom for

instilling the belief that circumstances shouldn’t define you.

As she said, “Where you are is not who you are.”




A NATURAL SUCCESS

A big chunk of 19-year-old Jasmine Lawrence’s income

comes from Walmart. She doesn’t work for the retailer

though—they sell her Eden Body Works line of all natural

hair care products in their stores.

After a chemical relaxer left her embarrassed and nearly

bald at 11 years old, Lawrence vowed to never again put

chemicals on her hair. But finding a truly natural product

proved impossible. So she started experimenting to

make her own. Soon, others were commenting on her

gorgeous hair and she decided to help others have

naturally beautiful hair, too.

A Network for Teaching Entrepreneurship summer camp and $2,000 loan from her parents—using

her allowance as collateral—provided the know-how and funding. Lawrence started selling her hair

products to friends and family from her parents’ basement when she was 13 years old.

Next, she asked salons in her Williamstown, New Jersey, hometown to carry her product. Sales were

going well. But after she was invited to appear on the Oprah show, sales went through the roof. Big

chains like Wal-Mart and Whole Foods called soon after that.

By the time Lawrence graduated high school, Eden Body Works was a multi-million dollar business

and her mom had become a full-time employee.

But years of watching her engineer parents, both military veterans, immersed in technology had

sparked her passion in robotics. Determined to follow her dream, she hired a management team to

handle daily operations and moved south to earn a degree in computer engineering from Georgia

Tech University.

As Lawrence likes to tell other teens, “Just find your passion and live your dream … All you have to

do is just stay dedicated, stay focused, and just keep your mind on what you really want to do.”




MINTING MONEY

Aaron Patzer started earning money when he was 8 years old. After he built intricate, original K’NEX

models, his dad sold the designs back to the company. At 16, Patzer started selling web

development services to local businesses. That money helped finance a computer science and two

engineering degrees from Duke University. After graduation, he attended Princeton University for a

master’s in electrical engineering.

Early on, he logged long hours working for IBM and a technology start-up. Tracking his money and

spending had always been important to him. But he was frustrated by how much time it took to use

traditional personal finance software. Fed up, one day he decided he had to find a faster, easier way.

He researched possibilities, created a business plan, quit his day job, and spent seven months

building a new solution. In 2007, the 26 year old launched Mint.com—the first free, automatic and

secure way to manage your money online. It quickly became a hit and more than 7 million people

use Mint.com today.

In 2009, Intuit (the maker of Quicken) paid Patzer $170

million to buy Mint.com. But even after the big payday, he’s

maintained his frugal ways. He drove his 1996 Ford Contour

until it died and now lives in a 600 square foot apartment

near Intuit, where he’s currently Vice President of Innovation

… until he’s ready to launch his next big idea.

Patzer tells other aspiring entrepreneurs, “Solve a real

problem and the world is yours.” He warns that it’ll be long

hours and a lot of hard work, “But if you have confidence in

your product, you will succeed.”




PERSISTENCE BREWS SUCCESS

An athletic scholarship was the ticket out of a Brooklyn, New

York housing project for Howard Schultz, the first in his family

to attend college. After graduation, he landed a good sales job

with Xerox but found printers boring.

Several sales jobs later, he met one of the three founders of a

Seattle client—Jerry Baldwin—and was blown away by the

passion he had for coffee. Schultz was determined to find a

way to work for their company, which had a few stores selling

coffee beans and supplies. He met with Baldwin several times

over the next year. Each time, he shared ideas on how the

little company could become a nationwide success.

After dinner with all the founders one night, Schultz was sure he’d won the job. He was crushed

when he got the bad news the next day—the founders just weren’t ready for that much change. He

refused to give up. He called Baldwin back and they finally offered him a job two days later. But, it

would be a big step-down in title and salary from his current position. He said yes and joined

Starbucks anyway.

Three years later, the founders refused to back Schultz’s vision of bringing the coffee shop concept

so popular in Italy home to the U.S. Over the next year, he asked 242 people to invest in his new

company—217 people said no. But the ones that said yes provided the money he needed.

In 1986, the first location of Il Giornale opened. “Even then I had a dream of building the largest

coffee company in North America, with stores in every major city,” Schultz said. Less than a year

later, the Starbucks’ founders sold him their business. Schultz took over the company, renamed his

coffee shops … and the rest is history.


©2014 National Endowment for Financial Education www.hsfpp.org Task: Work for Myself


NAME: DATE:

Directions:

Answer the following questions as you think about start your own business.

A. What are your three top interests? (Creating a business based on your passion will enhance your

probability for success.)

1.

2.

3.

B. What three things are you better at than most people you know? (You need to make sure you

understand what you can do within your business and when you might need to get help.) 4

1.

2.

3.

C. Assess your personality. Going into business for yourself isn’t for everyone. Do you have the

personality required to start your own business? Identify at least seven of the following

entrepreneurial attributes that you believe best describe your personality:

independent

creative

honest

strong work ethic

organized

leader

good listener

positive

effective planner

good with money

risk-taker

hard worker

strong research skills

confident

team player

motivated

technology savvy

life-long learner

constantly asking questions

strong time management skills

D. So, based on your reflection, which is the better option for you?

Start my own business Get a stable job working for someone else


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 3-C: My Accomplishments


NAME: DATE:

For this challenge task, reflect on your accomplishments, skills, training, and any certifications that you have

obtained. Create a list with details that you can refer to when applying for jobs, filling out scholarship or college

applications, or making career and job decisions.

Add this summary list to your personal financial planning portfolio. As you gain new experiences, update the

summary so you can quickly retrieve details when needed.

Directions

1. For this challenge, preview the criteria listed in the Scoring Guide to plan your work. Decide how you will

organize and store your personal accomplishment data so you can easily access and update the list as

your achieve new skills and accomplishments.

Be sure to include relevant details such as dates, places, and titles. Your instructor may have additional

instructions and criteria to organize the data into a personal resume or electronic portfolio.

2. Self-assess your work using the Scoring Guide. Optional: Ask a classmate who knows you well or a family

member to peer assess your work using the Scoring Guide.


©2014 National Endowment for Financial Education www.hsfpp.org Challenge 3-C: My Accomplishments


NAME: DATE:


Content

1.

You list at least one accomplishment you have achieved since age 12 that will

most likely be valued by employers, scholarship selection committees, and

college or military representatives.

(Examples: Eagle Scout Award, Honor Roll, perfect attendance)


2. You provide evidence to verify the accomplishment(s). acceptable not acceptable

3. You state at least two resume-worthy skills or talents that you have acquired.

(Examples: fluent in two languages, American Sign Language, cash register) acceptable not acceptable

4. You provide evidence to verify your level of skill competence or experience. acceptable not acceptable

5.

(if applicable) You list details of specialized training completed or in progress,

including type or title, date of completion, and training organization.

(Examples: peer mediation, Army JROTC, student healthcare volunteer)


6.

(if applicable) You list details about certification(s) you have received, including

title, date(s), and certifying organization.

(Examples: American Red Cross First Aid and CPR, Certified Nurse Assistant)


7. You provide evidence to confirm any specialized training and certification. acceptable not acceptable

8.

You state at least one way you can invest in yourself to develop a new

skill, obtain specialized training or certification, or work to achieve an

accomplishment that will impress potential employers.


General

9. Content is clearly documented with distinct detail. acceptable not acceptable


11. Content is presented in a logical manner according to your instructor’s

standards. acceptable not acceptable

12. Content is stored in a manner so specific data can be conveniently modified or

shared on demand. acceptable not acceptable

Feedback: Score: _______ /_______




NAME: DATE:

Now that you have explored how earning power impacts your ability to earn an adequate income for financial

stability and long-term financial health, use what you have learned to start preparing for life on your own after

high school. Use the SMART guidelines to write goals that will lead you on the path to achieving the career and

lifestyle you want. Your goals should specify what you need to do, starting now, to proactively boost your earning

capacity. As you plan, think about actions you can take now and in the future to enable you to cover your

expenses, live comfortably, and plan for the future.

Add your goals to your personal financial planning portfolio. As your life circumstances change, refer to your

goals to check progress, modify the goals, or write new goals.

Directions:

Apply what you have learned about goal setting as you complete this challenge. Write at least one short-term

goal, one medium-term goal, and one long-term goal related to enhancing your ability to earn an adequate

income. Be sure to create goals that have meaning to you based on your current circumstances and values.

1. Preview the criteria listed in the Scoring Guide to plan for your assessment.

2. Brainstorm ideas for personal financial goals that can be classified as short-term, medium-term,

and long-term.

3. Review the SMART Goals chart to establish goal details. (Module 1 Student Guide, page 15)

4. Write your SMART goals taking into consideration how you will prioritize your actions as you work to

achieve all of the goals at the same time.

5. Self-assess your work using the Scoring Guide. Optional: Ask a classmate or family member to peer

assess your work using the Scoring Guide to evaluate your work.

1

2

3




NAME: DATE:


Content

1. You list one short-term skill-development or career-related goal.

(zero – three months) acceptable not acceptable

2. You list one medium-term skill-development or career-related goal.

(three months – one year) acceptable not acceptable

3. You list one long-term skill-development or career-related goal.

(more than a year) acceptable not acceptable

Status Rating Key: “A” = Acceptable / “NA” = Not Acceptable Short

Term

Medium

Term

Long

Term

4. Each goal states one specific outcome with specific actions to carry out to

fulfill the outcome.

5. Each goal states benchmarks and the expected evidence to measure when

the goal has been achieved.

6. You justify that each goal is attainable and realistic based on your current

circumstances and the resources that you expect to be available.

7. You summarize how each goal is relevant and meaningful to your current life

situation and values.

8. Each goal includes a timeline with a target completion date and milestone

dates for any significant mid-point actions.

General


10. Your calculations are accurate. acceptable not acceptable

Feedback: Score: _______ /_______

Documents

OVERVIEW: LEARNING OUTCOMES AND ACTIVITIES Module 3 ...maplp.weebly.com/uploads/1/3/9/4/13949900/hsfpp-module-3-earning-power... · Module 3: Earning Power ©2014 National Endowment