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Welcome to Finance
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Introduction to Financial Awareness
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2.
- Song: Old Time CalypsoRich Man Poor Man Lord Brynner
- And ah spreading joy for so!
3.
- Demonstrate an understanding ofbasic personal money management
skills
- Practise comparative shopping for basic needs especially
nutrition needs
- Formulate a personal budget based on current financial
resources, as a tool for meeting basic needs and proper financial
management
4.
- List idioms and proverbs that deal with money
- List everything they have spent money for today and
yesterday
- Track their spending for a week.
- Categorise their spending into needs and wants.
5.
- Define comparative shopping.
- State the benefits of comparative shopping
- Share their experiences of comparative shopping.
- Complete numeracy questions on comparative shopping.
6.
- State the items in their budget and what percentage is
allocated to each item Complete numeracy questions on percentage
allocations for a budget.
- Give suggestions of what would happen when income is not enough
to meet budget requirements (expenditure).
- Complete their personal budget.
7.
- How are you currently spending your money? Have you ever taken
careful note of how you spend every dollar?
- Tracking your spending can reveal interesting things about
yourself. What do you think those things are?
- Listeverythingyou have spent money on today so far.
- Listeverythingyou spent money on yesterday.
8.
- From today, listeverythingyou purchase everyday (for the next
week).
- Put these items into two categories
Item Cost Need Want 9.
- Tracking your spending can reveal:
- Your financial priorities
- Your key to future financial success
10.
- What is comparative shopping?
- What are the benefits of comparative shopping?
- Share your experiences of comparative shopping
11.
- Comparative shopping is purchasing goods and services after you
have compared the prices based on their weight and quality.
- Comparative shopping helps you to get the best from your
dollar.
- Comparative shopping means you must shop around.
12.
- A man will purchase an item he needs worth $1.00, for
$4.00.
- A woman will purchase an item she does not need for $1.00,
worth $4.00
13.
- How much would Indira save by purchasing a 5 L container of oil
(which costs $21.00) instead of buying 5 1L bottles (which costs
$4.50 each)?
- Which is cheaper 5 oranges for $15, 6 oranges for $17 or 2
oranges for $5
- Which is cheaper? Beef sold @ $6.00 per Kg or@ $4.00 per
lb?
14.
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- A budget is a financial plan of income and expenditure.
- What items would you put in your personal or family
budget?
- In what percentages would you allocate your income to these
items?
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- Prepare a budget using the percentage allocations for a family
with an income of:
- What happens in cases when the income is not enough to meet the
budget requirements (expenditure)?
27.
- Making Money is Pleasurable, Having Money is Difficult Jan
Bann, Chairman - Bann Company
- Six Steps of Financial Planning
- Establish financial goals
- Develop a plan for achieving goals
28.
- Wealthis defined as the difference between total assets and
total liabilities.
- Assets _______________________________
- Liabilities _____________________________
- Banks ___________________________________
- Credit Unions _____________________________
- Trust Companies __________________________
- Insurance Companies ______________________
- Stock Exchange ___________________________
- Offshore Banks ____________________________
29.
- A portion of the savings must be used for long term
(Investments)
- True savings are not for emergencies
30.
- Investments refer to the accumulation of some kind of asset in
hopes of getting a future return from it.
- Investments can refer to:
- The purchase and production of capital goods. Goods which are
not consumed, but used for future production.
- The buying of securities or other monetary or paper assets
31.
- Estate refers to all the assets owned by an individual (esp. at
time of death)
- Your estate is your legacy