b. Make a seven-day calendar or schedule. List these in order of importance to you. Demonstrate to your merit badge counselor your understanding of time management by doing the following: a. Write a “to do” list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. d. Credit reports and how personal responsibility can affect your credit report. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card. c. The differences between a charge card, debit card, and credit card. Explain to your merit badge counselor the following: a. What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following: a. Common stocks. Pretend you have $1,000 to save, invest, and help prepare yourself for the future. c. The 52-week high and the 52-week low prices.Ħ. b. How much the price changed from the previous day. Explain to your merit badge counselor the importance of the following information for each stock: a. Current price. Select five publicly traded stocks from the business section of the newspaper. c. The concepts of simple interest and compound interest and how these affected the results of your investment exercise.ĥ. b. The concepts of return on investment and risk. Explain the following to your merit badge counselor: a. The differences between saving and investing, including reasons for using one over the other. h. What you can do to better manage your money.Ĥ. Explain its purpose and your thoughts about it. Did the item work as well as advertised? f. Your understanding of what happens when you put money into a savings account. e. Your experience of an item you have purchased after seeing or hearing advertisements for it. d. How hunger affects you when shopping for food items (snacks, groceries). c. Your thoughts when you buy something new and your thoughts about the same item three months later. b. Your understanding of how the amount of money you have with you affects your spending habits. Discuss with your merit badge counselor FIVE of the following concepts: a. The emotions you feel when you receive money. 2. If income exceeds expenses, state how you would use the excess money (new goal, savings).ģ. b. Compare expected income with expected expenses 1. If expenses exceed income, determine steps to balance your budget. (You may use the forms provided in this pamphlet, devise your own, or use a computer generated version.) When complete, present the results to your merit badge counselor. Track your actual income, expenses, and savings for 13 consecutive weeks. Do the following: a. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Can you buy the item used? Should you wait for a sale?Ģ. (Provide prices from at least two different price sources.) Call around study ads. Find out where you can buy the item for the best price. c. Develop a written shopping strategy for the purchase identified in requirement 1a 1. Determine the quality of the item or service (using consumer publications or rating systems). b. Write a plan that tells how your family would save money for the purchase identified in requirement 1a 1. Discuss the plan with your merit badge counselor, 2. Discuss the plan with your family, 3. Discuss how other family needs must be considered in this plan. Do the following: a. Choose an item that your family might want to purchase that is considered a major expense.
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