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Financial Fitness for Life | Hope for Prisoners

Financial Fitness for Life

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In partnership with the Nevada State Treasurers Office

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  1. How to Really Be a Millionaire

This lesson emphasizes self-discipline, planning, and making sound choices, about getting  a good education, spending wisely, saving early and often, and taking prudent risks. Focuses on economics and personal finance.

 

  1. The Economic Way of Thinking

This lesson introduces a process of reasoning that is referred to as the economic way of thinking. At the end of this lesson, the student will be able to list and explain the basic principles of economic reasoning, explain how families can use money-management skills to improve their standards of living, and explain why people who have more education usually gain more opportunities and higher incomes in the future.

 

  1. Decision Making

This lesson teaches a particular model for making decisions. The model focuses on explicit identification of problems, alternative possibilities for solving problems, criteria for evaluating those possibilities, and the opportunity cost arising from the process.

 

  1. Looking for a Job

This lesson provides an overview of steps for finding job openings, writing a letter of application, preparing a resume, completing an application, and participating in an interview. At the end of this lesson, the student will be able to identify the key steps in the job application process, practice job interview skills, and write a letter of application and a resume.

 

  1. Making Your Own Job

This lesson focuses on entrepreneurs. It identifies characteristics of entrepreneurs, compares the advantages and disadvantages of becoming one, and examines the potential areas for success through entrepreneurship.

 

  1. Why Some Jobs Pay More than Others

This lesson begins by clarifying what income is. It culminates with an activity linking levels of education to the fastest growing occupations. Students will be able to identify and explain the meaning of key terms such as income and human capital as well as explain the relationship between human capital and income.

 

  1. Uncle Sam Takes a Bite

This lesson introduces students to the concepts of gross pay, net pay, marginal tax rate, income tax, tax planning using pre-tax dollars for retirement and insurance plans, and the completion of Form 1040EZ. Students will be able to identify the types of benefits provided by employers, distinguish between required and optional tax deductions, and calculate taxable income and the amount of a tax refund.

 

  1. Managing Your Money

This lesson introduces some basics of money management. Students will be able to identify and explain the meaning of key terms such as disposable income, family budget variable expense, fixed expense, occasional expense, and net worth.

 

  1. Banking Basics

This lesson provides an overview of four types of financial institutions. Students will be able to identify the key deposit, credit, and investment services offered by commercial banks, savings and loan associations, credit unions, and brokerage firms. Identify different types of checking accounts, and differentiate between uses of an ATM and a debit card.

 

  1. Managing Risks

This lesson explains how insurance works and provides an overview of different types of insurance. Students will be able to analyze insurance as a way of reducing risk, explain that insurance is a way of spreading risk among people in an insurance pool, and identify key types of insurance such as health, auto, homeowner’s, renter’s, life, and disability.

 

  1. Shopping for a Mortgage

In this lesson students will use a computer loan calculator to determine the monthly payment on different mortgage loans. The student will be able to explain what it means to amortize a loan, use a computer program to amortize several mortgages, and identify and explain ways to reduce the cost of buying a home on credit.

 

  1. Scams and Schemes

This lesson introduces scams and schemes, including identity theft, loan scams, and credit-repair loans. The lesson also identifies legal but high-cost credit practices, such as payday loans and rent-to-own plans. Students will be able to identify and describe various fraudulent practices related to consumer credit and identify.

 

  1. What’s the Cost of Spending and Saving?

This lesson examines the benefits and opportunity cost of spending and saving. Students will learn how compound interest makes savings grow. Students will be able to identify the opportunity cost and the benefits of spending and saving, calculate investment accumulations for various interest rates and investment tie periods, analyze and explain the impact of amount saved, time, and rate of return on financial accumulations.

 

  1. There is No Free Lunch in Investing

This lesson provides an overview of the modern investment world. Students will be able to describe five types of investment risk, describe the relationship between investment risk and investment reward, distinguish between real and nominal rates of return, describe the characteristics of several investment including savings accounts, U.S. government savings bonds, stocks, mutual funds, and real estate.

 

  1. Internet Tools and Investing

This lesson provides an interview of basic investment options, it also introduces certain investment strategies. Students will be able to define key investment terms, explain key investment strategies, and define the characteristics of investment alternatives.

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