Budget spreadsheets: Example of household annual budget with monthly income and expenses. Various "expected" categories with recurring expenses such as rent, insurance, clothing, food, gasoline, and discretionary/miscellaneous expenses. Aiden had a slight headache during this lesson but was able to trudge through the lesson presentation and absorb several essential concepts.
Lesson Outline
Budget spreadsheets: Example of household annual budget with monthly income and expenses. Various "expected" categories with recurring expenses such as rent, insurance, clothing, food, gasoline, and discretionary/miscellaneous expenses. Identifying and properly accounting for Fixed Expenses and Flexible (variable). Video on "3 Ways To Organize a Budget". Demonstration of monthly surpluses or Deficits based upon monthly income and monthly total expenses.
Assignment
Create a 6-month budget assuming that you have become a College student. Include 8 Fixed expenses/costs and 4 Flexible/Variable costs. Also the monthly income is based upon working part-time 15 hrs per week at
$20 per hr. Calculate the monthly surplus or deficit.
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
Today's lesson was focused upon demonstrating in great detail how a Personal monthly budget is typically constructed. A printed example Budget sheet was handed out and a Video was watched on Personal Budgets to illustrate the use of Fixed Costs and Variable Costs. Aiden had a slight headache during this lesson but was able to trudge through the lesson presentation and absorb several essential concepts.
Introduction to Financial Literacy - We learned that whenever we fill out an application for a loan at any financial institution one of the questions is the highest level of education that we have obtained. Then we took a look at the fastest-growing occupations. We discover that Americans are among the wealthiest people in the world, but we still use credit cards and debt to the point that it controls our existence. We learned that our credit card should never exceed our emergency savings.
Budgeting Methods and Purpose. Cash Flows and Balancing a Budget. Planning For/incorporating emergency and discretionary expenses into a personal budget. Fixed and variable costs/expensesin budgeting.
Lesson Outline
Budgeting Methods and Purpose. Cash Flows and Balancing a Budget. Planning For/incorporating emergency and discretionary expenses into a personal budget. Types of professionals who create budgets and/or assist taxpayers, -businesses, and personal accounts with budgets: Accountants/CPA's, Financial Planners, and Actuaries.
Assignment
Read Text pp. 69-72, 74
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session, Aiden was very well focused on the important fundamental topic of Budgets: Personal and Business Budgets. We discussed budgeting methods and purpose, fixed and variable expenses, and types of professionals (accountants etc.) who provide budgeting assistance and services.
We learned the meaning of liquid assets. Then we examined the unemployment rate and median weekly earnings by education level from the US Bureau of Labor Statistics. Next, we looked at the fastest-growing occupations. We realize that the occupation we choose will determine our lifestyle.
Budgets and Financial Planning: Purpose and features of a budget and/or Financial Plan
Lesson Outline
Budgets and Financial Planning: Purpose and features of a budget and/or Financial Plan: Cash Flow: Cash inflow (income, gifts, earnings etc) and Cash Outflow (expenses, financial obligations). Concept of budgeting based upon both fixed costs and projected increases in costs. Definition of a Balanced Budget. Long term financial planning for businesses.
Assignment
Read Text pp. 65-70.
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
Aiden was very well focused during today's session on Budgets and their purpose/composition. His strong Mathematical background will greatly benefit him as we begin to incorporate various numerical calculations and key formulas relevant to this course.
The 5 Principles and Tents of Financial Literacy: Earn, Save, Spend, Borrow, and Protect
Lesson Outline
The 5 Principles and Tenets of Financial Literacy: Earn, Save, Spend, Borrow, and Protect
Assignment
None
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's session on the 5 Principles of Financial Literacy, I explained to Aiden the significance of Earn, Save, Spend, Borrow, and Protect. Each of these key "tenets" or areas will be explored in much deeper detail, but the purpose of our class today was to provide an overview as to why these 5 principles are key parameters in personal as well as business financial planning.
Introduction to Financial Literacy: Course content, purpose, and expectations.
Lesson Outline
Introduction to Financial Literacy: Course content, purpose, and expectations. Explanation of Financial Lieracy as the study of financial concepts., terms, methods and planning to assist the student with personal financial management and possibly business opportunities in the near future. The 5 main tenets (principles) of Financial Literacy were presented : Earn, Save, Spend, Borrow, and Protect.
Assignment
Read Text pp. 4-9
Session Minutes
45
Minutes Student Attended
45
Lesson Comments
During today's introductory session for our Financial Literacy course, the main content, purpose and expectations for the course material was presented. Aiden brings a great attitude, focus, and desire to learn/succeed which makes it a positive experience to work with him and support his academic progress.
We discussed some of the material that a course in financial literacy will cover. Then we identified key features of a business that Cam has established where he sells bearded dragons.
