WMCAT Finance P1,2
Published on Mar 29, 2016
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PRESENTATION OUTLINE
Average Costs
- College $31,000/year
- Wedding-$26,000
- Home = $250,000
- Family of 3 = $75,000
- Student loan (1) $400
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Short
Medium
Long
Photo by ethan.crowley
Takeaways
- Goals are important but you need a plan to achieve them.
- Prioritizing can help achieve your goals.
- Money can help achieve goals- SO, be sure to outline financial goals.
Photo by Cian Ginty
Build Your 5 Year Plan
Photo by kevin dooley
Why Goals Are Good
- Serve as a roadmap
- Help you get what you want
- Keep you focused
- Improve your outlook
- Boost your confidence
Photo by Rob Ketcherside
Need
Photo by Iztok Alf Kurnik
Trade-Offs
Sacrifice Now
= Rewards later
Photo by Nathan Congleton
How
- Spend first on needs
- Look for sales...
- Extra money for wants.
- Save now = More later
- 10% Rule
Photo by ToGa Wanderings
Grouping..
Photo by greglobinski
Scenario 1
- You are a recent high school graduate with a summer job who earns $1,200 per month. You’re living at home with your family over the summer, and you’re only going to be working for three months. In the fall you’ll be going off to college to study restaurant management. You’re hoping to one day own your own restaurant.
Photo by j.o.h.n. walker
Scenario 2
- You are a college student with a part-time job but because of your classes, you can only work enough shifts to earn $600 per month. Your room and board are already paid for with your financial aid package, so you don’t have to worry about those expenses. when college is over, you’re planning to apply to law school.
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Scenario 3
- You are a recent college graduate working as a lab assistant at a biotech firm. You earn $40,000 per year, which works out to be about $2,400 per month after taxes and deductions. You’re hoping to save up to buy a house in the next few years.
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Do This:
- New Groups
- 4 / group
- 1 minute
SAY: “In order to make good
financial decisions, you must learn how to analyze the difference between wants and needs. this is especially hard for teenagers, as it’s easy to feel like you have to have the latest MP3 player or coolest shoes. But these aren’t real needs. these are just wants. Needs would include food, basic clothing, shelter, medical care, etc.
“Also, every time you need to make a purchase, you always have choices. Are those designer jeans really
worth the extra price? Even at the grocery store, you have countless choices. which is the better deal: $3.50 for 12 ounces of juice or $4.75 for 18 ounces? Knowing how
to get the best deal can save you a lot of money in the long run, which will allow you to maximize your savings. the secret is learning how to calculate unit cost. $3.50
is less than $4.75, but that doesn’t tell you anything. divide $3.50 by 12 and you get 29 cents per ounce. Divide $4.75 by 18 and you get 26 cents per ounce. The juice with the higher price tag is actually the better deal because 26 cents per ounce is less than 29.”
Activity 1C Instructions:

1.
Ask members what their current needs are. If they’re not sure what you mean, you can get them started: food, shelter, clothing, education, transportation to school, medical care. Now ask who pays for those
financial decisions, you must learn how to analyze the difference between wants and needs. this is especially hard for teenagers, as it’s easy to feel like you have to have the latest MP3 player or coolest shoes. But these aren’t real needs. these are just wants. Needs would include food, basic clothing, shelter, medical care, etc.
“Also, every time you need to make a purchase, you always have choices. Are those designer jeans really
worth the extra price? Even at the grocery store, you have countless choices. which is the better deal: $3.50 for 12 ounces of juice or $4.75 for 18 ounces? Knowing how
to get the best deal can save you a lot of money in the long run, which will allow you to maximize your savings. the secret is learning how to calculate unit cost. $3.50
is less than $4.75, but that doesn’t tell you anything. divide $3.50 by 12 and you get 29 cents per ounce. Divide $4.75 by 18 and you get 26 cents per ounce. The juice with the higher price tag is actually the better deal because 26 cents per ounce is less than 29.”
Activity 1C Instructions:

1.
Ask members what their current needs are. If they’re not sure what you mean, you can get them started: food, shelter, clothing, education, transportation to school, medical care. Now ask who pays for those
Example
14 Poptarts = $10
20 Poptarts = $15
Finding the Best Deal
$ Value / Amount
Finding the Best Deal
$ Value / Amount
$10 / 14 pt. = .71
Best Deal?
$10 / 14 pt. = .71
$15 / 20 pt. = .75
Guess What...?
Smart Choices add up.
$2500
Photo by Leo Reynolds
Clock Groups
Photo by monkeyc.net
Scenario
Today, we’re going to assume that everyone is working an after-school job, earning $200 per week gross pay, and $160 per week net pay. If you’re going to put 10 percent aside into your savings account, how much money will you deposit into savings each week?
Scenario
That means at the end of one month you will have saved roughly four times $16, which is $64.
And since you started your job in September, when the end of May rolls around you’ll have nine months worth of savings: $576 – actually a little more than that if your savings account earns interest.
...of that money you’ve decided to
treat yourself – you deserve it! – by spending $250 of your savings on your prom or dance. How will you spend your $250?”
Takeaways...
Prioritizing expenses is key in responsible money management.
• Always set aside 10 percent of your income for savings.
• A budget should help you in reaching your short- and long-term goals.
• Budgets change as your income, needs and expenses change. It is important to revisit one’s budget plan regularly.
Photo by xavi talleda
Trade-Offs
Photo by Tim_in_Ohio
Avantage...
Youth
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Scenario
- You have just been hired for a great job. You are now taking home $3,000 a month in net pay.
Photo by Ed Yourdon
5 Years
Photo by Leo Reynolds
Takeaways
- Delayed gratification and personal sacrifice lead to greater savings results.
- Save early
- Financial institutions are safe
Photo by Cian Ginty
Post-Secondary Education
Why it matters...
Consider this:
- Does college impact my earning potential?
- Does college impact my employment capability?
Career vs Job
Fact
Many careers require post-secondary training
Impact of College
Team Activity
What did you notice?
Match
4 minutes...
Oooh...
15.2% Dropouts Unemployed
What does that mean?
College Grads
4.9% unemployed
Did you know
Post-secondary education increases odds of finding a job during times of high unemployment.
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