Step 1 Please Watch the Video--Making your Money Dreams Come True. The URL link is listed below. Just click on the url and hit play. Remember to put on your head phones. After Completion of this task, please read the two other articles, titled "Teen Spending" and "Teens Still Lack Financial Literacy". After completion of this, please think about your financial future. What do you want to accomplish? How will you be able to obtain your goals with limited financial resources?
Pick one of two financial goals. You would either like to purchase a car or pay for yourself to go to college. How will you intend to pay for either of these long-term financial commitments? If you are considering the car option, do not forget that you will also have to pay for insurance, gas, oil changes, and registration fees. If you are wanting to attend college, you must consider room and board costs as well as tuition and additional spending money.
Car Option Students--Please read the URL link-"How to buy a car". After review of this information, you will need to go online and determine what car you will purchase. Your decision should be based off of what you can afford and not what you want.
After you determine your car choice, please open the car expense document attachment. You will be asked various questions that will help you determine your cost to afford your vehicle per month. Save the excel document on your school account and print a copy to be turned in.
You must then determine how you will afford to maintain and pay back your car loan. Develop a 4 page powerpoint presentation that addresses the following needs:
The first PowerPoint slide must graphically show a picture of your purchased car as well as the sticker price and final cost of interest you will pay over the life of the loan.
The second PowerPoint slide must show your excel spreadsheet that you created from the beginning of step 3.
The third PowerPoint slide will address how you will afford to cover the costs of your car per month. You cannot simply put your parents will cover the cost of the payments. You will have to research a job that you will have right after you graduate from high school. You must demonstrate how many hours per week you must work in order to make your monthly payments and pay for gas and additional expenses.
The fourth slide must show how this financial purchase will affect your life in other areas...less social time etc etc. Please save the PowerPoint to your school account and print the slides so they can be turned in after your presentation.
College Option Students
You will develop a plan that will demonstrate how you will afford college. You can not simply put that your parents will pay for your student costs. You must research a college of your choice that is financially practical based on what you intend your income to be after college. Once you decide upon this, you must visit the school website and research information on how you can afford to pay for tuition, room and board as well as book costs.
Determine how much a 4 year degree will cost from your chosen institution. You must calculate room and board, tuition, book fees, as well as spending money. You will be able to find some of this information from your college's admissions or financial aid links.
You will then need to research five type of grants/scholarships you can obtain from your institution that will help you lower the overall cost. Please find information on what type of financial reward it is, what you have to do to get it, and when is it due.
Please research on campus jobs that will enable you to have spending money while at college. Please specify what type of job it is and how much you will make per week based on how many hours you would like to work.
Research financial aid. How will this help you pay for college expenses?
Create at 4 slide PowerPoint presentation that will allow you to demonstrate what you researched.
Slide 1 needs to show a graphic image of your college/university and what the total cost of 4 years will total.
Slide 2 needs to depict the 5 scholarships/grants information you find on the schools website. List the type of reward it is, how much and when it is due in order to receive the funding.
Slide 3 needs to demonstrate that you understand what financial is and how it will help you pay for college.
Slide 4 needs to discuss if you will work on campus to pay for additional spending costs. It also needs to demonstrate what type of job you are planning to have after college, what you will make and how long it will take to you pay off your debt.
REMEMBER!!! You are trying to convince the class that your financial goals are practical. You need to demonstrate that you have plan. We will discuss your plan following your presentation to see if your peers feel that your goal is obtainable. So think about what you need!