Personal Management Merit Badge - Sscbsa
Personal Management Merit Badge Eagle Required Produced by: Scoutworks www.scoutworks.weebly.com May 2016
What You Need to Complete this Merit Badge Required Highly Recommended Click on the link for instructions on how to fill it out Blue Card (from your Scoutmaster) Personal Management Pamphlet (from the troop library or the scout store) Personal Management Workbook (free just click on the link) Merit Badge Counselor
The Merit Badge Pamphlet & Workbook IMPORTANT NOTES! 1. This presentation DOES NOT replace the Merit Badge Pamphlet. You should Read the Merit Badge Pamphlet 2. The Merit Badge workbook can help you complete your requirements but you still should Read the Merit Badge Pamphlet. The work space provided for each requirement in the workbook should be used to make notes for discussing each item with your counselor, not for providing full and complete answers. 3. You must do each requirement to earn the Merit Badge.
What is Personal Management? Taking control of your own life Making good decisions Responsible for your own successes Responsible for your own mistakes. Managing yourself & managing your money
Managing Your Money No matter how much money you earn, you will need to manage it on a consistent basis. People today do not stay at one job for their lifetime. Short Term and Long Term Goals need to be set. A balance is needed in earning, spending and saving When buying an item, you need to reduce expenses in other areas Money is a major part of life, it affects your family’s well being, however it should not be everything.
Smart Shopper Research the item they want to buy Watch for sales. Comparison Shop. Use Advertisements. Consider Alternatives. Use Consumer Buying Guides. Use the internet to check prices.
Research The Item You Want Products Features What can you live with or without. More features, more money! Quality Paying more, will it last longer. Look for comparable quality for less money. Opinions From Others Talk with people who own one already. How do they like it? What did they pay?
Buy It On Sale! Look for stores who have sales/specials on items Clearance Items Seasonal Sales Promotional Sales New Items Blemished Goods .special in store discounts Buy second hand? Usually large discounts. Flea Markets Garage Sales/ Yard Sales Swap Meets
Comparison Shopping Compare at least three stores for price/availability Check the Internet, Catalogs, & Local Stores Check Cost per Unit, if you are buying goods in quantity (food for example) Check store guarantees, store or internet return policies. Shipping needs to be added on internet orders. Always check the stores for “price matching” discounts.
Advertisements Ads inform you of pricing, features of a product and where to buy it. Be careful of advertisements, they sometimes stretch the truth. Bait & Switch? What is this? Products say “New & Improved”. What are the improvements? Does it cost more money.
Alternatives / Impulse Buying Part of being a good money manager is knowing when to say “NO” to yourself! Try not to be in a hurry to buy the newest items, they reduce in price after being on the market for awhile. Sometimes the newest/greatest is not so good! Impulse Buying - (it is an immediate need/must have) Ex Shopping for food when you are hungry. Some people over buy when they are sad for comfort Feeling to “keep up with the Jones’s”. Do not let money “burn a hole in your pocket”! All kinds of feelings can affect your buying habits.
Complete Requirement # 1 DO THE FOLLOWING: a. Choose an item that your family might want to purchase that is considered a major expense. 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. c. Develop a written shopping strategy for the purchase identified in requirement la. 1. Determine the quality of the item or service (using consumer publications or ratings systems). 2. Comparison shop for the item. Find out where you can buy the item for the best price. (Provide prices from at least two different price sources.) Use Your Personal Management Workbook
Cash or Credit Should you use cash or credit to purchase? What is the difference between cash and a credit card What is buying on credit mean? Credit cards are: Convenient Easier to return items when purchased on credit cards Good record of expenses Better than carrying a lot of cash around Always pay off your monthly balance owed. Try not to carry a balance on the card, you will pay much more than the original price. WHY?
Preparing a Budget A Budget is a written account of what you earn, spend and save. Organizes your finances. How much you receive as income Amount you use for expenses. Shows how much you save Standard goal is to save 10% of what you earn on a consistent basis. A budget shows you where you are spending your money. It helps guide you to either cutback on certain purchases, when you exceed your targeted expenses or shift money to savings when you have a surplus.
Bank Accounts Bank accounts keep money safe. Federal Government insures your money in a bank Savings accounts earn interest Interest is paid at a very low rate You can have a checking account to use Write checks for expenses without having the cash on hand Debit cards can be issued on your checking accounts. No cash is needed in your pocket. Keeps good records of expenses.
Investing vs Savings Objective with investing money is: To make MORE money! A Financial Investment is something you put money into with the purpose of getting more money back! An investment can also be time/labor/asset. Purchase a lawnmower to cut grass for money in the neighborhood. The best investment made is in yourself. Education, learn new trades, new skills to help you earn more income.
Complete Requirement # 2 DO THE FOLLOWING: a. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track and record your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in the pamphlet, devise your own, or use a computer-generated version). When complete, present the records showing the results to your merit badge counselor. (There is a blank Sample Budget Plan table and a blank table for tracking your actual income and expenses that you can use at the end of the workbook.) b. Compare expected income with expected expenses. 1. If expenses exceed income, determine steps to balance your budget. 2. If income exceeds expenses, state how you would use the excess money (new goal, savings). Use Your Personal Management Workbook
Complete Requirement # 3 DO THE FOLLOWING: 3. Discuss with your merit badge counselor FIVE of the following concepts: a. The emotions you feel when you receive money. b. Your understanding of how the amount of money you have with you affects your spending habits. c. Your thoughts when you buy something new and your thoughts about the same item three months later. Explain the concept of buyer's remorse. d. How hunger affects you when shopping for food items (snacks, groceries). e. Your experience of an item you have purchased after seeing or hearing advertisements for it. Did the item work as well as advertised? f. Your understanding of what happens when you put money into a savings account. g. Charitable giving. Explain its purpose and your thoughts about it. h. What you can do to better manage your money. Use Your Personal Management Workbook
Return On Investment (ROI) Most important to understand ROI, is the profit you receive or increased value of your investment. Total Return: is the original amount of your investment plus the increased value. (sometimes, it could be less than your original RISK)! 100.00 10.00
Types of Investments Two Basic Forms Loaned Investments Loan money to a company or government in return for its promise to repay the principal (amount loaned) plus interest. Its like loaning the bank your money for interest, but banks guarantee your money, the above promises to pay. Examples of Loaned Investments are: (usually very safe) Money market Funds Certificated of Deposit( CD’s) Government Bonds (Savings Bonds) Corporate, Municipal or Foreign Bonds Governments, Municipalities and Companies issue bonds to raise money for special projects. Roads, Factories, Expansions etc. Owned Investments Is an investment where you own part or all of a company, real estate or other large asset. An ASSET is an item of VALUE. You can own stock in a company (ex Mc Donald’s), you share in the profits and losses of the company. You own part of that company. If you own stock, you are a stockholder. As a stockholder you may receive “Dividends” (profits paid to the stockholder). These profits are paid quarterly. Dividends are not guaranteed. If the asset is owned, another way to make money is to sell it for a gain. If it is a stock, you buy for one amount and sell it at the higher price for a gain. If it is real estate, you buy low and sell high for a gain .market conditions. Capital Gains: it is the profit you make on the sale of an asset.
Examples of Owned Investment Examples of Owned Investment include: Stocks in Foreign Companies Mutual Funds Real Estate (land homes, apartments, office buildings, condo) Personal Business .retail store, deli, diner etc. Commodities: Gold, Silver, Wheat, Coal, Oil Collectibles: Paintings, rare Stamps, Coins, Baseball Cards etc. You want to put your money into a low risk investment that yields a high return. These types of investments are unlikely High Return Investments .More Risk! Low Return Investments .Less Risk (extremely safe) You need to balance your RISK. Many factors are involved
Types of Investments Government Savings Bonds Safe investments backed by Federal Government. Series EE Bonds are purchased for ½ value. Full value at maturity date. You can sell after 12 months, but it takes 10 years plus to mature to full face value. Series I (Inflation) Bonds are purchased at face value, you are paid interest plus an inflation amount (every six months). Need to hold for five years plus. If you cash early you pay penalties. Insured Certificates of Deposit (CD) You invest into CD for a period of time. Longer the term, the higher the interest. Pay better than savings accounts, but still very low risk (low return). You can not pull money out early.
Types of Investments Quality Growth Stocks These are top rated companies that are considered leaders in the industry. They have consistent earnings over time. They pay small dividends, but stock price usually rises and your total return usually increases higher than inflation. (Medium Risk) Mutual Funds Many people are afraid to invest in one stock. They use Mutual Funds Mutual Funds are a combination of stocks from a dozen or more companies. A fund manager is in charge of a lot of investors money Mutual Funds can be medium to high risk based upon the industry or companies invested in
Types of Investments Collectibles Can be extremely high risk due to the changes in the market. People take the chance to invest into these hoping the values increase. It also can become a long standing hobby. Collectors must study the market close. “Fad” items can be extremely risky investments. Commodities can be considered a type of collectible, because you are investing into the future value of something on the market. Examples: soy beans, gold, silver, oranges, cattle, crude oil. You buy into the future price of these items .most risky!!!
Stock Market The stock market in the United States is comprised of the NYSE (New York Stock Exchange), AMEX (American Stock Exchange and the National Association of Security Dealers Automated Quotation (NASDAQ). You can track stocks by looking in the Business section of the newspaper, Wall Street Journal, and the Internet. Requirement 5 will have you select five stocks from newspaper / internet and discuss the following. We will get to that soon. Current price Change 52 week high/low
Power of Compounding Simple and Compound Interest Simple Interest is the interest ( ) earned on the deposit amount. If you have 100.00 and you are getting 6% interest annually, you would 106.00 at the end of that year. Compound Interest in addition to being paid simple interest on the principal, you also receive it on the interest earned. You have the same 100.00 and you leave the entire investment alone. The interest is 10% . The first year you get interest of 10.00. You would have 110.00. The second year, you would receive 10% of the 110.00, so you would now have interest added of 11.00 that next year.
Power of Compounding Compounding ( 100 at 10%) Year 1 2 3 4 5 6 7 8 9 10 Total Earnings Spend Earnings 10 10 10 10 10 10 10 10 10 10 100 Re-invest Earnings 10 11 12.10 13.31 14.64 16.11 17.72 19.49 21.44 23.58 159.39
Complete Requirement # 4 DO THE FOLLOWING: Explain the following to your merit badge counselor: a. The differences between saving and investing, including reasons for using one over the other b. The concepts of return on investment and risk. c. The concepts of simple interest and compound interest and how these affected the results of your investment exercise. How these affected the results of your investment exercise. Use Your Personal Management Workbook
Borrowing Money When you borrow money to buy something you are buying it on credit, which is another way of saying that you took out a loan. Straight Forward Loan: Is a Family/Friendly loan that you borrowed from someone and pay the borrowed amount back. It could be paid in installments. Regular payments over time. Most loans require you to pay back the principal and also a finance charge (interest). Lenders like banks, charge borrowers for the privilege to use their money. You pay them interest on the amount borrowed.
Borrowing Money The Total Finance Charge depends on several factors: The amount borrowed. The amount of any fees charged by the lender. (Application fee) The interest rate charged, which is generally a percentage of the principal. Example: if you borrow 1,000.00 at 5%, you would pay back The 1,000 plus 50.00. How long it takes to repay loan. It is better not to borrow if at all possible. Paying finance charges adds to the real cost of the item. Many times it is difficult to save enough money (ex car, house) and you have to borrow.
Borrowing Money Good Tips If You Plan To Borrow Shop Around; different lenders have different interest rates. Lower rate can save a lot of . Compare the APR (Annual Percentage Rate); The APR reflects the true percentage of a loan. It takes into account all of the extra fees and costs over a year. Total Cost Of Loan; Lender must disclose the total amount at the end of term. Some questions to ask What Are The Fees? Sometimes they can be very high. Paying Off The Loan Early: is there a penalty or extra charges?
Borrowing Money In Order To Borrow Money You need a good credit history. Can not have current loans out in excess of your income. You need enough money to pay the monthly payment. Proof of income/employment. Good references .financial references, good pay history. Object purchasing could be security for the loan.
Complete Requirement # 5 DO THE FOLLOWING: Select five publicly traded stocks. Explain to your merit badge counselor the importance of the following information for each stock: a. Current price b. How much the price changed from the previous day. c. The 52-week high and the 52-week low prices Use Your Personal Management Workbook
Credit Cards Are very convenient. Actually are considered loans. Credit cards represent real money. They have limits Not all establishments accept them. Credit cards can be trouble for some
Credit Record When you take a bank loan, credit card or some type of loan you begin to establish a credit record. Credit reports are established on you with regards to how you pay back your loans. Do you pay late, early or just on time? Loans are not the only pay history you establish. Electric Company, Gas Company, Telephone Company, Cable Company. Utility Companies are extremely important to your credit record.
Complete Requirement # 6 DO THE FOLLOWING: Pretend you have 1,000 to save, invest, and help prepare yourself for the future. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following: a. Common stocks b. Mutual funds c. Life insurance d. A certificate of deposit (CD) e. A savings account or U.S. savings bond Use Your Personal Management Workbook
Tips To Reduce/Eliminate Debt Stop buying things you do not need. Pay cash for purchases. Do not charge anything. Cut up your charge cards. Make a budget to track income/expenses. Earn extra money to pay off debt. Consolidate debt into one low monthly payment.
Complete Requirement # 7 DO THE FOLLOWING: 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. b. The different ways to borrow money. c. The differences between a charge card, debit card, and credit card. 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. d. Credit reports and how personal responsibility can affect your credit report. e. Ways to reduce or eliminate debt. Use Your Personal Management Workbook
Planning Your Time There is no perfect way to balance your time, however planning is key! Setting Goals Setting Priorities Accomplishing Goals Planning your time wisely includes getting enough rest/sleep. Your mind and body need rest to function at its peek performance.
Setting Goals The older you get, it seems as though the days are shorter. Actually you just have much more to do! To organize your self you need to list your short term and long term goals. Short term goals are now, tomorrow, next week. Long term goals are over several weeks, months a year etc. You have to be specific of what you need to do. Write your goals down to see what time is needed to complete. Short term goals are your daily “to do list”. All goals are important, but some are more important than others
Setting Priorities You need to put a priority level on both short term and long term goals. Do you really need & want the activity. Number them from 1 to 10. Plan time for the top level activities. You can only work on lower priorities if the top ones are completed. You will find that some pleasures are given up to complete them, this is where self discipline is mastered.
Accomplishing Goals Planning and setting goals is hard enough, but now you need to accomplish them. Do not procrastinate! Develop “can/will do” attitude. Break up large projects into smaller projects, do over time. Set deadlines for each stage of your project. Keep focused on what needs to be done. Stay organized, know exactly where your resources are. Eliminate potential distractions; people, friends, video games, tv, etc.
Time Saving Tips Reward yourself after an accomplishment. Schedule relaxation time each day, do not fill every minute up with work. Schedule emergency time, in case you get behind. Check off each item as you go so you can see progress. Schedule most difficult tasks when you are most productive. Ask for help when needed. It could save time. Eliminate low priority items and erase from the list if not really needed. Be able to say no! To yourself, friends, family etc. Re-evaluate your goals from time to time. Be flexible.
Complete Requirement # 8 DO THE FOLLOWING: 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. List these in order of importance to you. b. Make a seven-day calendar or schedule. Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or church or club meetings, then plan when you will do all the tasks from your "to do" list between your set activities. c. Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of this week's activities, writing down when you completed each of the tasks on your "to do" list compared to when you scheduled them. d. Review your "to do" list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time. There is a blank table which can be used for tracking your “to do” list at the end of this workbook. Use Your Personal Management Workbook
Planning A Project What is the scope of the project? Who is involved with the project? How long will the project take? What resources are needed to complete? (money, material) What is the desired outcome?
Complete Requirement # 9 DO THE FOLLOWING: Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor. a. Define the project. What is your goal? b. Develop a timeline for your project that shows the steps you must take from beginning to completion. c. Describe your project. d. Develop a list of resources. Identify how these resources will help you achieve your goal. e. Develop a budget for your project. Use Your Personal Management Workbook
Complete Requirement # 10 DO THE FOLLOWING: a. Choose a career you might want to enter after high school or college graduation. b. Research the limitations of your anticipated career and discuss with your merit badge counselor what you have learned about qualifications such as education, skills, and experience. Use Your Personal Management Workbook
Congratulations Scout! You have just earned your Personal Management Merit Badge
The Merit Badge Pamphlet & Workbook . 1. This presentation . DOES NOT . replace the Merit Badge Pamphlet. You should . 2. The Merit Badge workbook can help you complete your requirements but you still should . Read the Merit Badge Pamphlet. The work space provided for each requirement in the workbook should be used to . make notes for discussing
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This slide set was designed to aid Merit Badge Counselors to deliver a Merit Badge course and to aid Scouts in completion of a Merit Badge. Scouts, Merit Badge Counselors and other Scouters are free us use this material for teaching and learning Merit Badge requirements. Use of ma
This slide set was designed to aid Merit Badge Counselors to deliver a Merit Badge course and to aid Scouts in completion of a Merit Badge. Scouts, Merit Badge Counselors and other Scouters are free us use this material for teaching and learning Merit Badge requirements. Use of ma
This slide set was designed to aid Merit Badge Counselors to deliver a Merit Badge course and to aid Scouts in completion of a Merit Badge. Scouts, Merit Badge Counselors and other Scouters are free us use this material for teaching and learning Merit Badge requirements. Use of ma
This slide set was designed to aid Merit Badge Counselors to deliver a Merit Badge course and to aid Scouts in completion of a Merit Badge. Scouts, Merit Badge Counselors and other Scouters are free us use this material for teaching and learning Merit Badge requirements. Use of ma
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The steps for Earning merit badges are: 1. Find a merit badge that the Scout is interested in. 2. Contact a Merit Badge counselor prior to beginning work on the merit badge. All merit badge counselors can be found at this link. 3. After completion of the work, the merit badge
Advanced Financial Accounting & Reporting Accounting concepts Accounting concepts defi ne the assumptions on the basis of which fi nancial statements of a business entity are prepared. Certain concepts are perceived, assumed and accepted in accounting to provide a unifying structure and internal logic to accounting process. The word concept means idea or notion, which has universal .
