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Enjoy these Memorial Day weekend reads curated by Beth with a few additions from Tim: 

  • NGPF Podcast guest, Morgan Housel, is at it again with a valuable piece on "Realistic Personal Finance Hacks." My favorite: "A finely tuned BS radar that screams “red alert” when promises of abnormal gains without abnormal sacrifice are offered."
  • It's a time for advice to graduates, here's a few that caught my attention (interesting to see the overlap since they come from two very different professions):
  • Good news, here? Your life expectancy is longer than you think (Monevator)
  • Robert Smith pledges to pay off Morehouse graduates’ debt (WaPo) and why this event will be a great economics "experiment" (Slate)
  • Having once taught an intersession at Harvard, I can attest to the fact that yes, even at these elite universities, students have little financial knowledge. This WSJ article is titled "Even Harvard Is Now Teaching Personal Finance," and highlights workshops offered at a few Ivy campuses. 
  • Did you know? 20% of online bill pay involve the bank cutting a check; some banks mask the numbers, others don't. Is this a risk? (Cleveland.com)
  • Five things that have changed for consumers under the current administration (Consumer Action)
  • Your caveman brain isn’t built for investing (WSJ)
  • Good reminder to leave some open space on your calendar this summer...sometimes serendipity is right around the corner, if we allow it (Heleo)

Want to explain investing to someone just getting started? This Visual Capitalist Infographic, A Simple Introduction to Investing, is a great place to start: 

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 Investment consultant to large institutions by day and author, educator and advocate by night aptly describes Gene Natali and the multiple hats he wears. I first met Gene at the JumpStart National Educator Conference where he delivered a rousing keynote address that captured the audience's attention. Pulling from the best of behavioral finance, he frames financial issues in a manner that demonstrates the long-term impact of decisions. This will make even the most impulsive young person think twice before making that car buying decision or motivate them to learn more about ROTH IRAs. As you will hear in this podcast, Gene's an incredible advocate who's impacting students in Pennsylvania and nationally. Enjoy!

Details:

  • 0:00~2:24 Introduction
  • 2:24~7:01 Early money lessons
  • 7:01~11:55 Passion for personal finance leading to writing a book
  • 11:55~14:58 The importance of investing early
  • 14:58~17:49 Stories and anecdotes that resonate with students
  • 17:49~20:36 Communicating personal finance topics without the jargon
  • 20:36~23:58 Understanding behavioral finance
  • 23:58~24:42 Stocks versus index funds
  • 24:42~25:11 A Word from NGPF
  • 25:11~26:39 Bringing credit scores to life
  • 26:39~27:30 Topics students are interested in
  • 27:30~31:12 The conversation around student loans
  • 31:12~32:21 Plans for The Missing Semester
  • 32:21~33:04 Conclusion

Resources:

Quotes:

  • “The book was initially written for recent graduates, whether this is from high school or college depending on the choice they make for their career, and as more people read it they said they wished they had read it in college. As colleges began to implement the book into their courses, they said they wish they had read it in high school.”

  • “I think that life hits us in different ways and that’s why there is no silver bullet. But, the earlier we start saving and the earlier we start taking steps for financial freedom, the better the odds.”

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This week's FinCap Friday offers some details about a recent philanthropic move made by one of the wealthiest Americans. In light of the student loan debt crisis, his news came as a pleasant surprise to many students graduating in Atlanta as part of the class of 2019. Find out more about the recent news and what the buzz was all about:

If you prefer not to use the online Kahoot quiz, we've added a no-tech version with the questions embedded in the presentation deck!

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Check out all of our FinCap Fridays here. They're not date-dependent so any of the ones in our catalog can work throughout the year.

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To acknowledge the efforts that teachers put into their classes, NGPF Fellows have the option to award a 'Personal Finance Student of the Year Award' to one student with outstanding contributions in their personal finance class. The Fellow selects a student based on the following criteria:

  • The student has taken the Fellow's personal finance class in the 2018-2019 school year
  • The student has demonstrated outstanding performance in the class based on their participation, academic excellence, and passion for the subject. 

We'll showcase 2 students per week who will also share how they benefited from having a personal finance education in high school.

Congratulations this week go to:

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Student: Eleana Sadok

Teacher: Adam Cole

School: Needham High School, Needham, MA

"I have become much more conscious of my spending choices and how I manage my money. One assignment that was really helpful was tracking my spending. Although I thought I was a saver didn't spend too much, the assignment showed me that I spend more than I thought. As a result, I changed my spending habits to only use my money when it's completely necessary."

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Student: Jack Gecawich

Teacher: Pat Page

School: East Greenwich High School, East Greenwich, RI

"After taking personal finance this past fall, I was inspired to start advocating on behalf of personal finance for all students in Rhode Island. It was clear after taking personal finance that it is a class that should not just be offered as an elective. Personal finance holds the skills and knowledge that students need to be financially successful in a world that requires educated finance decisions to be made daily. This has led to testifying at the Statehouse and advocating on behalf of personal finance for every student in the public."

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This question comes courtesy of Morning Brew (yes, there's a bit of irony there!). They have a daily email blast which is a great way to start the day. I also discovered while researching this QoD that 40% of teenagers drink coffee on a regular basis. 

Answer: 

  • Shop costs/rent (35%)
  • Staff costs (25%)
  • Cups/Napkins (7%)
  • Milk (4%)
  • Coffee (4%)

Questions:

  • Does it surprise you that the basic coffee you purchase from Starbucks for $2.50 has about $0.10 worth of coffee in it? 
  • Why do you think the appeal to purchase coffee at a coffee shop is so strong when one can make it at home for a fraction of the cost? 
  • Can you think of other items where the cost of what you are actually purchasing is a fraction of the price that you are paying for it?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from FT.com; sub. required):

But in an everyday £2.50 brew, the coffee itself accounts for about 4 per cent, or around 10p — rent, labour and tax taking a much larger portion of the cost. “The cost of coffee is really marginal [for the retailer],” says Jeffrey Young, chief executive of consultants Allegra Strategies. “Even if your coffee beans go down 30 per cent, the cost of cups and workers has gone up, the rent has probably gone up and everything else has gone up.”

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Want to get financial writers fired up? Bring up the question "what if you saved that latte?" Rather than engage in that debate, we created an activity that makes for an interesting thought experiment, CALCULATE: What If You Invested That Latte? 

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A shift in Florida's education policy demands a quick turnaround for high schools
 
If you follow the Florida legislature closely (as we do at NGPF), you may have seen that House Bill 7071 passed on May 2nd, and is currently awaiting signature on Governor Ron DeSantis's desk. One of the key provisions of this new workforce readiness law is, "requiring school districts to offer one-half credit in financial literacy as an elective." You can read the full text of the law here.
 
There is still uncertainty around some specifics of the law, which we'll continue to monitor closely, but what is certain is that all high schools in the state must now offer a 1-semester personal finance elective this upcoming fall. Florida district administrators, school leaders, and teachers are all faced with this sudden paradigm shift with just a few weeks left in the 2018-2019 school year.
 
Educators can take the reins at their schools to make this transition a success in both the short and long term. In fact, at NGPF, we see this new law - despite falling short of its original vision - as an opportunity to build momentum and capacity around teaching personal finance in Florida. By dialing in on pedagogy, professional development, and quality free resources, teachers can make personal finance - as it is in so many other schools around the country - the most popular elective in their schools. This will only make the case stronger that every student should be required to take a standalone personal finance course to graduate high school in the state.
4 steps teachers can take today to lead their schools' adoption of the new law 1. Alert your schools' administration teams. 

This is a WILD time of year for teachers and school administrators alike, so no one would be surprised if this last-minute shift got buried in the end-of-the-year madness. But teachers must demand that this crucial course doesn't get overlooked. If they haven't already, school administrators will take their districts' formal steps to list the course and register students for SY2019-20, all before this school year ends.

2. Share NGPF's teaching resources, and all your other favorites, with your colleagues.

Did you know NGPF has a hidden, Teachers Only referral feature where educators can invite their colleagues to join our site? Check it out here.

Why should you invite your colleagues to NGPF? As it currently stands, teachers with Math, Business, Social Studies, OR Economics certifications might now be asked to teach a personal finance section in your district. You can give them access to world-class curriculum and professional development for the course, all 100% free. You can be their (Fin)Hero!

3. Review NGPF's Semester Course with your department and administration team.

NGPF offers a FREE, fully scoped and sequenced, project-based semester curriculum that thousands of teachers in all 50 states use to engage their students and build financial capability.

4. Register for a personal finance professional development opportunity.

Get involved with "the best PD I have ever attended in my 26 year teaching career." Build confidence, hone your content expertise, and practice new pedagogical strategies with educators from around Florida, and the country.

NGPF has already scheduled lots of great PD opportunities in the coming months to help teachers ROCK this course:

  • 5 FREE FinCamps throughout Florida for SY19-20. FinCamp is our celebrated 1-day professional development model: 30-50 teachers join together for a day of collaboration, content, and personal finance pedagogy.
  • 18 FREE Virtual FinCamps for Summer 2019. All the magic of an in-person FinCamp in an interactive, virtual format. Each Virtual FinCamp has a specific content focus (Investing, Budgeting, etc.)
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Want to assign videos with built-in questions? We will be releasing a new EdPuzzle video here on the blog each week so that your students can answer questions that are directly embedded within engaging videos. We are excited to share with you a new video each week and a new topic each month!

Keeping up with May's theme of SAVING, here is an EdPuzzle video from the comedic series, It's a Money Thing, where your students can answer questions about what causes prices for products to increase and the effect of inflation on purchasing power.

Interested in more EdPuzzle videos? Visit our Video Library and type in "EdPuzzle" into the search bar at the top to view the rest of our EdPuzzle videos! 

Note: You do NOT need to create an account to ACCESS EdPuzzle videos. But if you do create free teacher and student accounts, you will then be able capture and save student responses. For more tips and tricks on how to best implement these videos in your classroom, check out NGPF Fellow James Redelsheimer’s blogpost here, complete with clear steps and screenshots. If you would like more information, visit the EdPuzzle Teacher Support page!

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Saw this in a financial education bill filed in South Carolina (that ultimately died). 

$4.35 million dollars for materials and textbooks and funded on a six-year cycle. 

Our one-semester personal finance course is used by thousands of teachers and costs $0. It's also updated frequently so it has accurate information on student loan interest rates, tax law changes and new financial products. There are plenty of other non-profit providers (NEFE and Take Charge to name two) that also provide quality resources at no cost. 

Someone please get the word out to legislators and state departments of educations that there are OER resources available at NO COST!

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From Gallup:

Questions:

  • As you think about leaving high school, what would be your top money worry?
  • How do you think your parents/guardians would answer a question like this? 
  • What are steps that a person can take to reduce their worries when it comes to the first three items on the list?
  • How much do you think these answers would change during a recession (we are currently in the midst of an ongoing economic expansion)? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Gallup): 

 Not having enough money for retirement and not being able to pay for medical care in the event of a serious illness or accident are the most worrisome of eight financial issues for Americans. Slim majorities, 54% and 51%, respectively, report that they are "very" or "moderately" worried about each of these long-term financial matters in the April poll. Both of the latest readings are at the low end of the historical trend.

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Only a few more days left in your school year? Have fun playing engaging games at the NGPF Arcade

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