Welcome to Next Gen Personal Finance's November 2015 Newsletter
Hello and welcome to the latest edition of the NGPF Newsletter (#12 for those of you keeping score at home). This is the second month with the new format for our newsletter. Going forward, the newsletter will focus on one topic each month and showcase NGPF resources to provide you with engaging options for your classroom.
Our focus this month: The Paycheck as a Learning Opportunity
The paycheck is a phenomenal teaching device for so many personal finance concepts:
Payroll deductions can be involuntary (e.g., federal, state and Medicare taxes) or voluntary (e.g., 401(k) plans, health insurance) so students can learn about our tax system as well as saving for retirement.
After deductions, what is left over ("take-home" pay) serves as the starting point for personal budgets.
Finally, the logistics of payroll direct deposit provides opportunity to teach students about automating savings by splitting the paycheck between savings and checking accounts.
Video Resource: How To Understand Your Paycheck
Here are a few videos that teach the basics of paychecks:
In this mini-module, students watch a short video to get the basics of a paycheck and then complete an interactive quiz to check for understanding. Finally, they read an article to learn the benefits of splitting their paycheck between a checking and savings account.
Simulation: Completing a W-4
What's the form that we all struggled to fill out on our first day of work? What's an allowance? How can I avoid paying Uncle Sam on April 15th?
Completing this W-4 simulation will enable your students to answer these questions and more!
"Students will follow multi-step directions to complete a full adult budget including housing, transportation, food, insurance, student loans, etc. They also reflect on the adult budget they've completed and assess how their choices impact their lifestyle."
What's not to like?
Here's another great NGPF Activity (Calculate: Your Tax Due) where students calculate their taxable income, calculate how much they owe in taxes and then create a paystub.
Questions of the Day: Paychecks
Questions of the Day from the NGPF Blog can be great class openers. They ask your students to make educated guesses on questions which force them to take a position.
As 2015 winds to a close, many high school seniors have submitted college applications, and juniors are already thinking about them. But admission is only half the battle; financing college is critical to both completing and thriving in college and beyond. What better time to introduce students to the nuances of paying for college through interactive learning activities and projects.
Attend this webinar and you WILL: (1) Learn how to explain the many different payment options for college (grants, scholarships, loans) and give students the skills to find that "free money."
(2) Preview our most popular and best designed projects, activities, and case studies on paying for college (including net price vs. sticker price, navigating the FAFSA, and reading a Student Aid Report).
(3) Access the tools to begin creating your own high quality activities around paying for college.
Next Gen Personal Finance actively supports the financial literacy community. We do this in a variety of ways including workshops, sponsorships of conferences and teacher professional development events. In 2016, we are committing $25,000 to support teacher professional development, so if you organize or attend a workshop and are looking for sponsors, please let me know by emailing me at firstname.lastname@example.org.
November 18-20, 2015: AFCPE Conference (Jacksonville, FL)
November 20-21: FBLA - Fall National Leadership Conference (Baltimore, MD)
Previous 2015 Events (last 4 months)
November 6, 2015: JumpStart National Educator Conference (National Harbor, MD)