Personal Finance
Introduction
Real life is full of problems! Employers look for employees who are independent thinkers and problem solvers. Patients seek doctors who can diagnose and treat their ailments. Police officers and investigators use clues to solve crimes. So, how do you develop problem-solving skills? Educators are charged with the task of promoting critical thinking skills daily. Students must have opportunities to develop their problem solving skills. The Project-Based Learning Initiative offers students the opportunity to solve real-life problems.
Overview
Title: Personal Finance
Goals:
1. Describe Problem-Based Learning Initiative (PBL).
2. Discuss how to integrate real life problems into the curriculum to meet Georgia Performance Standards (GPS).
3. Provide materials, such as the Personal Finance simulation, for PBL.
4. Present a forum for teachers to collaborate and plan implementation of PBL.
5. Provide tools and guidance for teachers on how to use the suggested technologies, Comic Life and VoiceThread, to implement the PBL to ultimately provide real life situations for the students at Long Cane Middle School.
Objectives:
The National Council of Economic Education Standards are:
· Standard 2: Effective decision-making requires comparing the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something: few choices are “all or nothing” decisions.
Students will be able to use this knowledge to:
Make effective decisions as consumers, producers, savers, investors, and citizens.
· Standard 4: People respond predictably to positive and negative incentives.
Students will be able to us this knowledge to:
Identify incentives that affect people’s behavior and explain how incentives affect their behavior.
· Standard 11: Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services.
Students will be able to us this knowledge to:
Explain how their lives would be more difficult in a world with no money or in a world where money sharply lost its value.
The NCSS Curriculum Standards for Social Studies are:
· Strand 4: Individual Development & Identity
The student can:
Relate such factors as physical endowment and capabilities, learning, motivation, personality, perception, and behavior to individual development.
Identify and describe ways family, groups, and community influence the individual’s daily life and personal choices.
Work independently and cooperatively to accomplish goals.
· Strand 6: Power, Authority, & Governance
The student can:
Examine persistent issues involving the rights, roles, and status of the individual in relation to the general welfare.
Analyze and explain ideas and governmental mechanisms to meet needs and wants of citizens, regulate territory, manage conflict, and establish order and security.
· Strand 7: Production, Distribution, and Consumption
The learner can:
Distinguish between needs and wants.
Explain and demonstrate the role of money in everyday life.
Explain and illustrate how values and beliefs influence different economic decisions.
National Standards for School Mathematics:
Number and Operations Standard
· Understand numbers, ways of representing numbers, relationships among numbers, and number systems.
· Understand meanings of operations and how they relate to one another.
· Compute fluently and make reasonable estimates
Problem Solving
· Solve problems that arise in mathematics and other contexts
· Apply and adapt a variety of appropriate strategies to solve problems.
Connections
· Recognize and apply mathematics in contexts outside of mathematics.
NCTE Standards for the English Language Arts
· Standard 3: Students apply a wide range of strategies to comprehend, interpret, evaluate, and appreciate texts. They draw on their prior experience, their interactions with other readers and writers, their knowledge of word meaning and of other texts, their word identification strategies, and their understanding of textual features (e.g., sound-letter correspondence, sentence structure, context, graphics).
· Standard 4: Students adjust their use of spoken, written, and visual language (e.g., conventions, style, vocabulary) to communicate effectively with a variety of audiences and for different purposes.
· Standard 11: Students participate as knowledgeable, reflective, creative, and critical members of a variety of literacy communities.
Georgia Performance Standards
· SS6E4 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing.
· M6N1g The student will solve problems involving fractions, decimals, and percents.
· M6RC1acd Students will enhance reading in all curriculum areas by:
o a. Read both informational and fictional texts in a variety of genres and modes of discourse.
o c. Demonstrate an understanding of contextual vocabulary in various subjects.
o d. Explore life experiences related to subject area content.
Rationale
Long Cane Middle School (LCMS) serves 6th, 7th, and 8th grades. There are about 1,000 students who attend LCMS in Troup County. With about 75% of the student body qualifying for the Free-Reduced Lunch program, LCMS meets the requirements of a Title I school.
The faculty at LCMS strives to implement programs that provide an innovative, technology-rich education for their students. The Problem-Based Learning Initiative incorporates real life problems with technology for students to gain critical thinking skills. Critical thinking skills are crucial in order for students to be able to solve problems in their real lives. Employers look for prospective employees who can think on their feet and solve problems without assistance. LCMS strives to provide opportunities for students to gain such skills.
Personal Finance from Interact, A Learning Experience is a simulation that will provide students opportunities to make life decisions. Fate cards will hand students obstacles and opportunities. Students will apply and interview for a job, open a checking and savings account, buy an automobile, pay rent and bills. These real life tasks will offer opportunities for students to become familiar with the vocabulary of economics. Exposing students to a Personal Finance simulation will provide a life-long learning experience.
Prerequisites
The skills needed to successfully implement the Personal Finance simulation begin with organization. Teachers will need to organize and plan the initial handouts for students. Basic computer skills, knowledge of Excel or Office for spreadsheets or tables, and Comic Life and VoiceThread are required to integrate technology into the simulation.
Comic Life is a user-friendly program that is available to be downloaded at www.plasq.com. A 30-day free trial is offered to preview Comic Life, and there are two packages to choose from: Comic Life and Comic Life Deluxe. For a small fee, Comic Life can be downloaded and used to create and publish comics using personal images, clipart, or artwork. Teachers will enjoy watching students use their creativity and imaginations to improve reading and writing skills in an innovative way that better relates to them.
VoiceThread is a user-friendly website that allows users to create VoiceThreads, conversations around a certain medium. VoiceThread allows you to create three VoiceThreads at no cost. Students can contribute to the conversations in several ways: record their voice with a microphone, type a message, through video or webcam, telephone, or a file upload. VoiceThreads can be shared with others several ways: embed, email, or make public on the Internet.
Resources
The resources needed to make this Problem-Based Learning Initiative, Personal Finance, a success are as follows:
· Internet ready computers
· Access to Excel for spreadsheet
· Clipart or pictures to use with Comic Life and VoiceThread
· A disk or thumb drive
· LCD projector
Process
Personal Finance by Interact Simulations deals with realistic scenarios and financial data. It teaches students financial concepts and allows students to make simulated financial decisions and discover the consequences. The Personal Finance Simulation is broken down into 3 phases. In Phase 1 students choose an IDENTITY. Students will develop a persona for their identity, and in the next few weeks, students will make decisions for their identity from minimum wage jobs to retirement. Students pay bills and manage credit card debt. Important decisions such as purchasing a car are part of the decision-making process. Students will create a VoiceThread of their job interview to be evaluated by the CEO (teacher) of the company from which they are seeking employment. As new vocabulary is introduced, students will use Comic Life to create a comic that explains/defines the vocabulary words from the unit.
Phase 2 of the simulation involves applying for higher paying jobs, choosing a health plan, and mortgaging a house while maintaining accurate financial records of bills paid. Students will create another VoiceThread for their interview for the higher paying job to submit to the CEO of the company.
Phase 3 of the simulation involves retirement and computing net worth of their IDENTITY. Students will demonstrate knowledge acquired by completing a 3-step assessment: reflections of decisions made on behalf of the IDENTITY; a financial-related vocabulary test; and the personal skills of writing checks and maintaining registers.
Feedback
Often teachers are expected to carry out the new expectations put upon them without allowing teachers to provide adequate feedback. Please take time to answer each question completely.
1. Were instructions easy to understand and follow?
2. Were materials easily accessible?
3. Were you able to access Comic Life and VoiceThread?
4. Were you able to create a comic and a VoiceThread to use in your classroom?
5. Would you use Comic Life or VoiceThread with your students?
6. Did your students use newly acquired vocabulary in the correct context?
7. Did students maintain accurate records?
8. Were students motivated to participate in the simulation?
9. Were the technologies integrated easily?
10.Would you use this simulation again?
Evaluation/Survey
Please take a few minutes to complete the 5-question survey at this link:
Conclusion
Real life problems are not as easy to solve as the problems teachers create in their classrooms, but what educators realize is that students need practice developing critical thinking skills. Educators are always looking for ways to make education meaningful to their students. Problem-Based Learning Initiative addresses those needs by using real life situations to develop and improve problem- solving skills. Teachers understand that there is more than one way to skin a cat, and PBL provides opportunities for students to gain and improve their critical thinking skills making them better problem-solvers and productive citizens.
Comic Life example for vocabulary words:
Table for Account Register:
Date | Check # | Pay to the Order of: | Debit | Credit | Balance |
11/1 | Payroll | $450 | $450 | ||
11/3 | 501 | Hoggly Woggly Grocery | $70 | $380 | |
11/3 | 502 | Georgia Power | $48 | $332 | |
References
Beringer, J. (2007). Application of problem based learning through research investigation. Journal of
Geography in Higher Education, 31 (3), 445-457.
Starkman, N. (2007). eLearning: going the distance. T. H. E. Journal, 34(2), 18-24.
http://search.ebscohost.com.
No comments:
Post a Comment