Business Cents Episode 2: Career Selection and Salaries

Episode 2 Lesson Plans

Length: 3 class periods

• 1 class period – 39 min podcast with worksheet; or optional recommendations on where to stop and restart podcast with worksheet and web search activity
• 1 class period – panel of advisory committee members
• 1 class period – Coordinate with school’s career advisor, coordinate career assessment tests for class

Resources:

• Podcast: https://mymetmedia.com/bc-ep2/
• Sources of information
• Links to information about jobs, salaries, job demand and growth, corporate culture
• Teaching outline
• Onet images, directions and discussion questions
• Worksheet for podcast Episode 2
• Sample Questions for advisory committee members

Background: 

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on Choosing a Career provides a foundation for many aspects of personal money management, including some decisions related to education, career and salary that can be made early on in the process. The episode contains information related specifically to resources at MSU-Denver, as well as more generically relevant to anyone about to begin the process of choosing a career. A list of concepts covered in the full Business Cents Podcast series can be found below:

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. Cost of living
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education
3. Personal Debt Management
   1. Credit Scores
   2. Credit Cards
   3. Loans and mortgages
4. Saving & Investing
   1. Finance fundamentals on investing
   2. Investing practicalities – like accounts and taxes
   3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 2:

This episode is all about choosing a career, what that may look like, and what factors to consider when making career decisions. This episode will discuss: 1) why career selection is important; 2) how to explore and discover different career possibilities; 3) what are the different and important things to consider when evaluating the options; 4) salary & the two lenses to use to put a salary number into context; 5) what to do if you need to pivot from your original plan

Sources:

https://www.bls.gov/ooh/

https://www.statista.com/statistics/1063502/average-monthly-apartment-rent-usa/ https://www.apartmentlist.com/rent-report/ny/new-york https://fortune.com/2016/05/10/baby-boomers-millennials-jobs/ https://www.cnbc.com/2022/08/04/us-states-where-you-need-to-earn-70000-or-more-to-live- comfortably.html

Links to information about jobs, salaries, job demand and growth, corporate culture:

1. Learning about different jobs
   • https://money.usnews.com/careers/best-jobs/rankings/the-100-best-jobs
   • https://recruiter.com/careers/

https://indeed.com/career-advice/finding-a-job/what-are-the-career-clusters

2. Career Assessments:
   • https://novoresume.com/career-blog/career-aptitude-test
   • https://monster.com/career-advice/article/best-free-career-assessment-tools
3. Salaries
   • indeed.com – see next section for examples from the episode!
4. Job Demand and Growth
   • https://bls.gov/ooh/
   • https://onetonline.org/
5. Corporate Culture:
   • glassdoor.com

Teaching Outline

1. Make copies of the student
2. Explain that a podcast series will be presented in the class, and students will build their own financial literacy portfolio through worksheets and The completed portfolio should be submitted for review and course credit.
3. Handout worksheet and ask students to answer questions discussed in
4. Optional: Play podcast- Start at 0:00 stop at 6:05 to answer questions on PART I of Restart at 28:32 and stop at 32:28 to answer questions for PART II of worksheet.
5. Tell students to go to ONet or BLS to explore job demand and growth, salaries, skills
6. Instruct students to save worksheet and ONet search in self-created portfolio for final project and submission.

ONet Directions https://www.onetonline.org/

1. Enter Occupation Keyword in top right search box and click ‘go’. Accountant is the
2. Select a sub-occupation under Occupational Keyword Search
3. Search specifics about the occupation by scrolling You will find tasks, tech skills, work-related activities, worker requirements, average salary, projected job opening and industry growth, and links to professional organizations that serve the occupation.
4. Check out the wages and employment Scroll down to the bottom of the webpage and enter Colorado in either/and wages or employment trends and click ‘go’.

Go to ONet, enter the occupation that interests you.

https://www.onetonline.org/

Summarize the following:

What are the typical tasks for this occupation?

What are the typical work activities for this occupation?

What skills and knowledge are necessary to be successful in this occupation?

Worksheet questions:

Best way to get started exploring career PART I

What do you like to do?

What are you good at doing?

What kind of problems to do want to solve?

How do your personality traits or values support a career possibility?

How to put salary into context– PART II

What other questions should you ask yourself in addition to “what does this job pay?” when evaluating salary?

Describe the 3 times rent rule:

What is the current median annual living wage in the US per household?

Sample Questions to ask Advisory Committee Panel

Did you change your degree in college?

Did you get the job you thought you wanted when you entered college? What skills are necessary to do your job?

NEXT UNIT in Financial Literacy: Financial Aid and Affording College

The next unit contains information about financial aid, affording college and student success through discussions with guests and responses to questions from students. In the next episode, Episode 3, the Executive Director of the Office of Financial Aid at Scholarships at MSU-Denver, Kerline Eglaus joins the Business Cents podcast to talk about financial aid, student loans, and what steps students can take to maximize their benefits.

Business Cents Episode 3: A Deep Dive into Financial Aid, with MSU-Denver Office of Financial Aid Executive Director Kerline Eglaus

Episode 3 Lesson Plans

 Length: 2 class periods

• 1 class period – take pre-test (15 minutes), play first 15-30 minutes of podcast episode, complete Part I worksheet
• 1 class period – play remaining 15-30 minutes podcast episode, complete Part II worksheet; have discussion about worksheet answers and what questions students still have about financial aid

Resources:

• Podcast: https://mymetmedia.com/bc-ep3/
• Links to information on financial aid – general and specific to MSU-Denver
• Teaching Outline
• Pre-Test
• Worksheet for podcast Episode 3 (Part I and II)
• Sample class discussion questions
• Sources of information

Background:

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on Financial Aid is part of a broader outline covering important topics in financial literacy and personal money management. In includes content and advice helpful for both college-bound high school students as well as existing college students, and has both information related specifically to MSU-Denver, as well as generally relevant to any college. A list of concepts covered in the full Business Cents Podcast series can be found below:

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. College Success
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education and interpreting financial news
3. Personal Debt Management
   1. Credit Scores
   2. Credit Cards
   3. Loans and mortgages
4. Saving & Investing
   1. Finance fundamentals on investing
   2. Investing practicalities – like accounts and taxes
   3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 3:

This episode is all about financial aid, student loans, and what steps students can take to maximize their benefits. This episode will discuss: 1) what types of financial aid are available to students; 2) ways to maximize the financial aid awarded to you; 3) common mistakes and misconceptions regarding financial aid; and 4) helpful resources regarding financial aid.

Links to General Resources for Financial Aid: https://studentaid.gov/h/apply-for-aid/fafsa https://cdhe.colorado.gov/colorado-application-for-state-financial-aid

https://www.salliemae.com/college-planning/financial-aid/understand-college-grants/ http://www.collegescholarships.org/financial-aid/

Links to information about Financial Aid resources at MSU-Denver:

1. MSU-Denver Office of Financial Aid and Scholarships (OFAS)
   • https://msudenver.edu/financial-aid/
   • Physical location: Jordan Student Success Building (JSSB), Suite 130
   • Email: [email protected]
2. MSU-Denver OFAS Team Directory
   • https://msudenver.edu/financial-aid/financial-aid-faq/ofas-team-list/
   • Executive Director: Kerline Eglaus
3. MSU-Denver OFAS – FAQ and 24/7 Video Answers
   • https://msudenver.financialaidtv.com/
4. MSU-Denver Scholarship Application

• • https://msudenver.academicworks.com/users/sign_in

Teaching Outline

1. Make copies of the student pre-test and
2. Explain that a podcast series will be presented in the class that includes three different episodes all related to the topics of Financial Aid and Affording College
3. Handout the Pre-Test. Tell students that their answers will be used to improve programmatic content. Tell students not to include their name or any identifying information on the pre-test. and have students answer questions the best they can.
4. Collect the pre-tests and return scanned copies to Pam Packer/MSU [email: [email protected]].
5. Handout worksheet and ask students to use it to follow along and answer questions using topics discussed in podcast.
6. Play podcast- Start at 0:00 stop at 30:51 to answer questions on PART I of worksheet; or stop when class ends and resume the next class period.
7. At the next class, start the podcast at 30:52 and play through the end to answer questions for PART II of worksheet.
8. At the end of the podcast, have a class discussion regarding key takeaways, misconceptions and most important advice from podcast, as well as what questions students still have.

Pre-Test Questions for A Deep Dive on Financial Aid:

What is financial aid?

What is the first word that comes to mind when you think of financial aid?

What tools and resources do most people use to be able to afford college?

What are the main things you believe you should avoid when financing higher education?

What is the national average for tuition and fees per year?

What is the national average amount of federal aid awarded?

What is one thing you hope you learn about financial aid from this lesson?

Financial Aid Worksheet Questions: PART I

Why is financial aid so important to a discussion about financial literacy?

What are some non-loan options that financial aid can include?

What is one “out of the box” idea for ways to finance your college education?

Who are some of the people you can turn to for support within your institution (with regard to affording college)?

PART II

When should you fill out your FAFSA form?

Describe the relationship between grades/credits and financial aid

Name three benefits of federal student loans.

Questions for Class Discussion:

What was one misconception you held about financial aid prior to this unit?

What was one thing new you learned?

What are the questions that you still have? Topics that would be helpful but haven’t been covered?

Are there any resources you are aware of that you would add to this list? Any additional “unlikely” places to look for support that you can brainstorm?

Discussion of students’ answer to Pre-Test questions and review of statistics (answers and sources cited below)

What is the national average for tuition and fees per year?

$10,423 (public, in-state)

$22,953 (public, out of state)

$39,723 (private)

Data above is for “ranked” colleges, according to US News & World Report https://www.usnews.com/education/best-colleges/paying-for-college/articles/paying-for-college- infographic

Another source says (for total cost of attendance)

$26,027 (student living on campus at a public 4-year in-state institution)

$27,091 (out of state)

$55,840 (private university)

https://educationdata.org/average-cost-of- college#:~:text=The%20average%20cost%20of%20attendance,or%20%24223%2C360%20over%2 04%20years.

What is the national average amount of federal aid awarded?

$15,330 per undergraduate student (includes all grants, federal loans, tax credits and federal work- study)

https://research.collegeboard.org/trends/student- aid/highlights#:~:text=How%20Much%20Aid%20Are%20Students,%2415%2C330%20per%20un dergraduate%20student

NEXT TOPIC in Financial Aid Package: Episode 5: A Conversation with College Success Coach Laura Amigone on How to Keep Your Grades Up

Now that we’ve identified the relationship between grades and financial aid awards, a college success coach shares some tips about how to keep your grades up as well as provides insight on how she coaches students to navigate some of the more common financial obstacles they face.

Business Cents Episode 4: Setting Financial Goals and Budgeting

Episode 4 Lesson Plans

PowerPoint Slides Episode 4

Income & Expense Statement Example

 Length: 2 class periods

• 1 class period – 0 – 27:30 minutes of podcast (Topics: Financial Goals and Time Value of Money), teach first 2 slides, discussion on goals
• 1 class period – play remaining 23 minutes of podcast (Budgeting and Apps), teach next 3 slides, have budget discussion and complete worksheet

Resources:

• Podcast: https://mymetmedia.com/bc-ep4/
• Sources of information
• Links to instruction slides and other materials
• Teaching Outline
• Copies of Slides to support instruction, list of budgeting apps, budgeting spreadsheet
• Class Discussion Prompts for podcast Episode 4
• Worksheet problems for podcast Episode

Background:

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on Setting Financial Goals and Budgeting is part of a broader outline covering important topics in financial literacy and personal money management. In includes content and advice helpful for both college-bound high school students as well as existing college students, and has both information related specifically to MSU-Denver, as well as generally relevant to any college. A list of concepts covered in the full Business Cents Podcast series can be found below:

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. College Success
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education and interpreting financial news
3. Personal Debt Management
   1. 1. Credit Scores
      2. Credit Cards
      3. Loans and mortgages
4. Saving & Investing
   1. 1. Finance fundamentals on investing
      2. Investing practicalities – like accounts and taxes
      3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 4:

This episode is the first in a series on basic personal finance skills. The series includes three episodes: Financial Goals & Budgeting, Managing Expenses, and Bank Account Basics. Episode 4 covers: 1) how to set SMART financial goals, 2) financial fundamentals on the time value of money, 3) budgeting, 4) ways to track your spending, and 5) how to calculate a few income ratios and the recommended guidelines for these ratios

Links to website and sources from episode:

• Bankrate article cited (“more than half of Americans are not able to afford an $1,000 emergency): https://bankrate.com/f/102997/x/fca64133d1/2023-january-fsp-emergency-savings-press- release.pdf
• Budget app reviews – came from https://forbes.com/ https://www.nerdwallet.com/ and other financial blogs
• Example compound interest calculator: https://investor.gov/financial-tools- calculators/calculators/compound-interest-calculator

Links to Files

• Links to slides for instruction: Ep 4 Slides for pptx
• Link to budget file: Budget Excel File

Teaching Outline

1. Explain that this episode kicks off a new unit involving basic financial skills like bank accounts and Students will also be learning the time value of money, which is useful to apply to many financial decisions and goal setting
2. On Day 1, Play first ~27 minutes of podcast episode
3. Teach slides 1 and 2
4. Have discussion about SMART goals (see SMART Goal Exercise / Discussion (Class Period 1) on page 9 of Lesson Plan)
5. On Day 2 – print copies of Time Value of Monday and Budgeting Worksheet (on page 10 of Lesson Plan)
6. Pay remaining ~23 minutes of podcast
7. Teach slides 3-5
8. Have discussion about Budgeting (see Budget Exercise / Discussion (Class Period 2) on page 9 of Lesson Plan)
9. Pass out worksheet for students to complete

Business Cents Episode 5: A Conversation with College Success Coach Laura Amigone on How to Keep Your Grades Up

Episode 5 Lesson Plans

 Length: 2 class periods

• 1 class period – pass out worksheet, play first ~29 minutes of podcast episode
• 1 class period – play remaining ~15 minutes podcast episode, complete worksheet, and discuss students’ answers to final question on worksheet

Resources:

• Podcast: https://mymetmedia.com/bc-ep5/
• Links to information on financial aid – general and specific to MSU-Denver
• Teaching Outline
• Worksheet for podcast Episode 5
• Class Discussion prompt

Background:

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on “Student Success and Keeping Your Grades Up” is part of a broader outline covering important topics in financial literacy and personal money management. In includes content and advice helpful for both college-bound high school students as well as existing college students, and has both information related specifically to MSU-Denver, as well as generally relevant to any college. A list of concepts covered in the full Business Cents Podcast series can be found below: 

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. College Success
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education and interpreting financial news
3. Personal Debt Management
   1. Credit Scores
   2. Credit Cards
   3. Loans and mortgages
4. Saving & Investing
   1. Finance fundamentals on investing
   2. Investing practicalities – like accounts and taxes
   3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 5:

• This episode is all about the aspect of financial aid that is related to keeping your grades up and number of credits fulfilled to meet any requirements of your aid. This episode will discuss: 1) How the number of credits you’re enrolled in and the grades you get impact your ability to continue your financial aid; 2) When taking an “F” might be a better strategy than withdrawing.; 3) Why our brains go into avoidance mode when these challenges arise and some tips for getting around that; 4) Understanding who is there to help you and the meaningful, small steps you can take to start finding solutions; 5) general tips for doing well in school and key dates to keep in mind

Links to General Resources for Financial Aid: https://studentaid.gov/h/apply-for-aid/fafsa https://studentaid.gov/understand-aid/eligibility/staying-eligible https://cdhe.colorado.gov/colorado-application-for-state-financial-aid http://www.collegescholarships.org/financial-aid/

Links to information about financial aid and student success at MSU-Denver:

1. MSU-Denver Office of Financial Aid and Scholarships (OFAS)
   • https://msudenver.edu/financial-aid/
   • Physical location: Jordan Student Success Building (JSSB), Suite 130
   • Email: [email protected]
2. Tutoring
   • https://msudenver.edu/student-academic-services/tutoring/tutoring- schedule/
3. MSU-Denver Advising
   • https://msudenver.edu/advising/

Teaching Outline

1. Make copies of the student
2. Explain that this is the second episode of the 3-part podcast series will be presented in the class that includes episodes all related to the topics of Financial Aid and Affording College
3. Hand out worksheets and ask students to use it to follow along and answer questions using topics discussed in podcast.
4. Play podcast- Start at 0:00 stop at 29:36 and start to answer
5. At the next class, start the podcast at 29:36 and play through the end to answer questions for the remainder of the worksheet.
6. In particular, one question asks the students to “create a timeline for staying on top of grades and financial aid throughout a semester”. The portion of the podcast from 31:14 – 38:41 directly addresses this question.
7. Have a class discussion regarding key takeaways, as well as students’ answers to final question on the worksheet.

Worksheet Questions:

What are two important factors for students to keep their financial aid?

What is the typical GPA requirement for Federal Aid?

What were some examples of “small steps” students can take when fear starts to arise regarding financial aid and/or grades?

Create a timeline for staying on top of grades and financial aid throughout a semester that includes 3-4 guideposts within that timeframe and the appropriate actions to take.

Questions for Class Discussion:

What is one challenge that could come up and how can you avoid it?

NEXT TOPIC in Financial Aid Package: Episode 6: A Follow Up Deep Dive into Financial Aid, with Executive Director Kerline Eglaus

 The Executive Director of the Office of Financial Aid and Scholarships at MSU-Denver, Kerline Eglaus, appears on the podcast again to answer specific questions submitted by students and take a deep dive into the FAFSA application process.

Business Cents Episode 6: A Follow Up Deep Dive into Financial Aid, with MSU-Denver
Office of Financial Aid Executive Director Kerline Eglaus

Episode 6 Lesson Plans

Length: 2 class periods

• 1 class period –play first 30 minutes of podcast episode, review example FAFSA materials
• 1 class period – play remaining 30 minutes podcast episode, complete worksheet

Resources:

• Podcast: https://mymetmedia.com/bc-ep6/
• Links to information on financial aid – general and specific to MSU-Denver
• Teaching Outline
• Example FAFSA images and required document list
• Worksheet for podcast Episode 6

Background:

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on Financial Aid is part of a broader outline covering important topics in financial literacy and personal money management. In includes content and advice helpful for both college-bound high school students as well as existing college students, and has both information related specifically to MSU-Denver, as well as generally relevant to any college. A list of concepts covered in the full Business Cents Podcast series can be found below:

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. College Success
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education and interpreting financial news
3. Personal Debt Management
   1. Credit Scores
   2. Credit Cards
   3. Loans and mortgages
4. Saving & Investing
   1. Finance fundamentals on investing
   2. Investing practicalities – like accounts and taxes
   3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 6:

This episode is a follow up and continuation to Episode 3 of Business Cents, where we sat down with MSU Denver’s Executive Director of Financial Aid, Kerline Eglaus. In this episode (6) we dive deeper into the FAFSA process and answer student question regarding the FAFSA and special cases that might occur. We also touch upon some concepts discussed in Episode 5 with regard to the impact of enrollment and grades on financial aid. This episode will discuss: 1) February is Financial Aid Awareness Month – what does that entail; 2) Ins and Outs of completing the FAFSA; 3) How to approach all the important documents necessary to apply for federal aid; 4) Tips and Resources for students whose parents are not involved; 5) Timing and budgeting advice for using the funds in your financial aid account, particularly for items outside of tuition such as books; 6) If students should expect changes in their federal aid from year to year

Links to General Resources for Financial Aid:

• FAFSA: https://studentaid.gov/h/apply-for-aid/fafsa
• CAFSA: https://cdhe.colorado.gov/colorado-application-for-state-financial-aid
• COF info and application: https://cof.college-org/
• Information for Foster Youth on College: https://childwelfare.gov/topics/outofhome/independent/support/education/

Links to MSU-Denver Resources

• Office of Financial Aid (OFAS) webpage: https://msudenver.edu/financial-aid/
• General Scholarship Application link: https://msudenver.academicworks.com/users/sign_in
• MSU-Denver College Opportunity Fund (COF) link: https://msudenver.edu/college- opportunity-fund/
• Helpful FAQ pages:
  • Bursar: https://msudenver.edu/bursar/faq/
  • Financial Aid: https://msudenver.edu/financial-aid/financial-aid-faq/

Teaching Outline

1. Explain that this is the third in a 3-part podcast series will be presented in the class that includes different episodes all related to the topics of Financial Aid and Affording College
2. Handout worksheet and ask students to use it to follow along and answer questions using topics discussed in podcast.
3. Play first ~32 minutes of podcast episode, review provided FAFSA images
4. Pay remaining ~30 minutes of podcast, complete worksheet

Financial Aid Worksheet Questions:

1.  In what month does the FAFSA application open for students planning to attend college the following year?
2. True or False: You only need to fill out the FAFSA one time and then you are set for the duration of your college degree
3. What are 3 items you should be sure to have ready to go when you start filling out financial aid forms?
4. What is the College Opportunity Fund (COF)?
5. What changes in your personal circumstances could change the amount of federal aid you are granted each year?

NEXT UNIT in Financial Literacy: Personal Finance Basic Skills

The next unit contains information about basic skills regarding personal finance and debt. This unit contains three episodes: Financial Goals & Budgeting, Managing Expenses, and Bank Account Basics

Business Cents Episode 7: Managing Expenses – 15 Ways to Save $100

Episode 7 Lesson Plans

PowerPoint Slides Episode 7

Income & Expense Statement Example

Length: 2 class periods

• 1 class period – 23 minutes; teach slide 1 and hold class discussion
• 1 class period – play remaining 30 minutes (important portions are highlighted later if you want to shorten), teach slides 2 through 4, set up Budget Activity Assignment

Resources:

• Podcast: https://mymetmedia.com/bc-ep7/
• Sources of information and links to materials
• Teaching Outline
• Copies of Slides to support instruction, budgeting spreadsheet
• Class Discussion Prompts for podcast Episode 7
• Budget Activity Assignment

Background:

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on Setting Financial Goals and Budgeting is part of a broader outline covering important topics in financial literacy and personal money management. In includes content and advice helpful for both college-bound high school students as well as existing college students, and has both information related specifically to MSU-Denver, as well as generally relevant to any college. A list of concepts covered in the full Business Cents Podcast series can be found below:

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. College Success
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education and interpreting financial news
3. Personal Debt Management
   1. Credit Scores
   2. Credit Cards
   3. Loans and mortgages
4. Saving & Investing
   1. Finance fundamentals on investing
   2. Investing practicalities – like accounts and taxes
   3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 7:

This episode is the second in a series on basic personal finance skills. The series includes three episodes: Financial Goals & Budgeting, Managing Expenses, and Bank Account Basics. Episode 7 on Managing Expenses covers: 1) the only way to generate a surplus in your budget is by increasing income or reducing expenses, 2) cycles creating by either generating a surplus or by spending money you don’t have, 3) some common buckets of expenses to expect as you are making your budget, and 4) a brainstorm of 15 ways to save $100

Links to sources from episode:

• Book referenced during episode: Millionaire Next Door, by Thomas J Stanley and William D Danko: https://themillionairenextdoor.com/
• Online shopping rebates: https://nerdwallet.com/article/finance/cash-back-shopping-sites

Links to Files

• Links to slides for instruction: Ep 7 Slides for pptx
• Link to budget file: Budget Excel File

Teaching Outline

1. On Day 1, Play first ~23 minutes of podcast episode
2. Teach slide 1
3. Have discussion about importance of budget surplus and resulting financial cycles from surpluses/deficits (see Day 1 discussion prompts)
4. On Day 2 – print copies of Budget Activity
5. Pay remaining ~30 minutes of podcast (23:00-31:00 discusses major expense buckets; 34:25 – 38:00 discusses expense timing; ~31:00-34:25, 40:30-44:40, and 44:40 – 52:27 all talk about different strategies for reducing expenses)
6. Teach slides 2-4, see Day 2 class discussion prompts
7. Pass out Budget Activity for students to complete as an assignment – explain that this is an activity to bring together the material from Episodes 2, 4 and 7 involving Careers, Budgets and Expenses

Jane’s Vans Example: purchase or postpone?

Jane has $100

Option1: Buy Shoes

Option 2: Postpone purchase, save $ – Earn interest: $100 saved for 1 year at 10% interest = $110 dollars

Second example
Jane does not have $100

Option 1: Buy shoes, put on a credit card

Option 2: Postpone purchase

If she buys the shoes, Pay interest: Take one year to pay off $100 + about $20 of interest

Difference = $30

Examples and Categories of Personal Expenses:

1. Housing – rent or mortgage (if own: homeowner’s insurance and property taxes), Homeowners’ Association fees (HOA) if applicable, possible maintenance
2. Food – groceries, eating away from home,
3. Utilities and Other Essentials – utilities: heating, electricity, water (important to check what is an isn’t include in rent); other essentials: toiletries, personal items
4. Healthcare – insurance premiums, copays, prescriptions
5. Expenses necessary to do your job or go to school – transportation (car payment if applicable, insurance, gas, parking), bus or rail pass; communication: phone, wifi; college expenses: books, fees, supplies, etc
6. Minimum payments on debts – other fees for financial services
7. Entertainment/hobbies/non-essential

Fifteen ways to save $100:

• Skip 20 “specialty” coffees (if this is part of your routine)
• Cancel a monthly subscription that is $8.33/month or more
• Find free workouts (cancel a gym membership or skip 3-5 pay as you go classes)
• Cut out 500 miles of driving over the course of a year save $100 (depending on the price of gas and your car’s MPG)
• Pack your lunch 2-3x a week and save $100 per month (depends on how much you spend on lunch out or on the groceries you buy to pack lunch)
• Buy in bulk and share
• Skip convenience up-charges
• Start an automatic savings deposit of $50 per paycheck
• If you work for a company that offers a 401k and matching, but you don’t participate, start saving $50 a month
• Don’t buy that special $100 shirt – put the money in savings instead

• Get an envelope and put $20 bill in it every pay period
• Make sure you are receiving the best offer from service providers and call them if you think you are not
• Figure out something you can buy used instead of new, borrow or rent instead of buy
• Online shopping rebates
• Credit cards with rewards (and also low annual fees)

Items included in a Budgeting Spreadsheet

Income and Expense Statement

Time Period From: xx/xx/xxxx TO: xx/xx/xxxx

(A) Income

• Wages
• Commissions/lips/Bonusses
• Student loan proceeds
• Scholarships
• Gift Income
• Other

Investment Income

• Interest received
• dividends received
• Rents received
• Pensions/Other annuities
• Other

Total Income:

(B) Taxes and Saving

• Personal savings (12% of take-home/20% of gross)
• Income Taxes (typically deducted from payroll)
• Property Taxes

 Total Taxes & Saving

 (C) Fixed Expenses

• Rent or mortgage
• Utilities (gas, electric, water, internet, garbage)
• Phone Bill
• Medical Bills/insurance premiums
• Other medical: medication, dental bills
• Credit card minimum payment
• Loan payments (car)/lease payments
• Loan payments (student)
• Other debt payments
• Car insurance
• Insurance (Life, homeowners, other)
• Childcare
• Other fixed expenses

Total Fixed Expenses: (Target is 50% of Take-home pay)

(D) Variable Expenses

• Fuel
• auto Maintenance – tires, oil, repairs
• Other transportation – bus passes, parking, rail
• Home repairs or improvements
• Groceries
• Dinning out
• Clothing, shoes and accessories
• Personal care
• Hobbies
• Entertainment
• TV – Streaming
• Travel
• Charitable donations
• Other

Total Variable Expenses (Target is 30% of Take-home pay

Cash Surplus/Deficit (A-B-C-D) = total

Day 1 Discussion prompts:

1. Why is it important to generate a surplus in your budget?
2. What is the quantifiable consequence of spending more money than you make? (HINT: interest owed/paid on debt to cover deficit)
3. What are the first three things you should do with a budget “surplus” generated by having your expenses be lower than your income?

Day 2 Discussion prompts:

1. Talk about main buckets of expenses and where hidden or unexpected expenses could pop up.
2. Discuss examples offered in podcast of how certain expenses can be reduced and come up with others.
3. Brainstorm additional ways to save $100

Budget Activity Assignment

1. Select a hypothetical profession and research the average starting salary using resources described in Episode 2 such as Onet, Indeed and BLS.
2. Select a city/location where you might like to live – research the cost of living in the area and the average price of rent.
3. Create a list of monthly expenses noting your main assumptions such as: taxes, living situation (eg roommate or living solo?), work and transportation needs, etc.
4. Construct a monthly budget.
5. Note possible timing of different bills coming due as discussed in minutes 34:25 – 38:00 in Ep 7 and make a calendar of expense and bill payments.
6. Calculate your monthly surplus (savings ratio) or deficit.

NEXT Episode in Basic Personal Finance Skills: Bank Accounts

In the final episode in the basic personal finance skills unit, the podcast goes over the basics of banking, including checking accounts, current events in the banking system and how to protect yourself from fraud.

Business Cents Episode 8: Deep Dive on Bank Accounts 

Episode 8 Lesson Plans

PowerPoint Slides Episode 8

Length: 2 class periods

• 1 class period – play first ~27 minutes of episode
• 1 class period – play remaining ~28 minutes of episode and complete worksheet

Resources:

• Podcast: https://mymetmedia.com/bc-ep8/
• Sources of information and links to materials
• Teaching Outline
• Copies of Slides to support instruction
• Worksheet problems for podcast episode

Background:

Welcome to Business Cents, the student focused show that focuses on money, issues related to money and how money works in our lives, hosted by MSU Denver professors Laurel Lane and Jessica Mace. Although discussions and lessons will be important to people studying Business, they will involve building blocks that can be applied to a wide range of fields and jobs.

This episode on Setting Financial Goals and Budgeting is part of a broader outline covering important topics in financial literacy and personal money management. In includes content and advice helpful for both college-bound high school students as well as existing college students, and has both information related specifically to MSU-Denver, as well as generally relevant to any college. A list of concepts covered in the full Business Cents Podcast series can be found below:

1. Choosing your career path & setting financial goals
   1. Understanding salaries
   2. Paying for College
   3. College Success
2. Basic Skills
   1. Budgeting
   2. Bank accounts
   3. Consumer education and interpreting financial news
3. Personal Debt Management
   1. 1. Credit Scores
      2. Credit Cards
      3. Loans and mortgages
4. Saving & Investing
   1. 1. Finance fundamentals on investing
      2. Investing practicalities – like accounts and taxes
      3. Retirement and long-term savings
5. Common mistakes and misconceptions

Learning Objectives – Episode 8:

This episode is the last in a series on basic personal finance skills such as budgeting and bank accounts. Episode 8 covers: 1) why anyone needs a checking account, 2) overview of vocabulary related to checking accounts, 3) how to open a checking account, 4) what questions to ask when opening a checking account, 5) largest national, regional and online banks, 6) what current events are going on in the banking system (SVB bank failure), 7) how to protect yourself from fraud

Links to website and sources from episode:

• https://www.forbes.com/advisor/banking/best-online-banks/ – includes tips for “what to look for” when choosing an online account
• https://www.cnbc.com/select/fdic-insurance/
• https://www.wsj.com/articles/silicon-valley-bank-svb-financial-what-is-happening-299e9b65 – note, MSU students can access Wall Street Journal articles for free at: https://search-proquest- com.aurarialibrary.idm.oclc.org/wallstreetjournal/advanced https://www.businessinsider.com/silicon-valley-bank-failure-what-happened-bank-run-explained- 2023-
• 3#:~:text=Wondering%20what%20the%20hell%20just,of%20depositors%20withdrawing%20their%20funds

List of Banks:

• https://www.nerdwallet.com/article/banking/largest-banks-in-the-us https://www.bankrate.com/banking/biggest-banks-in-america/ https://www.bankrate.com/banking/best-online-banks/#fibi
• What you need to open a Bank Account: https://www.wellsfargo.com/goals-going-to-college/first-
• account/#:~:text=You’ll%20need%20basic%20information,choose%20which%20you’ll%20need 1 https://www.chase.com/personal/banking/education/basics/what-you-need-to-open-a-bank- account

Links to Files

• Links to slides for instruction: Ep 8 Slides for pptx

Teaching Outline

1. On Day 1, Play first ~27:30 minutes of podcast episode
2. Teach slides 1 through 4
3. On Day 2 – print copies of Bank Account Worksheet (on page 10 of Lesson Plan)
4. Pay remaining ~27:30 minutes of podcast
5. Teach slides 4-5
6. Pass out worksheet for students to complete

So why have a checking account?

1.  A place for your money to live and support your budget
2. Money is available on-demand: can use to fund frequent, daily transactions
3. Can pay bills electronically or get paid electronically
4. Is insured against the bank failing (up to $250,000)
5. Has certain fraud protections

Checking Account Terms Defined:

1. Account/service fee: the money you pay to have an account, typically a monthly fee
2. Interest (earned): the percentage of the total amount of money you keep at the bank that the bank pays YOU, on a monthly basis, for having an account
3. Overdraft fees: the penalty fee the bank charges you for not having enough money in your account to cover your transactions (letting your balance go below $0)
4. Direct deposit: when your employer deposits your paycheck directly into your account
5. Billpay: when you link your bills to your bank account so they can be paid directly
6. Debit Card: the card provided by your checking account so you can make transactions where certain payment types are accepted (eg Visa, Mastercard) and the funds are withdrawn from your account immediately
7. FDIC insurance: most banks insure your deposits up to $250,000, so you would be reimbursed for the full amount of your account if the bank fails

What do I need to open a bank account

1. ID – check to see how many forms of ID your bank requires and if the types of ID you have will meet the requirements. Note: your bank might be a drivers license, or state ID, or some accounts might require a social security number
2. Proof of Address – utility bill or other mail that would verify your address
3. Parental permission (if you are under 18)
4. Money to fund the account **if there is a minimum opening balance**
5. If you are opening a special type of account (like a student account for a lower fee), be sure to bring proof of being a student)

• https://www.wellsfargo.com/goals-going-to-college/first-account/#:~:text=You’ll%20need%20basic%20information,choose%20which%20you’ll%20need
• https://www.chase.com/personal/banking/education/basics/what-you-need-to-open-a-bank-account

Questions to ask your Bank:

1. What is the monthly service fee?
2. What is the minimum balance? What is your overdraft fee?
3. What is your fee to use ATMs outside of your network?
4. Can I pay bills electronically? Is there a limit?
5. Is there a limit on monthly withdrawals?
6. Are there any fees related to use of the debit card?
7. What Interest rate will I earn on the money I keep in the account?
8. Are there any other fees I should expect?
9. Any questions about branch locations
10. Any questions about mobile app

Here is a list of banks – some of which were mentioned in the episode. These are not meant to be recommendations, just suggestions of where to start looking:

National Banks

• Chase
• Bank of America
• Wells Fargo Bank
• Citibank

Note: National here means nationwide presence – not government banks

Regional Banks

• PNC Bank
• US Bank
• First Bank
• Trust (BB& T and SunTrust)
• TD Bank

Online Banks

• Ally
• Capital One
• Sofi
• Discover
• LendingClub
• Quontic

Sources: https://www.nerdwallet.com/article/banking/largest-banks-in-the-us

https://www.bankrate.com/banking/biggest-banks-in-america/

https://www.bankrate.com/banking/best-online-banks/#fibi

How to protect yourself from Fraud:

1. Keep your information secure! Never give out personal information when someone calls You can provide it to you bank if you place the call to them
2. Never click on a link from an unknown source. Never provide payment information or personal data in a link you receive that you were not expecting (eg “we need a little more information to process your payment” or “give us your credit card info so we can send you a prize”). If you aren’t sure whether a request is legitimate, follow up directly with the institution
3. Put extra passcodes to get to your banking app. Make it harder to open your bank account than knowing your phone’s 6-digit passcode
4. Keep your debit card secure – since funds are withdrawn immediately when a payment is made: use a different option for online purchases (such as a credit card), if possible

Bank Accounts Worksheet

How can you make sure you aren’t being overcharged for having a checking account? What are the key things to check?

• Briefly explain how a bank What is another word you can use for what you are doing when you make a deposit at the bank?
• What are four things you need in order to open a bank account?
• What are two benefits of using a mobile app for your checking account?
• Name two things you can do to help protect against
• What is FDIC insurance and up to what amount of money does it protect?

NEXT UNIT: Personal Debt Management

The next unit includes several debt topics across four episodes. These topics relate to various aspects of debt including: basic debt fundamentals, interest rates, credit scores, credit cards, and two “rent or buy” episodes focused on cars and homes.