personal finance assignment

10.1 Personal Financial Planning

Questions to Consider:

• What simple steps do I take to create a financial plan?
• How do I use financial planning in everyday life?
• How is the financial planning process implemented for every purchase?

If you fail to plan, you are planning to fail.

Honestly, practicing money management isn’t that hard to figure out. In many ways it’s similar to playing a video game. The first time you play a game, you may feel awkward or have the lowest score. Playing for a while can make you OK at the game. But if you learn the rules of the game, figure out how to best use each tool in the game, read strategy guides from experts, and practice, you can get really good at it.

Money management is the same. It’s not enough to “figure it out as you go.” If you want to get good at managing your money, you must treat money like you treat your favorite game. You have to come at it with a well-researched plan. Research has shown that people with stronger finances are healthier 1 and happier, 2 have better marriages, 3 and even have better cognitive functioning. 4

What Students Say

• Minimizing debt
• Get a better job
• Pay for college
• Move out on my own
• Increase my savings or money on hand
• The amount of debt I have or will have
• Getting a job that will pay well enough
• Being financially independent
• Supporting my family
• Planning/saving for the future
• Scholarships
• Work-study programs

You can also take the anonymous What Students Say surveys to add your voice to this textbook. Your responses will be included in updates.

Students offered their views on these questions, and the results are displayed in the graphs below.

What is your top immediate financial priority?

Which aspect of your finances concerns you the most?

When considering how to pay for college, which of the following do you know least about?

Financial Planning Process

Personal goals and behaviors have a financial component or consequence. To make the most of your financial resources, you need to do some financial planning. The financial planning process consists of five distinct steps: goal setting, evaluating, planning, implementing, and monitoring. You can read in more depth about SMART goals in Chapter 3 .

Financial Planning in Five Steps

• What do I want my life to look like?
• What do my savings, debt, income, and expenses look like?
• What creative ways are available to get the life I want?
• What small steps can I take to start working toward my goals?
• Begin taking those steps, even if I can only do a few small things each week.
• Make sure I don’t get distracted by life. Keep taking those small steps each week. Make adjustments when needed.

How to Use Financial Planning in Everyday Life

The financial planning process isn’t only about creating one big financial plan. You can also use it to get a better deal when you buy a car or computer or rent an apartment. In fact, anytime you are thinking about spending a lot of money, you can use the financial planning process to pay less and get more.

To explore financial planning in depth, we’ll use the example of buying a car.

1. Develop Goals

First, what do you really need? If you’re looking for a car, you probably need transportation. Before you decide to buy a car, consider alternatives to buying a car. Could you take a bus, walk, or bike instead? Often one goal can impact another goal. Cars are typically not good financial investments. We have cars for convenience and necessity, to earn an income and to enjoy life. Financially, they are an expense. They lose value, or depreciate, rather than increasing in value, like savings. So buying a car may slow your savings or retirement plan goals. Cars continually use up cash for gas, repairs, taxes, parking, and so on. Keep this in mind throughout the planning process.

2. Identify and Evaluate Alternatives for Achieving Goals in Your Current Situation.

For this example, let’s assume that you have determined the best alternative is to buy a car. Do you need a new car? Will your current car last with some upkeep? Consider a used car over a new one. On average, a new car will lose one-fifth of its value during its first year. 5 Buying a one-year-old car is like getting a practically new car for a 20 percent discount. So in many cases, the best deal may be to buy a five- or six-year-old car. Sites such as the Kelley Blue Book website (KBB.com) and Edmunds.com can show you depreciation tables for the cars you are considering. Perhaps someone in your family has a car they will sell you at a discount.

Do you know how much it will cost in total to own the car? It will help to check out the total cost of ownership tools (also on KBB.com and Edmunds.com) to estimate how much each car will cost you in maintenance, repairs, gas, and insurance. A cheap car that gets poor gas mileage and breaks down all the time will actually cost you more in the long run.

3. Write Down Your Financial Plan

4. implement your plan.

Once you’ve narrowed down which car you are looking for, do more online research with resources such as Kelley Blue Book to see what is for sale in your area. You can also begin contacting dealerships and asking them if they have the car you are looking for with the features you want. Ask the dealerships with the car you want to give you their best offer, then compare their price to your researched price. You may have to spend more time looking at other dealerships to compare offers, but one goal of online research is to save time and avoid driving from place to place if possible.

When you do go to buy the car, bring a copy of your written plan into the dealership and stick to it. If a dealership tries to switch you to a more expensive option, just say no, or you can leave to go to another dealership. Remember Elan in our opening scenario? He went shopping alone and caved to the pressure and persuasion of the salesperson. If you feel it is helpful, take a responsible friend or family member with you for support.

5. Monitor and Adjust the Plan to Changing Circumstances and New Life Goals

Life changes, and things wear out. Keep up the recommended maintenance on the car (or any other purchase). Keep saving money for your emergency fund, then for your next car. The worst time to buy a car is when your current car breaks down, because you are easier to take advantage of when you are desperate. When your car starts giving you trouble or your life circumstances start to change, you will be ready to shop smart again.

A good practice is to keep making car payments once the car loan is paid off. If you are paying $300 per month for a car loan, when the loan is paid off, put $300 per month into a savings account for a new car instead. Do it long enough and you can buy your next car using your own money!

Use the Financial Planning Process for Everything

The same process can be used to make every major purchase in your life. When you rent an apartment, begin with the same assessment of your current financial situation, what you need in an apartment, and what goals it will impact or fulfill. Then look for an apartment using a written plan to avoid being sold on a more expensive place than you want.

You can even use the process of assessing and planning for small things such as buying textbooks or weekly groceries. While saving a few bucks each week may seem like a small deal, you will gain practice using the financial planning process, so it will become automatic for when you make the big decisions in life. Stick to your plan.

• 1 https://www.sciencedirect.com/science/article/pii/S0277953613002839
• 2 https://academic.oup.com/geronj/article-abstract/38/5/626/578092
• 3 https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1741-3729.2012.00715.x and http://onlinelibrary.wiley.com/doi/10.1111/j.1741-3729.2012.00715.x/abstract
• 4 https://science.sciencemag.org/content/341/6149/976%20
• 5 Krome, Charles. “Car Depreciation.” 2018, Carfax. https://www.carfax.com/blog/car-depreciation

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How to Create a Personal Financial Plan (And Reach Your Goals Faster)

We all have goals in life – things like starting a business , buying a house, getting married – but money problems often sneak in and prevent us from achieving these objectives.

And so we are left wishing we had done some financial planning to pay for the necessities and to cover any of life’s unexpected events … and we’d still have enough left to put towards our goals.

If any of this sounds familiar to you, then you probably don’t have a financial plan in place.

At its most basic, a financial plan helps you meet your current financial needs and offers a strategy to achieve future financial stability, so you’re able to move forward with your goals.

In this post, you’ll learn everything you need to know about financial plans. We’ll also share an eight-step process to help you create your own personal financial plan, plus a few templates that can help you save money and time.

Post Contents

What is a Financial Plan?

What is a personal financial plan, step 1: review your current situation, step 2: set short-term and long-term goals, step 3: create a plan for your debts, step 4: establish your emergency fund, step 5: start estate planning, step 6: begin investing in your future, step 7: get protected, step 8: keep track of your plan, daily successful living’s financial plan template, smartsheet’s one-page financial plan template, simply stacie’s printable financial planner, financial plan app options, want to learn more.

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A financial plan is a roadmap for an individual or a company to reach its goals. 

It takes into your account your existing financial situation and goals, then creates a detailed strategy based on your prioritized objectives, telling you exactly where to spend your money, and when to save. 

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Additionally, financial plans help you prepare for the unanticipated by having you set aside a pot of money. When an unexpected job loss , illness or economic downturn occurs, you can rely on these funds to cover your day-to-day expenses. 

Essentially, you can use a financial plan to take control of your money such that you can achieve your goals and ease worries you may have about your wellbeing.

In the past, people had to hire a professional to create a financial planner for them. But with the advancements in technology, you should be able to create one on your own. 

It’s pretty easy with a financial plan template, which you can modify to reflect your own goals, cash flow, etc. You’ll find some handy templates you can use, later in the article. 

A personal financial plan is a documented analysis of your personal finances, including your earnings, liabilities, assets, and investments.

Its purpose is to help you assess the feasibility of your personal goals and to understand the steps that you will need to take – money-wise – to accomplish them. 

Your personal financial plan can stretch over weeks, months or years, based on the estimated completion time of your goals.And you can adjust it at any time to reflect new or changing priorities.

How to Create a Personal Financial Plan in 8 Easy Steps 

Making a financial plan could give you more confidence with your cash. Plus, it means fewer nights worrying about those pesky bills. 

The trouble is many people don’t know where to get started. They worry about things like “how much does a financial plan cost?” and assume they need endless professional support.

The good news? It’s never too late (or too early) to start working on your financial plan. Even better – creating a financial plan isn’t as complicated as you’d think. You can even break it down into 8 easy steps, like this:

Before you start the actual “planning” part of the process, you need to know where your journey is going to start. That means checking out what your financial situation is like right now. 

Honestly, everyone could benefit from investing in more frequent financial checkups, but it’s easy to put off looking at your bank statements.

Think about it – when’s the last time you actually looked at all of your payments for gas, electricity, broadband, and Netflix, and figured out what they add up to?

Grab your last 6 to 12 months of bank statements and highlight every regular outgoing expense in one color, then highlight your irregular expenses in another. 

It might be helpful to categorize these costs into personal and “crucial” expenses. Once you’ve got all the right info in front of you, ask yourself:

• Where can I cut down on spending?
• How much could I save by switching to a different service?
• Do I really need all of my “optional” expenses?

Now you have a starting point for your journey to financial freedom. 

The next step is figuring out where you’re going. This is an important component in your “financial plan for dummies” journey. 

Setting solid goals gives you direction and clarity when making decisions about your finances. Your goals will show you if you’re moving in the right direction. 

Ideally, you’ll need your goals to be S.M.A.R.T. This means they’re:

Don’t just say you want to have more money in your savings. Write down a statement that explains exactly what you want to accomplish, such as:

“I want to have at least $2,000 in my savings account by the end of next year.”

Short-term financial goals, like “I’ll put $100 in my savings next month”, keep you motivated by showing constant progress. Long-term goals give you a more consistent direction to move in.

No-one likes thinking about debts – but these are issues that you just can’t ignore if you want to be financially savvy. Personal financial plans can help. 

You can’t make huge progress with your short and long-term goals if your interest and repayments are weighing you down. So figure out how to pay what you owe first. 

Start by creating a plan to get rid of your most problematic debts. These are the expenses that cost the most due to excessive interest rates and fees. Get rid of those as fast as you can. 

If you’re struggling to handle several debts at once, it might help to see whether you can consolidate everything into one, cheaper loan. 

The bottom line is you need to take action and start working towards being debt-free. Remember, debts include everything from immediate issues, like credit cards, to long-term expenses, like student debt . 

An emergency fund is like a financial safety blanket. 

No matter how “prepared” you think you are, there’s always a chance that some unexpected cost will come and sweep you off your feet. 

Emergency funds protect you against things like unexpected illness, suddenly losing your job, or even just a bill that you forgot to pay. 

While the exact amount of emergency funding you have depends on you, it should generally cover about 3 to 6 months’ worth of your fixed expenses. You can also save enough to cover variable expenses like entertainment and food too. 

Emergency funds are beneficial for anyone. However, they’re particularly important if you’re a freelancer , someone with a poor credit score, or someone with variable income. 

When setting up your personal financial plans, make sure you have an emergency fund in place. 

Estate planning is one of those complicated terms that most people ignore – assuming it only applies to wealthy people, or people approaching retirement . 

However, it’s essential that you think about protecting your family when you’re not around. A proper estate plan gives you total peace of mind. 

Estate plans include:

• Last will and testament
• Healthcare directives
• Power of attorney
• Trust information

This document might also include other clauses for things like final disposition instructions and guardianship nominations. 

Estate planning might not be the best thing you can do with your Friday evening fun-wise, but it will ensure that you’re protected for anything. 

The next step is building whatever wealth you already have, so you’re prepared for the future. You can begin focusing on your savings and making investments. 

You might have different plans to suit your short-term and long-term goals. For instance, your short-term financial plan might cover the steps you’re going to take to build wealth now. Your 5-year financial plan might look at things like retirement. 

Investing for retirement is one of the best ways to ensure that you’re ready to tackle the future. When you begin planning for retirement, you’ll need to consider a few variables like:

• Desired retirement age: When would you like to stop working (be realistic here)
• Desired lifestyle: What kind of lifestyle do you want? Do you want enough cash to do whatever you like? Then plan for that!
• Current health: Health is definitely a big contributor to wealth. If you know health problems are likely for you, make sure you’re ready to tackle the issue. 
• Savings rate: How much are you saving towards the future right now?

If you’re brand-new to investing, seek out some extra support. There are wealth advisors out there that can introduce you to different kinds of investment accounts and vehicles. 

Just as emergency funds protect you from unexpected surprises in life, insurance defends your cash from any unforeseen risks. 

Having the right insurance means that you won’t need to constantly break into your savings every time something goes wrong. For instance, home insurance means that you’re properly protected from things like natural disasters and break-ins. 

Car insurance ensures that if anything goes wrong with your car, you’re ready to jump in and fix the issue – without massive payments. 

Having an emergency fund and making sure you’re insured properly means that you can stay on top of all your savings goals – even when the going gets tough. 

Make a list of all the insurance you might need when planning financial plan components. 

The importance of a financial plan is something you can’t afford to underestimate. 

The more you know about your current financial situation and where you’re headed, the more confident you’ll be in your spending. 

However, getting a financial plan example template and building your own strategy is just the first leg of the journey. You also need to commit to actively tracking your progress. 

Check in every three months or so, and make sure you’re moving in the right direction. A lot can change in your financial situation within just a few weeks. 

Remember to update your plan when significant events occur in your life too. Having a child, getting married, or purchasing a new home will all create new considerations for you to deal with. 

Actively reviewing and updating your plan means that you can enjoy a bullet-proof strategy for reaching your financial goals.

Financial Plan Example [Templates]

While you can create a financial plan from scratch, it’s always easier and quicker with a template. 

Many financial plan template options are available to help you set up a financial plan. All you need to do is enter the details in their fields. You can also edit or remove fields based on the information you have available. 

Even if you don’t want to use templates, these financial plan examples are a good starting point to learn what real-world plans look like and the specific finances you have to include in the document. 

Here are a few templates:

Daily Successful Living offers a simple template you can use to calculate your net worth. 

You can do this by adding up your assets and then subtracting all of your liabilities. 

Once you have estimated your net worth, you can move onto setting some personal goals. 

Smartsheet’s free financial plan template lets you create a concise personal finance plan. 

Use it to assess your current financial situation, create a strategy to reach your goals, and use the plan to track progress. 

You can also include details for estate planning or life insurance if needed.

Simply Stacie’s financial planner allows you to lay it all out – month-to-month – to analyze your monthly spending habits compared to what you budgeted. 

If you’re working towards a goal like, say, saving for retirement, it’ll help you find opportunities to cut back and put the money towards your objective.

Keeping track of your money is difficult, especially when you’re unsure of your spending. 

Fortunately, there are budget apps you can use to stay on top of your finances. 

• Mint : Mint, besides its pleasingly minimal UI, offers a good range of money management tools. These are set around a few different areas, namely expense tracking, credit health, and saving advice tailored to your goals. 
• Pocketnest : Pocketnest teams up with your bank to take you through different themes of financial planning. After you answer a few questions about your financial hitch, the app walks you through each stage of your plan, giving you to-dos along the way to help address any gaps.
• YNAB : YNAB offers bank syncing, transaction matching, goal tracking, and more. It can help you prepare for the future by breaking up larger expenses into more manageable, bite-sized amounts. The best expenses are ones you can easily manage.

Each of these apps make creating a financial plan a lot more convenient. Being able to view your income, expenditures, investments, etc. at a glance helps you jot down details much faster than gathering information from individual accounts.

Financial plans aren’t just for people with high income. Anyone can utilize them to identify their goals and create a plan for achieving them. 

If you create a financial plan today, you would be able to work on achieving your life’s goals strategically. 

It doesn’t matter where you stand. The important thing is that you get to fulfill your ambitions while improving your financial stability.

Do you want to start a side hustle , go on a holiday, retire by 40? You decide and then create a personal financial plan for achieving your purpose.

P.S. Life’s going to throw you curveballs that can affect your financial situation. Rather than accepting them as your fate, battle through them. You have the most powerful weapon of them all – your financial plan!

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• Financial Literacy for High School Students

Home » Financial Literacy » Resources for Teachers » Financial Literacy for High School Students

Are You Teaching Financial Literacy To High School Students?

The teaching curriculum consists of fourteen lesson plans & worksheets designed to augment a semester course in life skills and personal finance management. The Teacher’s Guide, compiled in a separate, easy-to-use notebook, includes an outline of the curriculum:

• Lesson objectives
• Suggested resources
• Teaching notes
• Chart indicating appropriate age groups for the key learnings offered in each lesson
• Presentation slides
• Answer keys to worksheets (when necessary)

Introductory Overview to Financial Literacy for High School Students

Lesson one: making personal finance decisions.

Each day, we are faced with many decisions. While most decisions are simple, such as “what should I wear?” or “what should I eat?,” others are more complex, such as “should I buy a new or used car?”  As decision-making skills are used and improved, a person’s quality of life is enhanced. Wiser choices result in better use of time, money, and other resources.  This introductory lesson provides students with an opportunity to learn more about decision-making. The lesson starts with an overview of the decision-making process followed by a discussion of various internal and external factors that affect decisions.

Teacher’s Guide –  Lesson One: Making Decisions

Student Guide – Lesson One: Making Decisions

Teacher’s Slide Presentation – Lesson One: Making Decisions

Teacher’s Power Point Presentation – Lesson One: Making Decisions

Lesson Two: Making Money

Building your career is one of the surest ways to increase income and make money. When planning for the future, one of the most critical financial decisions is determining your career path.  In this lesson, students will be encouraged to consider various topics related to career planning and the financial aspects of employment. This variation of the decision-making process can help a person match personal abilities and interests with appropriate employment opportunities.

Teacher’s Guide – Lesson Two: Making Money

Student Guide – Lesson Two: Making Money

Teacher’s Slide Presentation – Lesson Two: Making Money

Teacher’s Power Point Presentation – Lesson Two: Making Money

Lesson Three: The Art of Budgeting

A personal budget is a financial plan that allocates future income toward expenses, savings, and debt repayment. “Where does the money go?” is a common dilemma faced by many individuals and households when it comes to budgeting and money management.  Effective money management starts with a goal and a step-by-step plan for saving and spending. Financial goals should be realistic, be specific, have a timeframe, and imply an action to be taken. This lesson will encourage students to take the time and effort to develop their own personal financial goals and budget.

Teacher’s Guide – Lesson Three: The Art Of Budgeting

Student Guide – Lesson Three: The Art Of Budgeting

Teacher’s Slide Presentation – Lesson Three: The Art Of Budgeting

Teachers Power Point Presentation – Lesson Three: The Art Of Budgeting

Lesson Four: Living on Your Own

As young people grow up, a common goal is to live on their own. However, the challenges of independent living are often quite different from their expectations. This lesson provides a reality check for students as they investigate the costs associated with moving, obtaining furniture and appliances, and renting an apartment.

Teacher’s Guide – Lesson Four: Living On Your Own

Student Guide  – Lesson Four: Living On Your Own

Teacher’s Slide Presentation – Lesson Four: Living On Your Own

Teacher’s Power Point Presentation – Lesson Four: Living On Your Own

Lesson Five: Buying a Home

For many, buying a home is the single most important financial decision they will make in their lifetime.  However, the process of becoming a first-time homebuyer can be overwhelming, and requires a foundation for basic home-buying knowledge.  This lesson will provide students with information on buying a home and where and how to begin the process. After comparing the differences between renting and buying, students will be introduced to a five-step process for home buying. This framework provides an overview for the activities involved with selecting and purchasing a home.

Teacher’s Guide – Lesson Five: Buying A Home

Student Guide – Lesson Five: Buying A Home

Teacher’s Slide Presentation – Lesson Five: Buying A Home

Teacher’s Power Point Presentation – Lesson Five: Buying A Home

Lesson Six: Banking Services

If the fee for an ATM transaction to withdraw money is $1 and a person withdraws money twice a week, the banking fees for that person will be $104 a year. Over a five-year period, those fees invested at five percent would grow to more than $570.  Most students know that banks and other financial institutions (credit unions, savings and loan associations) offer a variety of services. However, few people know how to make wise choices when using financial services. In this lesson, students will learn about the different types of financial service products available and the features of each.

Teacher’s Guide – Lesson Six: Banking Services

Student Guide – Lesson Six: Banking Services

Teacher’s Slide Presentation – Lesson Six: Banking Services

Teacher’s Power Point Presentation – Lesson Six: Banking Services

Lesson Seven: Credit

In today’s world, credit is integrated into everyday life. From renting a car to reserving an airline ticket or hotel room, credit cards have become a necessary convenience. However, using credit wisely is critical to building a solid credit history and maintaining fiscal fitness. While most students have a general idea about the advantages and disadvantages of credit, this lesson provides an opportunity to discuss these issues in more detail.

Teachers Guide – Lesson Seven: Credit

Student Guide – Lesson Seven: Credit

Teacher’s Slide Presentation – Lesson Seven: Credit

Teacher’s Power Point Presentation – Lesson Seven: Credit

Lesson Eight: Credit Cards

What is APR? What is a grace period? What are transaction fees?  These and other questions will be answered in this lesson as students learn about credit cards, and the different types of cards available and features of each, such as bank cards, store cards, and travel and entertainment cards.

As students start to shop for their first (or next) credit card, this lesson will make them aware of various costs and features. Included in this section is a discussion of the methods for calculating finance charges.  Various federal laws protect our rights as we apply for and use credit cards, such as procedures for disputes and protection from card theft and fraud. In this lesson, students will also be given an opportunity to analyze the information contained on a credit card statement.

Teacher’s Guide – Lesson Eight: Credit Cards

Student Guide – Lesson Eight: Credit Cards

Teacher’s Slide Presentation – Lesson Eight: Credit Cards

Teacher’s Power Point Presentation – Lesson Eight: Credit Cards

Lesson Nine: Cars and Loans

“Should I buy a new car or a used car?”  “Where is the best place to finance my automobile purchase?”  “Is it better to take the rebate or the low-rate financing plan?”  These are typical questions asked by people buying vehicles. In this lesson, students are asked to identify costs associated with owning and operating a motor vehicle. Since these costs are commonly underestimated, guidelines are provided on how much to spend when buying vehicles.

Teacher’s Guide – Lesson Nine: Cars And Loans

Student Guide – Lesson Nine: Cars And Loans

Teacher’s Slide Presentation – Lesson Nine: Cars And Loans

Teacher’s Power Point Presentation – Lesson Nine: Cars And Loans

Lesson Ten: The Influence of Advertising

In today’s modern world, advertising seems to be everywhere we look; online, television, billboards, magazines, newspapers, on buses, grocery carts, even cell phones.  In addition, some forms of advertising can be subliminal, such as the strategically-placed soda can in a movie. We can’t help but be influenced and manipulated as consumers. In this lesson, students will become aware of the various techniques and appeals used to influence consumer behavior.

Teachers Guide – Lesson Ten: The Influence Of Advertising

Lesson 10: The Influence of Advertising – High School Student Guide

Teacher’s Slide Presentation – Lesson Ten: The Influence Of Advertising

Teacher’s Power Point Presentation – Lesson Ten: The Influence Of Advertising

Lesson Eleven: Consumer Awareness

Decisions, decisions. With so many choices available to us, how can we be sure we’re making the right decision?  Wise consumer buying starts with a plan. Using a systematic purchasing strategy will provide students with an ability to make more effective purchases. Comparative shopping techniques will be discussed to encourage students to carefully consider price, product attributes, warranties, and store policies. Next, this lesson covers a variety of buying methods, such as buying clubs, shopping by phone, catalogs, online, and door-to-door selling.

Teacher’s Guide – Lesson Eleven: Consumer Awareness

Student Guide – Lesson Eleven: Consumer Awareness

Teacher’s Slide Presentation – Lesson Eleven: Consumer Awareness

Teacher’s Power Point Presentation – Lesson Eleven: Consumer Awareness

Lesson Twelve: Saving and Investing

Saving just 35 cents a day will result in more than $125 in a year. Small amounts saved and invested can easily grow into larger sums. However, a person must start to save.  This lesson provides students with a basic knowledge of saving and investing. The process starts with setting financial goals. Next, a commitment to saving is discussed.

Teacher’s Guide – Lesson Twelve: Saving And Investing

Student Guide – Lesson Twelve: Saving And Investing

Teacher’s Slide Presentation – Lesson Twelve: Saving And Investing

Teacher’s Power Point Presentation – Lesson Twelve: Saving And Investing

Lesson Thirteen: In Trouble

The material in this lesson will help students become aware of the warning signs of financial difficulties. This lesson includes information on where to go for debt consolidation help and for nonprofit credit counseling .

Teacher’s Guide – Lesson Thirteen: In Trouble

Student Guide – Lesson Thirteen: In Trouble

Teacher’s Slide Presentation – Lesson Thirteen: In Trouble

Teacher’s Power Point Presentation – Lesson Thirteen: In Trouble

Lesson Fourteen: Consumer Privacy

In today’s information age, keeping your personal financial information private can be challenging. What you put on an application for a loan, your payment history, where you make purchases, and your account balances are but a few of the financial records that can be sold to third parties and other organizations.  This lesson, with attached budgeting activities, will encourage high school students to take the time and effort to develop their own personal financial goals and spending behaviors.

Teacher’s Guide – Lesson Fourteen: Consumer Privacy

Student Guide – Lesson Fourteen: Consumer Privacy

Teacher’s Slide Presentation – Lesson Fourteen: Consumer Privacy

Teacher’s Power Point Presentation – Lesson Fourteen: Consumer Privacy

Supplementary Resources

In an effort to give you the most up-to-date information for teaching and making personal financial decisions, we’ve compiled the following lists of periodicals and organizations that can enhance your use of Practical Money Skills for Life.

More Resources for Students: The Cost of College 

The cost to attend college has soared faster than almost any segment of the economy over the last 30 years. The average cost for students attending a public university is up 213% ($3,190 in 1988 to $9,970 in 2018), while private school is up 129% ($15,160 to $34,740) over the same time period.

That’s the primary reason Americans are $1.4 trillion in debt on student loans.

The good news is that are hundreds of online sites offering tips on not just what it will cost, but what you can do to pay for it. So, take a deep breath and check out these sites that should help you find a college you can afford to attend.

• www.collegedata.com : This is a wonderful resource for everything from cost factors to how to apply to how to pay your own way.
• www.trends.collegeboard.org : They specialize in providing historical data on college pricing, financial aid and what your degree will be worth when you graduate.
• https://studentaid.ed.gov/sa/prepare-for-college/choosing-schools/consider/costs : This is the site for the Department of Education, which provides approximately 67% of college financial aid. You will find detailed evaluation of costs and financial aid here.
• https://www.aie.org/ : This site offers answers on the cost of college, how to finance it and even how to manage money while you’re there.
• https://nces.ed.gov/ : This is a government site that collects and analyzes date from every college and provides accurate data on average cost of attendance.
• www.mykidscollegechoice.com : Very focused on finding a college you can afford and ways to pay for it.
• www.collegecountdown.com : Asks and answers questions about actual costs of college, school that fit you financially and how to evaluate offers you receive from colleges.

Other Resources for Teachers

• Debt Relief For Teachers
• Student Loan Forgiveness for Teachers
• Financial Literacy for Teachers

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Financial Literacy Menu

• Financial Literacy Workshops & Webinars
• Financial Data
• Resources for Teachers
• Free Financial Literacy Resources for College Students
• Using Comic Books To Teach Financial Literacy
• How to Calculate Debt-To-Income Ratio
• Free Financial Literacy Workshops For Habitat For Humanity Homebuyers
• Free Personal Finance Workshops At Goodwill
• Financial Literacy Education Statistics from FINRA’s NFCS
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• Free Financial Literacy Program For Teachers: Teach Money
• How Much Are Americans Saving for College, Retirement and Emergencies?
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• Life Insurance for Seniors
• Is Life Insurance Worth It?
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• Title Loans
• Should We Deduct Our Daughter’s Loan From Her Inheritance?
• Bonds 101: Bond Investment Basics

Personal Finance

(19 reviews)

Rachel Siegel, Lyndon State University

Carol Yacht, University of South Florida Sarasota-Manatee

Copyright Year: 2009

ISBN 13: 9780982361863

Publisher: Saylor Foundation

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Christina Wooten, Business Technology Faculty, Rogue Community College on 11/15/23

The text is, in general, comprehensive. It is divided into six sections that cover basic (beginning) personal finance, purchasing, protection, wealth building, and career planning. There is no glossary or index with the text. There are also not... read more

Comprehensiveness rating: 4 see less

The text is, in general, comprehensive. It is divided into six sections that cover basic (beginning) personal finance, purchasing, protection, wealth building, and career planning. There is no glossary or index with the text. There are also not "lists of terms" in each chapter.

Content Accuracy rating: 4

I did not find any glaring errors in my review. Overall, the text is unbiased. There are some parts of the text that will quickly become outdated (for example, figure 1.1 Median Salary Comparison) seems to be out of date in 2023.

Relevance/Longevity rating: 2

I do not feel that this text is up-to-date. There are many references to the early 2000's in the text. The text could be supplemented with current examples. There are opportunities (with links) to access current information (example- the link under the tax bracket in chapter six takes students to a calculator). The images of the tax forms (chapter 6) do not include links for updated information.

Clarity rating: 4

The text is clearly written and does provide context for students. The level to which the text is written seems appropriate for beginning community college students.

Consistency rating: 4

The images and the terminology are consistent throughout the text. The chapters are easy to follow. Consistency is lacking with links to updated information, as mentioned previously.

Modularity rating: 3

The topics are easily divisible into smaller modules; however, there are some areas of this text where the blocks are lengthy. The text is not self-referential.

Organization/Structure/Flow rating: 4

The topics are presented in a manner that makes logical sense. If I were to make a change, I would move the final section, career planning, to earlier in the text.

Interface rating: 4

There are no interface issues. The links provided within the text are working links. The charts are small, but can be zoomed in on to read. The other images are mostly the same green chart which could be quite boring for students. There is not much variety in the visual images used. Navigation in this text (online) is fairly easy. The PDF version, however, requires the user to either search for a term, or scroll through the text.

Grammatical Errors rating: 5

I found no grammatical errors. This text is well written.

Cultural Relevance rating: 5

I did not find any culturally insensitive areas of this text. Nor did I find anything offensive in the text.

While this book is a good basis, I am not sure I would use it as a sole source of information for a Personal Finance class. There are too many examples that are almost twenty years old. Some of the topics can stand the test of time. GDP will always be GDP by definition; however, a current example or a link to find current information would be a good upgrade to this text. There is also a lack of images that show people in this text. There is a wide variety of user-friendly exercises and activities in this text.

Reviewed by Kevin Flint, Instructor, James Madison University on 10/17/23

The book does not provide a comprehensive index of glossary, a list of key terms at the beginning of each chapter, etc. In looking at the contents, the text most of the appropriate areas of personal finance. The depth into some of the topics was... read more

Comprehensiveness rating: 2 see less

The book does not provide a comprehensive index of glossary, a list of key terms at the beginning of each chapter, etc. In looking at the contents, the text most of the appropriate areas of personal finance. The depth into some of the topics was relatively shallow.

Content Accuracy rating: 5

I did not find any major errors in my review of the text.

Relevance/Longevity rating: 3

In my opinion, the text will retain relevance for a longer-than-average period of time because there is very little incorporation of current events into the text. However, there is some material that does change annually (such as tax information) where the text could be updated.

Clarity rating: 3

Finance is a difficult topic to write about and teach. It is often aided by visuals and this text is very limited on visual aids and I think it would be helpful to include more in many of the chapters. There are a lot of tables but I’m thinking other visuals such as arrows, flow charts, maps, etc. would be helpful. Some readers, especially those who are unfamiliar with finance, may benefit from a more visual experience.

Consistency rating: 3

Many of the pages of the text feature an overwhelming amount of words. Given that this appears to be a “Principles” level text, I am assuming that the class would be intended for folks who may be taking finance for the first time and may be more susceptible to being lost on a page with so many words. As I mentioned in the last section, I would work to incorporate more non-spreadsheet visuals into the text.

Modularity rating: 4

The text is easily and readily divisible into smaller reading sections that can be assigned at different points within the course (i.e., enormous blocks of text without subheadings should be avoided).

Organization/Structure/Flow rating: 3

The information is presented in a sensible flow. However, I would consider in future editions moving up the “investments” chapter to earlier in the text.

The text is free of significant usability issues, including navigation problems, distortion of images/charts, and any other display features that may distract or confuse the reader. This was true in both the PDF and online versions I reviewed.

I did not find any material grammatical errors in the text.

The text is not culturally insensitive or offensive in any way.

Reviewed by Samira Hussein, Professor, Business Administration, Johnson County Community College on 5/30/22

I did not see an index or glossary, but in terms of a comprehensive structure, the book is well structured. I liked the "themes" in each of the 5 sections of the book. Some of the chapters were very brief. Instead of the details provided in each... read more

Comprehensiveness rating: 5 see less

I did not see an index or glossary, but in terms of a comprehensive structure, the book is well structured. I liked the "themes" in each of the 5 sections of the book. Some of the chapters were very brief. Instead of the details provided in each section, the authors could have provided relevant content with the chapter. Additionally, in an introductory personal finance course it may not be necessary to give theoretical details. I teach this course from a practical, skill building approach. I appreciated the interconnectedness of the content through the "key takeaways" and "exercises" that were given after each sub topic within the chapter. However, the links within the chapter were broken and the references to the articles and other content was obsolete.

The content is accurate. I did not observe any errors.

The examples given are relevant but the references are woefully obsolete. The content needs to be updated to make it relevant.

Clarity rating: 5

The text is lucid, and is written in a reader friendly prose. However, given that my students prefer short content in each section, the pedagogy can be revised to have less content in each section, but more topical coverage in each chapter.

Consistency rating: 5

The text maintains the thematic consistency throughout. This was the best feature of this book.

Modularity rating: 5

This book gets a high grade on assigning an individual chapter like Taxes without having linkage/reference to other chapters. I could easily reassign the chapters. However, given that the chapters are grouped under a theme, this could pose a challenge for some.

Organization/Structure/Flow rating: 5

As mentioned earlier, I liked the thematic organization of the text. I am not sure in a 15 week semester, I would be able to cover the last section.

There were no interface issues observed. If anything, more of these features can be added.

No grammatical mistakes were observed.

The text is not culturally insensitive. When revising the text perhaps, names popular with certain minorities can be added to make the text relatable.

This is a well written book, but needs to be updated. The links and the references are outdated. I would have to do go through every link and reference to make sure that they are functional, and relevant. Also, not sure if there are any ancillary materials available with the text.

Reviewed by Lisa Parrott, Assistant Professor Business Administration, Johnson County Community College on 5/16/22

This book provides an extensive overview of personal finance topics. Chapters range from two to six segments and include learning objectives, key takeaways, and exercises for each segment. This makes some chapters feel rather long, but the writing... read more

This book provides an extensive overview of personal finance topics. Chapters range from two to six segments and include learning objectives, key takeaways, and exercises for each segment. This makes some chapters feel rather long, but the writing style makes it easy to digest the material. The investment section is broken down across five chapters which includes interesting topics like market behavior which is interesting because it touches on the pattern of a financial crisis and just misses explaining The Great Recession from 2008/2009. There are a number of macro and micro economic factors discussed in the book in a manner that explains the relationship how they can impact personal finance decisions. I could not find an index or glossary and had difficulty navigating some of the links as they have broken over time or pose a risk for users to access.

No obvious bias or errors were observed.

The book includes a number of practical examples that are relatable and also timeless. The tax section is obsolete (2008) and needs to be updated. Links and sources are more than a decade old and needs to be updated. Sections like accounting software (3.3) are painfully obsolete due to the pace of change in technology and software.

The book is very easy to read. It is written using a lot of examples and situations that provide context for the terminology used.

The book has a consistent framework. Terms are bolded and commonly explained through examples as opposed to definitions. Definitions are missing from the book which can present challenges for difficult concepts.

This is the best feature of the book! Sections are broken down nicely into easy to read chunks that can be read in 5-30 minutes. These sections are subsets of the chapters and include learning objectives, key takeaways, and exercises. Many sections include exercises with external links make it easy for users to connect with content external to the book as well.

The introduction of the text starts off with a story of two people and the major life changes they are facing. It presents a number of financial considerations the couple needs to take as they graduate from college, start new careers, and plan for a life together. From there the book introduces concepts in a logical manner that makes it easy to follow and apply personal relevance to each section.

Interface rating: 1

Links referencing other chapters appear to be broken resulting in 404 (file not found) errors. Most websites referenced are more than a decade old and may not work. Could not enlarge the charts which made some impossible to read (e.g. Figure 5.5 and 5.8).

No obvious grammatical errors

The text did not appear to be culturally insensitive or offense. Examples appeared neutral and without bias.

Initially this books has great potential as an OER resource for personal finance. Links desperately need to be updated and sections refreshed to reflect technological changes and advancements. Teachers resources would be a great addition to the book as well as exercises and examples using Excel.

Reviewed by Ana Claudia Sant'Anna, Assistant Professor, West Virginia University on 4/25/22

Very comprehensive. Topics range from how economic factors affect financial decisions to financial statements and investment decisions to job search and career paths. If you plan on using this textbook for a more senior level undergraduate class,... read more

Very comprehensive. Topics range from how economic factors affect financial decisions to financial statements and investment decisions to job search and career paths. If you plan on using this textbook for a more senior level undergraduate class, you may need to incorporate more exercises and examples from other textbooks.

Instructors and readers should be weary that some parts of the book need to be updated. Apart from that, this book seems accurate.

Relevance/Longevity rating: 4

There are specific details related to personal finance which change over time. Instructors using this textbook should always check whether any updates have occurred. Nevertheless, the fundamental principles can be taught over the years. The chapter on taxes is not up-to-date. Median salaries will probably need updating.

The book is an easy read. It is easy to follow for any level.

The book has a consistent structure, each chapter has the learning outcomes and ends with main takeaways and a couple of exercises. Figures and tables are used to illustrate.

Authors suggest how to use the book in five sections. The book has short sections that can be quickly read by the student. Authors identify the learning outcomes for each section. However, at times they seem a little too small. For instance, it would have been interesting to have some statistics on the credit score section.

The book is nicely organized. Chapters build up on the knowledge given in past chapters while applying it to real life situations. For instructors wanting to use the chapters separately, that is also possible as long as the base knowledge is there.

Interface rating: 3

In the pdf version, font in tables could be bigger. Figures could be bigger. Some figures are blurred (e.g. Figure 3.7).

I did not find any grammatical errors.

Cultural Relevance rating: 4

I could not identify any issues. It would be interesting if the book discussed credit access to borrowers of different races and ethnicities.

It would be nice if the book had an instructor manual and maybe offered some labs in excel for students to practice.

Reviewed by Ben Cuellar, Instructor of Business, Dodge City Community College on 1/29/22

The text does provide a comprehensive and in-depth description of all the major topics relating to personal finance which are normally discussed in a typical textbook about the subject. The authors do a great job of providing definitions within... read more

The text does provide a comprehensive and in-depth description of all the major topics relating to personal finance which are normally discussed in a typical textbook about the subject. The authors do a great job of providing definitions within the chapters; however, there is no dedicated glossary or index for vocabulary terms.

The academic content as it relates to personal finance is all correct as far as I can tell. I did not come across any conceptual inaccuracies.

The authors acknowledge in the preface that the specific details of personal finance are subject to change as technologies, customs, and laws evolve over time. With that in mind they also point out that the underlying framework used to make financial decisions mostly remains the same. So, in regards to the fundamental principles which guide financial planning and decision making I think the concepts in this textbook are highly relevant. My only major criticism is that the authors did include a high quantity of links to various websites, and unfortunately, the majority of those links are now outdated and/or broken. Some of the links, originally from 2009, now lead to domains which aren't even registered anymore. Another possible suggestion would be updating some of the information related to software recommendations and taxes. For example, the 1040EZ form has been discontinued and several of the accounting software recommendations are out of date. Granted, changes in tax legislation and computer software are inevitable over the course of more than a decade.

The writing is clear and easy to understand. The authors do not assume that the reader has an in-depth understanding of financial concepts and because of this they thoroughly define and explain all concepts in a way which would be easy to comprehend even by readers completely new to the subject. This makes the text very accessible.

The writing is consistent from chapter to chapter. The same format /structure is used in each chapter and the writing style is consistent from one topic to the next. Each section begins with learning objectives, followed by the actual text of the chapter. Then, in conclusion the authors provide a summary of key takeaways in addition to a list of exercises to help the reader apply the topics from the chapter.

The text is divided into sections of appropriate length. Each area is short enough that a reader could absorb the information without losing interest but it is simultaneously long enough to include all of the pertinent information about the topic.

The chapters are organized in a logical sequence beginning with basic financial concepts. After the foundational information is covered the authors move on to the "meat and potatoes" of personal finance; accumulating assets, risk management, and investment planning. Then, they conclude the textbook with an interesting chapter on career planning. I appreciate that the authors include the chapter on career planning because it is sometimes an overlooked aspect of the personal financial planning process despite earned income being such an integral part of wealth creation for so many individuals. While the topics are organized in a way which naturally transitions from one topic to the next, the chapters could very easily be read independently from one another. That is to say, each chapter can function as a stand alone reading without relying on information from prior chapters.

Interface rating: 5

The table of contents made navigation quite easy. I will mention again that there are several broken hyperlinks to external websites, but the actual navigation inside the textbook itself is intuitive and convenient. There are some charts and tables with relatively small text, but I was able to read all of the information clearly by zooming in.

I did not come across any grammatical or spelling errors.

I felt the authors did a good job of making the text inclusive. The examples and analogies used throughout appeal to readers from several different financial stages in life and help make the content relatable.

After reviewing this text I am strongly considering using it in my personal finance course next semester. While it is not quite as lengthy as textbooks published by Cengage, Pearson, or McGraw Hill, Personal Finance by Siegel and Yacht adequately explores the basic concepts in personal financial planning. My only concern is the quantity of broken links and outdated concepts from 2009. With that being said, I feel the core concepts covered are actually explained more effectively and would provide a better value for students than materials from traditional publishers, especially when considering cost!

Reviewed by Fang Lin, Associate Professor of Finance, Pittsburg State University on 12/15/21

The book covers a wide range of topics related to personal finance. read more

The book covers a wide range of topics related to personal finance.

Some information in the book is outdated. This is one of the issues with writing a textbook - the authors will have to keep up the content.

Once again, content needs to be updated.

jargons/terms are defined in the text.

the framework and the terms used in the text seem to be consistent throughout.

The text is divided into chapters based on topics.

each chapter follows a similar structure. they all begin with an introduction and learning objectives, and end with key takeaways and exercise problems.

some figures are too small to read (at least the online version) and it doesn't offer easy ways to magnify the font.

I don't see any grammatical issues.

I don't see any cultural issues.

Reviewed by Barbara Bliss, Associate Professor of Finance, University of San Diego on 3/17/21

The book could be updated to reflect new changes in the tax law. Some of the descriptions are very short, like the section on closing costs of a home, or how to calculate your monthly payment. read more

Comprehensiveness rating: 3 see less

The book could be updated to reflect new changes in the tax law. Some of the descriptions are very short, like the section on closing costs of a home, or how to calculate your monthly payment.

Some information is outdated now

Chapters almost seem too short. Some content could be updated due to changes in the tax code, etc.

The calculations could be clarified for some students who have no background knowledge.

Seems consistent.

Sections almost seem too small.

Structured well.

Pdf makes it easy to read all at once and skim.

Seems good.

Could be useful to describe how certain methods are used to create generational wealth.

Reviewed by Dr. Renee Dyer, Assistant Professor of Business Finance, Limestone University on 8/18/20

The text covers all necessary components of personal finance. The text flows in a cohesive manner that should make the student experience more fulfilling. read more

The text covers all necessary components of personal finance. The text flows in a cohesive manner that should make the student experience more fulfilling.

I did not view any errors in the text.

Relevance/Longevity rating: 5

The textbook is relevant to personal finance at this time. The text provides a good foundation to aid students in making sound financial decisions.

Any technical terminology used was defined and explained in the text.

This text is very comparable to the text I have used from Cengage. The chapters are in a different order, but I understand why it is written this way. The chapters build on themselves in a comprehendible order.

The text is broken into sections that aid in reading and assignments.

The textbook is presented in a fashion that builds on financial information to provide a thorough knowledge of personal finance for the student.

I printed the textbook. Everything is legible and flows well.

Grammatical Errors rating: 4

I did not find any of the text, problems, or examples to be insensitive or offensive.

This is a wonderful open access textbook for personal finance professors to solely use or use along with their current textbook for additional information, examples, problems, etc.

Reviewed by Kim Vierra, Instructor, Oregon State University on 8/4/20

This book covers everything that I cover in my personal finance and financial planning courses, with one additional chapter related to careers, which is an interesting addition. I would have liked to see a section dedicated to paying for college.... read more

This book covers everything that I cover in my personal finance and financial planning courses, with one additional chapter related to careers, which is an interesting addition. I would have liked to see a section dedicated to paying for college. The topic of investing in education is sprinkled throughout the text but is not in its own section. Financing education is as important as buying a house or car, which each have their own sections, so it would have been good to see that as a stand-alone section. I don't see an index or a glossary for the full text.

Also, I'd like to see a section on FinTech and the use of online tools. Most of my students use apps like Acorns, Robin Hood, Square, and Venmo, etc. They want to better understand these offerings and the pros and cons associated with the various savings, money transferring and investment apps available today.

I didn't find any errors in the book in terms of calculations, etc.

Relevance/Longevity rating: 1

The basics of sound financial management don't change much over time, however, tools, tax tables, interest rates, and the stock market change rapidly. For example, this book does not address the fintech apps that students are using for investing, transferring money to friends and family, and saving money. This omission makes the book less applicable to certain populations, such as my college-aged students.

Also, the majority of the hyperlinks are broken.

The writing could be cleaned up to improve conciseness. It is wordy.

Definitions are given for technical concepts, which is a plus. A glossary of these terms would have been nice to have.

I like the layout, with learning objectives, key takeaways, and homework exercises provided for each chapter.

Yes, I can see how I could easily reorder this book to match up with my syllabi, and use separate sections of the book for each of my classes. Each section can stand on its own.

The order is fine. It makes sense to start with learning the basics of budgeting and financial planning (Chapters 1-6), followed by the chapters on getting what you want (Chapters 7-9). protecting what you have (Chapters 10-11) and building wealth (Chapters 12-17). The last chapter on career planning is an interesting addition to this book. It is the only chapter that I wouldn't typically cover in my personal finance classes.

In general, the interface is fine. Some of the text on the included graphics is so small that it is unreadable, and when you click on the image, the image/text doesn't expand. It would be nice to have the ability to click on the figures in order to see them better. I can use the browser zoom, but it isn't as user friendly as I'd like it to be.

There are some commas missing, several tautologies that could be removed, and noun/verb agreement needs to be fixed in some sentences.

I didn't note any issues with the choice of scenarios or names of characters potentially making students feel uneasy. However, a wider variety of character names could make more students feel more included. For example, could Alice become Tanisha, and Mark become Jose for the next iteration of the book?

While this is a great book for understanding the fundamental concepts of personal finance, a reboot is necessary to clean up the broken links and to update the content to include advances in FinTech and recent updates in legislation.

Reviewed by Aaron Henrichsen, Assistant Professor of Finance, University of Northern Colorado on 12/13/19

The important areas of personal finance are covered, though in some cases they are covered more extensively than a beginning personal finance book maybe ought to. I saw no glossary or index. read more

The important areas of personal finance are covered, though in some cases they are covered more extensively than a beginning personal finance book maybe ought to. I saw no glossary or index.

Content Accuracy rating: 3

Accurate information but a large fraction of the hyperlinks are broken

Most of the content is based on tried and true personal financial principles that will last. However, personal income tax is an area that needs updating rather frequently because of legislative changes to the tax code. This text has not been updated in almost a decade, and so will fall short in this area.

Clarity rating: 2

As an introductory finance text targeted to an undergraduate without any background in economics, the text is full of economic jargon with little or no definitions or examples. Though the terms are accurately used, they will most likely confuse the target audience. Examples of this include micro, macro, capital, assets, inflation, deflation (all with no definitions, index, or glossary). This is bad enough that if I choose to use the text in the futures, I may have to put out a short “Defining Terms” video for each chapter.

The text was consistent

Information is broken up into digestible segments. It is readily divisible into smaller reading sections that can be assigned at different points within the course

I feel Chapter 5 Budgeting should have been Chapter 3, but the order of topics covered is acceptable.

Images and organization were fine, but many (1/3 to 1/2) of the hyperlinks were broken.

I found no problems here.

No problems found.

This book does an okay job at presenting personal finance…and does it for free. I would rate it below all Personal Finance texts that I have reviewed from the major publishers such as Wiley, Pearson, McGraw Hill, and Cengage. However, it is not so much worse that it isn’t a good option for a minimal-cost Personal Finance course. Though I can’t give it a fully positive review, I am still considering switching to this text in the next school year.

Reviewed by Darren Kraemer, Adjunct Instructor, Fletcher Technical Community College on 4/24/19

This text is the most comprehensive on this subject matter as any text I've seen to date. It contains more than enough of what is needed to cover a comprehensive course on personal finance. In this case, more is always better as any teacher would... read more

This text is the most comprehensive on this subject matter as any text I've seen to date. It contains more than enough of what is needed to cover a comprehensive course on personal finance. In this case, more is always better as any teacher would prefer to remove sections rather than look for supplemental information. With this text you will have more than you need to teach a comprehensive course on this subject matter.

This book is sufficiently accurate in its text but has some failings in its links, references and homework assignments. Some links don't work any longer and need to be removed or updated. However, that is not a hindrance to the validity and use of this text for a complete and comprehensive course on personal finance.

This book is mostly relevant but as stated in the accuracy section above, there are links and references that are no longer valid. The information in the text will stand the test of time but the links, references and homework assignments need to be updated and improved.

The clarity of this text is superb. The language is easy to read and the chapters and section breaks are well placed.

The consistency of the chapters are perfect. Every chapter has learning objectives followed by the lesson lecture and finishes with key takeaways and home exercises. This format is easy to follow and flows comfortably.

As mentioned in the consistency section, the format flow is excellent and easy to parse. This is an easy read and the suggested module groupings are logical.

The organization of this book is logical and flows with ease. The table of contents and preface are helpful and practical. The suggestions are a nice enhancement to the natural construction of a course on personal finance using the text of this book.

The interface is sufficient other than the web links that do not work.

I found no grammatical errors.

I found nothing offensive even in the most subtle ways of possible interpretation. Many various examples are used and contain no apparent prejudices.

Again I want to mention that this text is the most comprehensive on this subject matter as any text I've seen to date. I would highly recommend it to be used by any instructor teaching a course on personal finance. It is comprehensive and flows well.

Reviewed by Christina Glenn, Adjunct Instructor, Fort Hays State University on 11/22/18

This is by far the most comprehensive personal finance text I have evaluated! While it does not have an index or glossary, definitions are clearly defined within chapters, and the table of contents is detailed enough to find the topic you are... read more

This is by far the most comprehensive personal finance text I have evaluated! While it does not have an index or glossary, definitions are clearly defined within chapters, and the table of contents is detailed enough to find the topic you are looking for in the book. This text does an excellent job combining economic, business, finance, and consumer topics to thoroughly explain personal finance topics. The only topics I felt that needed more detailed explanations were auto, home, and disability insurance. I was very impressed with the author's work, as it also includes discussion of behavioral and emotional aspects of personal finance.

Overall, I did not find any errors in the text. It does need some updating for the tax, retirement, and estate laws, as it was last updated with 2008 laws. But very little effort is needed to make the information current.

This text has staying power. While some personal finance topics, such as tax, retirement, and estate need to be brought up to date with current numbers, it would take very little effort on the part of the instructor to update that content. I was impressed that the authors clearly thought these updates through, as it would only require updating images to current data.

The book is clearly written, except for some concepts that may be more difficult for non-business students to understand. I feel the text is geared more toward business students who would be familiar with some of the terminology in the text from other courses.

The text is consistent throughout as far as depth of coverage for each topic and appropriate ordering of chapters. I would suggest moving the last chapter, on careers to the beginning. I would also suggest a little more coverage of the insurance topics, but the graphics are excellent in the text, and the content is superior to those of "revenue generating" textbooks.

The text has clearly defined sections, with excellent learning objectives, takeaways, and exercises for EACH section within the chapter. Very impressed with the organization of the text and application of material in exercises.

The topics are presented in a logical order, with the exception of Career Planning. However, most personal finance texts do place Career Planning at the end. To me, discussion of career planning makes more sense earlier in the semester, as the student's career choice is going to impact their overall financial plan.

The textbook is easy to navigate, with buttons at the top to skip back to the previous section, go to the Table of Contents, or skip ahead to the next section. The graphs and images were all clear and concise. It was easy to read, with no interface issues.

The text was very well written, with no grammatical errors found.

Examples provided in the text did not mention race or ethnicity and were not offensive in any way. A variety of financial situations were presented in case examples, and did not overly simplify the financial conditions a person might experience. As students come from diverse economic backgrounds, I did not find the examples to favor lower socioeconomic status or higher socioeconomic status individuals.

Reviewed by Jennifer Lehman, PhD student and associate instructor, Texas Tech University on 3/27/18

The text covers all relevant subject areas and has a good table of contents, with links provided to subsections within each chapter. If anything, the text is too much for some courses to cover in one semester - but as an instructor I would rather... read more

The text covers all relevant subject areas and has a good table of contents, with links provided to subsections within each chapter. If anything, the text is too much for some courses to cover in one semester - but as an instructor I would rather decide what to skip rather than not have enough content. I like that behavioral finance is included, and career information is included.

For the most part, the book is accurate. However, I found a bad web link - P 13 Q 3 - here's the error message - The requested URL /od/moneybyageorlifestage/Money_and_Personal_Finance_by_Age_Life_Stage.htm was not found on this server. Also, federal estate tax numbers are still from 2009, and has significantly changed since then. I would either leave that part out or make sure someone updates it every year.

Some of the comments here overlap with the one above. I found a web link that is no longer good, and estate tax numbers are out of date. Also, wills and trusts are talked about, but there's no mention of living wills or powers of attorney for financial and health care matters. Those things are relevant for everyone, and do not include numbers that would need updating. I like that there's a whole chapter on consumer strategies, including common scams and how to avoid them. Buying a car gets a section, and buying a home gets very thorough, well thought out coverage. I wish I would have had this resource when buying my first home.

The text is written in plain English in a matter that is easy to understand. Terms are defined and examples are provided. There are nice charts to organize some of the information. This aspect of the book is very well done.

Learning objectives are listed at the start of each section, then content, and finally key takeaways and exercises at the end of every section. The format is predictable and easy to follow. Also, as mentioned above, there's a table of contents. I don't see an index or glossary but I think needed information could be pinned down in this easy to follow format.

Each section within a chapter is fairly short. There are not enormous blocks of text. The flow is nice and modules could be easily assigned in different orders and without having to assign the entire chapter. This aspect of the text is very nicely done.

The topics in the text are presented in a logical, clear fashion which is explained in the preface.

Other than the one bad web link (I did not try every single one), I did not notice any interface issues. A few images were small and could be enlarged.

The text contains no grammatical errors.

I did not notice anything offensive in the text. A variety of examples are provided.

Overall, this book is well written and easy to follow. Thanks for making it available.

Reviewed by Vaughan Briggs, Associate Professor of Finance, Central Oregon Community College on 8/15/17

This text covers all the requisite material that you would find in other texts sold by the major publishers. As mentioned in other reviews, the .pdf version of the text does not have a table of contents, but the online version does. You can get... read more

This text covers all the requisite material that you would find in other texts sold by the major publishers. As mentioned in other reviews, the .pdf version of the text does not have a table of contents, but the online version does. You can get around this by using "CNTRL f" in the .pdf, but it is definitely clunky.

A couple comments on the content: I do wish that the formula for present value was made more obvious - that it would stand out from the rest of the text in the same way future value is presented. Also, while there is a considerable amount of information on risk, it is spread out through the text. Additionally, I would like to see a better discussion of how the deductibility of mortgage interest reduces the cost of housing. For instance, paying rent of $1,500/month is actually more expensive than paying a mortgage payment of $1,500/month because of the tax treatment of mortgage interest. Finally, my course outcomes require that I talk about common financial scams and common personal financial mistakes, which are not really discussed in the text. However, in all fairness, not many texts cover this topic.

I did find a couple of typo type errors such as percentages presented in decimal form when the tables clearly labeled them as percentages. However, those were minor and infrequent.

The basics of personal finance, such as risk/return, and time value of money are timeless. The text presents the material as such. The areas that will bear monitoring are those dealing with tax laws and the evolving nature of health care and its benefits. I do like that the authors have placed URLs below tables that may change in the future, such as tax rates.

I found the book easy to read and clear in its examples. I found the language of the text to be at the appropriate level for community college students.

I did not notice any inconsistencies in presentation.

In the online version, students can access different sections of the text very easily. However, the .pdf version does not allow for the student to easily jump from one section of the text to the other. As mentioned above, you can work through this by using "CNTRL f" but its very clunky and may not be an option for the student that is used to using a hard copy text.

The topics are presented in a logical and clear way that makes sense. However, I almost never use a text in sequential order as I usually have a different way of presenting the material based upon my strengths and weaknesses as an instructor. In the case of personal finance, I really like to lay a solid foundation with the concepts of time value of money and risk vs. return, then move on to application of those concepts. This text presents a substantial amount of information on risk, its just spread out through many chapters.

Again, the online version is much easier to use and navigate than the .pdf version.

No issues found.

This book is not culturally insensitive or offensive in any way. However, I would not be considered a minority so I may not be as aware of those issues as others of a different race or cultural background.

While I'm happy that the authors have posted a .pdf version of the text so that a professor may organize the material in a way that fits their teaching style, its not very user friendly for students. The online version is much easier to use and navigate. Having said that, there is a ton of great material here to use in a personal finance class.

Reviewed by Amber Lamadrid, Instructor, Portland Community College on 6/20/17

The text is extremely comprehensive, including topics that would be relevant to both younger students just starting out with Personal Finance, as well as topics relevant to the older student who has some Personal Finance experience. in this... read more

The text is extremely comprehensive, including topics that would be relevant to both younger students just starting out with Personal Finance, as well as topics relevant to the older student who has some Personal Finance experience. in this regard it would be easy to customize a course based on the student population in the section. With 18 chapters included, the range of topics is broad enough that the instructor can pick and choose which topics to include and not run out of content.

I spot-checked random topics for accuracy in mathematical equations (PV, YTM, etc.) and found no errors. Graphical flowcharts make sense and are easy to follow.

This text would be relevant for the foreseeable future, since the text is based on fundamental principles of Personal Finance that don't often materially change.

The text presents concepts in an easy to read way, without too much advanced terminology that an average student would struggle to understand. Concepts are presented using an unbiased tone, presenting pros and cons when applicable.

Each chapter and chapter subsection are organized in the same way, maximizing the book's overall consistency. Students would easily get into a "rhythm" with the text, regardless of which chapters are assigned.

As I mentioned above, there are 18 chapters included... so the text is very modular. No section is too long, which minimizes the risk that students lose interest. Additionally, each chapter sub-section is broken up with graphs, charts, Key Takeaways and Exercises, all in color and with lots of white-space to draw attention.

The topics are presented in logical order. Instructors could easily structure a course starting with Chapter 1 and move through the chapters in order, and the course would make logical sense to the student.

No interface issues encountered. I downloaded the book to my tablet and had no issues opening the book, hyperlinking to chapters, etc.

no grammatical errors noted, however I did not scour the book with this in mind.

As mentioned, the book adopts a neutral tone of voice, free of bias that might be offensive to any racial or cultural group.

I appreciate the prompts in the Exercises sections to the student to reflect on the topic in their Personal Finance journals. In my course, I use the PFJ as an assessment tool, and students love having a comprehensive examination of their personal finance situation at the end of the term as a takeaway.

Reviewed by Chengping Zhang, Associate Professor of Finance, George Fox University on 2/15/17

This book covers a decent spectrum of topics in personal finance and financial planning, such as time value of money, risk, budgeting, tax planning, retirement planning, estate planning, insurance, investing, career planning, etc. The topics are... read more

This book covers a decent spectrum of topics in personal finance and financial planning, such as time value of money, risk, budgeting, tax planning, retirement planning, estate planning, insurance, investing, career planning, etc. The topics are appropriate for an undergraduate personal finance or financial planning course, it also serves as a good reference book for anyone who wants to plan his/her personal finance serious.

Two very important topics in finance, time value of money and risk, need to be covered in more depth. I suggest to split chapter 4 into two chapters – a chapter to cover time value of money and another to cover measuring and evaluating risk. Chapter 9 “buying a home” should discuss the advantages and disadvantages of renting versus buying and covers refinancing in more detail. These will help people make better decisions when it comes to buying a home and refinancing a mortgage.

Excel is widely used in Business and Finance including in financial planning and analysis. Including some Excel examples and exercises will help readers understand how personal finance can be managed and how financial planning can be done in Excel.

There are some errors or typos in the text. For example, the mathematical formula of the present value (PV) and future value (FV) relationship on pages 85, 86 and 87 is not correctly presented. The t should be in the exponential position. Maybe the “^” is missing somehow. The definition of “present value” is not accurate (page 83). Present value is not necessarily what is worth today. In time value of money calculations, we define present value as “an early money on a timeline”. For example, if you invested $1000 dollars in the stock market three years ago and your stock account balance is $1300 today, we want to find the implied investment return. In this case, the initial investment $1000 three years ago is the present value. Your current stock account balance is the future value.

The content of this book is relevant and current. The key principles of personal finance and financial planning will not change much over time. Income tax rates and interest rates may change over time but these can be updated easily.

The text is not very clear and even confusing in some places. For example, on page 82, it reads “It also involves understanding and measuring the risks or uncertainties that time presents and the opportunities—and opportunity costs—that time creates”. How do we interpret “time presents risks and uncertainties” and “time creates opportunities and opportunity costs”? I think there are a lot of other factors involved than just time when discussing risks and uncertainties, opportunities and opportunity costs.

The text is consistent in terms of terminology and framework. The terms use in each chapter are consistent across the chapter. There are some inconsistencies in table headings and the actual values. For example, the second column in the table on page 91 is meant to show rates (r) in percentage, then 2% should be displayed as 2 in the table instead of 0.02.

The fact that each chapter in this book is about 20-40 pages long is a good sign of modularity. The authors use a lot of tables and figures to make the text more appealing to read. The learning objectives at the beginning and the key takeaways at the end of each section remind the readers the key concepts in that section.

The book starts with a long case in chapter 1. I think using a case to start a chapter is a good idea but this case is too complicated and overwhelming for students who just start a course. Splitting this big case into several small ones and put them at the beginning of relevant chapters will make the book more friendly. As mentioned earlier, I suggest to split chapter 4 into two chapters. Including a chapter directory and an index is also highly recommended.

The PDF version does not have a table of contents. There is no index at the back of the file either. The images and charts are clear, but centering them will make the text look nicer.

There is no major grammatical issue. But the clarity can be improved in some places.

Overall, this book covers most topics that need to be covered in a personal finance or financial planning text. Some areas, such as time value of money, risk, financing a mortgage and refinancing need to be covered in more depth. Including some Excel examples and exercises will definitely make the book more appealing.

Reviewed by Ronalld Shapiro, Assistant Professor , Rutgers Business School on 2/8/17

The book covers a wide range of topics in the analysis and theory of personal finance. The book consists of 18 chapters and covers all relevant topics including financial statements, budgeting, risk management, investing in stocks, bonds and real... read more

The book covers a wide range of topics in the analysis and theory of personal finance. The book consists of 18 chapters and covers all relevant topics including financial statements, budgeting, risk management, investing in stocks, bonds and real estate, and taxes among others. The chapters include good examples of basic principles that can be further explained by the classroom instructor. There is no table of contents, index or glossary which weakens the effective use of this textbook. In addition, all of the examples used in this textbook are from 2008 which makes this text currently obsolete. Changes in tax laws and consumer strategies need to be updated to make this a usable text today.

The text content appears accurate. I found very few errors. However, as noted above, the examples and references to tax laws in particular are not accurate as the laws have changed since 2009.

This is a very good introductory and easy to understand course book to introduce the student to the world of personal finance. While all textbooks must be reviewed periodically to maintain accuracy and relevance, this text will require more constant updating as our laws and principles change.

There is good use of tables and charts to explain the concepts and calculations. The writing style makes the topics easy to understand

There is good continuity throughout the book. Terms and definitions are consistently applied. A glossary at the end of the book would enable the student to quickly find a term or definition used in a previous section of the book.

The arrangement of the chapters are generally in proper sequence. While the book makes extensive use of sub topics with Key Takeaways and Exercise sections within each chapter, limiting these breaks within each chapter might be advisable. The learning objectives in the beginning of each chapter are useful and provide students with advance notice of what they will be learning.

The text is properly organized and gradually takes the student into the core of this subject. Financial examples and charts provide a good balance for learning.

The book is written in easy to understand language with clear charts and graphs.

There were no issues found with grammar and I found very few spelling errors.

This text is not offensive in any way. Its content pertains to US laws and practices only.

In addition to the book requiring updating to reflect current tax laws and practices, there are other aspects that can be employed to strengthen this textbook and make it more current. Examples would be: (a) demonstrating the use of a financial calculator to solve financial problems; (b) use of accounting software such as Excel; (c) use mini cases to further explain and define principles learned and (d) add more end of chapter problems for student learning and instruction.

Reviewed by Walter Lambert, Adjunct, Metropolitan State University on 8/21/16

The book introduces and explains essentially all of the topical material found in most commercial texts or trade books dealing with a first overview of personal finance. The implied audience is anyone needing a professional introduction to the... read more

The book introduces and explains essentially all of the topical material found in most commercial texts or trade books dealing with a first overview of personal finance. The implied audience is anyone needing a professional introduction to the subject, but it is clear from the book's content that the major intended audience is college students at any level in their academic programs. The online nature and licensing style of the book apparently allow the front pieces and index to be deleted but makes the book easily searchable and flexible as an educational resource. A few consistent typos throughout the text indicate a possible software translation hiccup that does not detract from the text's readability or usefulness. An opportunity for the instructor is provided by the book's design. Support activities such as assignments and assessments can be supplemented or developed by the instructor to fit a class at hand rather than a general student population.

The book's introduction and treatment of subject material is accurate and presents current information in line with professional practice in the personal finance advisory and educational fields as of the date of this review. There is no apparent bias in chapters dealing with subjects of otherwise intense commercial rivalry. Some charts containing data as of the time of publication will need updating in a few years like any other text in the fields of finance and economics.

The book is most relevant to readers and learners with thin financial life experience whether college student or older person. The general focus of the book is on readers or learners currently living through the transition from a financially protected environment to living on their own. Some of the book's content should be immediately relevant especially to the college student, and most of the book's content should become immediately relevant over the decade following graduation. This allows the book to be a primary source for any learner to know what direction to take for more in-depth information over an extended period.

Material introduced and discussed in the book is clear and devoid of confusing complications sometimes found in textbooks on personal finance. This is a benefit from the authors carefully avoiding the attempt to make the book an encyclopedia on the subject.

Individual chapters are stand-alone in the sense that there do not appear to be prerequisite linkages between them. This contributes to the book's flexibility in course design. There also does not appear to be some type of underlying theory or ideology that might create inconsistencies either between topics within the book or between the book and reality. Terminology and the pedagogical framework are consistent throughout the text.

Having each chapter as a stand-alone unit contributes to the book's modularity in terms of course design and subject matter sequencing. That includes the flexibility for instructors to not use some chapters if the need arises.

Organization of subject matter within the text follows a more or less standard pattern easily followed by a learner with chapters grouped by a main focus such as asset protection or wealth building. The instructor has the option of either using the text from front to back or of altering the subject matter sequencing to satisfy an alternative program of presentation.

The on-screen appearance and layout of the book are clear, easily readable, and searchable. One exception might be an occasional typo apparently caused by an electronic hiccup when moving from one electronic platform to another.

Grammar within the text is accurate and simple. A learner using English as a second or third language should have few grammatical challenges when reading this book.

The book is written within the context of the personal financial environment of the United States. It is inclusive within that environment. The peculiarities of personal finance within the US probably do not lend themselves to relevancies outside the US. A few of the topics introduced and explained in the text such as personal debt, life insurance or earned interest might not be relevant to some cultural or ethnic groups within the US. Those situations can be addressed by the instructor as the situation dictates.

The text is a fairly comprehensive overview of personal financial common practice within the United States. It addresses all of the major topics confronted by the average American family at sometime in its life, and provides a starting point for more in-depth learning on particular topics as they become more immediately relevant. The pedagogical perspective is similar in that the book is like both sides of a sandwich. It gets instructor and learner started, but it is up to both to provide the makings, which provides the creative instructor a wide degree of flexibility and the serious learner an even broader opportunity.

Table of Contents

• Chapter 1: Personal Financial Planning
• Chapter 2: Basic Ideas of Finance
• Chapter 3: Financial Statements
• Chapter 4: Evaluating Choices: Time, Risk, and Value
• Chapter 5: Financial Plans: Budgets
• Chapter 6: Taxes and Tax Planning
• Chapter 7: Financial Management
• Chapter 8: Consumer Strategies
• Chapter 9: Buying a Home
• Chapter 10: Personal Risk Management: Insurance
• Chapter 11: Personal Risk Management: Retirement and Estate Planning
• Chapter 12: Investing
• Chapter 13: Behavioral Finance and Market Behavior
• Chapter 14: The Practice of Investment
• Chapter 15: Owning Stocks
• Chapter 16: Owning Bonds
• Chapter 17: Investing in Mutual Funds, Commodities, Real Estate, and Collectibles
• Chapter 18: Career Planning

Ancillary Material

About the book.

Personal Finance by Rachel Siegel and Carol Yacht is a comprehensive Personal Finance text which includes a wide range of pedagogical aids to keep students engaged and instructors on track.

This book is arranged by learning objectives. The headings, summaries, reviews, and problems all link together via the learning objectives. This helps instructors to teach what they want, and to assign the problems that correspond to the learning objectives covered in class.

Personal Finance includes personal finance planning problems with links to solutions, and personal application exercises, with links to their associated worksheet(s) or spreadsheet(s). In addition, the text boasts a large number of links to videos, podcasts, experts' tips or blogs, and magazine articles to illustrate the practical applications for concepts covered in the text.

Rachel would love to hear from you. If you have questions about teaching with her book, comments about teaching Personal Finance, or just feedback, feel free to email her at [email protected].

This textbook has been used in classes at: Miami University.

About the Contributors

Rachel S. Siegel , chartered financial analyst (CFA), has been a professor of finance, economics, and accounting at Lyndon State College since 1990. She has also taught as an adjunct faculty member at Trinity College (Vermont), Granite State College (New Hampshire), Springfield College (Massachusetts), the University of Vermont, and in Tel Aviv, Israel, for Champlain College.

Siegel is a member of the Vermont CFA Society, the CFA Institute, and the Board of Scholars of the Ethan Allen Institute, as well as a voting member of the National Academy of Recording Arts and Sciences. She has served as a consultant on investment strategy to the Vermont Land Trust and to other private clients. Siegel’s column “Follow the Money” has been a regular feature of the Northstar Monthly since 2001. Originally from Providence, Rhode Island, Siegel earned a BA in English literature (1980) and an MBA (1989) from Yale University. She lives in Barnet, Vermont.

Carol Yacht is a business educator and textbook author. Yacht’s best-selling textbook, Computer Accounting with Peachtree (McGraw-Hill/Irwin), is in its fourteenth edition. She has also written textbooks for QuickBooks, Microsoft Dynamics GP, Microsoft Office Accounting, Excel, and Carol Yacht’s General Ledger. Yacht’s writing career started in the classroom. To help her students learn new business and technology concepts, Yacht created instructional material. Her first book was published in 1979. Yacht is committed to teaching, learning, sharing, and writing. She is a frequent presenter at conferences.

Yacht teaches Accounting Information Systems at the University of South Florida Sarasota-Manatee, College of Business, Executive and Professional Education Center. She has also taught on the faculties of California State University–Los Angeles, West Los Angeles College, Yavapai College, and Beverly Hills High School. She is also the Accounting Section Editor for the Business Education Forum, a publication of the National Business Education Association; serves on the AAA Commons Editorial Board; and is a member of the Microsoft Dynamics Academic Advisory Council.

In 2005, Yacht received the Lifetime Achievement Award from the American Accounting Association Two-Year College Section. She is also a recipient of the Business Education Leadership Award from the State of California. Yacht received her MA from California State University–Los Angeles, BS from the University of New Mexico, and AS from Temple University.

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The Ultimate Guide for Writing Personal Finance Assignments

Personal finance is important to our lives because it determines our financial health and shapes our future. Gaining a thorough understanding of personal finance and its guiding principles is crucial for students majoring in finance or other related fields. Writing assignments that explore different facets of personal finance is an effective way to improve our understanding of this subject. We'll walk you through the steps of writing a personal finance assignment successfully , in this blog, offering helpful advice along the way. Not only will learning how to write an engaging and educational personal finance assignment increase your knowledge, but it will also sharpen your analytical and critical thinking abilities. You will gain useful knowledge that can be applied to actual financial situations by studying topics like budgeting, investment strategies, and retirement planning. This blog will provide you with the tools you need to create a well-structured and thought-provoking personal finance assignment, regardless of your level of academic experience. Let's discuss how to write a compelling finance assignment that demonstrates your knowledge of this important subject.

Understanding the Assignment

First things first: make sure you have read and understood the assignment brief. As it lays the groundwork for your entire assignment, this step is essential. Spend some time reading through your professor's or the assignment brief's detailed instructions. Pay close attention to specifics like the assignment's scope, the area of personal finance it focuses on, and any given requirements or instructions. You'll be able to focus your writing and your research if you are aware of the assignment's parameters. Examine the assignment guidelines to find formatting preferences, citation styles, word limits, and any other specific expectations or guidelines. You can make sure you are on the right track and tailor your writing process accordingly by fully understanding the assignment brief. You will be able to tailor your approach and present a well-structured and pertinent assignment that meets the expectations of your professor or evaluator if you have a clear understanding of the learning objectives underlying the assignment. When comprehending the specifications of a personal finance assignment, keep the following three points in mind:

1.1 Define the Assignment Scope

The scope of the task must be specified when writing a personal finance assignment. Specify the area of personal finance that the assignment is focused on, such as debt management, retirement planning, investment strategies, or budgeting. Understanding the scope will help you focus your writing efforts and limit your research. This enables you to focus more intently on the particular ideas and tenets associated with the given subject, ensuring that your analysis is thorough and pertinent. You can avoid including irrelevant information and make sure you address the task's essential requirements by clearly defining the assignment's scope.

1.2 Analyze the Assignment Instructions

It is essential to analyze the assignment instructions if you want to finish the task successfully. Keep a close eye on the guidelines and instructions that your professor or the assignment brief provides. Find out the precise formatting requirements, citation requirements, word limits, and any other unique requirements for the assignment. You can structure your assignment appropriately and ensure that you meet all the requirements by fully understanding the instructions. In the end, this step will improve the readability and credibility of your assignment by assisting you in maintaining consistency and professionalism throughout your work.

1.3 Identify the Learning Objectives

For you to customize your approach and develop a well-structured assignment, you must first determine the learning objectives behind the assignment. Discover the assignment's fundamental goals. Is it intended to assess how well you comprehend particular ideas? Show evidence of critical thinking abilities. Apply theoretical understanding to practical situations. You can align your writing and analysis to serve the assignment's intended purpose by determining the learning objectives. This enables you to deliver a pertinent and concentrated discussion that addresses the main goals outlined by your professor or assessor. By prioritizing the material and focusing on the most crucial elements, you can ensure that your assignment effectively demonstrates your understanding and application of personal finance principles.

Conducting Research

It's time to gather information and do extensive research to back up your ideas and arguments once you have a firm grasp of the assignment. When writing a personal finance assignment, research is essential because it gives you the information and support for the argument that you need. Start by locating trustworthy sources, such as scholarly databases, books, reputable websites, and academic journals. You can get current and reliable information about personal finance from these sources. To ensure a thorough analysis, it's critical to strike a balance between primary and secondary sources. Take thorough notes while researching, and efficiently arrange the data you find. Make the writing process easier on yourself by organizing your notes based on important subtopics or themes. You can present a well-informed and well-supported assignment that demonstrates your understanding of personal finance concepts and their real-world applications by conducting in-depth research. Here are two crucial actions to think about:

2.1 Gather Reliable Sources

It's critical to compile trustworthy and credible sources to write an informed assignment on personal finance. To gather information that is both trustworthy and current, use scholarly databases, books, websites, and academic journals. Make sure the sources you select are pertinent to the subject of your assignment and have a solid track record of offering reliable data. Utilizing trustworthy sources will allow you to back up your claims and analyses with solid proof, improving the overall caliber and legitimacy of your assignment. To provide a thorough analysis that includes both theoretical frameworks and actual examples, keep the ratio of primary and secondary sources balanced.

2.2 Take Notes and Organize Information

It is essential to take thorough notes during the research process and efficiently arrange the information gathered. Make notes of important ideas, quotations, and references as you read through the different sources that are pertinent to your assignment. Make the writing process easier on yourself by organizing your notes based on important subtopics or themes. This strategy will keep you organized and guarantee that you have quick access to the data you require when drafting your assignment. You can prevent confusion and save time during the writing stage by organizing your notes. Furthermore, taking organized notes helps you keep track of the relationships between various ideas and concepts, facilitating a cogent and logical presentation in your assignment.

Structuring the Assignment

For your ideas and arguments to be effectively communicated, your assignment must be well-structured. The use of structure gives your readers a framework to follow your reasoning and understand the main ideas of your assignment. It's critical to divide your personal finance assignment into distinct sections, such as an introduction, body, and conclusion. Your assignment's context is established in the introduction, which also summarises the main goals. Your analysis, points, and supporting details are arranged logically into paragraphs or subsections in the main body. To ensure a seamless flow of ideas, each paragraph should concentrate on a particular subtopic or concept with clear transitions. The conclusion restates your main conclusions and summarises the major issues raised. You can effectively communicate your ideas, improve the readability of your assignment, and leave a lasting impression on your readers by adhering to a clearly defined structure. The following three points should be addressed in your personal finance assignment:

3.1 Introduction

Setting the scene and drawing readers in are both accomplished by the introduction to your assignment. Start with an attention-grabbing opening statement that sparks interest. Give a succinct explanation of the significance and application of personal finance in the modern world after this. Give a clear description of your assignment's goal and a schedule of the important topics you will address. This clarifies to your readers the assignment's structure and what to anticipate in the following sections. The introduction should give a summary of the subject, establish its importance, and lay a solid groundwork for the remainder of your assignment.

3.2 Main Body

You present your analysis, arguments, and supporting evidence in-depth in the assignment's main body. This section should be broken up into logical paragraphs, each of which should concentrate on a different aspect or idea of personal finance. Use transitional words and phrases to help your readers move easily between the various ideas and arguments in your paragraphs. Use pertinent information, examples, and scholarly references to support your arguments in the body. This enhances the validity of your analysis and reveals a thorough knowledge of the subject. The main idea of each paragraph should be introduced in a concise topic sentence, which should be followed by supporting details and analysis that elaborate on it.

3.3 Conclusion

The conclusion is the last part of your assignment, where you restate your main conclusions and summarise the most important ideas that were covered. Give a succinct summary of your arguments and restate your thesis. The conclusion should primarily serve as a recap and synthesis of your analysis; avoid adding new information or ideas there. Emphasize the importance of your findings and how they affect personal finance in this section. Share your knowledge, ideas, or suggestions for additional study or useful applications in the area of personal finance. You can leave a lasting impression on your readers and highlight the importance of your analysis and research by offering a thoughtful and compelling conclusion.

Polishing Your Assignment

Once you have finished the first draught, it is time to edit your work to improve its professionalism, coherence, and clarity. The crucial step of polishing your assignment entails going over and enhancing different facets of your work. To begin, thoroughly proofread your essay to catch any grammatical or spelling errors. Pay close attention to the grammar, punctuation, and writing style in general. Additionally, it's crucial to improve the coherence and clarity of your assignment by checking the way ideas flow and making sure paragraphs make sense together. Verify that your ideas are presented coherently and that your arguments are backed up by solid evidence. Pay close attention to the formatting and citation requirements, and make sure you follow them. Verify again that your citations are accurate and that your reference list is comprehensive. You can improve the quality and professionalism of your assignment by taking the time to polish it, which will ultimately leave a good impression on your readers and increase the overall impact of your work. Think about the following elements:

4.1 Proofread for Grammar and Spelling

It is essential to carefully proofread your assignment after you have finished the first draught to catch any grammatical or spelling errors. Even though grammar-checking software can be useful, it's still important to read your assignment out loud to ensure that all errors are caught. This makes it possible for you to spot any mistakes or awkward wording that automated tools might overlook. Pay close attention to the subject-verb agreement, punctuation, and sentence structure as you carefully read through each sentence and paragraph. Making grammar and spelling corrections improves your assignment's overall professionalism and clarity.

4.2 Enhance Clarity and Coherence

When you go over your assignment, concentrate on improving its coherence and clarity. To make it simple for your readers to understand your thought process, make sure your ideas flow logically from one point to the next. Verify that your points are backed up by solid evidence and that the transitions between paragraphs flow naturally. Use suitable transitional language to help your readers move through the text easily. This makes it easier to present your ideas and analysis in a coherent and well-organized manner. You can improve your audience's reading experience and effectively convey your ideas by improving the clarity and coherence of your assignment.

4.3 Formatting and Citations

Keep a close eye on the formatting requirements listed for your assignment. This includes details like font size, style, and line spacing as well as margins. The visual presentation of your work will be consistent and professional if you abide by these rules. Additionally, follow the guidelines for your assignment or your professor's recommended citation style, such as APA, MLA, or Harvard. Avoiding plagiarism and honoring the contributions of other researchers and authors requires accurate citation of all sources used. Verify your citations again for accuracy, and make sure your reference list is accurate and properly formatted. This dedication to proper formatting and citations shows your commitment to academic integrity and gives your assignment more credibility.

Writing a personal finance assignment requires a systematic approach that includes comprehension of the assignment, extensive research, effective work organization, and polishing for clarity and coherence. You will be prepared to write a thorough and well-organized assignment that demonstrates your understanding of personal finance concepts if you follow the instructions provided in this blog. Always start early, ask for clarification when necessary, and be proud of your work. Writing a personal finance assignment improves your subject knowledge while also honing your analytical and critical thinking abilities. You'll gain useful insights for your financial journey by applying the concepts of budgeting, investment strategies, and retirement planning to real-life scenarios. You can produce a compelling assignment that demonstrates your mastery of personal finance with commitment and effort. Good luck with this assignment, and may your finance endeavors bring you success and prosperity in the future.

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14 Free Financial Literacy Worksheets PDF (Middle & High School)

By: Author Amanda L. Grossman

Posted on Last updated: May 8, 2024

Check out these free financial literacy worksheet PDFs for middle school and high school students to learn all about money.

We all know that getting money into kids’ and teens’ hands so that they can learn how to use it through trial and error works.

I mean, that’s how many of us learned how to manage our money, right?

But prepping kids and teens with financial literacy worksheets PDFs and games is a great addition to their financial education.

It’s sort of like having a teen first study and then pass a written permit exam before they’re allowed to drive a car.

Practice and prep make sense.

Use these financial literacy middle school worksheets pdf and high school financial literacy worksheets below.

Hint: you also might want to check out these fun money activities for middle school students .

What Financial Literacy Subjects Are We Talking About?

It’s helpful to know what’s included in a subject so that you can cover all of your bases (or know that what you need covered, will be).

The financial literacy worksheets and PDFs below are going to fall into the following topics:

• Saving Money & Setting Money Goals
• Loans and Credit
• Earning Money

Let’s dive in.

Psst: You also might want to have your students journal about how they feel about money with these journal topics for kids – it helps them figure out how they feel/what they think about money, and it can help you to understand what they do/do not know about the subject.

Financial Literacy Worksheets PDF – Banking

Banking is super important in any adult’s life, which is why I created an entire article around free banking worksheets (PDFs) for kids and teens to learn banking skills.

You know, things like:

• How to write a check
• How to make a deposit
• How to shop around for the best banking services
• Differences between a bank and a credit union

But, I want to share one here, too.

1. HSFPP’s Lessons on Banking

Suggested Age: High School

Check out their lessons on Checking Accounts (lesson 5-1), and Financial Tools & Technology (lesson 5-2).

Students will learn:

• Different ways to pay for things, besides cash (and why you would want to choose another form)
• Banking apps
• Benefits of using a check (such as, for proof of purchase)
• Checking account monitoring

Next up? Let’s talk budgets.

Financial Literacy Worksheets PDF – Budgeting

Budgeting is one of the most critically important financial literacy subjects to cover before a student gets their hands on a real paycheck from a real job.

That’s why I’m dedicating this next section to free financial literacy printables all about budgeting.

Psst: here are 6 budget projects for middle school students , a free prom budget template , and 4 budgeting projects for high school students .

1. How to Be a Smart Consumer

Suggested Age: 4-6 grade

Check out this video, lesson plan, and student worksheets around helping kids understand how to be smart consumers.

For example, kids will be asked:

• Whether or not it’s best to buy something now or later, given a scenario
• To design an advertisement for a brand of sneaker
• How to calculate discounted items (based on a percentage off)

2. CFPB’s Budgeting for a Rural Trip

Suggested Age: 13-19 years

Students are given a budget of $500 and the task of budgeting for an overnight trip, 100 miles away.

They’re asked to fill in things like Breakfast for each day, lunch for each day, activities and events planned for each day, etc.

Teacher guide available for free.

Psst: you might want to reinforce needs vs. wants with these worksheets, activities, and games .

3. Dallas Fed’s Owning Vs. Renting

Suggested Age: Not given

What a great financial lesson to teach students: the costs of renting vs. the costs of owning a home.

Students will learn about:

• Landlord and tenant relationship
• Rental agreements
• Effects of owning on your net worth
• Responsibilities and risks of being a homeowner vs. renter

Worksheets include:

• Lease Agreement
• Examples of Housing Discrimination

4. Practical Money Skill’s Living On Your Own

Suggested Age: 7-8 grade

In Lesson 4, you’ll find worksheets that guide students through listing the things they have in their bedrooms and estimating the cost of these items.

Then, they need to budget for their first time living on their own.

They’ll also be guided on lease agreements, and how to find an apartment!

5. Can I Afford a Phone?

I love how this activity takes budgeting for an item down to a kid’s world – through working on whether or not they can afford a smartphone.

They’ll be given a scenario from another teen who is trying to convince her parents they can afford one. Based on the information given, teens will calculate if it’s more cost-effective to pay for a phone upfront, or on a monthly basis from the phone service provider.

Students will also create a budget both using an online budget form and a paper one.

Psst: here are 12 fun budgeting activities PDFs , all free , and some consumer math worksheets .

Financial Literacy Worksheets PDF – Saving Money & Setting Goals

Here you’ll find some great free PDFs all about helping kids to understand how to save money and how to set money saving goals.

1. FDIC’s Money Smart Worksheets

Suggested Age: 3-5 grade and 6-8 grade

This is an entire money curriculum from the FDIC (the people who insure our savings accounts), for various grade ranges.

The worksheets on saving money and setting goals include:

• Lesson 6: Super Savers (the Importance of Saving)
• Lesson 7: How to Stash Your Cash (Savings Options)
• Lesson 12: Spend, Save, or Give? Personal Financial Choices

Complete with educator and parent handbooks to download for free.

2. CFPB’s Impulse Spending Worksheet

Suggested Age: 16-19 years

Here’s a worksheet that corresponds with an online free financial literacy game, Misadventures in Money Management.

Students will play this game first, then answer questions about the character’s impulse spending decisions. They’ll then learn some strategies for beating their own impulse spending, well, impulses .

Pssst: looking for more online financial games for students? Here’s my article on 19 free financial literacy games for high school students .

Next up are entire workbooks around financial literacy subjects (instead of just a one-off worksheet or two).

Financial Literacy Worksheets PDF – Earning Money

Earning money is a major part of financial literacy…because without money, you’ve really got nothing to manage!

This section will focus on free financial literacy worksheets and PDFs on understanding paychecks and other forms of earning income besides a 9-5 job.

1. Understanding Your Paychecks

Suggested Age: High school

One of the worksheets in this free workbook that you can download individually is about reading a paycheck and understanding what everything means. Students will then answer some questions about what the paycheck says.

2. It’s a Job Getting a Job

You don’t just walk out of high school or college and stumble into your first (or next) job. There’s a process to getting a teen's first job .

These videos, teacher guide, and worksheets have teens thinking about:

• How to interview well
• How to best search for a job
• How economic conditions can affect the job search market

3. Fixed Vs. Variable Income

Suggested Age: 17-25 years

Something they definitely didn’t teach in my high school (that I really wish they had)? Is understanding the difference between different types of income.

Check out this mini-lesson plan and printable on fixed vs. variable vs. irregular income to educate them better about future earning possibilities.

4. Dividend-Paying Stocks

Personally, I think it’s super important to teach students that there are ways to earn money outside of your job.

And buying into dividend-paying stocks? Is one of those ways.

Pssst: I didn’t learn about these until well into my 20s…imagine where your students could be if they learn about this in their teens!

• Vocabulary behind dividend stocks (always helps to demystify a subject when you know what the phrases and lingo mean!)
• How to calculate your yield and return on investment
• Risk vs. reward discussion
• How to buy a stock

For more worksheets about careers and jobs, check out the 19 free career exploration activities for high school students .

Financial Literacy Workbook PDFs

Looking for an entire, printable financial literacy workbook (PDF)? You’re in the right place!

These are all free for you to print out and use with your students.

1. HSFFP Using Credit Workbook

In this 44-page financial literacy workbook PDF (there are also worksheets and slides), students will learn:

• Quiz to see if you’re a responsible borrower or not (yet)
• Why someone would want to borrow money
• Calculating interest on loans
• Average credit card payments each month
• How long it’ll take to pay off something on credit versus buying in cash

While actually getting money into a kid's or teen’s hands is the most ideal way to teach kids and teens about money, prepping them through worksheets and games is a great way to supplement a financial education.

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Assignment: Definition in Finance, How It Works, and Examples

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

What Is an Assignment?

Assignment most often refers to one of two definitions in the financial world:

• The transfer of an individual's rights or property to another person or business. This concept exists in a variety of business transactions and is often spelled out contractually.
• In trading, assignment occurs when an option contract is exercised. The owner of the contract exercises the contract and assigns the option writer to an obligation to complete the requirements of the contract.

Key Takeaways

• Assignment is a transfer of rights or property from one party to another.
• Options assignments occur when option buyers exercise their rights to a position in a security.
• Other examples of assignments can be found in wages, mortgages, and leases.

Uses For Assignments

Assignment refers to the transfer of some or all property rights and obligations associated with an asset, property, contract, or other asset of value. to another entity through a written agreement.

Assignment rights happen every day in many different situations. A payee, like a utility or a merchant, assigns the right to collect payment from a written check to a bank. A merchant can assign the funds from a line of credit to a manufacturing third party that makes a product that the merchant will eventually sell. A trademark owner can transfer, sell, or give another person interest in the trademark or logo. A homeowner who sells their house assigns the deed to the new buyer.

To be effective, an assignment must involve parties with legal capacity, consideration, consent, and legality of the object.

A wage assignment is a forced payment of an obligation by automatic withholding from an employee’s pay. Courts issue wage assignments for people late with child or spousal support, taxes, loans, or other obligations. Money is automatically subtracted from a worker's paycheck without consent if they have a history of nonpayment. For example, a person delinquent on $100 monthly loan payments has a wage assignment deducting the money from their paycheck and sent to the lender. Wage assignments are helpful in paying back long-term debts.

Another instance can be found in a mortgage assignment. This is where a mortgage deed gives a lender interest in a mortgaged property in return for payments received. Lenders often sell mortgages to third parties, such as other lenders. A mortgage assignment document clarifies the assignment of contract and instructs the borrower in making future mortgage payments, and potentially modifies the mortgage terms.

A final example involves a lease assignment. This benefits a relocating tenant wanting to end a lease early or a landlord looking for rent payments to pay creditors. Once the new tenant signs the lease, taking over responsibility for rent payments and other obligations, the previous tenant is released from those responsibilities. In a separate lease assignment, a landlord agrees to pay a creditor through an assignment of rent due under rental property leases. The agreement is used to pay a mortgage lender if the landlord defaults on the loan or files for bankruptcy . Any rental income would then be paid directly to the lender.

Options Assignment

Options can be assigned when a buyer decides to exercise their right to buy (or sell) stock at a particular strike price . The corresponding seller of the option is not determined when a buyer opens an option trade, but only at the time that an option holder decides to exercise their right to buy stock. So an option seller with open positions is matched with the exercising buyer via automated lottery. The randomly selected seller is then assigned to fulfill the buyer's rights. This is known as an option assignment.

Once assigned, the writer (seller) of the option will have the obligation to sell (if a call option ) or buy (if a put option ) the designated number of shares of stock at the agreed-upon price (the strike price). For instance, if the writer sold calls they would be obligated to sell the stock, and the process is often referred to as having the stock called away . For puts, the buyer of the option sells stock (puts stock shares) to the writer in the form of a short-sold position.

Suppose a trader owns 100 call options on company ABC's stock with a strike price of $10 per share. The stock is now trading at $30 and ABC is due to pay a dividend shortly. As a result, the trader exercises the options early and receives 10,000 shares of ABC paid at $10. At the same time, the other side of the long call (the short call) is assigned the contract and must deliver the shares to the long.

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