(c) Follow the one-week schedule you planned. Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or place of worship or club meetings, then plan when you will do all the tasks from your “to do” list between your set activities. (b) Make a seven-day calendar or schedule. List these in order of importance to you. Demonstrate to your merit badge counselor your understanding of time management by doing the following: (a) Write a “to do” list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. (d) Credit reports and how personal responsibility can affect your credit report. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card. (c) The differences between a charge card, debit card, and credit card. Explain to your merit badge counselor the following: (a) What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan. Explain to your counselor why people might purchase the following types of insurance and how they work: (a) Automobile (b) Health (c) Homeowner’s/renter’s (d) Whole life and term lifeħ. Explain to your merit badge counselor what the following investments are and how each works: (a) Common stocks (b) Mutual funds (c) Life insurance (d) A certificate of deposit (CD) (e) A savings account (f) A U.S. (e) Why it is important to save and invest for retirement.ĥ. (d) The concept of diversification in investing. (c) The concepts of simple interest and compound interest. (b) The concepts of return on investment and risk and how they are related. Explain the following to your merit badge counselor: (a) The differences between saving and investing, including reasons for using one over the other. (h) What you can do to better manage your money.Ĥ. Explain its purpose and your thoughts about it. Did the item work as well as advertised? (f) Your understanding of what happens when you put money into a savings account. (e) Your experience of an item you have purchased after seeing or hearing advertisements for it. (d) How hunger affects you when shopping for food items (snacks, groceries). (c) Your thoughts when you buy something new and your thoughts about the same item three months later. (b) Your understanding of how the amount of money you have with you affects your spending habits. Discuss with your merit badge counselor FIVE of the following concepts: (a) The emotions you feel when you receive money. With your merit badge counselor, discuss what you might do differently the next time.ģ. (d) Compare your budget with your actual income and expenses to understand when your budget worked and when it did not work. (You may use the forms provided in this pamphlet, devise your own, or use a computer-generated version.) When complete, present the records showing the results to your merit badge counselor. (c) Track and record your actual income, expenses, and savings for 13 consecutive weeks (the same 13-week period for which you budgeted). (2) If income exceeds budget expenses, state how you would use the excess money (new goal, savings). (1) If expenses exceed budget income, determine steps to balance your budget. (b) Compare expected income with expected expenses. Do the following: (a) Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings for a period of 13 consecutive weeks. Can you buy the item used? Should you wait for a sale?Ģ. (Provide prices from at least two different price sources.) Call around study ads. Find out where you can buy the item for the best price. (1) Determine the quality of the item or service (using consumer publications or ratings systems). (c) Develop a written shopping strategy for the purchase identified in requirement 1a. (3) Discuss how other family needs must be considered in this plan. (1) Discuss the plan with your merit badge counselor. (b) Write a plan that tells how your family would save money for the purchase identified in requirementġa. Do the following: (a) Choose an item that your family might want to purchase that is considered a major expense. Think similar requirements should exist for every High School graduate.ġ. Every Eagle Scout must complete the following requirements for the Personal Management Merit Badge.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |