YFF - Your Personal Finance (Lesson)

Your Personal Finance

Introduction 

Over time our dollar has evolved and we have learned to use this dollar to supply our needs and wants. As citizens, we must become familiar with the various banking institutions and how they function. We must also become aware of our nation's system of taxation and how much of the money we earned will be paid to the government for this purpose. In addition, we must quickly realize the costs and benefits of using credit. All of this knowledge will help us become more informed decision makers in our own finances.

 

Types of Personal Finance You Should Know

Click through the presentation to learn more about different bank account types, investments and taxes.

 

Types of Jobs Teenagers Hold

As you become teenagers, many of you will venture out into the workforce and obtain your first jobs! With your first job, you may want to start saving money for the future by putting money into a savings account or certificate of deposit (CD.) You may even want to buy a car!

Most teenagers earn minimum wage when they first enter the workforce. These minimum wage jobs include service jobs such as a cashier, a fast food worker or a host/hostess at a restaurant. Other jobs that may earn you more money include a position as a nanny, camp counselor, golf caddy, lawn mower or life guard.

At the current federal minimum wage rate of $7.25 an hour, this may seem like a significant amount of money at first, but is it enough to live on? How can you increase these earnings over time?

(It should be noted that minimum wages change over time. Congress can change the national minimum wage as the cost of living increases. Additionally, cities have the option to increase their minimum wage above the national level if the cost of living in the city is much higher than the national average. For example, San Francisco, California is a very expensive city in which to live, so the minimum wage in San Francisco is several dollars more than in the rest of the nation.)

 

Can you create and live on a budget?

Play the interactive game SPENT and record your decisions as you are playing the game. Did you make it through the month? Did you end up with a surplus or deficit? Why or why not? What things could you have done differently in order to ensure that your money lasted all month?

Click here to access the game SPENT. Links to an external site.

 

 

 

 

What do you want to be when you grow up? How much money do you think you will earn in that job? What do you have to have in order to be hired for the job you want?

 

 IMAGES CREATED BY GAVS