Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
Acknowledge the role of delayed gratification in saving
In this lesson, you will learn to:
Explain how saving is linked to overall wealth
Describe how saving and investing are different
Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
Acknowledge the role of delayed gratification in saving
Have you or your family ever saved money for something?
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20
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The Difference Between Saving & Investing
Watch this video and use what you’ve learned to answer the questions that follow
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Learn the Most Important Reasons to Save Money
Read this article that gives 7 reasons why you should consider saving money. Then answer the questions.
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How Much Should I Save? Kal Penn Explains
Watch this video on how much to save, which also gives some examples of what to save for. Then answer the questions..
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Day 2 9-7-22
5 Simple Saving Tricks
Read this article. Then answer the questions.
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Savings Calculator
Use the savings calculator provided to fill in the chart.
You earn $100 per month and want to save 10% in a savings account.
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Don’t Eat the Marshmallow
Watch this video about a famous psychology study often referred to as the "Marshmallows Study". Â Then answer the questions.
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Exit Ticket
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Question 1
1.
Have you or your family ever saved money for something? What were you saving for?
Question 2
2.
What strategy(ies) did you use to save?
What is Wealth?
Watch this brief video on wealth
Question 3
3.
What does being weathly look like? Represent your thoughts without using words.
Question 4
4.
What does being wealthy mean to you?
Question 5
5.
Do you want to be wealthy? Why or why not.
Question 6
6.
How are wealth and savings related?
Question 7
7.
Question 8
8.
Your friend recently got a pay raise and plans on putting more money into his savings account. You know that he does not have any investments and advise him to open a 401k (this is a retirement investment) instead. He doesn't understand why he should do so. What do you tell him?
Question 9
9.
Which of these types of saving are you already doing? If you are not saving which one would you do first?
Question 10
10.
Which of these 7 reasons to save is NOT really an example of saving, but rather of investing?
Question 11
11.
How much does Kal Penn recommend you save?
Question 12
12.
Why does it make sense to start investing right now?
Question 13
13.
Which of the 5 tricks are you already doing?
Question 14
14.
Which of the 5 tricks would be MOST difficult for you to implement? Why?
Question 15
15.
Fill out the chart using the link provided.
Question 16
16.
Based on what you know about saving and investing, would the totals be the same if you had invested the money, instead of saving it? Why or why not?
Question 17
17.
When you were four, would you have eaten the marshmallow?
Question 18
18.
Reflect on a moment when you were very tempted to spend money on something. Did you end up spending the money?
Question 19
19.
Why is it sometimes SO hard to resist?
Question 20
20.
What is wealth?
Question 21
21.
Question 22
22.
Determine whether each action is an example of saving or investing:
Investing
Saving
Putting $20 per paycheck into an account to help pay for books during college
Contributing 3% of your paycheck to a 401(k) plan offered through your job
Buying shares of stock in your favorite clothing company
Giving your cousin $5000 to help start his business, in exchange for 5% of his monthly profits
Depositing your annual income tax return into an account until you have enough to buy a car
How much of your paycheck should you save according to experts?
45%
80%
5%
20%
Which of the following statements is TRUE?
The majority of Americans do not have an adequate emergency fund but do have sufficient amounts of money saved for retirement
The majority of Americans have an adequate emergency fund and sufficient amounts of money saved for retirement.
The majority of Americans have an adequate emergency fund but not sufficient amounts of money saved for retirement.
The majority of Americans do not have an adequate emergency fund or sufficient amounts of money saved for retirement.