Dear SEP Families,
The focus of Financing Your Future was for students to understand financial concepts and make personal financial decisions. Your student participated in a simulation for a variety of ‘life events’, such as getting a job, buying a car, saving for a vacation, as well as buying a home. They also learned about student loans, credit cards, and saving for retirement. They explored options for car, a home, and health insurance and made decisions about how much insurance they felt they needed for their “family.”
Students in Session 2 felt that buying a house was challenging and figuring out all the different insurances was tricky. They talked about going home and asking about 401Ks, so don’t be surprised if they quiz you!
We would like further the class experience by helping their families engage their children in meaningful discussions about the classes they took at SEP. A good starting point for a discussion is asking, “What would your family budget look like?” or “How would you balance your needs, wants, and budget while still saving for sudden emergencies and retirement?” We worked on maintaining a balanced checkbook and other financial records. You can help your child transfer the concepts from this course by sharing with them the decisions that your family would have if you were to buy a new home, purchase medical insurance, or put money away for retirement.
The focus of Financing Your Future was for students to understand financial concepts and make personal financial decisions. Your student participated in a simulation for a variety of ‘life events’, such as getting a job, buying a car, saving for a vacation, as well as buying a home. They also learned about student loans, credit cards, and saving for retirement. They explored options for car, a home, and health insurance and made decisions about how much insurance they felt they needed for their “family.”
Students in Session 2 felt that buying a house was challenging and figuring out all the different insurances was tricky. They talked about going home and asking about 401Ks, so don’t be surprised if they quiz you!
We would like further the class experience by helping their families engage their children in meaningful discussions about the classes they took at SEP. A good starting point for a discussion is asking, “What would your family budget look like?” or “How would you balance your needs, wants, and budget while still saving for sudden emergencies and retirement?” We worked on maintaining a balanced checkbook and other financial records. You can help your child transfer the concepts from this course by sharing with them the decisions that your family would have if you were to buy a new home, purchase medical insurance, or put money away for retirement.
Ideas for continued learning
There are several things I would suggest to those seeking to encourage young financial planners. It is important that your student observe the world, ask questions, and connect the skills and concepts learned in Financing Your Future to the world around them. There are a variety of books that explore the concepts of financial planning for kids. Some starting points are: Raising Financially Fit Kids byJoline Godfrey and Money Savvy Kids by J. Raymond Albrektson. I might also suggest some apps such as Saving Spree or Celebrity Calamity.
Thank you for being a part of SEP 2016 Session 3!
Thank you for being a part of SEP 2016 Session 3!
