25 Nov List at least 3 different statements as well as techniques or advice listed in the chapter that you plan to incorporate into your planning. Provide a solid paragrap
Chapter 10 "Money"
Read Chapter 10 "Money" in its entirety then complete the following exercises to earn points for the week (50). Be sure to write down the question, then answer it in paragraph form in complete sentences. Please write down the questions before answering them for full credit!
Journal Entry 31 on page 347 "Reflect on your experience of money". List at least 3 different statements as well as techniques or advice listed in the chapter that you plan to incorporate into your planning. Provide a solid paragraph to half a page of content.
Journal Entry 32 on page 348. Answer all six questions in paragraph form.
Create a list of free activities that you can participate in much like those on page 354. Come up with 5 new activities that are not on the list in the textbook.
Practicing Critical thinking #24 "Education by the hour" on page 364. Assuming you did the math correctly, what did you come up with for what is costs to attend one class? What did you discover? Do you view your education any differently now that you know what it costs you to attend?
Chapter 9
Money
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
MASTER STUDENT MAP
Why
Money can stop being a barrier to getting what you want from school—and your life.
How
Skim this chapter for three techniques you’d like to try this week.
What if…
I could adopt habits that would free me from money worries for the rest of my life?
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Master Student Maps that introduce each chapter and each chapter’s PowerPoint presentation guide the student through the chapter overview while reinforcing three of the four key questions of the Kolb Learning Style Inventory–Why? How? and What if? You may wish to highlight key articles as you walk students through this slide, or ask if there are any questions about any of the articles.
2
RISK BEING A FOOL
Courage to take risks
OK to look foolish
Doesn’t mean escaping responsibility
Recall a time when you risked being a fool, and you discovered something valuable
Write some notes to summarize this incident
Share this story with a classmate
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
This power process is NOT about being a fool. It’s about the limits we place upon ourselves when we hold ourselves back because we are afraid that if we do something we are unskilled or inexperienced at, we might look foolish to others. We’ve all felt this way at one time or another. Recall a time when you felt this way. Now recall a time when you took a chance, knowing you might look foolish. How did it turn out?
In Risk Being a Fool, we are encouraged to take risks… to recognize it’s OK to look foolish. This process does not mean escaping from responsibility. That’s completely different. And we are not talking about being risky. Risky behavior is not advocated by this power process.
Here is an in-class activity to help your students think and share about the benefits of risking being a fool.
3
MAKE MORE MONEY
Focus on your education
Consider financial aid
Work while you’re in school
Start your own business
Do your best at every job
Be a lifetime learner
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Here are four strategies to make more money. What others have you used to make more money while being a college student?
4
SPEND LESS MONEY
Look to big-ticket items
Look to small-ticket items
Ask for student discounts
Do comparison shopping
Be aware of quality
Save money on eating and drinking
Lower your phone bills
Go “green”
Pay cash
Postpone purchases
Notice what you spend on “fun”
Use the envelope system
Don’t compete with big spenders
Prepare for emergencies and reduce debt
Spend less and feel the power
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Spending less money stretches the money students have. Here are several suggestions. Put students in groups and ask each group to come up with several additional ways to spend less money. Ask a spokesperson from each group to provide a brief summary report.
5
MANAGING MONEY DURING TOUGH TIMES
Make a list of strategies that you have tried, and star those that have worked for you
Make another list of new strategies that you intend to implement
Take a first step
Spend less, save more
Make sure savings are protected
Pay off credit cards
Invest only after saving
Do stellar work at your current job
Think about your next job
Research unemployment benefits
Get health insurance
Get help that you can trust
Put your plan in writing
Cope with stress positively
Choose your money conversations
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
During difficult economic times, managing money becomes even more challenging. Here are several strategies. Review them with your students. Ask students to copy this list into their notes and to star those they have tried and have worked for them. Then ask them to make a second list of new strategies they have not yet tried but intend to implement.
6
TAKE CHARGE OF YOUR CREDIT
Use credit cards with caution
Pay off balance each month
Scrutinize credit card offers
Avoid cash advances
Check statements against your records
Use just one card
Get a copy of your credit report
Protect your credit score
Manage student loans
Choose schools with costs in mind
Avoid debt when possible
Shop carefully for loans
Repay your loans
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Here are strategies to use with credit cards. Give each student a 3×5 card. Ask students to look at this list and write the number on the anonymous card that corresponds with the number of these tools they regularly use regarding their credit cards. Collect the cards. Have students summarize the results to drive home the point that students don’t know what they should be doing when they have and use credit cards. Student loans are a related but different issue. Here are tools for students to use so they don’t lose control when incurring student loan debt.
7
EDUCATION PAYS OFF— AND YOU CAN PAY FOR IT
Greater likelihood of health insurance
Higher income
Lower dependence on income support services
Greater likelihood of employment
Higher tax revenues for your community
Higher job satisfaction
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Many students wonder whether their investment of time and money into higher education is worth it. Here are several benefits of higher education. You might share personally ways your higher education experience has been worth it in your life.
8
USE TOOLS TO TAME YOUR MONEY
Learn spreadsheet software
Explore new applications
Buxfer (buxfer.com)
Mint (mint.com)
Organize your money files
Protect your money
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
9
YOUR MONEY AND YOUR VALUES
Two aspects of your values:
A belief about what matters most in life.
Your behavior.
Ask yourself:
Is this expense consistent with my values?
Ellis, Becoming a Master Student, 16th Edition. © 2018 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Values include both our beliefs and our actions. When spending money, ask yourself this question: Is this expense consistent with my values? Write an intention statement.
10
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