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Personal Finance Essentials: Budgeting and Financial Decision-Making

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Description

This program gives students a solid grounding in a variety of real-life money matters: it provides financial decision-making methods, advises on consumer concerns such as buying versus renting, outlines insurance types and terminology, and discusses the financial scams that students are most likely to encounter.

Reviewing the critical concepts of impulse buying and opportunity cost, the video also demonstrates how to set goals and create a budget based on the 50/30/20 plan. Highlights include graphical breakdowns of the PMI and PACED decision-making methods, maintaining wireless Internet security to avoid identity theft, and a realistic way to choose when faced with a not-so-simple yes-or-no financial decision.

Video Segments

1. Decision-Making Methods Before making a purchase, consumers should ask themselves whether they need it or want it. Viewers learn a 5-step decision-making process called PACED, and a 3-pronged process called PMI.
2. Setting Financial Goals Guidelines for financial goals include setting up goals as short, medium, or long-term goals. List steps to achieve the goal. Give a timeline to each step.
3. Budgeting: Income & Expenses A budget plan starts with a spending diary that clearly shows where every cent goes. Expenses are either fixed or variable. After-tax income is allotted on a 50-30-20 basis that covers all expenses.
4. Understanding Insurance There are different types of insurance such as home, car, renter's, health, and life insurance. Underwriters assess the risk of something bad happening and then decide on fees and premiums. Car insurance is featured.
5. Premiums and Deductibles Viewers learn insurance terminology and insurance processes. Health insurance policies spell out the premium and deductibles. Taking higher deductibles almost guarantees lower premiums. Different types of insurance are featured.
6. Buying vs. Leasing or Renting The pros and cons of buying, leasing, and renting vehicles are examined. Looking at realistic numbers allows buyers to make intelligent decisions. Viewers learn tips about buying a car.
7. Buying vs. Renting a Home Rentals require less monthly financial output. A home has monthly fixed expenses that are higher than most rentals. These include property taxes, maintenance fees, homeowners insurance, and utilities.
8. Consumer Rights and Scams Young people are often faced with scholarship scams. Job-hunting scams are everywhere. Always read the fine print of any application or contract. Viewers learn about wire scams, debt repair scams, and Internet scams.
9. Wireless Protection Laptops are vulnerable in public places with WiFi connection. Encryptions protect transmissions. Maintaining wireless Internet security protects against identity theft. Valuable tips for identity security are included.
10. Identity Protection Over 9 million identity thefts occur each year. Avoid this by shredding all documents, keeping social security card and number private, using wireless Internet security to avoid identity theft, and checking credit card statements for questionable charges.

Specifications

Grade: 9-12

Personal Finance Essentials: Budgeting and Financial Decision-Making (DVD)
© 2011
Time: 34 Minutes

Product Total: $0.00