Introduction

Raise your hand if you would like to be wealthy in the future. Okay, don't raise your hand, the people around you may wonder why you're raising your hand. Do you want to know the secret to becoming wealthy? I'll give you hint; it's not winning the lottery, becoming a star athlete or entertainer, or even having a distant, rich relative leave you a fortune.

Statistics show that people who gain wealth suddenly (lottery, inheritance, athletes, etc.) are often in worse financial shape a few short years later. According to Forbes.com, an estimated 80% of former NFL players have spent all of their earnings within 3 years of retirement. Why? They never learned basic money management skills that you are learning right now.

 

Lesson Objectives

Following successful completion of this lesson, students will be able to...

  • Explain the concept of paying yourself first.
  • Describe the roadblocks teens face when saving money

Enduring Understandings

  • The road to financial independence should begin at an early age in order to build wealth and achieve financial security
  • Proper management of money is essential to personal financial stability and success.

The above objectives correspond with the Alabama Course of Study: Career Preparedness standard: 17.

This lesson incorporates the following Literacy Standards: R1, R2, R3, R4, R5, R6, R7, W1, W2, W3, W4, W6, W8, W9, and W10.

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