Financial Advising

Tuesday, April 25th, 2023

Personal Finance
Financial Advising

Overview
Timeframe: 75 minutes
General Focus: We will have Megan Jantz, a financial planner come in a talk about what she does, how financial planning meetings go, and will answer student questions
during a panel discussion.

Standards
2.6.1Evaluate the need for personal and family financial planning.
2.6.2Apply financial management principles to individual and family financial practices.
2.6.3Apply management principles to decisions about insurance for individuals and families.
2.7.3Manage money effectively by developing financial goals and budgets.
2.7.5Analyze the features of insurance, its role in balancing risk and benefits in financial planning.
2.7.6Analyze saving and investing to build long-term financial security and wealth.

Objectives
Students will be able to (SWBAT):
Explain how investing builds wealth and helps meet financial goals
Examine the relationship between diversification and risk
Evaluate investment alternatives: money markets, bonds, single stocks, mutual funds, and annuities, and real estate.
Explain the rule of 72
Identify different types of retirement plans
Understand pre-text and after-tax investments
Explain why insurance is an essential part of a healthy financial plan.
Identify common types of risks and distinguish between necessary and unnecessary types of coverage.
Understand the importance of life insurance and explain how to become self-insured.
Develop a plan for protecting (insurance) and growing (investments) your wealth.

There are a lot of objectives, but that is because this lesson is meant to be cumulative of the unit and prepare students for this unit's assessment where they incorporate all
the objectives in the unit. Our guest speak, Megan will also touch on all of these and students can ask her questions in preparation of completing their project.

Outcomes: What Measures the Objectives Have Been Met?

Students will demonstrate competency by:
Coming to class with the Workbook exercises completed and the financial planning questionaries filled out will demonstrate students competency about their own
financial fitness.
Participating in the RQI and generating questions to be asked demonstrates students competency in basic concepts and desire to learn more about financial planning.
Completion of "Being your own Financial Planner" assignment (see Deliverables for instructions/ rubric) will demonstrated students competency of developing and
reaching financial goals through creating an investment plan that incorporates the key elements in the unit. This assessment will cover all the above objectives. See
assignment/rubric in deliverables for more details.

Prior Knowledge
Previous lesson on types of investments, employer benefits, retirement, and insurance. Students can review past lesson plans and notes if needed in preparation.
Students may currently been employed and have experience looking at employer benefits.
Students may currently be insured drivers and have experience with car insurance.
Students may currently be investing, or have an investment account under their name.
Students may have been exposed to these concepts from parents, family members, and friends directly or indirectly because of how relevant these are in life.

Academic and Content Language

Reinforced vocabulary: diversification, investing, investment, liquidity, portfolio, risk, return, share, stocks, stock-market, tax-favored dollars, IRA, Roth
IRA, 401K, beneficiary, claim, coverage, deductible, asset, liability, out of pocket expense, policy, premium, term life insurance, permanent life insurance
I anticipate that students may struggle to remember all vocabulary terms, this is a cumulative lesson so it will incorporate almost all terms from the lesson.
I will encourage students to utilize their notes and the class quizlet page to review if necessary. https://quizlet.com/class/6190645/
 New vocabulary: fixed, variable, indexed
I anticipate students will be unfamiliar with these. However, Megan has incorporated them in her presentation an explains it well and also provides an illustration to
support student comprehension.

Since this lesson is happening at the end of the unit, in preparation of their project, there will be a lot of vocabulary discussed. Hopefully this vocabulary was retained in other
more focused lessons. I will encourage students to use their resources to review, ask questions if they need help, and if it appears if many of the students are still struggling, I
will develop a graphic organizer for them to fill out and better comprehend.

Anticipated Areas of Misunderstanding

A common area of misunderstanding when discussing financial planning is that students think that only 'older' people with a lot of money need a financial planner and
are the only people who invest. Megan's presentation emphasizes how that is not true, and that the sooner you start financial planning the better off you will be.
Another common area of misunderstanding is that there is a one size fits all approach to financial planning. One of the main goals of Megan's presentation, the
assessment, and the unit as a whole is to show that there are a lot of variables that go into financial planning and that everyone's circumstance is different and that it is
always changing. I want students to realize that financial planning is based on an individuals financial goals, which can change throughout their life.

Procedures
Pre-work:

Students have been able to access the unit assessment instructions and rubric since the beginning of the unit to help guide them. I will tell students that an industry
professional is coming in to talk about her role as a financial planner and answer any questions you may have. I will then encourage students to think about previous lessons
and the assessment and generate questions that they may have so that our guest speaker will be a valuable resource to their assessment. I will also encourage students to
think about their own finances as if they would before a financial advising meeting.
Students will:
1. Have 3 questions they want to ask financial planner, Megan Jantz.
2. Complete Exercises 55-59 in Dave Ramsey's workbook
3. Complete Megan Jantz'a asset allocation quiz.

Engage - 5 minutes
Starter: Think-Pair-Share about Exercises 55-59 and asset allocation quiz
Questions:
What surprised you about the asset allocation quiz?
Did your scores (dis)agree with any preconceived ideas you had about your financial mindset?
Why are Ramsey's exercises important for people trying to become financially fit?
Explore - 20 minutes
RQI Activity: Question Formulation Technique
I will allow students to create groups of 3-5. Student choice because heterogeneous groups are not needed to help support learning, and students do better
with this activity when they are around peers they are most apt to talking with.
Students will be assigned a section of the white board to utilize and they will be asked to list all of their questions that they came to class with.
I will then guide them through the 4 step QFT.
The end result will be several well-thought out questions to ask Megan and guide the discussion after her presentation. These questions will support student
comprehension of ideas and prepare them for their end of the unit assessment.
This will help activate students prior knowledge and interest.
Industry Professional Presentation and Panel (Megan Jantz, Financial Adviser)
Presentation - 15 minutes
Mock Financial Advising Meeting - 15 minutes
Megan will be the financial adviser, I will be the client (role playing). To keep students engaged, I will call on them to provide my context (ie career, family, debt,
needs, etc)
Panel - 15 minutes
Megan will answer questions generated during QFT and any others students might come up with during the panel.
Closure- 5 mintues
Check-In Discussion Board
I will ask students to review the unit project instructions and rubric as write a discussion post about how they are feeling about it. (What they know well, what
they need to review, any questions they may have, what parts they are excited about, what parts are stressing them out, etc).

Extension
Students who usually utilize the extension and are advanced in their understanding of these topics will be provided a great opportunity to expand their knowledge
through the panel and discussion with an industry professional. I will encourage all students to ask challenging questions and take this opportunity to really expand
their knowledge. Megan is very well versed in all things financial planning.

Deliverables
Students will complete
QFT in groups
Closure Check-In Discussion Board.
End of unit assessment project: Be Your Own Financial Planner
https://app.box.com/s/ywuaekyt1xj8cfp9nnm1y7bonw8adq0a
Modifications
I do not anticipate students needing modifications for the QFT activity or the Closure Check-In discussion board.
Some students may struggle to retain all information, or ELL's may struggle to keep up with Megan's presentation. I do not want students to work about taking excessive
notes during her presentation either. So I will create a write up of her presentation, the mock interview and panel for students to review so that they can be good
audience members. For students who may need further modification on the notes, I will cue and prompt those notes with guides to main ideas and key vocabulary
terms. Resources will be kept in the box folder for this unit that students have access to.

Reflections
1. What went well? Why?
2. What did not go as you planned/expected? Why?
3. If you were to teach this lesson again to the same group of students, what changes would you make to your instructional strategies that would improve the student
learning? Why?
4. Did the students meet the objectives? How did you know?
5. How did you use feedback from the students to make instructional decisions while you were teaching the lesson?
6. How did the starter go? Did it seem as if the the exercises and asset allocation quiz were valuable to students understanding of the objectives?
7. How well was the area of misunderstanding addressed? Were there any other areas of misunderstanding?
8. How did QFT go? What type of questions did students generate or not generate? Could this process be improved?
9. How did the students respond to the industry professional's presentation? Did they enjoy hearing from someone in the field?
10. How did the panel discussion go? Where students engaged and asking questions? How can I best prepare students for similar opportunities with industry professionals?
11. Is there a need for further extension options for students?
12. Were all students needs met during instruction? Does there need to be more modifications added in future lessons?
13. According to the Check-In DB, how well did this lesson prepare students for the end of unit assessment?
14. How did the feedback you gave students help address their needs in relation to the objectives?
15. Analyze your biggest challenge during the lesson. What did you learn from it?
16. How will that impact future lessons?
17. Based on the results of the lesson, what are your next steps?

Materials
Course textbook:
- Chapters 8-9 Foundations in Personal Finance
High School Edition by Dave Ramsey
ISBN 978-1-936-94814-7
-Exercises: 54-59, The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
Online Resources:
RQI's Question Formulating Technique https://rightquestion.org/education/#rtabs-2
Industry Professional: Megan Jantz. Financial Adviser and also my old boss!
Megan's materials:
Presentation slides https://app.box.com/s/vvns5yoka5xyya5w1s2thcp2l7xoaftg
Asset Allocation Quiz https://app.box.com/s/m4u9skhp4wpfdg02e4vnxgojfk2nbrja
Financial Planning/Advising Resources https://app.box.com/s/4vw56hrj0dmo0nbs7zhl38nxiggt2j2r
Physical materials
white board and markers for QFT