Personal Management v3

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Saved Drafts are auto-deleted after two months, so save your work in your own Word or Google Docs and copy and paste them into the online classroom when you're ready to submit to the merit badge counselor.

Scout's Name*

First NameLast Name

Parent's Email Validator*

Parent's Email*

Scout's Email (optional)

example@example.com

Date you attended the Merit Badge session*

Date

Requirement 1:

1a: Choose an item that your family might want to purchase that is considered a major expense. (Examples: Boat, Car, Swimming Pool, Living Room Set, etc.).

NOTE: You do not have to buy the item.

Type your answer for 1a below: *

1b: Write a plan that tells how your family would save money for the purchase identified in requirement 1a.

1b (1): Discuss the plan with your merit badge counselor.

Instructions: Write at least 4 sentences that: 1) explains 2 different ways your family could save money; and 2) describes the steps you could take to accomplish this (including the time you anticipate it will take to accomplish each step).

Type your answer for 1b (1) below: *

1b (2): Discuss the plan with your family.

Instructions: Write at least 3 sentences on why you selected the item you identified in 1a and why this item would benefit your family.

Type your answer for 1b (2) below: *

1b (3): Discuss how other family needs must be considered in this plan.

Instructions: write at least 3 sentences to address this requirement.

Type your answer for 1b (3) below:*

1c: Develop a written shopping strategy for the purchase identified in requirement 1a.

1c (1): Determine the quality of the item or service (using consumer publications or ratings systems).

Instructions: Write at least 4 sentences that: 1) describes 3 different factors you looked at to determine the quality of your item/service (for example, if your item is a television, you could discuss the factors of: price, screen size, picture quality, sound quality, etc.). Based on the factors you looked at, state if your item is low, moderate, or high quality.

Type your answer for 1c (1) below:*

1c (2): Comparison shop for the item.

Find out where you can buy the item for the best price. (Provide prices from at least 2 different price sources.) *

Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Write 3 - 5 sentences on what you learned. *

Can you buy the item used? If NO, explain why not. If YES, explain where and for how much?*

Should you wait for a sale? Explain why or why not. *

Requirement 2:

2a: Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings for a period of 13 consecutive weeks.

2b: Compare expected income with expected expenses.

NOTE: You may use the form provided through the link below to complete 2a & 2b; or you may devise your own version.)

Link to BUDGET PLAN form:

https://fcc42e68-8260-4825-8c04-68b177c6247f.usrfiles.com/ugd/fcc42e_6d0bf64669ca4e989d44b6bfff9181f5.docx

Submit a document showing that you competed 2a & 2b. Your document should clearly identify expected income; expected expenses; and a comparison of your expected income and expected expenses (to show your expected savings). Note: You may use the form provided through the link above; or you may devise your own version.

2b: Based on your comparison of expected income with expected expenses, answer the following questions.

2b (1): Did your expenses exceed your income? If yes, describe 3 steps you can take to balance your budget.

2b (2): Did your income exceed expenses? If yes, describe how you would use the excess money (new goal, savings).

Did your income and expenses balance to 0? If yes, determine steps to increase your savings above 0.

2c: Track and record your actual income, expenses, and savings for 13 consecutive weeks (the same 13-week period for which you budgeted). When complete, present the records showing the results to your merit badge counselor.

NOTE: You may use the form provided through the link below; or you may devise your own version.)

Link to 13 WEEK TRACKING form:

https://fcc42e68-8260-4825-8c04-68b177c6247f.usrfiles.com/ugd/fcc42e_a67a53cbcaec4fdeabfa21f1350cdb37.docx

Submit a document showing that you competed 2 c. Note: You may use the form provided through the link above; or you may devise your own version.

2d: Compare your budget with your actual income and expenses to understand when your budget worked and when it did not work. With your merit badge counselor, discuss what you might do differently the next time.

NOTE: You may use the forms provided through the link below; or you may devise your own version.)

Link to BUDGET COMPARISON form:

https://fcc42e68-8260-4825-8c04-68b177c6247f.usrfiles.com/ugd/fcc42e_6d0bf64669ca4e989d44b6bfff9181f5.docx

Submit a document showing that you competed 2d. Note: You may use the form provided through the link above; or you may devise your own version.

2d: After comparing your budget with your actual income and expenses, answer the following questions.

Was your income budget over, under, or equal to your actual income? Explain why you received this result.

Was your savings budget over, under, or equal to your actual savings? Explain why you received this result.

Requirement 3:
Discuss with your merit badge counselor FIVE of the following concepts:
The emotions you feel when you receive money.
Your understanding of how the amount of money you have with you affects your spending habits.
Your thoughts when you buy something new and your thoughts about the same item three months later. Explain the concept of buyer's remorse.
How hunger affects you when shopping for food items (snacks, groceries).
Your experience of an item you have purchased after seeing or hearing advertisements for it. Did the item work as well as advertised?
Your understanding of what happens when you put money into a savings account.
Charitable giving. Explain its purpose and your thoughts about it.
What you can do to better manage your money.

This is completed during the online session. No additional work is needed.

Requirement 4:
Explain the following to your merit badge counselor:
The differences between saving and investing, including reasons for using one over the other.
The concepts of return on investment and risk and how they are related.
The concepts of simple interest and compound interest.
The concept of diversification in investing.
Why it is important to save and invest for retirement.

This is completed during the online session. No additional work is needed.

Requirement 5:
Explain to your merit badge counselor what the following investments are and how each works:
Common stocks
Mutual funds
Life insurance
A certificate of deposit (CD)
A savings account
A U.S. savings bond

This is completed during the online session. No additional work is needed.

Requirement 6:
Explain to your counselor why people might purchase the following types of insurance and how they work:
Automobile
Health
Homeowner's/renter's
Whole life and term life

Explain to your counselor why people might purchase the following types of insurance and how they work: Automobile

Explain to your counselor why people might purchase the following types of insurance and how they work: Health

Explain to your counselor why people might purchase the following types of insurance and how they work: Homeowner's/renter's

Explain to your counselor why people might purchase the following types of insurance and how they work: Whole life and term life

Requirement 7:
Explain to your merit badge counselor the following:

a) What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan.
b) The different ways to borrow money.
c) The differences between a charge card, debit card, and credit card. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card.
d) Credit reports and how personal responsibility can affect your credit report.
e) Ways to reduce or eliminate debt.

What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan.

The different ways to borrow money.

The differences between a charge card, debit card, and credit card. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card.

Credit reports and how personal responsibility can affect your credit report.

Ways to reduce or eliminate debt.

Requirement 8: Demonstrate to your merit badge counselor your understanding of time management by doing the following:

8a:

Write a "to do" list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. List these in order of importance to you.

8b: Make a seven-day calendar or schedule. Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or place of worship or club meetings, then plan when you will do all the tasks from your "to do" list between your set activities.

8c: Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of this week's activities, writing down when you completed each of the tasks on your "to do" list compared to when you scheduled them.

8d: With your merit badge counselor, review your "to do" list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. Discuss what you might do differently the next time.

NOTE: You may use the form provided through the link below; or you may devise your own version.

Link to TIME MANAGEMENT form:
https://fcc42e68-8260-4825-8c04-68b177c6247f.usrfiles.com/ugd/fcc42e_497bc44398714f4780b3b055da91d057.docx

Submit: 1) a 7-day calendar/schedule; and 2) a 7-day diary/journal.

Note: You may use the form provided through the link above; or you may devise your own version.

IMPORTANT: In order to fully meet requirement 8d, your journal MUST include a reflection on the following questions:
1. Did you complete each activity you had planned?
  - If no, what challenges did you face.
  - If yes, how long did you spend and did this match your planned schedule?
2. Did this schedule work for you? Did you feel overwhelmed (or any other emotions)? Did it feel just right?
3. Is there anything you would change for next week?

Submit here:

Requirement #9: Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor.

9a:

Define the project.

What is the goal of the project? (What is your desired outcome of this project?)

9b:

Develop a timeline for your project that shows the steps you must take from beginning to completion.

Instructions: Write at least 5 short term goals and 5 long term goals that you plan to accomplish over the timeline of your project. Make sure each goal includes a deadline.
- Examples of short term goals:
  - In 1 week, research 5 campsites located in Stowe, Vermont.
  - In 2 weeks, research 10 outdoor activities in Stowe, Vermont
- Examples of long term goals:
  - In 10 weeks, make a reservation at 1 campsite in Stowe, Vermont.
  - In 12 weeks, make a reservation for 3 outdoor activities in Stowe, Vermont.

9c:

Describe your project (explain why you choose this project).

9d:

Develop a list of resources.

Instructions:
- Your list should include 3 to 5 difference resources.
- For each resource, identify how the resources will help you achieve your goal.

9e:

Develop a budget for your project.

Instructions:
- Identify at least 10 expenses for your project, such as: fees, equipment and/or supplies, travel, food, required permits, etc.
  - Note: For the purpose of improving your budgeting skills, include items that you may already own.
- Provide the price for each expense and the source (where you found the price).

List your expenses and the associated cost below:

Develop a budget for your project.

Requirement #10: Do the following:

10a: Choose a career you might want to enter after high school or college graduation. Discuss with your counselor the needed qualifications, education, skills, and experience. *

10b: Explain to your counselor what the associated costs might be to pursue this career, such as tuition, school or training supplies, and room and board. Explain how you could prepare for these costs and how you might make up for any shortfall. Write 3 - 5 sentences.

Personal Management Online Classroom