Franklin County
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Are you reaching for Eagle rank?
It is about money, time management, |
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Here's what to do:
1) Talk with your Scoutmaster and/or your
troop advancement chair. Don't forget to have your Scoutmaster sign a
merit badge card before you begin.
2) Contact the merit badge counselor near you to let him/her know you are starting to
work on Personal Management.
3) Download
the workbook
to keep all your answers. It is
not required you do so but it sure does help having all your answers in
one place. There are also some handy worksheets below for requirements 2
and 8.
4) Check out the resources below. These resources will help you complete the requirements.
5) Be Prepared! Read the requirements carefully. When the requirement says
"discuss," you'll need to be ready to do so. This means you'll need to
understand the topic. Also, when the requirement asks you to make a list or
write a plan, then you'll need to have a list or a plan written down. This is where the workbook comes in handy. If you have questions
at any time, contact your merit badge counselor.
6) When you are ready to start getting the requirements signed off - contact
the merit badge counselor near you to make an
appointment. Expect to meet once or twice for 1-2 hours each time. Be
sure to bring the signed merit badge card and workbook with you.
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Personal Management Merit Badge Counselor |
Use these helpful resources to complete the requirements -
| Requirement 1 -
Buying something major Setting financial goals/making a plan Comparison shopping Small Amounts Add Up Determining Quality - Use consumer publications or rating systems. |
Requirement 6 -
Ways to save & invest Common Stocks Mutual Funds Life Insurance Certificate of Deposit (CD) Savings Account or U.S. Savings Bond |
| Requirement 2 - Budgeting handy worksheet 1. Where does money come from? (income) 2. Where does the money go? (expenses) Hint: expenses should include saving 3. Get it all to balance - your plan must include income and expenses and show that these two sides of the equation equal. If income is $100, then expenses (including saving) must equal $100. Managing Your Money Living on Less |
Requirement 7 - Using credit/Managing debt Different Ways to Borrow Money: Shopping for Consumer Credit Repaying Credit Debts & Loans Paying With Plastic: The difference between a charge card, debit card, & credit card Credit reports and how personal responsibility can affect your credit report: Credit Scores |
| Requirement 3 - Saving, sharing, spending Talking to others about money Your feelings about money Being a good consumer Buyer's remorse Exploring why we spend money the way we do |
Requirement 8 -
handy worksheet Managing your time Do you get done all that you want to do? Does it seem there are not enough hours in the day? I mean, your family, your teachers and your Scout Master can only ask so much, right? Learn how to get it all done and have some time left for yourself. |
| Requirement 4 - Saving & investing Getting Started: Saving and Investing The difference between simple and compound interest Concepts of return on investment and risk Try this free simulation on investing and power of compounding (you have to answer 10 questions first to get to the simulation) |
Requirement 9 - Writing a goal/Making a plan Be sure to be thorough. And, projects don't always take money so you may not need a budget. Your project may need equipment, time and people's talent so be sure to list these in the resources needed. HEY! – This practice will come in handy when you plan your Eagle project. |
| Requirement 5 - Stocks Stocks are one way to invest your money. Prices track earnings. Look up your 5 stocks here. Type in the company at the top in the box next to Get Quote. A list will open with several stocks. Scroll down to the one you want, then click on Get Quote.
Common Stock
Symbols - you could look these up if you wish
or choose your own |
Requirement 10 - Exploring a career Kid, you’re going places. Where do you want to end up? How will you make a contribution to the world? For career information, visit O*Net Online. Click on Find Occupations. Don't know what you want to do? Explore occupations that match your interests, abilities, and preferences at O*Net Resource Center. |
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THRIFTY A Scout works to pay his way and to help others. He saves for unforeseen needs. He protects and conserves natural resources. He carefully uses time and property. Are there other points of the Scout Law that apply to the requirements above?
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Cool web sites to learn even more and have fun too -
Young
Investor - learn all the cool ways to save and invest
Consumer Jungle
- quizzes, worksheets, and
lots of resources; everything you need to know to survive and
thrive in the real world (about cars, credit, computers, health,
independent living, and wireless phones)
Planet Orange -
Learn about the value of money, setting a budget, understanding credit,
and building savings goals for the future. Using an interactive map
along with the help of our tour guides, Amy and Cedric, you will soon be
on your way to Moneyland, South Spending, the Republic of Savings, and
Investor Islands.
Jump$tart's
Reality Check - imagine living on your own and fill out the short
checklist - what kind of car will you buy? where are you going to live?
going to the movies every weekend? - how much will it take?
Teen
Consumer Scrapbook - written by high schoolers in Washington State,
this site covers finances, buying goods and services, health and safety,
rights and responsibilities, privacy issues, transportation, on your
own, and recreation.
Financial Games - check out My Savings Quest and Money Adventure
(for your age group there is one on stocks).
It All Adds Up -
play online games and simulations to learn about credit, buying a car,
paying for college, budgeting, and saving and investing.
Additional Resources -
Preparing for Your Future
- 16-pages from the Federal Trade Commission
Taking Control of Your
Finances - A 12-page guide from the FDIC
Worthy Web Sites
Before Heading Out on Your Own - one pager on learning about money,
landlord/tenant laws, and how to avoid identity theft and scholarship
scams.
Note: this is not an official site of the Boy Scouts
of America.
Links to other web sites does not constitute endorsement.
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Franklin County University of Missouri Extension Center
FranklinCo@missouri.edu Last revised: 08/21/08 |
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