Personal Management Merit Badge Class #3

To date, we have discussed the concepts related to the following badge requirements:

• Requirement 1: Planning for a major family purchase;
• Requirement 2: Preparing a 13-week budget;
• Requirement 3: Emotions and money, savings accounts and charitable giving;
• Requirement 4: Understanding the differences between saving versus investing, and the concepts of risk, return, simple and compound interest.
• Requirement 5: Explain different types of investments and how they work;
• Requirement 6: Explain different types of insurance and how they work;
• Requirement 7: Explain or discuss elements and types of borrowing, bank cards and ways to eliminate debt;
• Requirement 8: Making a to-do list and calendar for better time management.

1) Please complete requirements 5-8 on your worksheet before the next class on Thursday, November 5.  For your reference, I’ve attached the power point presentation for the topics we covered so far.

2) Please continue to track the second part of requirement number 2, Preparing a 13-Week Budget, which is to document what your actual earnings and expenses are each week for your 13-week budget period.

Once again, you can find the merit badge worksheet here:  http://usscouts.org/mb/worksheets/personal-management.pdf

Class #3 will be held Thursday, November 5 at 6:30pm.

We will discuss concepts surrounding the final two badge requirements, and go over any questions you may have on any of the 10 badge requirements. The final two requirements are:

• Requirement 9: Writing a project plan.
• Requirement 10: Researching and explaining the requirements for a career you might choose in the future.