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Grade 6-8, 9-12
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Lesson

Wealth not Cash

Time: 120 mins,
Updated: September 20 2019,
Author: FiCycle

Objective

Students will be able to:

  • Understand financial decisions in terms of managing wealth.
  • Apply key concepts from accounting to financial scenarios.

Standards

Concepts

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In this personal finance lesson, students will learn why wealth is the essential feature of a successful financial life.

Description

Wealth not cash is a detailed plan for a lesson that introduces students to the concept of wealth. In accordance with our vision for finance education, we believe that understanding wealth should be the foundation of any personal finance course. These materials give teachers the tools to start this foundational work with their students. A fundamental concept in finance, students are taught to understand their financial well-being in terms of wealth, rather than simply cash. Throughout the lesson, a series of activities and applications are used to entrench this new way of thinking about finance. In addition, the lesson uses the accounting equations to get a precise mathematical model of these concepts, and students must critically apply them in varying contexts in order to deepen their understanding.