Breaking Barriers: A Financial Action Plan

Lesson Content

• Lesson Plan Template:

  CTE Lesson Plan

• CTE Course Info and Benchmark Notes

  
  

  Program Title (as applicable): CTE

  Course Title: Personal Finance

  Course Number: 8815120

  Career Cluster: Finance

  CIP Number: 0252080110

  Course Type: CAR-PREP - High School Career Preparatory

  CTE Standard(s) or benchmarks

  CTE-FIN.912.8815120.2.1 - Discuss the importance of financial planning to an individual’s overall well-being.

• Unit Outline

  
  

  This lesson is designed to be used with the case study, “Breaking Barriers: Miguel’s Path to Prosperity in America.” See CPALMS Resource # 215755.

• Career Connection

  
  

  This lesson helps address the tremendous opportunities available in leveraging concepts of financial literacy to provide for oneself and the people they care about in an age of ongoing transformations in technology and the global economy (regardless of someone's chosen career). By mastering financial literacy concepts, individuals can navigate uncertainties, maximize opportunity, and build a more secure future for themselves and their loved ones.

• Learning Objectives

  
  
  • Discuss challenges and opportunities faced by entrepreneurs.
  • Research and apply key financial strategies to create an action plan (e.g., wealth creation, tax and legal considerations to protect wealth, family provisions, mentorship/continuing education, effort/strategy, and legacy).

• Prior Knowledge

  
  

  Students should be familiar with/able to:

  • Trends impacting businesses like automation, AI, globalization and transforming the financial sector.
  • Basic elements of a balance sheet, particularly assets and liabilities.
  • Difference between an asset (anything that puts money in your pocket) and a liability (anything that takes money from your pocket).
  • The more than 200 tax incentives to business owners and only 10-12 tax incentives to W-2 employees.
  • Cashflow as the lifeblood of businesses and that tax and legal considerations are essential to protect their wealth.
  • Wills, trusts, insurance, and other financial vehicles.
  • Conducting research using credible sources.

• Guiding Questions

  
  
  • What is an asset? What is a liability?
  • Why is tax saving important? What are some good strategies to save on tax and protect your wealth?
  • Why is it important to have a mentor? Why does continuing education matter?
  • Why is financial planning important for individuals and their families?

• Procedure

  
  
  1. The teacher should briefly discuss the importance of financial literacy and wealth strategies in navigating an ever-changing world.
  • • Encourage the students to actively participate in the discussion and share their perspectives.
    • A few questions to start the discussion could include:
  • • • In what ways do people struggle financially? Does it have to be this way? What can we do about it?
      • What is financial literacy? Why is it important to be financially literate?
      • What is the “American Dream”?
      • What would it take for the average person to achieve the “American Dream”? Skills? Strategy? Mindset?
  2. Distribute case study “Breaking Barriers: Miguel’s Path to Prosperity in America,” (CPALMS Resource# 215755). Have the students read the case study. Once they finish reading have them turn to the person next to them and share at least 1 idea that stood out from the case study.
  3. Engage students in a discussion about the case study. Consider the following questions:
     • What is an asset? What is a liability?
     • What strategies enabled Miguel to break out of poverty and attain the American Dream?
     • What type of assets did Miguel acquire? Why is it important those assets produce cash flow?
     • Why is tax saving important? What are some good strategies to save on tax and protect your wealth?
     • Why is it important to have a mentor? Why does continuing education matter? How did having a mentor benefit Miguel?
  3. Distribute the attached advising sheet and review the topics students will be assigned to research.
     • Divide the class into six (6) groups, assigning each group one of the following topics: (1) Wealth Creation, (2) Tax and Legal, (3) Family Provisions, (4) Legacy/Philanthropy, (5) Mentorship/Continuing Education, and (6) Effort/Strategy.
     • Assign roles on each team to ensure active and equal participation: (1) CEO/Project Manager, (2) Researcher/Data Scientist, (3) Presenter/Reporter, (4) Artist, and (5) Scribe.
     • Instruct students to research at least three (3) ways that their assigned strategy can impact an individual's wealth and well-being using web resources.
     • Provide students time to research with their teams.
  4. Once students finish their research, each group’s Reporter will share at least three (3) key findings from their research with the class and explain the benefits and drawbacks for Miguel to consider if he were to follow the advice.
     • Guide the discussion and highlight main points on the board for further reference.
     • Instruct students to take notes about the other topics to complete their advising sheets (see attachments).
  5. After the presentations, lead a discussion on the future of work. Have students reflect on trends like AI, automation, and globalization and how it will impact their financial plans.
     • What are some ways that trends like crypto technology and AI-guided investment might change financial planning and personal wealth?
     • What are some ways you think the nature of wealth creation might change in the future?
     • What do you believe are the 3 most important skills that everyday people will need in the future to be economically successful?
  6. To close the lesson, have students complete an exit ticket (see attachments).
     • Write down 3 ways things you learned about entrepreneurship (wealth creation, wealth protection, family provisions, etc.).
     • Write down 2 strategies you plan to apply to your own financial goals and well-being in the future.
     • Write down 1 question you still have about this topic.

• Teacher Notes

  
  
  • Students may need additional time to conduct research.
  • As an extension activity, students can create a personalized action plan in finance by assessing their strengths, growth opportunities, interests, and passions. See attachments for the Extenstion Activity Personal Action Plan.
    • They will identify resources and support available to them, set short-term, middle-term, and long-term goals, list necessary skills and ways to attain them, identify mentors, overcome obstacles, and establish accountability measures.
    • This comprehensive plan empowers students to take ownership of their financial goals and develop strategies for success.