Mathematics of Personal Finance

MATHEMATICS OF PERSONAL FINANCE: GRADES 10-12 (Ms. Emmell)

1 Semester 

Mathematics of Personal Finance focuses on real-world financial literacy, personal finance, and mathematics. Students apply what they learned in Algebra I, Geometry and previous math courses to topics including personal income, taxes, checking and savings accounts, credit, loans and payments, car leasing and purchasing, home mortgages, stocks, insurance, and retirement planning.

Mathematics of Personal Finance will address and report progress on the Common Core Standards for Mathematical Practice, the Common Core Math Content Standards, and the Jump$tart National Standards for K-12 Personal Finance. In addition to course content, this class will place a heavy emphasis on collaborative problem solving, communication, and reasoning.

This course is open to students in grades 10-12 after successfully completing Algebra 1. This semester-length course counts as 0.5 math credits.

TRANSFERABLE SKILLS

Communication: Participate in Discussions

Critical Thinking & Problem Solving: Analyze Information

TEST YOUR KNOWLEDGE... 

What percent of Americans spend more than they earn? 54% (as of 10/31/17)

What’s the average credit card debt for an American household? $8,377 as of 2016

What percentage of 18 and 19-year-olds don’t have a credit score? Just over 80%

At what age can recent college grads expect to retire? At age 75

 How much would I need to save monthly to have $1 million when I retire? (Assume: You invest in stocks and earn an annual return of 9.55% for 40 years and you contribute the same amount every month) $213 a month

If you invested $1,000 in Netflix stock ten years ago, what would it be worth today? $51,966 (as of 10/31/17)

What's the #1 expenditure for the average American household? Housing

What percent of 18-34-year-olds are living with their parents? 34.5%

What is the median savings account balance for Americans under 35? $2,000

What percentage of Americans have less than $400 in an emergency fund? 47%

What's the average annual car insurance rates for a 16 year-old driver with their own policy? $6,930

What is the average cost of an emergency room visit? $1,917

How much do 18- to 24-year-olds pay annually in overdraft fees? Over $1.0 Billion

What is the average fee when you overdraw your checking account using your debit card? $32.75

What percent of U.S. millionaires are professional athletes? About 1%

What is the average number of jobs held by a worker over the first 30 years of their career? 11.7 jobs

What’s the average interest rate for consumers carrying credit card debt? 13.76% (from Federal Reserve research)

As of May 2016, what percent of 18-29-year-olds have a credit card? 33%

What percent of households led by someone 55 or older have NO money saved for retirement? 48%

Source of Personal Finance Statistics: “Next Gen Personal Finance: Home.” Next Gen Personal Finance: Home, www.ngpf.org/.

Be smart about your personal finances! Interested in learning more? Sign up to take a semester of Mathematics of Personal Finance next year!