economic and financial choices in a global economy. Cindy Manzano. Director of Smarter Texas. 1801 Allen . Parkway . Houston, TX 77019. C: 713.503.5338. F: 713.655.1655. email@example.com. www.economicstexas.org. ID: 445360
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Helping young people learn to think, choose, and make better
economic and financial choices in a global economy
Director of Smarter Texas1801 Allen Parkway Houston, TX 77019C: 713.503.5338F: firstname.lastname@example.org
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Less B. Fox
RBC Wealth ManagementSlide3
TCEE Grade 7 Lesson 4
Know Your Worth
The student is expected to:
Math 7.13C: create and organize a financial assets and liabilities record and construct a net worth statement
What does it mean to be wealthy?
Net worth is the value of what you own minus what you owe. $30,000
Work in pairs.Use the Activity 7.4-1a sheet and the blue and yellow cards to determine each families net worth.
Check for Understanding
What would cause a person to have a negative net worth?What would cause a family to have a positive net worth? Why is it important to have a positive net worth? Other than net worth, what other criteria might a financial institution consider before lending money?
What could Family B do to increase their net worth?
Budget or Net Worth?
Budget is a tool used day to day to make sure your expenses don’t exceed your income. To determine if you are getting out of debt or if you are increasing your wealth, one needs to analyze their net worth.
Calculate Your Net Worth While Budgeting to Maintain Perspective by Eric Ravenscraft
“An increase in net worth meant that I was unquestionably spending less than what I earned, which is the key to personal finance success. An increase in net worth meant that all of the hard day-to-day choices I was making were actually adding up to something big.” “It was exhilarating. Each time I calculated that number, I could clearly see the impact that my choices were having even if they weren't really evident in my day-to-day life.”
Many people try to reach the American Dream by purchasing everything they want. What are the consequences for buying everything you want?Assign the students to write a letter explaining how assets and liabilities are used to create a net worth statement. Include the reason why a family should know their net worth and steps a family could take to change their net worth value.