FINANCIAL LITERACY The Money Trail Part 19 - Housing Decisions, Your Next Move "First Time Homebuyer" 3rd Ed. -- students study the next phase of their housing decisions journey – homeownership. This part presents the importance of planning their move from apartment living to following their American dream of investing in their first home. It presents the pros and cons, past/present/future trends in the housing market, responsibilities, the initial and ongoing costs associated with homeownership. First time homebuyers should be aware of the costs and responsibilities associated with owning a home vs. renting a home. For example, the need to protect their real estate investment and their personal property by choosing the best homeowner’s insurance policy that meets their needs as well as satisfies the insurance demands required by their mortgage company. Included are two activities where students calculate: insurance policy problems concerning the loss of personal property in a fire, closing costs, down payment amounts by percentage, the extra expenses associated with homeownership such as utilities, maintenance and repairs. Students will explore homes for sale in their community and use mortgage calculators to determine monthly payments. They will examine a tax statement and calculate the total tax a homeowner must pay. Answer keys are also provided for teacher convenience.
During the past 10 years, Americans saw the worst real estate market on record, what does the next 10 years look liking in the U.S. housing market? Why should your students learn about homeownership now? Why do mortgage loan companies require homeowner’s insurance on homes that they finance? What is the purpose of an escrow account? What is PMI and when is it required on a home loan? What’s the difference between the market value of a home and the assessed value? What are closing costs and who pays them? What perils are covered under HO-2, HO-4, HO-5? What does HO mean? What is a taxing jurisdiction?
Then, Financial Literacy: The Money Trail Series
is just what you are looking for! In each part of the series, students will develop a working knowledge of the financial decisions that they need to make now and in the future. The Financial Literacy Parts are reinforcement activities using current research stats that parallel the standards. They are not intended as stand-alone units rather they are interactive activities between the teacher and students.
The Money Trail Series supports the National Standards for Financial Literacy in the following: Earning Income, Buying Goods and Services, Saving Money, Using Credit, Investing, Protecting and Insuring.
Here are the links to all FINANCIAL LITERACY categories where you can find the products that are of interest to you. These links include 24 Chapters and Activities, Instructional PowerPoints for ALL Chapters, Checkpoints (Tests), 3 in 1 Package Deals, Bundles "Galore, and the "Flip of the Die" Budgeting Simulation. For more information, click on these links below:
FINANCIAL LITERACY - Individual Chapters & Activities
FINANCIAL LITERACY - PowerPoints for ALL Individual Chapters
FINANCIAL LITERACY - Checkpoints (Tests)
FINANCIAL LITERACY - 3 in 1 Package Deals (Chapter, Test & PPT)
FINANCIAL LITERACY - Bundles "GALORE"
FINANCIAL LITERACY - FLIP OF THE DIE "`14-Day Budgeting Simulation."
This activity fits nicely with the FINANCIAL LITERACY - "The Money Trail" series. It is a hands-on computerized (EXCEL spreadsheet) unit that reinforces what students learn when they finish or during the "The Money Trail" Parts. Access to computers is essential when teaching this unit. An option could be to use this activity as a final project. "
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