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Teaching Financial Literacy through Great Literature: The Devil and Tom Walker Notes: Financial Principles for Everybody
Americans lack financial intelligence as evidenced by high foreclosure rates and low savings rates. Contoh Form Cash Advance Be part of the perfect solution is by educating tomorrow's consumers on smart spending practices. Teaching "The Devil and Tom Walker" in might help enhance your student's basic financial knowledge.
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These notes on "The Devil and Tom Walker" can be given together big note-taking bonanza or dispersed intermittently when you read the story. No matter how you have used them, feel comfortable knowing that you are teaching tomorrow's consumers the best way to be responsible.
Tom Walker's shortcut over the swamp ultimately contributes to his meeting with the devil, which often contributes to his ill-gotten riches. Shortcuts to wealth include lying, cheating, stealing, borrowing money, and illegal and unethical practices. Those who participate in such practices enjoy their cash for the season without ever enjoying the true prosperity which comes from implementing sound financial practices: paying yourself first 10% of the income--a practice which may entirely get rid of the require for the contemporary Tom Walkers we discuss'building a reserve fund covering 3-6 months of living expenses, educating yourself on money and investments, and achieving post secondary training or perhaps a higher education.
Compare Tom's interest rate, 4% monthly, for the rate of interest while on an average mortgage, 6.5% yearly. Many begin to see the 4 and assume Tom's is best. Point out the main difference: monthly v. yearly. Tom's monthly rate compounded more than a year is really over 60%, nearly 10 times what many pay on his or her house today. Talk about how wonderful it is that charging such exorbitant rates is illegal and unusual in our advanced society (it is a trick). Then discuss Modern Day Tom Walker #1, pay day loans, whose AYP are gone 100%.
Drive on any street in almost any town inside the United States and you will find as numerous PayDay loan businesses charging rates far over Tom Walker's when you'll find intersections. You'll also find students inside your class whose families have taken out these refinancing options, so tread lightly. These short-term loan centers charge a $15 fee on a two-week loan for each and every $100 borrowed, a 390% annual rate of interest. If you borrowed $1,000 at 390% interest, broke your foot in the morning, lost your job, and returned a year later to fulfill your creditors, you would owe a lot more than $32,000. Pawnshops have known this secret for decades as have loan sharks. Income tax services have gotten in on the action, charging consumers $150 to obtain their $1,000 refund check two weeks sooner. I wish these folks were the worst offenders, however are not. That distinction is associated with Modern Day Tom Walker #2, the predatory mortgage lender.
The 4th lesson is on watching out for salespeople.
Tom Walker was 'the universal friend in the needy, and that he acted being a friend in need; in other words he always exacted good pay and good security." Many 'friends" within the mortgage business, throughout the recent real estate boom, pushed unscrupulous loans on unsuspecting customers. Some simple financial education can prevent these unscrupulous loans from being pushed for you as well as your students. Show students the way to read a truth-in-lending statement and explain how lenders took advantage of borrowers by recommending option arms, negative amortization, and interest only loans. A brief history of mortgages lesson might prove beneficial. If you might be acquainted with how expensive and unwise investment products work, for example cash value term life insurance, teach that also.
The author's experience as being a teacher and formerly licensed financial planner (that, incidentally, have not out also as I would have liked).
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