1. Each team is provided with incomplete financial information about a fictional family’s financial situation. You are not given all information necessary and are free to create additional information about your family if you wish.
2. Your team is charged to study this family’s finances and make recommendations as if you were their financial advisor. You can create a budget and expense sheet and anything else you might want to show them as you present your recommendation. You will present your recommendations to the family in 4 areas:
b. savings goals
3. You will create a computer based presentation as a team and present it to the panel of judges. The presentation must be at least 5 minutes in length and not over 10 minutes. Each member of your team must have some part in your presentation. You may use any creative method of presentation to enhance your presentation, however the presentation must utilize Microsoft PowerPoint to gather electronic materials.
4. Your goal is to give the family sound advice for their future based on your knowledge of financially sound practices.
5. Judges will score using a rubric using the following weighting:
a. Analysis of Current Family Finances (40 points)
i. Strengths & weaknesses of the family’s large financial decisions
ii. Strengths and weaknesses of the family’s small financial decisions.
iii. Depth of knowledge of sound financial practices.
iv. Demonstrates critical thinking.
b. Financial Planner Recommendations (40 points)
i. Rationale explained using specific examples from data.
ii. Projections for short & long term financial stability are supported using data analysis
iii. Not focused solely on cutting costs, but also show interest in optimizing quality of life.
iv. Depth of knowledge beyond the general expectations of the scenario & creative, viable plan to improve the financial well-being of the family.
c. Presentation (20 points)
i. Professional, well organized, and well-orchestrated.
ii. Articulation of presentation & in answering questions.
6. Teams will be given the case study & a flash drive and have two hours to complete their presentation. Flash drives must be turned in by the two-hour time limit or the team will be disqualified from advancing to round II in the competition.
7. Teams will be given 15 minutes to work with their teacher after receiving the case study. Expert volunteer coaches will be available for consultation periodically throughout the two-hour preparation time.
DETROIT – Understanding personal finance can be difficult for adults, often because they didn’t learn about it in school. But that trend is changing for high schoolers who are getting the message about good personal finance habits.
It’s Money Smart Week all across Michigan, and high schoolers who have been learning about money and what it does and what it means to them showed off their skills Monday at the Federal Reserve Bank of Chicago Detroit Branch.
Local 4’s Rod Meloni was asked to be the host for the state championship money quiz bowl.”
Michigan Council of Economic Education President Derek D’Angelo hosted Monday’s event at the Federal Reserve.
“We connect with the real world,” D’Angelo said. “We connect it to things they see in their daily life whether it be budgeting, whether it be student loans that they don’t want to have around their necks as they go off to college and make sure we bring it to life in that way.”
More than 800 Michigan high schoolers took online tests to show off their financial chops. The top 20 teams came together Monday in Detroit to battle for a spot in the State Championship Quiz Bowl.
Two four-person teams from the International Academy of Birmingham and Lake Orion High School faced off. The students were on their game, and in the end, Lake Orion emerged as the champion.
The All State personal finance MVP was Kurtis Portier.
“It was a blast,” Portier said. “Your heart’s beating. You feel the pressure to press that button. You don’t know when the other team is going to press the button. I want to thank my teacher, Mr. McGloughlin.”
Other players who came away with better financial understanding said the event was on par with athletic championships.
“There were things I learned here I had never seen in class, so it was a real fun time,” one student said.
“We weren’t expecting to make it to the top two teams in the quiz bowl and so that competition was fun,” said another student. “We are going for ice cream afterward so we are looking forward to that.”
A $50 book about Wall Street was the door prize for every student who attended. Hundreds of other Money Smart events will be held all week, most of them at a library near you.