} !1AQa"q2#BR$3br I. Mastery of your finances is key to a fulfilling life, and I want to get you started along on that journey! because they've already started in the badge, the older requirements and endobj Boy Scouts of America Personal Management Merit Badge Workbook (2021) Page 10 of 11 REQUIREMENT 9 Prepare a written project plan demonstrating the steps below, including the desired outcome. View Personal-Management.docx from MANAGEMENT 608 at Modesto Junior College. Take the time to note knowledge requirements versus projects which youll need to work on over time. 0000018690 00000 n The Boy Scouts of America is grateful to the American Red Cross for providing hands-on assistance from beginning to end with the 2008 edition of the Emergency Preparedness merit badge pamphlet upon which this edition is based. However, riskier investments often have more potential upside. If youre trying not to spend money, dont carry credit cards and try to use cash if you absolutely need to buy something. 0000018225 00000 n This is where compound interest comes into play. Why it is important to save and invest for retirement. Those will show an effective date of the following year to work on those requirements even if new requirements are published. Boy scout merit badge worksheet. Credit reports and how personal responsibility can affect your credit report. 7) Copies of some of these workbooks (in PDF format only) are also available In retirement, your income decreases substantially. /SA true 0000164826 00000 n Write a plan that tells how your family would save money for the purchase identified in requirement 1a. 0000021914 00000 n Can you buy the item used? 0000152453 00000 n Advancement to Star, Life, and Eagle all require completion of merit badges, service, and demonstration of responsibility. (You may use the forms provided in the merit badge pamphlet, devise your own, or use a computer-generated version.) Outline a comprehensive 12-week physical fitness program using the results of Boy Scouts of America Personal Management Merit Badge Workbook (2021) Page 3 of 8 b. Compare expected income with expected expenses. File Size 0.00 KB. The counselor we have refuses to help my son for any MERIT BADGE should be sent to the BSA at: Comparison shop for the item. In requirement 4, because you cannot withdraw money from a CD before the end of the term without penalty, money invested there is considered illiquid. 0000020444 00000 n /Width 625 0000036842 00000 n Additionally, your rate of return (and risk) are typically higher when investing in stocks. CDs are one of the safest investments and involve depositing a lump sum into a bank or credit union that cannot be withdrawn for a long period of time. Merit Badge Workbook - troop1137 completed. Type text, add images, blackout confidential details, add comments, highlights and more. In both parts of my guide to the personal management merit badge, I hope to teach you the skills and knowledge youll need, not only to earn this difficult badge but also to understand your finances and better master your money. Demonstrate to your merit badge counselor your understanding of time management by doing the following: c a. DocHub v5.1.1 Released! Right click on a workbook name to save or print the optional workbooks. Recognize where youre spending money every month, then see if you can reduce those costs! Discuss what you might do differently the next time. Although there is a lot more nuance involved, common stocks essentially represent your ownership in a percentage of a company. d2Y:v+uCe"El^+}9*Nicd. Thanks for reading! If its some sort of new fad that you probably wont care about later on, maybe you should consider saving your money. Your experience of an item you have purchased after seeing or hearing advertisements for it. Personal Management Badge - Online 1 review $20.00 Pioneering Badge - Online 16 reviews $20.00 Public Health Badge - Online 11 reviews $20.00 Public Speaking Badge Online $20.00 Railroading Badge - Online 1 review $20.00 Safety Badge - Online 6 reviews $20.00 Salesmanship Badge - Online 5 reviews $20.00 Scholarship Badge - Online $20.00 badge. 0000151926 00000 n Oftentimes, when we buy something new we arent thinking about the future. trailer<<1f7616b1d55bd9b8baedc41ae5f96f27>]>> startxref 0 %%EOF 3990 0 obj <>/AcroForm 3992 0 R/PieceInfo<< >>>> endobj 4064 0 obj <. 6 hours of typing and counting Congratulations though, youve just finished half of the entire Eagle-required Personal Management merit badge!! Thats what I did, and it was a huge success! m9! Heres a great video (3:23) explaining how you can create your own budget from home: Pro tip: You can use this as an opportunity to ask for an allowance, or even an allowance increase if youre already given one. /SMask /None>> /CreationDate (D:20210318124837+02'00') This means knowing how much youre spending versus how much is coming in as income. Is there an age restriction for this merit badge? It is his last required After the stock doubles in value, if you dont think the company will continue to grow, your goal will be to sell the share to someone else. 0000036744 00000 n Compare expected income with expected expenses. /ca 1.0 Develop a written shopping strategy for the purchase identified in requirement la. Look for a sale or discount coupon. Bonds are better than CDs when interest rates are low. 1. Excerpts and links may be used, provided that full and clear credit is given to ScoutSmarts with appropriate and specific direction to the original content. Do the following: a. 0000152234 00000 n If the company loses money, and the public believes that it wont do well in the future, the trading price will decrease. Download 474. Im going to be transparent in saying that I dont personally like mutual funds. Call around; study ads. 0000057725 00000 n )-t4^6=z_j? /{@!J{h,w`:S+Z{x 09%YbHkYDZ|{fq+ Discuss how other family needs must be considered in this plan. Scouter Paul is correct. :). Thats because interest is compounded on your previous interest, meaning that the $4 you got in your first year resulted in an additional $.16 in your second year. 0000069042 00000 n full and complete answers. Is there a merit badge counselor's workbook/guide for teaching Personal Management. 0000022515 00000 n Dont worry in the beginning, I was too. Choose an item that your family might want to purchase that is considered a major expense. Personal Management Merit Badge. (i.e. 0000069183 00000 n x)|.hXL KJ< 8`d^&p (#@:7(#&Z Interested in signing your child up for Scouting (or becoming a BSA/Boy Scout yourself)? Attendance for all class sessions are required to complete this merit badge. Make a seven-day calendar or schedule. Identify how these resources will help you achieve your goal. Choose an item that your family might want to purchase that is considered a major expense. The Value And Benefits of Scouting (58 Highlights From Scouts). the actual requirement. > mind these are BIG files. stream % only 14. PowerPoint presentation for Personal Management Merit Badge. Should you wait for a sale? If you feel another topic or activity . Personal Management Live. Citizenship in the Nation: 6. Unauthorized use and/or duplication of this material without express and written permission from the site author is strictly prohibited. While these used to be paper certificates, now almost all trading of common stocks are done digitally through online brokerage accounts. assignment-3-hands-on-project-6-3-case-project-6-5-project-7-3-case-project-7-425.pdf, I am very proud of our record in supporting and helping people with job, of culture or ideology is important in maintaining the states stability and, West ABC 2202011 Functional Eggbeater Co 300 5700 2541 Central XYZ 2232011, What was the name of Spanish Floridas free black settlement a St Augustine b, feeding tube healthcare professionals need answers to these questions can I, Copy of Literary Analysis for the Odyssey Film & Text-2.docx, D. Logistics - Inventory: a. Compute the missing Inventory Holding Cost Rate using the provided Operating Cost data. 0000138387 00000 n If you detach yourself from the emotional side of money, youll be able to control your finances and not let your finances control you. Citizenship in the Community: 8. 0000138736 00000 n Last Suffix Insured s/Annuitant s Name if different than owner First Name M. I. Although I didn't realize it at the time, Scouting helped shape my life! endobj Investments, on the other hand, are assets that you purchase on the assumption that theyll go up in value. A bit confused? Prepare a written project plan demonstrating the steps below, including the desired outcome. will not be counseled. Personal Management Merit Badge Workbook Consider also using the Personal Management merit badge class preparation page for clarification and expections when participating in a Scoutmaster Bucky merit badge opportunity (onlineor in-person). Write a plan that tells how your family would save money for the purchase identified in requirement 1a. filestore.scouting.org/filestore/pdf/33088.pdf where it 1 0 obj Thanks so much for reading, and for making our world a better place. Having life insurance means that if you one day have a spouse and children, and somehow die unexpectedly, your life insurance will make sure that theyre taken care of financially. If you have plenty of money left over after paying your base cost of living, you can put more of it into savings for the TV. Understand what youll need to do to finish the first half of this badge? The work space provided for each requirement should be used by the Scout to Answer these questions in your own words, do further research, and I promise youll gain much more from every merit badge you earn! Personal management is about mapping a plan for your life that will involve setting short-range and long-range goals and investigating different ways to reach those goals. /AIS false 2. In spite of its difficulty, personal management was one of my favorite merit badges as a Scout. This is the longest part of the personal management merit badge and will differ enormously between Scouts. To set aside $750 to buy this TV, you could either save $250 every month for three months or $75 every month for 10 months. Personal Management. Discuss how other family needs must be considered in this plan. endobj Your thoughts when you buy something new and your thoughts about the same item three months later. It's no secret, some Eagle-required merit badges are harder to earn than others. The PDF files will indicate that date in the first page header. I'm constantly writing new content because I believe in Scouts like you! This holds especially true when investing. Large amounts of money can make people act irrationally and take on unnecessary risks. 1 0 obj Explain to your counselor what the associated costs might be to pursue this career, such as tuition, school or training supplies, and room and board. While a CD may be a good investment for saving money to purchase a house or any other long-term expenses, if you might need money in the short term, a CD will likely not be a good investment option for you. Essentially, with compounding interest, you gained more money in the second year, even with the same rate of interest. These are fantastic rates that are very similar to the high interest youd get from a CD. 0000020970 00000 n If so, you're in the right place! That's why the badge is divided between a dollar sign and a clock. :), Personal Management Requirement 1: Home Purchases, Personal Management Requirement 2: Budgeting, Personal Management Requirement 3: Money Habits. endobj The requirements are all Copyright - Boy Scouts of America and are used [/Pattern /DeviceRGB] While the rate of interest on a $100 bill that you hide under your mattress is zero, by putting your money into a bank or investing it, youll gain a greater rate of interest. Citizenship in the World: 5. 0000095831 00000 n Last Updated March 5, 2021. because he is only 14. Citizenship in the Nation Merit Badge Requirements Citizenship In The Nation Worksheet - in PDF Format Scholarship & Reading Merit Badges - with Mrs. Parlier Pease or Mr. Buemi. If youre shopping on Amazon, be sure to check out the star ratings and purchaser feedback to aid in your decision. The most promising opportunity at the time was in building supplies, so, Prior to certifying the Managing Accounting Billing Statement for contract payments by Governmentwide Commercial Purchase Card, the Approving/ Billing Official must do what two things? link to The Value And Benefits of Scouting (58 Highlights From Scouts), link to All Eagle-Required Merit Badges: Difficulty Rankings in 2023, All Eagle-Required Merit Badges: Difficulty Rankings And Guides, Terms and Conditions & Privacy Policy For ScoutSmarts.com. You can use that for saving for a short term goal and retrieve the money fast when you need it. Then, ask if you could have a reasonable allowance for all the chores you regularly do. Building your financial intelligence will take years, so dont worry if this doesnt make too much sense right now. To be properly diversified, youll need to have many different investments in different sectors. w !1AQaq"2B #3Rbr By delaying gratification today, youll see greater rewards when it comes time to retire. Charitable giving. Also, remember thatScoutSmarts should just serve as yourstarting pointfor merit badge research. For example, when investing, if you were to gain 4% interest on $100 in one year, you would have $104. Im certain this resource will be helpful to Scouts on their road to Eagle! Any increases in the value of a mutual fund portfolio will be given back each year in the form of a distribution, which equals the funds total gains minus the fees. Consider alternatives. with permission. If your parents are anything like mine, theyll jump at the opportunity for you to become more responsible with money! What this means practically, is that if you were to take out a $50 loan with the rate of interest being 10% and there being 2 payback periods, the calculation would be as follows: $50x.12=$10. I think How ito trade stocks: Individuals can buy or sell stocks at a trading price which is shown online. B. De% Explain to your merit badge counselor what the following investments are and how each works: Explain to your counselor why people might purchase the following types of insurance and how they work: Explain to your merit badge counselor the following: What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan. More interest means more money in the long run! 9/15 Mass. $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ? List these in order of importance to you. Outside of this safety net, you should be investing most of your extra income into a balanced portfolio aimed at growing your total asset value through compound interest over the long term. Like all other topics here, life insurance is a pretty complex subject. the work they have done on any of the old requirements, if the requirement in all cases. 0000022963 00000 n These Personal Management Merit Badge Workbook This workbook can help you but you still need to read the merit badge. My computer is starting to lag because this article has gotten waaaaay too long, so be sure to check out part 2 of this article to find the answers for requirements 6-10. Therefore, you should always try to shop on a full stomach, or at least know that your purchasing decisions may not be the most rational when hungry. The benefits of mutual funds lie in their diversification (see requirement 4.4). Workbooks@USScouts.Org merit badge at any time." /Length 7 0 R Cooking: 7. If a BLANK appears in the lists below, it indicates On the other hand, if you invest in something that is less risky, such as a little piece of every single stock within the market (an index fund), you may not see a very high return each year (around 3%), however, youll be less at risk of losing money. Study Resources. Scouting Service Project, Inc. - All Rights Reserved, Requirements Copyright, Boy Scouts of America (Used with permission. 0000020820 00000 n If income exceeds budget expenses, state how you would use the excess money (new goal, savings). @Stewart - Interesting question. 9. Workbook Copyright 2021 - U.S. 0000001913 00000 n <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> :Email: Important excerpts from the Guide To Advancement - 2015, No. It is his last required merit b. Before I get into answering the requirements, I want to take a second to explain a concept called interest. Until next time, I'm wishing you all the best on your journey to Eagle and beyond! Personal Management Scout's Name: _____ _____ _____ 8. This site is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Comparison shopping is when you look for different places to buy so that you can find the right price. If expenses exceed budget income, determine steps to balance your budget. When individuals buy a stock (percentage ownership) of a company, they are hoping that the company grows and that their share gains value. 0000065705 00000 n Since they are spaced out at the same locations as hours on a clock face, and time management is part of the requirements, I'd guess they represent hours. A mutual fund is essentially a giant portfolio managed by a professional investor who takes money from many different people and tries to invest in the right balance of securities for their clients needs. If you own stock in a company whose trading price decreases, you have two options you can either sell or hold the stock. However, not all stocks will go up in value. A merit badge workbook is NOT a sole means to validate, accredit, or confirm the completion of a merit badge requirement or any of its components by itself. Click here to download the current version. The scout can find a different counselor, or ask this one why the scout If I were to do this for the TV example, this would be my step-by-step shopping strategy: Asking how much money you have left after paying for necessities is crucial. This badge will take at least a few months to complete, so understand what youre getting into. 3) Encourage children and adolescents to participate in extracurricular and out-of-school activities. endobj xvQN Z|o0'F!P@YU~@[Z4;`U a@qA@sl^U}[A!G&CA^U~ zfOrR9HH,'_PFQm+yb z]uizl4K mVKdaXU1Dyzz3X5H4a/ {YC!a/"Su-:bVK12Y9V3[B8]0 O..RN@HGdfQ5\)j4v{?IJ~,$pCIE4#QcP`q]]l(wy-@^lYy#W1KUNgxdxfJ. to bring up the web page with the current requirements. By considering your alternatives, youll ensure you get the best value from your purchase. Your thoughts when you buy something new and your thoughts about the same item three months later. Download your modified document, export it to the cloud, print it from the editor, or . copies identified below However, if you find copies on any other site, they <>>> Generally, a higher return on investment goes hand in hand with a higher risk. Requirements for the Personal Management merit badge: Do the following: Choose an item that your family might want to purchase that is considered a major expense. Personal management merit badge worksheet. Each merit badge pamphlet is assigned a 5 digit publication number which,. Bonds are pretty similar to CDs, aside from the fact that CDs are offered by banks and credit unions, while bonds are offered by the federal government. Be persuasive and have a mature conversation. stream 0000002168 00000 n This means that your money is liquid (able to be quickly converted into cash). We are compensated for referring traffic and business to Amazon and other companies linked to on this site. %PDF-1.5 Write a plan that tells how your family would save money for the purchase identified in requirement 1a. 1) Build strong, positive relationships with family and friends. % Keep in mind that these workbooks are OPTIONAL aids. x\[s~d'$N{zfI"Nm]E$ byK"],!_Y$^])>!_-xnbyiK?E^&o//hL'cPwq//|Go?_^\Hg|`@F #B-bJH~5,GES9)lTK!rj/h1zB%EbY4vf5iql9?_^8B38mR.d_> fV,Nu_4&>5)p6J0-WhX~_:43@"F' &)pwrXNeY;+1,; zEpELL"wd ,s)GtBF*N+N>R]\|obOLi31x';@>S)/?9)89Q'?##f~&t4QKHYK~*qQTJS]+p] 4^I}>udFN>gk%2nCZj%{*qE)Zbr~roE$&e>!s9QpgTfNH4v:bP% *Ip! Hopefully, you'll learn a few things along the way and make the best of your time in Scouting. Personal Management Requirement 1: Home Purchases 1a) Choose an item that your family might want to purchase that is considered a major expense. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> As youve probably already noticed, investing is tough! 0000036683 00000 n If income exceeds budget expenses, state how you would use the excess money (new goal, savings). 4.1uP-69I^.+qedyL4j5TuP y&7d!SM)Y*a|5GH5A}\1sntEJ}$px3Gl`ib"^c.#Dkh-+TQFf$u$5M Ui72 `S*ZezNhV#6Yc7M V $C-{ @hEhKooT5CnSjb&GY+? However, CDs are better than bonds when banks are offering higher interest rates. Add the day/time and place your electronic signature. the months the workbooks were last revised and uploaded. %PDF-1.4 This means that if you have $1000 in a bank account with an annual compounding period, at the end of the year youd have $1010 [$1000 (principal amount) + $10 (principal x .01) = $1010]. serving on the National Merit Badge Subcommittee for the improvements made in updating this pamphlet. About Merit Badges You can learn about sports, crafts, science, trades, business, and future careers as you earn merit badges. In addition to completing this merit badge as a Scout, I also earned my university degree in economics. Once you have a budget in place, look for purchases youre often spending a lot of money on, that you dont get much benefit from. Click a merit badge name below for the current requirements. You generally have more to gain from investing than you have to lose. 3 0 obj 0000023550 00000 n 0000021734 00000 n Discuss with your counselor the needed qualifications, education, skills, and experience. Firstly, a portfolio is essentially a basket of investments like stocks, bonds, and other assets. To complete this requirement, youll need to create a budget for a major expense your family is considering taking on. Depending on your level of wealth, you may consider large and small expenses differently than others. ScoutSmarts.com is not sponsored or endorsed by the Boy Scouts of America. It is a clock face. is unchanged, or only had editorial changes which don't actually change stream merit badge represent? 0000096057 00000 n Find out where you can buy the item for the best price. With numerous in-depth knowledge requirements, as well as additional long-term projects, earning this badge wont be a simple feat. Follow up with final requirements. Investors are able to buy and sell bonds prior to the maturity date (Cant do with CDs). box near the bottom of that page. It is very rare that something can cause you to lose money stored in a savings account, but people frequently lose money while investing in the stock market or in other commodities. Check out this one-minute video on the benefits of compound interest vs simple interest: As I said earlier, some investments are riskier than others. should be aware of some vital information in the current edition of the. Explain how you could prepare for these costs and how you might make up for any shortfall. eliminate the exercises involving stocks? have been placed there without our permission, and we would be grateful to be Market is one of the key drivers and indicators of the U.S. economy. 0000018810 00000 n Open the personal management merit badge worksheet and follow the instructions Easily sign the personal management merit badge workbook answers with your finger Send filled & signed personal management merit badge budget template or save Rate the personal management worksheet 4.6 Satisfied 189 votes be ready to get more "tell", "explain", "demonstrate", "identify", etc, that is what you must do. 0000139196 00000 n merit badge. If youre interested in any of the other concepts though, Id highly recommend doing your own research! Workbooks@USScouts.Org Whether youre buying a percentage of a company (stocks), gold, or a rare coin, if you have the intention of selling for a higher price later, youre investing! This workbook can help you but you still need to read the merit badge pamphlet. Effortlessly add and highlight text, insert images, checkmarks, and signs, drop new fillable areas, and rearrange or delete pages from your document. b. Before we get started, if you have other Eagle-required merit badges to earn, Id recommend checking out myDifficulty Ranking Guide to Every Eagle-required Badge. If you dont have any money left over, this where budgeting will come in handy. /Filter /DCTDecode 0000022095 00000 n The differences between a charge card, debit card, and credit card. . If you choose to start investing, you should speak with your parents and be sure to have a strategy before spending any money. Personal Management - Merit Badge Workbook Page 11 of 21. In most banks, you will have the option of depositing money into two accounts: your checking or savings account. No. I have the book. Scouts cannot pick and choose from both /Title ( P e r s o n a l m a n a g e m e n t m e r i t b a d g e w o r k b o o k 2 0 2 1)

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