Section 1: Savings Options. Explore the following Savings Options:
Explain the advantages and disadvantages of each choice. Using the following criteria:
Safety
Risk v Reward
Liquidity (how quickly you can convert to cash)
Ease of opening the account (or keeping at home or buying a collectible)
You can create a chart (spreadsheet), slides, or paragraphs to present the information.
Personal Savings (Piggy Bank or under your mattress)
Savings Account
Money Market Account,
Certificate of Deposit,
Savings Bonds
Corporate or Municipal Bonds
Collectibles
Explain the advantages and disadvantages of each choice, considering safety, reward, ease of getting cash, and ease of opening the account.
Section 2: Personal Reflection: What is your choice?
Grandma requests that you keep the money for six months. How will you save the money?
Create a multi-paragraph reflection on how you will save the money, the risk/reward, and benefits of your decision.
Options to consider:
At this point in your life, do you need the $1000?
What would you ‘like’ to use the $1000 for?
List any needs you will have for the money in the next 2 years.
List both the positives for your choice and the negatives of the ‘other’ options.
Would you rather ‘invest’ the $1000 and hope to grow the money to use later in life? (Next week’s assignment)
What do you think most people your age would do with a quick $1000 from grandma?
