Making Major Financial Decisions

From paying for or financing major purchases to choosing an insurance plan, teach your students how to become well-informed and equipped to make major financial decisions.

Educator Guide: Unit Seven

Topic 1

Paying for a Vehicle

Should you buy a used or new vehicle? What's the difference between leasing and owning? Explore the process of paying for transportation, including financing options.

Self-paced Module

Paying for a Vehicle

10 to15 minutes (plus optional discussion)

Your students likely hope to buy a car. This module will help them explore whether they should get a new or used vehicle. They will also learn the difference between leasing and buying a vehicle, and consider the benefits and tradeoffs of various options.

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Topic 2

Renting or Buying a Home

Help you students know when it makes sense to buy a home. They will explore the benefits and tradeoffs of renting and homeownership.

Topic 3

Understanding Insurance

Students will explore the reasons people buy insurance and factors that influence the cost of various types of insurance.

Classroom Activity

Insurance, Risk, and Costs

1 to 2 Class Sessions

After discussing why people buy insurance, students estimate the cost of auto insurance given nine different factors. In groups, they research what influences the cost of other types of insurance. Students discuss whether they think insurance is worth the price and ways to reduce their future insurance costs.

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Topic 4

Choosing an Insurance Plan

How do you select an insurance plan? Compare and contrast plans and examine personal insurance needs to better understand the options available to students.

Self-paced Module

Choosing an Insurance Plan

10 to 15 minutes (plus optional discussion)

Your students will explore factors to consider when selecting an insurance plan and ways to reduce costs including staying on a parents’ plan.

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Family Connections

Insurance: A Family Conversation

10-minute read, plus discussion

This guide will help parents discuss their family’s insurance plans with their teens. Parents will also find tips on reducing teen driver insurance costs and links to insurance information.

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Topic 5

Understanding Your Consumer Rights

How do you stand up for your rights? Discuss the concept of consumer protection with your students and have them collaborate to create their own definition.

Self-paced Module

Understanding Your Consumer Rights

10 to 15 minutes (plus optional discussion)

Your students will learn about making informed decisions and the importance of being an informed consumer, who carefully examines the source of information.

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Classroom Activity

Protect Your Rights

1 to 2 Class Sessions

After discussing what consumer protection might mean, students search for definitions online and then collaborate to create one using their own words. Students then work in small groups to research a consumer protection agency and prepare a series of social media posts on behalf of the agency.

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