Merit Badge Worksheets Merit Badge Requirements and Workbooks Click a merit badge name below for the current requirements. Merit Badge Workbook - troop1137. Personal Management Requirement 4: Saving, Investing, and Interest, Personal Management Requirement 5: Types of Investments. This is a project on paper, not a real-life project. List these in order of importance to you. Personal Management Merit Badge Current Scouts BSA Requirements as of January 25, 2023 1. Studies have shown that index funds (unmanaged baskets of stocks that mirror the performance of markets/industries) have greater returns the mutual funds, without unnecessarily high fees. 0000070405 00000 n 0000068901 00000 n trailer<<1f7616b1d55bd9b8baedc41ae5f96f27>]>> startxref 0 %%EOF 3990 0 obj <>/AcroForm 3992 0 R/PieceInfo<< >>>> endobj 4064 0 obj <. What do the 5 dots on the personal mgmt. The counselor we have endobj If you pay by check or money order you must complete Form IT-201-V and mail it with your return. Take the time to thoroughly understand this badge, and itll pay you back dividends later in life (youll get that one later ). However, the best way to not spend money is to not bring it with you in the first place. Usually, youre elated when first opening that new toy or gadget. Savings are stored within a bank account and carry an interest rate that is generally close to 1%. Discuss the plan with your merit badge counselor Discuss the plan . and a 5 or 6 digit inventory (SKU - Stock Keeping Unit) number to the booklet. 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. All opinions expressed belong to ScoutSmarts and their readers. 1 0 obj 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. stream Scouting 0000124107 00000 n 16 6 1 9 8 / 1 20 7 5 7851 XOO HDU 5HVLGHQW Click Here to Clear Form Info 0 1 5 Report the LLC fee. If income exceeds budget expenses, state how you would use the excess money (new goal, savings). stream $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ? Fill in the blank fields; involved parties names, addresses and phone numbers etc. 0000151926 00000 n 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. Is this allowed? The concept of diversification in investing. /Width 625 endobj <> 0000138387 00000 n with permission. Before I get into answering the requirements, I want to take a second to explain a concept called interest. Look for a sale or discount coupon. Examples could include planning a camping trip, developing a community service << Without further ado, lets briefly look over requirements one through five of the personal management merit badge. A bit confused? You can also download it, export it or print it out. :), Personal Management Requirement 1: Home Purchases, Personal Management Requirement 2: Budgeting, Personal Management Requirement 3: Money Habits. Here are a few purchases that are considered major expenses for most all families: To use as an example for this requirement, lets pretend that your family is considering buying a new TV. Sometimes, it will pay off to take a higher risk with a smaller amount of money because the upside will be much greater. It is his last required merit Ms. Swierk is certi!ed in Family and Consumer Sciences and in Family Life Education and is a consultant and speaker in the realm of family life and education. /Producer ( Q t 4 . workbooks can help you but you still need to read the merit badge pamphlet. In addition to completing this merit badge as a Scout, I also earned my university degree in economics. 0000020649 00000 n C q" <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> the express permission of the U. S. Scouting Service Project, Inc. (USSSP). 0000001913 00000 n )-t4^6=z_j? /{@!J{h,w`:S+Z{x 09%YbHkYDZ|{fq+ If so, you're in the right place! Type text, add images, blackout confidential details, add comments, highlights and more. The concepts of return on investment and risk and how they are related. Discuss the plan with your merit badge counselor. Create Date March 5, 2021. ZGs< B}4!o6pd+bg;Y 4Q`CPKvHb'qIa+! How hunger affects you when shopping for food items (snacks, groceries). the work they have done on any of the old requirements, if the requirement << To be properly diversified, youll need to have many different investments in different sectors. JFIF K K C >> 3 0 obj says any registered Boy Scout can work on any merit badge at any Develop a written shopping strategy for the purchase identified in requirement 1a. 4 0 obj If you invest money into multiple sources, you are owning a portfolio with different securities. Anyone else have an idea? Description. 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? Compare expected income with expected expenses. I think these topics will likely be the most relevant to you right now in your life. Scout's Name:Unit: Counselor's Name:Phone No. make notes for discussing the item with his counselor, not for providing the These are fantastic rates that are very similar to the high interest youd get from a CD. current worksheets as either word processing and/or PDF formats Keep in Be persuasive and have a mature conversation. Scouter Paul is correct. The reason for this is so that if one basket of investments does poorly, the gains in other sectors will balance out your losses. will not be counseled. 3) Encourage children and adolescents to participate in extracurricular and out-of-school activities. b8)L=!!EsH})RU9@2?=s>g}.`KQ9@?@rGy]'wn 9@ '1 vB 30rd ?ZG +so*S1/*9e.g 'JEd@.2XsBuGRnKRj}~;lV~lW+P (?17:5;6El _L{qGXSkslwah7)7A&+wee `jMZ{u?c'Q{ [jDF\~UBpGx/"\" s)M 0fWNrRZo%-B If you detach yourself from the emotional side of money, youll be able to control your finances and not let your finances control you. US savings bonds are one of the safest types of investments and are endorsed by the federal government. 6 hours of typing and counting Congratulations though, youve just finished half of the entire Eagle-required Personal Management merit badge!! 2) Become more involved in their community (e.g., mentor or tutor youth, join a faith or spiritual community). 09/12/2021 . Diversification means buying a balanced portion of both of these types of investments so that your risk is distributed. More interest means more money in the long run! Choose a career you might want to enter after high school or college graduation. Comparison shop for the item. Last Suffix Insured s/Annuitant s Name if different than owner First Name M. I. copies identified below However, if you find copies on any other site, they Merit Badge Workbook - troop1137 online easily and quickly: Take advantage of DocHub, one of the most easy-to-use editors to promptly manage your documentation online! This means knowing how much youre spending versus how much is coming in as income. Comments or suggestions for changes to the wording of the requirements have been placed there without our permission, and we would be grateful to be Fact: People spend more if theyre using credit cards than if theyre using debit cards. Is there a merit badge counselor's workbook/guide for teaching Personal Management. 0000021553 00000 n Credit reports and how personal responsibility can affect your credit report. You generally have more to gain from investing than you have to lose. endobj Make a seven-day calendar or schedule. 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. However, I am by no means your financial advisor, this article is for entertainment purposes only, and you shouldnt take my advice at face value (mandatory disclaimer). Citizenship In Society: 4. Click on the merit badge name in the listing below, Like all other topics here, life insurance is a pretty complex subject. m9! The BSA's stance is that workbooks can be time-saving tools, but often they are used in the wrong way. endobj Please note that the dates listed below represent The trading price of a stock represents the value that you are able to buy or sell at. 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. 0000123463 00000 n << 0000023259 00000 n Im sure you know the feeling of walking into a restaurant on an empty stomach and ordering way too much food because you think youll need it. Thanks for reading! I'm Cole, the guy behind ScoutSmarts. With compound interest, you get interest on your interest. Take the time to note knowledge requirements versus projects which youll need to work on over time. workbooks are accessible by following links from the current requirements DocHub v5.1.1 Released! Choose an item that your family might want to purchase that is considered a major expense. time, except for a few merit badges with special restrictions. Maximum Value of All Assets. box near the bottom of that page. should be aware of some vital information in the current edition of the. 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. In fact, while hungry, its not only food items that youll be more likely to impulsively buy. Expert Help. When receiving money, youll likely feel a rush of joy and excitement in anticipation of what that money can buy for you. Mutual funds charge an annual fee for ownership, as your money will be actively managed by a team of investors. started in 2019, and has mostly continued to this day. Discuss how other family needs must be considered in this plan. If the company loses money, and the public believes that it wont do well in the future, the trading price will decrease. Once the new year begins, all Scouts starting the merit badge must use the Best Practices Follow these useful steps as you begin your [] Download 474. endobj 3 0 obj /AIS false 0000022931 00000 n 0000018275 00000 n Explain its purpose and your thoughts about it. Depending on your level of wealth, you may consider large and small expenses differently than others. This seems hugely short- Workbooks @Johanna - No, it is not. File Count 1. Remember, the merit badge is personal management, not just financial management. 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. } !1AQa"q2#BR$3br for any MERIT BADGE should be sent to the BSA at: Advancement.Team@Scouting.Org. Demonstrate to your merit badge counselor your understanding of time management by doing the following: Write a "to do" list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. Explain why it is unwise to make only the minimum payment on your credit card. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings for a period of 13 consecutive weeks. Youre less likely to spend a $50 or $100 bill than you are to spend five $10 or $20 bills. Should you wait for a sale? What you can do to better manage your money. You can use that for saving for a short term goal and retrieve the money fast when you need it. The requirements are all Copyright - Boy Scouts of America and are used This means that your money is liquid (able to be quickly converted into cash). 4.1uP-69I^.+qedyL4j5TuP y&7d!SM)Y*a|5GH5A}\1sntEJ}$px3Gl`ib"^c.#Dkh-+TQFf$u$5M Ui72 `S*ZezNhV#6Yc7M V $C-{ @hEhKooT5CnSjb&GY+? I think I earned my Eagle back in 2014, and along the way, learned how to be a dependable leader. Is there an age restriction for this merit badge? The requirements were last issued or revised in 2019 This workbook was updated in August 2021. Click a merit badge name below for the current requirements. 7. Comparison shopping is when you look for different places to buy so that you can find the right price. 0000044414 00000 n If youre shopping on Amazon, be sure to check out the star ratings and purchaser feedback to aid in your decision. Track and record your actual income, expenses, and savings for 13 consecutive weeks (the same 13-week period for which you budgeted). 2. This Workbook can help you organize your thoughts as you prepare to meet with your merit badge counselor. 0000020786 00000 n 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. Start reading! While I can't tell my past self what I know now, I can teach you all the smart Scouting knowledge that I wish I'd known when just starting out. Life insurance can be purchased in 2 ways: term or whole life insurance. a Scout can choose to use either full set of old requirements or new requirements Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. endobj Examples could include planning a camping trip, developing a community service /Creator ( w k h t m l t o p d f 0 . Saving and investing over the course of your career is the only way that youll be able to retire comfortably. However, the upside is much greater than the downside, especially if you have time to let your stocks grow. 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. Identify three healthy eating goals you want to work on. 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