Financial Literacy Worksheet + Reflective Writing

Course Name

XX points | Due date

PURPOSE OF ASSIGNMENT

As students begin their transition to a career and enter the workforce, issues of financial literacy such as budgeting, investment, insurance, savings, credit, mortgages, and personal finance become more relevant than when students were enrolled in college. To help prepare students for the decisions and opportunities that come with a higher paying career and steady income, this assignment seeks to familiarize students with some of the more common financial situations that early career entrants will face

Intended outcome: Evaluate and solidify career decisions using sound judgement and concrete information from a diverse set of sources.

Correlated career competencies: Upon completion of this assignment, students will be able to:

• Create and edit written reports

Communication

• Adjust communication based on audience

• Articulate clearly and accurately when speaking & writing

• Identify areas of professional growth

Career and Self-Development

• Navigate and explore job options

• Take necessary steps to pursue and advocate for opportunities in the workplace

DELIVERABLES

Part I: Complete the attached financial literacy worksheet. Use the attached financial literacy resources as primary sources to respond to worksheet questions.

Part II: Write a reflection about the experience using the attached prompt.

Part I: Financial Literacy Worksheet

Submit a completed worksheet in a typed format. Please do not upload a scanned handwritten worksheet. Use the links provided as a primary source to help you answer the questions.

1. What salary do you expect to get in your first career job?

2. What is the first thing you will need to purchase when you get your job?

3. Do you have (know) your credit score? Do you know how it works?

4. What is debt? What are some common debts that you may incur after graduation?

5. Make a list of your anticipated monthly expense items. List as many as you can think of – a spreadsheet may be useful.

6. What are some tools for keeping a personal financial budget?

7. Describe some differences in the types of investments. How are investments different than savings?

8. What type of investments are low/high risk, low/high return?

9. At what age do you want to retire?

10. How much do you need for retirement?

11. What do you understand about insurance? What types of insurance may you need once you graduate (and where will it come from?)

Financial Literacy Resources

SALARY DATA

• AU graduate salary data | https://www.auburn.edu/academic/provost/first-destination/#salary

• Engineering pathways | https://eng.auburn.edu/cdcr/undergraduate/pathways/index.html

• LinkedIn Salary | Access through the Jobs tab on LinkedIn

• Job offers & salary negotiation | https://eng.auburn.edu/cdcr/undergraduate/offers-negotiations

COST-OF-LIVING

• SmartAsset paycheck calculator | https://smartasset.com/taxes/paycheck-calculator

• NerdWallet | https://www.nerdwallet.com/cost-of-living-calculator

REGULAR EXPENSES + BUDGETING

• Regions for Students | How to make a budget: https://www.regions.com/insights/personal/personalfinances/budgeting-and-saving/how-to-create-a-monthly-budget

• The Muse budgeting worksheet | https://www.regions.com/insights/personal/personalfinances/budgeting-and-saving/how-to-create-a-monthly-budget

CREDIT SCORES

• Regions NextStep credit scores + reports module https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_ source=regionscom#credit-scores-and-reports/introduction/page-1

• Equifax | https://www.equifax.com/personal/education/credit/score/articles/-/learn/what-is-a-creditscore/

• Experian | https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-agood-credit-score/

INSURANCE

• Regions NextStep | Insurance module https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_ source=regionscom#insurance

• Trusted Choice | https://www.experian.com/blogs/ask-experian/credit-education/score-basics/whatis-a-good-credit-score/

LOANS

• RegionsNextStep|FinancingHigherEducationmodule

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=47639373&part=1&signup=1#financin g-higher-education

• Regions|UnderstandingAutoLoans

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_sou rce=regionscom#auto-loans

TAXES

• RegionsNextStep|Taxesmodule

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_sou rce=regionscom#taxes

SAVINGS + RETIREMENT

• SavingsAccounts|traditionalsavings,specialsavings,moneymarket

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_s ource=regionscom#savings

• Investments| RegionsNextStep

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_s ource=regionscom#investments

• Future:CollegeSavings| RegionsNextStep

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_s ource=regionscom#five-twenty-nine-plans

• Future:RetirementSavings|Employerplans,IRAs+RothIRAs

RegionsNextStepEstatePlanningModule

https://atwork.everfi.net/regions/curriculum/show?enrollment_id=75256287&part=1&signup=1&utm_s ource=regionscom#estate-planning

• Collegestudent’sguidetoretirement

https://thecollegeinvestor.com/ultimate-retirement-savings-guide/

Part II: Reflective Writing

Submit a one-to-two-page summary (11 pt font single spaced) responding to the following prompts:

 What were some surprising findings?

 What was something you previously had a poor understanding of but now feel better about?

 Discuss the importance of financial literacy.

 Discuss your plan to handle your early career finances.