WIXLIB

42Time ManagementWhy Time Management Times is one of your most important assets Limited asseto Only so many hours per dayo Days in a weeko Weeks in a year Difficult to buy more timeo Time is Moneyo It is Expensiveen.wikipedia.org/wiki/Time management

43Time ManagementTime“If you love life,don’t waste time,For time is what life is made up of”Bruce Lee

44Time ManagementTime Management Used to increase effectiveness, efficiency, and productivity Value Time Wasted Time is wasted money and wasted lifeen.wikipedia.org/wiki/Time management

45Time ManagementTime Management Some things can waito Clickbaito Binge-watching old showso Facebooko Cat videosen.wikipedia.org/wiki/Time management

46Time ManagementTime Management Some things are more important than otherso Completing a college projecto Proposal at worko Relationship with significant othero Family vacationen.wikipedia.org/wiki/Time management

47Time ManagementTime Management Some things are time sensitiveo Preparation for Examinationso Application Deadlineso Requirements for Eagle Scouto Online saleen.wikipedia.org/wiki/Time management

48Time ManagementTime Management“It’s not the daily increase but daily decrease.Hack away at the unessential.”Bruce Lee

49Time ManagementABCD Analysis A – Tasks that are perceived as being urgent and importantB – Tasks that are important but not urgentC – Tasks that are unimportant but urgentD – Tasks that are unimportant and not urgent Sometimes B is forced into A or Cen.wikipedia.org/wiki/Time management

50Time ManagementNot ImportantImportantThe Eisenhower MethodUrgentNon-UrgentCrying babyKitchen FireSome callsExerciseVocationPlanning1 23 4InterruptionsDistractionsOther callsImage Source: .pngTriviaBusy workTime wastersen.wikipedia.org/wiki/Time management

51Time ManagementPareto Analysis – 80/20 Rule 80% of tasks can be completed in 20% of the disposable time 20% of tasks will take up 80% of the time If productivity is the goal, focus use of time on the 80% of tasks100%Vital Few80%80% Line60%40%Trivia Many20%10%0%Image Source: pen.wikipedia.org/wiki/Time management

52HomeworkRequirement 8Demonstrate to your merit badge counselor your understanding of timemanagement by doing the following:(a) Write a “to do” list of tasks or activities, such as homeworkassignments, chores, and personal projects, that must be done inthe coming week. List these in order of importance to you.(b) Make a seven-day calendar or schedule. Put in your set activities,such as school classes, sports practices or games, jobs or chores,and/or Scout or place of worship or club meetings, then plan whenyou will do all the tasks from your “to do” list between your setactivities.

53HomeworkRequirement 8Demonstrate to your merit badge counselor your understanding of timemanagement by doing the following:(c) Follow the one-week schedule you planned. Keep a daily diary orjournal during each of the seven days of this week’s activities,writing down when you completed each of the tasks on your “to do”list compared to when you scheduled them.(d) With your merit badge counselor, review your “to do” list, one-weekschedule, and diary/journal to understand when your scheduleworked and when it did not work. Discuss what you might dodifferently the next time.

Personal Management Merit BadgeProject Management

55Project ManagementProjects Projects can be simpleo Clean out closeto Build a fun Pinewood Derby Car Projects can be grando Develop vaccine for Covid 19o Build the ultimate Pinewood Derby Caren.wikipedia.org/wiki/Project management

56Project ManagementProjects The primary challenge of project management is to achieve all of theproject goals within the given constraints.en.wikipedia.org/wiki/Time management

57Project ManagementProject Components Objective: What you are trying to accomplish Scope: Explains the boundaries of the projecto Timelineo Budgeto Use of resources Tasks: Steps that must be undertaken to complete project Milestones: A significant stage in a projecten.wikipedia.org/wiki/Time management

58Project ManagementTaskActivityList in GnattStartGroupEndBuyingBuy Bread15BuyingBuy Peanut Butter510BuyingBuy Jam1015115BuyingCookingToast Bread1622CookingGet Knife1921CookingApply Peanut Butter2225CookingApply Jam2528CookingJoin Bread together29301630CookingSnackingEat Sandwich3135SnackingClean up36383138SnackingGantt Image source: harts

59Project ManagementGantt Image source: teamgantt.com/free-gantt-chart-excel-template

60Project ManagementBrass Tacks Planning is vital for project success Equally important is getting started

61Project ManagementBrass Tacks“If you spend too much time thinking about a thingYou'll never get it done”Bruce Lee

62HomeworkRequirement 9Prepare a written project plan demonstrating the steps below, includingthe desired outcome. This is a project on paper, not a real-life project.Examples could include Planning a camping trip Developing a community service project or a school Religious event Creating an annual patrol plan with additional activities not alreadyincluded in the troop annual plan. Discuss your completed project plan with your merit badge counselor.

63HomeworkRequirement 9Prepare a written project plan demonstrating the steps below, includingthe desired outcome. This is a project on paper, not a real-life project.(a) Define the project. What is your goal?(b) Develop a timeline for your project that shows the steps you musttake from beginning to completion.(c) Describe your project.(d) Develop a list of resources. Identify how these resources will helpyou achieve your goal.(e) Develop a budget for your project.

64HomeworkRequirement 10Do the following:(a) Choose a career you might want to enter after high school or collegegraduation.Discuss with your counselor the needed qualifications, education,skills, and experience.(b) Explain to your counselor what the associated costs might be topursue this career, such as tuition, school or training supplies, androom and board.Explain how you could prepare for these costs and how you mightmake up for any shortfall.

Personal Management Merit BadgeFinancial Management

66Financial ManagementRequirement 3a Money(a) The emotions you feel when you receive money. Warm inside, joy, elated? What about large amounts of money? Win the d-up-bankrupt

67Financial ManagementRequirement 3b Money(b) Your understanding of how the amount of money you have with youaffects your spending habits. Cash vs Debit Card vs Credit Card Large bill vs small bills

68Financial ManagementRequirement 3c Money(c) Your thoughts when you buy something new and your thoughts aboutthe same item three months later.Explain the concept of buyer’s remorse.

69Financial ManagementRequirement 3d Money(d) How hunger affects you when shopping for food items (snacks,groceries).

70Financial ManagementRequirement 3e Money(e) Your experience of an item you have purchased after seeing or hearingadvertisements for it.Did the item work as well as advertised?

71Financial ManagementRequirement 3f Money(f) Your understanding of what happens when you put money into asavings account.

72Financial ManagementRequirement 3g Money(g) Charitable giving.Explain its purpose and your thoughts about it.

73HomeworkRequirement 1Do the following:(a) Choose an item that your family might want to purchase that isconsidered a major expense.(b) Write a plan that tells how your family would save money for thepurchase identified in requirement 1a.(1) Discuss the plan with your merit badge counselor.(2) Discuss the plan with your family.(3) Discuss how other family needs must be considered in this plan.

74HomeworkRequirement 1Do the following:(c) Develop a written shopping strategy for the purchase identified inrequirement 1a.(1) Determine the quality of the item or service (using consumerpublications or ratings systems).(2) Comparison shop for the item. Find out where you can buy theitem for the best price. (Provide prices from at least two differentprice sources.)Call around; study ads. Look for a sale or discount coupon.Consider alternatives. Can you buy the item used? Should youwait for a sale?

75Financial ManagementFinancial Management

76Financial ManagementFinancial Management - Requirement 3hThe practice of managing your Financial Resources Expense Management Asset Management

77Financial ManagementFinancial Management"My policy is that money is an indirect matter.The direct matter is your ability orwhat you are going to do that counts.If that comes,the indirect things will follow."Bruce Lee

78Financial ManagementFinancial Management - Requirement 3h Money(h) What you can do to better manage your money. Know what your income is vs what you spend Spend less than you earn Avoid debt Save and invest what you don’t spend

79Financial ManagementExpense Management

80Financial ManagementExpense Management - The Budget Allocate income to cover various Expenseso Active Incomeo Passive Incomeo Core Expenseso Discretionary Expenses Expenses shouldn’t exceed Income

81Financial ManagementExpense Management – IncomeActive Job salary Side gig Chores GiftsPassive Interest from Savings Return on Investments

82Financial ManagementExpense Management – ExpensesCore Expenses Housing Food Taxes Insurance ClothingDiscretionary Expenses Entertainment Eating out Fancy clothing Car upgrades

83Financial ManagementExpense ManagementIncome greater than Expenses Save for rainy day Investments Treat yourselfExpenses greater than Income Use Savings Borrow Money Defer Expense

84HomeworkRequirement 2Do the following:(a) Prepare a budget reflecting your expected income (allowance, gifts,wages), expenses, and savings for a period of 13 consecutive weeks.(b) Compare expected income with expected expenses.(1) If expenses exceed budget income, determine steps to balanceyour budget.(2) If income exceeds budget expenses, state how you would usethe excess money (new goal, savings).

85HomeworkRequirement 2Do the following:(c) Track and record your actual income, expenses, and savings for 13consecutive weeks (the same 13-week period for which youbudgeted). (You may use the forms provided in [the BSA] pamphlet,devise your own, or use a computer-generated version.) Whencomplete, present the records showing the results to your meritbadge counselor.(d) Compare your budget with your actual income and expenses tounderstand when your budget worked and when it did not work.With your merit badge counselor, discuss what you might dodifferently the next time.

86HomeworkRequirement 2IncomeBudgetActualJob 1Job 2Total Income 2,200.00 1,100.00 3,300.00 2,000.00 1,000.00 3,000.00ExpensesBudgetActualHousingFoodCar nCell PhoneInternetCable TVEntertainmentEating outSavingsMiscellaneousTotal Expenses 1,200.00 250.00 200.00 50.00 120.00 150.00 75.00 40.00 30.00 500.00 70.00 55.00 60.00 130.00 50.00 200.00 120.00 3,300.00 1,200.00 275.00 200.00 45.00 120.00 163.00 73.00 42.00 30.00 500.00 70.00 55.00 60.00 182.00 30.00 200.00 200.00 3,445.00Under/OverBudget 200.00 100.00 300.00Under/OverBudget 0.00 25.00 0.00 5.00 0.00 13.00 2.00 2.00 0.00 0.00 0.00 0.00 0.00 52.00 20.00 0.00 80.00 145.00

87Financial ManagementAsset Management

88Financial ManagementRequirement 4a– Savings and InvestmentsSavings Income not spent Deferred consumption Money in bank or pension Reducing expenditures Low-riskInvestments Capital appreciation Dividends Interest earnings Some form of risk

89Financial ManagementRequirement 4b Planning Ahead – Return and RiskReturn Quantitative reward Money you earn Rate of Return Return on Investment Risk Adjusted Rate of ReturnRisk (Downside Risk) Uncertainty of return Potential for financial loss Capital Risk Market Risk Interest Rate Risk Liquidity RiskMcNeil, Alexander J.; Frey, Rüdiger; Embrechts, Paul (2005). Quantitative risk management: concepts, techniques and tools. Princeton University Press. pp. 2–3. ISBN 978-0-691-12255-7.

90Financial ManagementRequirement 4c - Simple and Compound interest Simple interesto Calculated on the principal (original amount of a loan)o Simple interest P x i x n Compound interesto Calculated on the principal amounto AND the accumulated interest of previous periodso Regarded as "interest on interest“o Compound interest [P(1 i)n] simple-and-compound-interest.asp

91Financial ManagementRequirement 4c - Simple and Compound interest 28,000.00 26,532.97 26,000.00 24,000.005% Simple Interest5% Compound Interest 22,000.00 20,000.00 20,000.00 18,000.00 16,000.00 14,000.00 12,000.00 10,000.0001234567891011121314151617181920

92Financial ManagementRequirement 4c - Simple and Compound interest 80,000.00 73,280.74 70,000.00 67,275.00 60,000.0010% Simple Interest10% Compounding Annual 50,000.0010% Compounding Semi-Annual10% Compounding Quarterly10% Compounding Monthly 40,000.00 30,000.00 30,000.00 20,000.00 10,000.0001234567891011121314151617181920

93Financial ManagementRequirement 4d Planning Ahead - Diversification Some investments will yield high returns Others will tank Diversified portfolio mixes a wide variety of assets and investmentso Limits exposure to any single asset or risko Ideally – yields long term return with limited riskinvestopedia.com/terms/d/diversification.asp

94Financial ManagementRequirement 4e Save and Invest for Retirement"I profited from my father's philosophy about money.He used to tell me,"If you make 10 dollars this year,always think to yourself that next yearyou may only make five dollars- so be prepared."Bruce Lee

95Financial ManagementRequirement 4e Save and Invest for Retirement Rare for businesses to provider a reasonable pension anymore Our income will drastically decrease at retirement Don’t think the government will provide a comfortable life If you want to live comfortably in your later yearso Need so save and invest early ono Delayed gratification today yields greater return latero Long term investments can double or triple over time

96Financial ManagementRequirement 5a Investments – Common Stocks Shares of ownership of a corporationCommonly referred to as ‘stocks’Bought and sold on a stock exchangeTwo ways to earn moneyo Growth Investment Company reinvests earnings Stock can increase in valueo Income investment Company pays dividends Generally lower volatility Risk and potential for return vary greatlyImage Source: cks/summary?symbol BA

97Financial ManagementImage Source: cks/summary?symbol BA

98Financial ManagementRequirement 5b Investments – Mutual FundsCollective investment vehicles - regulated and sold to the general public Basically a collection of diversified investmentso Stockso Bondso Money market instrumentso Other assets Operated by professional money managerso Allocate the fund's assetso Attempt to produce capital gains or income Charge annual fees (called expense ratios) and sometimes commissions Portfolio aims at meeting investment objectives stated in prospectus Most employer-sponsored retirement plans are tdameritrade.com

99Financial tualfunds/overview/overview.asp

100Financial ManagementRequirement 5c Investments – Life Insurance Important part of overall financial picture if sole source of income Traditionally - considered part of a sound investment portfolio Isn’t considered good investment for most peopleo Consider if you are the sole and majority source of income for family

101Financial ManagementRequirement 5c Investments - Certificate of Deposit (CD) Commonly sold in US by banks, thrift institutions, and credit unions Insured if from Banks (FDIC) or Credit Union (NCUA)o Virtually risk-free Have a fixed term (monthly, 3-month, 6-month, 1-5 years)o Penalty withdrawal prior to maturity date Generally have a fixed interest rate

102Financial ManagementRequirement 5e Investments – Savings AccountTraditional way of saving moneyAdvantages Usually higher interest ratethan checking account Money is liquid FDIC or NCUA insuredDisadvantages Low interest rates Interest rates fluctuate Should have 3-6 months’ worth of expenses in savings

103Financial ManagementRequirement 5f Investments – US Savings Bond Created to finance World War I (Liberty Bonds) 1 Jan 2012 - financial institutions no longer sell paper savings bonds Considered one of safest investments Series EE bonds mature (double in value) 20 years from issuanceo May 2020 – fixed bond rate 0.10% Series I bonds – Both a fixed rate with variable rate – can drop to 0%o Fixed rate has varied from 3.6% to 0%o During deflation – variable rate can go negative and 0 fixed rateo May 2020 - 2.22% with 0.20% Fixed 30-year rate

104Financial ManagementInsurance

105Financial ManagementRequirement 6 Insurance If an emergency arises, insurance will financially compensate you Key Terms:o Premium – Monthly fee paid for policyo Deductible – Insurance will pay cost exceeding deductibleo Coverage – Amount of risk or liability that is covered Rates, amount of coverage and specifics varyinvestopedia.com

Personal Management Merit Badge Pamphlet Scout Uniform A positive Scouting focus and attitude 24. Personal Management Merit Badge Intro Virtual Meetings Use your REAL Name and Troop Number if you want credit This is how we tak