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Teaching Financial Literacy through Great Literature: The Devil and Tom Walker Notes: Financial Principles for Everybody

sa home loans early settlement Americans lack financial intelligence as evidenced by high foreclosure rates and low savings rates. Sa Home Loans Early Settlement Be part of the perfect solution by educating tomorrow's consumers on smart spending practices. Teaching "The Devil and Tom Walker" in may help enhance your student's basic financial knowledge.

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These notes on "The Devil and Tom Walker" could be given as you big note-taking bonanza or dispersed intermittently while you look at story. No matter how you use them, feel comfortable knowing that you happen to be teaching tomorrow's consumers how you can be careful.

Tom Walker's shortcut from the swamp ultimately brings about his meeting with the devil, which experts claim results in his ill-gotten riches. Shortcuts to wealth include lying, cheating, stealing, borrowing excess amount, and illegal and unethical practices. Those who take part in such practices enjoy their funds for a season without ever enjoying the true prosperity which comes from implementing sound financial practices: paying yourself first 10% of your respective income--a practice which would entirely eliminate the requirement for the modern-day Tom Walkers we discuss'building a reserve fund covering 3-6 months of living expenses, educating yourself on money and investments, and having post secondary training or even a higher education.

Compare Tom's monthly interest, 4% monthly, towards the interest by using an average mortgage, 6.5% yearly. Many begin to see the 4 and assume Tom's is best. Point out the difference: monthly v. yearly. Tom's monthly rate compounded at least a year is in fact over 60%, nearly 10 times what many pay on the house today. Talk about how wonderful it really is that charging such exorbitant rates is against the law and unheard of in your advanced society (this is a trick). Then discuss Modern Day Tom Walker #1, payday loans, whose AYP are over 100%.

Drive on any street in different town within the United States and you'll find as much PayDay loan businesses charging rates far over Tom Walker's as you'll find intersections. You'll also find students with your class whose families have got out these plans, so tread lightly. These short-term loan centers charge a $15 fee on the two-week loan for every $100 borrowed, a 390% annual interest. If you borrowed $1,000 at 390% interest, broke your foot the following day, lost your job, and returned a year later to fulfill your creditors, you'd probably owe a lot more than $32,000. Pawnshops have known this secret for a long time as have loan sharks. Income tax services also have gotten in on the action, charging consumers $150 to have their $1,000 refund check a fortnight sooner. I wish these folks were the worst offenders, however are not. That distinction is assigned to Modern Day Tom Walker #2, the predatory mortgage company.

The 4th lesson is on watching out for salespeople.

Tom Walker was 'the universal friend with the needy, and the man acted being a friend in need of assistance; in other words he always exacted good pay and good security." Many 'friends" within the mortgage business, throughout the recent real estate boom, pushed unscrupulous loans on unsuspecting customers. Some simple financial education can prevent these unscrupulous loans from being pushed giving you along with your students. Show students the way to read a truth-in-lending statement and explain how lenders took advantage of borrowers by recommending option arms, negative amortization, and interest only loans. A brief history of mortgages lesson might prove beneficial. If you are familiar with how expensive and unwise investment products work, like cash value term life insurance, teach that as well.

The author's experience like a teacher and formerly licensed financial planner (that, in addition, failed out also as I would have liked).

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