The FinanceChallenge ONLINE! is designed to provide an online competition in Personal Finance for teachers and students throughout the nation. Research has shown that student clubs and competitions increase student participation, promote attendance, and help students achieve higher grades and standardized test scores.
For teachers, the Challenge provides a useful tool to help encourage students and generate excitement for classroom materials.
You can't read the news without seeing why a fundamental understanding of economics and finance is so important to the future of our youth and our country.
Nobel Laureate in Economics James Tobin said, "High school graduates will be making economic choices all their lives, as breadwinners and consumers, and as citizens and voters. A wide range of people will bombard them with economic information and misinformation for their entire lives. They will need some capacity for critical judgment."
The Mission of the Nebraska Council and our Partner the Calvin K. Kazanjian Foundation is to eliminate economic illiteracy. The FinanceChallenge supports this mission by creating a fun incentive for students to take ownership of their education, their choices and their future.
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[00:00:07.931]Well, the Finance Challenge is actually something
[00:00:10.602]put together by the Nebraska Council on Economic Education.
[00:00:13.186]It pretty much promotes budgeting
[00:00:14.877]and general financial literacy in a competitive environment.
[00:00:17.647]I signed up students to participate in the challenge
[00:00:20.007]and I opened it up to my college personal finance class
[00:00:22.545]and some of my FBLA students.
[00:00:24.147]It really just teaches you how to work with a team,
[00:00:26.765]how to cooperate and just how to get things done
[00:00:28.605]in a short amount of time.
[00:00:29.794]We loved it, it was awesome.
[00:00:30.954]I had super-competitive kids and we did well,
[00:00:33.375]so that always generates more interest going forward.
[00:00:36.654]So at the state competition what we do is,
[00:00:39.105]you're actually given a family scenario.
[00:00:41.194]They have debt and goals and then what you do
[00:00:43.925]is you actually make a plan for that family
[00:00:45.365]to get out of debt and plan for those future goals,
[00:00:47.474]and then you present it to a panel of judges.
[00:00:49.871]Having it in hypothetical situations
[00:00:51.704]and really planning out a financial future for a family
[00:00:54.714]is something that I'll be able to profit off of
[00:00:56.845]for the rest of my life.
[00:00:57.885]That's very important.
[00:00:59.506]It's a great opportunity for students
[00:01:01.193]to apply their knowledge and their skills
[00:01:03.386]in a different environment, and kids always enjoy
[00:01:05.765]that competitive nature in another atmosphere.
[00:01:08.645]My team is actually from Alliance, Nebraska,
[00:01:11.135]clear out in the western half of the Panhandle,
[00:01:12.874]and we actually did really good,
[00:01:14.226]so we were actually top in our state based on test scores
[00:01:17.074]and then we went to the state competition
[00:01:19.146]and actually got first there too,
[00:01:20.946]so we went on to nationals.
[00:01:22.474]I think it opened their eyes a little bit
[00:01:24.095]that they were stronger in those areas than they thought.
[00:01:27.055]Being a competitive person,
[00:01:28.266]knowing that the more I studied finance
[00:01:30.106]the better we would do,
[00:01:31.954]definitely just having the competition there really promoted
[00:01:35.714]my studies in finance throughout high school.
[00:01:37.975]Actually, as a state champion we get $2000
[00:01:40.764]in scholarship money, which I chose to use
[00:01:42.271]towards my education at the University of Nebraska-Lincoln
[00:01:45.105]for an economics and finance degree.
[00:01:47.655]So the stock we're pitching for today is Abiomed.
[00:01:51.101]As of today, each share is $112.24.
[00:01:54.932]Some of the technical knowledge that I gain
[00:01:56.813]from Finance Challenge I try to apply
[00:01:58.253]to Big Red Investment Club and kinda being able
[00:02:01.853]to plan a financial future.
[00:02:03.931]I really got the experience of working under pressure,
[00:02:05.806]I think everybody needs that experience
[00:02:07.075]before they go to college.
[00:02:08.526]And I also got the experience of working on a team.
[00:02:10.566]If you think you're gonna go to college
[00:02:11.843]and not have group projects you're crazy, so I think
[00:02:14.284]that that was a really good thing to learn as well.
[00:02:16.704]Getting involved in the Finance Challenges
[00:02:18.115]are really easy, we receive a lot of communication
[00:02:21.326]on how to participate and it's as simple as responding
[00:02:24.224]to an email or clicking on a link and adding
[00:02:26.485]your students' names, so there's very little work to do it.
[00:02:30.024]I would say that you should definitely
[00:02:31.904]look at the program, in regards to bringing
[00:02:34.184]into your curriculum and a part of your school.
[00:02:36.494]Also there's a large problem that a lot of people
[00:02:38.315]don't realize, I think, and that is a lot of kids
[00:02:39.904]actually graduate from high school without knowing
[00:02:41.334]how to fill out even a check sometimes,
[00:02:43.006]so it's so beneficial for students to know that
[00:02:45.555]for the rest of their life and have those tools
[00:02:47.035]that they're gonna use for the rest of their life.
[00:02:48.606]The kids that I could really see
[00:02:49.943]that they learned what I was teaching in class.
[00:02:52.389]Their work they turn in and the grades show me one thing,
[00:02:55.079]but them actually being excited about it and doing it
[00:02:57.529]all themselves without any guidance from me
[00:02:59.448]is the culmination of teaching.
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