GO The Distance

BIG IDEA

Life after high school only gets better. If you choose the right things, that is. That’s because adults have a great deal of power over their lives. This lesson puts you in the driver’s seat. The people who take the power of adulthood seriously are the ones who truly go the distance.


In Student Workbook

PREPARING FOR COLLEGE

  • Ask about the COSTS of living on campus and meal plans.
  • Buy used textbooks.
  • Graduate in four years!

LIFE ON YOUR OWN

  • Taxes are going to eat up around 20-25% of your paycheck!
  • Plan out, ahead of time and on paper, where every dollar will go for the month.
  • GIVING and SAVING should be at the very top of your budget.
  • Set aside money equal to 3-6 months of expenses for emergencies.

THE TWO I’S – INSURANCE AND INVESTING

  • Four types of insurance that you need: health, car, renter’s, and identity theft protection.
  • Insurance is all about PROTECTING your money.
  • If you’ve got an emergency fund in the bank and you’re debt free, then you should start investing.
  • The ROTH IRA is king. It grows completely tax free.
  • Find a financial advisor who has the heart of a TEACHER.

GO WRITE YOUR STORY

  • Personal finance is only 20% head knowledge. It’s 80% BEHAVIOR.
  • This is the perfect time to set yourself up for a lifetime of success.

Something to Remember

  1. As you get older, your responsibilities will increase. This means you need a plan after high school.
  2. Insurance is a necessity-it’s there to protect you.
  3. If you invest just $100 a month at 12% interest into a mutual fund from age 20 to age 60, you’ll have over $1 million!

DID YOU KNOW?

95% of millionaires say they got there by hard work and saving money. -CNN

SOMETHING TO TALK ABOUT (Student Workbook)

  • What excites you about getting out on your own? What scares you?
  • How do you think your budgeting habits will change when you get to college? How will they change when you’re in the workforce?
  • How has today’s lesson helped you think differently about insurance and investing?
  • In what areas are you tempted to “depend on your own understanding” (Proverbs 3:5-6, NLT)? What steps can you take to do a better job of seeking the Lord’s plan now?