[Troop222All] Personal Management Merit Badge – Jun 25 & 28, 2015

Begin forwarded message:


From: “Elise Dixon” <elisedixon@yahoo.com>
Subject: Personal Management Merit Badge – Jun 25 & 28, 2015
Date: May 11, 2015 at 2:49:24 PM PDT
To: “Elise Dixon” <elisedixon@yahoo.com>


Greetings –
 
If you’ve received this message your Boy Scouts are invited to participate in the following small group Merit Badge Sessions for the Eagle required Personal Management MB both days are required – Thursday , June 25 & Sunday June 28 from 4:30-7:30pm.  
 
This Eagle required MB will take pre requisite completion, focus during the sessions and a level of maturity to achieve.  Scouts who are truly interested in the merit badge or are diligently working on rank advancement should be encouraged to register.  This program will include personal management professionals and lead by Youth Outreach from Wells Fargo Bank, Eagle Scout James Rodgers.
 

WHAT:  Personal Management Merit Badge
WHERE:  RWC Elks Lodge, Redeemer
WHEN:
Thursday, June 25 from 4:30 – 7:30pm, RWC Elks Lodge
Sunday, June 28 from 4:30 – 7:30pm, Redeemer School, RWC
WHO:  Boy Scouts 13+ with interest
HOW:  Prerequisites, two sessions, email elisedixon@yahoo.com for space confirmation
 
 
Questions ?  Call, email or text me.
 
Elise Dixon
ELCC Board Member, CERT, MB Counselor
650 922 9803 (mobile)
 
 
 
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Personal Management
 

Personal Management
BSA Supply No. 35928

Personal management is about mapping a plan for your life that will involve setting short-range and long-range goals and investigating different ways to reach those goals. Education, training, and experience all help make your goals become a reality. To achieve your goals, you will choose the best path and make a commitment to it, while remaining flexible enough to deal with changes and new opportunities.

Requirements

  1. Do the following:
    1. Choose an item that your family might want to purchase that is considered a major expense.
    2. Write a plan that tells how your family would save money for the purchase 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.
    3. Develop a written shopping strategy for the purchase identified in requirement 1a.
      1. Determine the quality of the item or service (using consumer publications or ratings systems).
      2. Comparison shop for the item. Find out where you can buy the item for the best price. (Provide prices from at least two different price sources.) Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Can you buy the item used? Should you wait for a sale?
  2. Do the following:
    1. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in this pamphlet, devise your own, or use a computer-generated version.) When complete, present the results to your merit badge counselor. 
    2. Compare expected income with expected expenses.
      1. If expenses exceed income, determine steps to balance your budget.
      2. If income exceeds expenses, state how you would use the excess money (new goal, savings).
  3. Discuss with your merit badge counselor FIVE of the following concepts:
    1. The emotions you feel when you receive money.
    2. Your understanding of how the amount of money you have with you affects your spending habits.
    3. Your thoughts when you buy something new and your thoughts about the same item three months later. Explain the concept of buyer’s remorse.
    4. How hunger affects you when shopping for food items (snacks, groceries).
    5. Your experience of an item you have purchased after seeing or hearing advertisements for it. Did the item work as well as advertised?
    6. Your understanding of what happens when you put money into a savings account.
    7. Charitable giving. Explain its purpose and your thoughts about it.
    8. What you can do to better manage your money.
  4. Explain the following to your merit badge counselor:
    1. The differences between saving and investing, including reasons for using one over the other.
    2. The concepts of return on investment and risk.
    3. The concepts of simple interest and compound interest and how these affected the results of your investment exercise. 
  5. Select five publicly traded stocks from the business section of the newspaper. Explain to your merit badge counselor the importance of the following information for each stock:
    1. Current price 
    2. How much the price changed from the previous day
    3. The 52-week high and the 52-week low prices 
  6. Pretend you have $1,000 to save, invest, and help prepare yourself for the future. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following:
    1. Common stocks
    2. Mutual funds
    3. Life insurance
    4. A certificate of deposit (CD)
    5. A savings account or U.S. savings bond
  7. Explain to your merit badge counselor the following:
    1. What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan.
    2. The different ways to borrow money.
    3. The differences between a charge card, debit card, and credit card. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card.
    4. Credit reports and how personal responsibility can affect your credit report.
    5. Ways to reduce or eliminate debt.
  8. Demonstrate to your merit badge counselor your understanding of time management by doing the following:
    1. Write a “to do” list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. List these in order of importance to you. 
    2. 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 when you will do all the tasks from your “to do” list between your set activities.
    3. Follow the one-week schedule you planned. Keep a daily diary or journal 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.
    4. Review your “to do” list, one-week schedule, and diary/ journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time.
  9. Prepare a written project plan demonstrating the steps below, including the 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 or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor.
    1. Define the project. What is your goal?
    2. Develop a timeline for your project that shows the steps you must take from beginning to completion.
    3. Describe your project.
    4. Develop a list of resources. Identify how these resources will help you achieve your goal.
    5. If necessary, develop a budget for your project.
  10. Do the following:
    1. Choose a career you might want to enter after high school or college graduation.
    2. Research the limitations of your anticipated career and discuss with your merit badge counselor what you have learned about qualifications such as education, skills, and experience. 
 
 
 
 

Personal Management merit badge

Status:

Eagle-required

Created:

1972 

Replaced:

Personal Finances

BSA Advancement ID:

011 

Requirements revision:

2004 

Latest pamphlet revision:

2003 

 
 

Here are some other key points from the 2013 Guide to Advancement:

  1. Unit leaders must have a discussionwith a Scout before the Scout gets the signed blue card. This discussion is meant to be a “growth-oriented and positive conversation” rather than a restrictive one. 
  2. Any registered Boy Scout, Varsity Scout, or qualified Venturer or Sea Scout may begin work on any badge at any time, provided he’s had this discussion with his unit leader as indicated on the blue card.
  3. But to elaborate on points 1 and 2, the blue-card signature no longer indicates “approval to begin work,” meaning a Scout may count certain requirements for a merit badge before he has the blue card. For example, nights of camping completed before he has the blue card for Camping merit badge will still count. (See this Ask the Expert postfor more clarification.)
  4. Units, districts and councils do not have the authority to implement a different system for merit badge approvalor documentation.
  5. The Scout and unit leader should come to an agreement as to who the merit badge counselor will be. Lacking agreement, the Scout must be allowed to work with the counselor of his choice, as long as that person is registered and approved by the council committee.
  6. A Scout may want to take advantage of merit badge fairs or midways, or merit badge instruction at rock-climbing gyms, whitewater rafting companies, or museums. That’s acceptable, provided the counselors are registered and the Scout has a discussion with his unit leader and gets a signed blue card.



David Fichou

Scoutmaster – Troop 222 – www.t222.org 

Course Director – National Youth Leadership Training – bit.ly/NYLT2015

Founder- Pack 565  – www.pack565.org

Redwood District – Pacific Skyline Council – www.pacsky.org
H: (650) 322-9011  —  C: (650) 722-0306

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