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Financial literacy

Title: Financial Literacy Training

Name: Jason Teck

School: Independence Junior College

Date: February 25, 2022

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Financial literacy

Content:

Introduction………………………………………………. Pg3

Reflections:

 1……………………………………………. Pg4-5

 2………………………………………………. Pg6

 3………………………………………………. Pg7

 4………………………………………………...Pg8

 5………………………………………………...Pg9

 6……………………………………………… Pg10

Assignments

 Needs vs. Want………………………………...Pg11

 Budgeting……………………………………...Pg12

 Business Plan……………………………… Pg13-14

Conclusion…………………………………………………Pg15

Introduction:
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Financial literacy

As known, my

name is Jason Teck, 18 years old born 15th July, 2003. Let’s get to the point, I am

from Santa Cruz village Stann Creek District, however during my free time, I have

this habit of playing video games and doing photoshoots of myself or friends, I

love photos. Whereby I still do complete all my assignments on time. I dislike

being in crowds but preferable in in peers or alone in a corner doing my own

business. I am currently working as a barber at my village. during this Financial

Literacy training I simply understand that Financial literacy is the cognitive

understanding of financial components and skills such as budgeting, investing,

borrowing, taxation, and personal financial management. It’s the absence of such

skills is referred to as being financially illiterate.

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Financial literacy

Reflections:

Re: Week 1 Reflection

well! The most important information I captured in session 1 is based on what is

Financial literacy, it’s said that it’s the ability to understand and effectively use

financial skills. Whereby, these financial skills are as simple as budgeting,

investing, credit management, and financial management, in other words, financial

literacy is the ability to manage money. However, financial literacy can help

support various life goals, such as saving for education or retirement, using debt

responsibly, and running a business. During this course or training I am hoping to

learn or capture more understanding on how to use financial literacy in our

everyday life path and how to manage the finances we make or how to spend or

when to spend the finances we are about to seek in life. Based my focus of

understanding I do think/know that financial literacy is important because it equips

one with the knowledge and skill to manage money effectively. Without financial

literacy, the actions and decisions one make or do not make with respect to savings

and investments would lack a strong foundation and would become a habit in

persons every day journey of life.

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Financial literacy

Re: Week 1 Reflection

1. by Jason Teck - Saturday, 29 January 2022, 8:45 AM

I fully agree to the facts been said by Ms. Haily sho, that being in the hands

of Financial literacy an individual can never run out of Finances. However,

it also depends on an individual’s understanding towards the concept of

financial literacy course/training.

Re: Week 1 Reflection

2. by Jason Teck - Saturday, 29 January 2022, 8:32 AM

I agree to Ms. Julma Ipina.

Financial literacy is important, why? Because it’s important for an

individual to save their finances for another month or year in case of any

future emergency or other uses.

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Financial literacy

Re: Week 2 Reflection

A want is a product desired by a customer that is not required for us to

survive. So, want is the complete opposite of need, which is essential for

our survival. Let’s say, if a customer is willing and able to buy a need or

a want, it means that they have a demand for that need or want. The

importance of saving money is simple, it allows you to enjoy greater

security in your life. If you have cash set aside for emergencies, you

have a fall back should something unexpected happen. And, if you have

savings set aside for discretionary expenses, you may be able to take

risks or try new things. Some pitfalls you should could be buying a New

Phone or going out for dinner when you can do so at home.

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Financial literacy

Re: Week 3 Reflection

In my condition budgeting is important because it helps you control your spending,

track your expenses, and save more money. Additionally, budgeting can help you

make better financial decisions, prepare for emergencies, get out of debt, and stay

focused on your long-term financial goals. However, the terminologist I learn is

how to balance budget when the current receipts equals current expenditure and

also budget estimate with contingency fund. Therefore, Budgeting in my case does

add up, depending on the spending within a certain category and time range.

Budgets are useful for setting monthly spending goals. The changes I most

consider in my budgeting is to First, list three to five goals that you hope to achieve

during the period for which you are budgeting. For example: Increase gross sales

by 5%. Decrease administrative costs as a percentage of revenue by 3 points.

Reduce inventories by 2% by the end of the fiscal year.

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Financial literacy

Re: Week 4 Reflection

When developing a smart goal, I should/would say that there’s not much

of any difficulty when developing your goal, however it’s just that your

predicting your future when you’re not sure if god has another day

tomorrow for you. The Importance of a Balanced Budget A balanced

budget is achieved by comparing your current income to your expenses

and ensuring that the amount you spend does not exceed the amount you

make. Balancing your monthly budget helps you meet your financial

obligations without confusion or unintentionally taking an overdraft

from your bank account.  The simplest type of business is a Sole

proprietorship are owned and operated by a single person and are very

easy to set up. However, Partnership is a business owned by two or more

people who share responsibilities and profits. Limited Partnership: A

business partnership, often between business operators and investors.

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Financial literacy

Re: Week 5 Reflection

Saving in my condition is incredibly important because it can be helpful

for another plan B or emergency situations in the future, therefore saving

money can be very useful another time in the future, in investing a house

or business of your own. One of biggest smart goal is saving 100 dollars

a month, in the end/after 25 years, I would have at least saved a

maximum of 30,000 dollars in the bank, however it depends on the bank,

if my savings gets used by others, I would receive an interest towards

my saving. Being a member of credit union maybe would help in

investing towards your money and life insurance, not so sure of credit

union banking.
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Financial literacy

Re: Week 6 Reflection

During my Financial Literacy Training I must say that I learnt how to

budget, the difference between my need and wants and lastly the types

of business. However, budgeting my finance very wisely will assist me

someday in the future, maybe for some medical or other educational

career. I must also say that I learnt the difference between my need and

want, whereby, I must not want something that will not help me survive

or invest, I guess I must first need then want. During this training I must

include that I have a dream of starting my own business, a sole

proprietorship. Therefore, it might be times to have many

responsibilities on your own. There’s always a disadvantage in both type

of business sole and partnership proprietorship. I choose these three

main topics because its incredibly interesting to me, like mentioned it

similar to my smart goals that I have towards me in my future life.

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Financial literacy

Assignments

Needs Vs. Wants

In your own words, explain the difference between needs and wants.
 A need is something that is necessary for the survival of a person.
Therefore, a want indicates something that a person wishes or desires to
possess.

List at least 5 needs and wants in the table below

# Needs Wants
1 Water iPhone
2 Food Jordan tennis
3 Education Gold Chain
4 Finance Rolex watch
5 Medications/hospitals Hanging out
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Financial literacy

9Budget Template
Income (Money In) Expenses (Money Out)

Pay $800.00 Fixed Expenses

Tips in barbering $100.00 Internet $91.00

Selling pre-use items $500.00 Fuel $100.00

loans $200.00

Furniture $100.00

School bill $200.00

Variable Expenses

--Necessities

Food $200.00
Water bill $10.00
Phone $50.00

Utility bill $90.00

Electricity bill $50.00

--Non-Necessities

savings $150.00

Clothing $50.00

Footwear $30.00

Pocket money $10.00

Total Income $1400.00 Total Expenses $1,221.00

Source: Project Belize Scholar’s Level Curriculum (July 2013)
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Financial literacy

My Business Plan
Jason Teck

Salon (Emoji’s style Barbering)

1 The Product: What product or service are you going to provide?

Provide an excellent service and provide an excellent maintenance of

Hair product.

2 The Market: Who are your intended customers?

My intended customers are it all age range, from young to old clients, including women’s.

3 The Pitch: Why do you think people need the product or service you are offering?

I do believe that clients deserve to look fresh, feeling up top with my hair cuts for going out,
dating or for work.

4 Getting the word out: How will you advertise/market your business? How will potential
customers hear about you?

I would simply advertise my business through all social

media and sharing fliers to my clients for them to
spread and share to others about their haircuts and to
look out for me.

5 The competition: What is your plan for dealing with your competitors? Who are your
competitors?
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Financial literacy

My competitors would be other barber; however, I would do an excellent service in doing as you
say, I can be countable to ensure your fresh, therefore if my client doesn’t like my service or hair
cut I wouldn’t charge much but half price.

6 The Workforce: How many employees do you think your business will need, and why?

It depends, if my business increases

every day with new clients, I might
then higher an assistance for helping
me in barbering.

7 The costs: What materials or equipment do you need to start up and what do those cost?

To begin my barber shop, I

would start with a trimming
machine, mirror, chair and
a small apartment then
later on invest it into a
salon.

8 The Funding: What are your ideas for where you could get money to start your business?
To start my business, I would get financial assistance from my parents then later then
refund/repay then finance I used.

9 The Price: Describe your price(s) for your product/service(s):

For kids I would charge $8, adults $10, line up $5, fades $12, eye brows $2 and beards $5.

Source: Project Belize Scholar’s Level Curriculum (July 2013)

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Financial literacy

Conclusion:

In conclusion to this course, its one of the must interesting courses whereby I learnt

about different type of business, smart goals and budgeting. Theses topics were

mainly the most import topics to me, why? Because due to my goal or dream in my

future, is to own a business on my own, a sole proprietor, but thanks to this course

I finally understand that I must need first then want. However, I mainly focused on

spending, in buy latest items in the world for myself, but thanks to the teachers

explaining we learn to budget and save our finance. Why? Because in life we are

not sure of what comes tomorrow, I might eventually drop sick or someone in my

family or in building whereby I can use the finance I’ve been saving to assist

myself in education or in other emergency situations. I am so thankful to this

course, it’s very important for an individual, in their life.